AvalonBay Communities(AVB) - 2021 Q1 - Earnings Call Presentation

Financial Performance - Core FFO per share decreased by 18.4% year-over-year in Q1 2021[8] - Same-store residential rental revenue decreased by 9.1% year-over-year in Q1 2021[8] - Same-store residential rental revenue decreased sequentially by 1.5% from Q4 2020 to Q1 2021[8] - Q2 2021 projected Core FFO per share range is $1.85 - $1.95[43] Operational Highlights - Development completions totaled $600 million with a weighted average initial projected stabilized yield of 5.6%[8] - Current lease-up activity of $1.1 billion is generally in line with initial expectations[21] - Portfolio occupancy is up by more than 250 basis points from 2020 low, and move-in rents are up approximately 5% this year[24] - Asking rents are less than 1% below pre-COVID peak and are up nearly 13% from trough[38] Market Trends - Like-term effective rent change increased by 270 basis points from Q4 to Q1, and another 310 basis points in April[18] - Suburban submarkets are approaching pre-COVID rent levels, while urban submarkets are early in their recovery[31] - The company estimates near-term trends will favor markets as the economy re-opens, particularly in urban and job-center submarkets[45]