Shares of AvalonBay Communities (AVB) have gained 13.4% in the past three months compared with the industry's upside of 9.2%. The company is well-poised to benefit from the healthy renter demand for its residential properties in the high barrier-to-entry regions of the United States, as favorable demographic trends and rising home ownership costs are likely to keep driving demand for rental units. The company’s efforts to leverage technology and scale to drive margin expansion and operational efficiency see ...

Alex Potemkin/iStock via Getty Images Introduction AvalonBay Communities (NYSE:AVB) is currently trading at about 18.6x 2024 FFO and slightly above their four-year average dividend yield. They are also trading at a premium to the sector as measured by the P/AFFO. In this article, we estimate AvalonBay’s value using the net asset value per share (NAVPS). The NAVPS of a REIT is not as readily available as the other valuation statistics. One reason for this is because there is a fair amount of subjectivity tha ...

Olivier Le Moal Large-cap stocks have crushed small-cap stocks over the past three years, with the S&P 500 (SPY) generating a 37% return compared to the Russell 2000's (IWM) -6% return over that period. Data by YCharts As a result, famous investor Peter Lynch commented that "we've been in an incredible bear market for two years" if you simply exclude the leading mega-cap stocks like Apple (AAPL), NVIDIA (NVDA), and Microsoft (MSFT). Like Peter Lynch, I believe this presents an incredible opportunity as it i ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission File Number: 1-12672 AVALONBAY COMMUNITIES, INC. (Exact name of registrant as specified in its charter) Maryland 77-0404318 (State or other j ...

edichenphoto Shares of AvalonBay Communities (NYSE:AVB) have been an underperformer over the past year, rising 4% as higher rates have weighed on real estate valuations and the rental market has slowed. Back in October, I rated shares a “buy,” given my view it could deliver long-term double-digit returns. In the past six months, it has returned 8%, consistent with this expectation, though the market has rallied an even stronger 16%. Given solid Q1 results, I continue to view shares favorably. Seeking Alpha ...

财务数据和关键指标变化 - 公司在第一季度实现了5.1%的核心FFO增长,超出之前预期350个基点 [11] - 同店收入增长4.2%,超出之前预期90个基点 [11] - 开发项目和租赁启动表现强劲,实现的租金和回报超过预期 [11] 各条业务线数据和关键指标变化 - 经济入住率超出预期约30个基点,从去年年末中95%范围上升至高95%区间 [21][22] - 坏账损失优于预期约25个基点,主要体现在2月和3月 [23][24] - 东部地区租金增长2.7%,西海岸地区1.3% [29][30] - 续租增长预计在低至中4%区间,新租约增长约0.5% [33] 各个市场数据和关键指标变化 - 西雅图和新英格兰地区表现最佳,租金增长超过4% [36] - 中大西洋地区略有超出预期,得益于弗吉尼亚北部和马里兰郊区的强劲表现 [37] - 南加州也略有超出预期,北加州表现平稳 [37] 公司战略和发展方向及行业竞争 - 公司正在向更多郊区和扩张市场转移,到2024年郊区资产占比将达到80% [15][48] - 公司将继续优化资产组合,将扩张市场占比从8%提高至25% [46] - 公司将利用自身的运营实力和开发实力,在扩张市场寻找增长机会 [135][136] 管理层对经营环境和未来前景的评论 - 就业增长预期从之前的70万增加至160万,为租赁需求提供支撑 [13] - 购房成本相比租金高出2000美元以上,支撑了较低的搬家率 [14] - 预计2024年同店收入增长3.1%,高于之前2.6%的预期 [18][32] - 公司有信心利用自身实力,在当前环境下找到增长机会 [48][135] 问答环节重要的提问和回答 问题1 **Nicholas Joseph 提问** 询问公司在扩张市场的收购机会,以及收购资产的折价水平 [51][52] **Matthew Birenbaum 回答** 公司看到10-20年历史的资产以低于重置成本15-20%的价格交易,这为公司提供了收购机会 [52][53] 问题2 **James Feldman 提问** 询问公司对2025年债务到期的看法和应对计划 [171][172] **Kevin O'Shea 回答** 公司债务到期情况良好,2025年到期的8.25亿美元债务成本在3.6%左右,公司将按时偿还,不考虑提前偿还 [172][173][174][175][176][177][178] 问题3 **Michael Lewis 提问** 询问公司对扩张市场和成熟市场未来供给差异的看法 [182][183][184] **Benjamin Schall 和 Sean Breslin 回答** 扩张市场供给预计将在2025年保持较高水平,但公司将继续优化资产组合,增加扩张市场占比,同时保持对成熟市场的信心 [184][185][186][187][188][189][190][191]

AvalonBay Communities (AVB) reported a first-quarter 2024 core FFO per share of $2.70, which beat the Zacks Consensus Estimate of $2.64. Moreover, the figure climbed 5.1% from the prior-year quarter’s tally. The quarterly results reflect better-than-expected performance in the stabilized portfolio. This residential REIT also raised its 2024 core FFO per share, same-store residential revenue and net operating income (NOI) growth outlook following the Q1 FFO beat. Total revenues in the quarter came in at $712 ...

每股收益及财务表现 - 公司报告2024年第一季度每股收益为1.22美元，同比增长16.2%[1] - 公司预计2024年第二季度和全年的每股收益分别为1.60至1.70美元和6.98至7.38美元[8] - 每股基本收益为1.22美元，同比增长16.2%[20] - 预计2024年第二季度每股FFO在2.59至2.69美元之间[68] 公寓社区及资产情况 - 公司拥有或持有直接或间接所有权的299个公寓社区，包含90,673套公寓住宅[12] - 公司总资产达到20,640,897千美元[22] - 公司净营运房地产价值为17,940,839千美元[22] - 公司现金及现金等价物为287,892千美元[22] - 公司未担保票据净额为7,257,806千美元[22] 公寓收入及经营情况 - 公司在2024年第一季度实现总收入712,859千美元，同比增长5.7%[20] - AvalonBay Communities, Inc. 2024年第一季度总公寓收入为710,368千美元，较上一季度增长1.3%[23] - 同店居住收入增长4.3%，达到6.77亿美元[3] - 同店公寓经济入住率为95.9%，较去年同期略有增长[23] - AvalonBay Communities, Inc. 2024年第一季度同店公寓平均每个入住房屋的月收入为2,967美元，较去年同期增长4.4%[24] - 同店住宅收入在2024年第一季度同比增长4.2%[73] - 同店不良住宅租赁收入占总收入的比例为1.6%[78] 费用及支出情况 - 公司总负债为8,925,190千美元[22] - AvalonBay Communities, Inc.同店铺公寓运营费用在Q1 2024年同比增长5.2%至205,486千美元[28] - AvalonBay Communities, Inc.同店铺公寓物业税在Q1 2024年同比增长4.8%至74,633千美元[28] - AvalonBay Communities, Inc.同店铺公寓工资成本在Q1 2024年同比增长0.5%至39,703千美元[28] - AvalonBay Communities, Inc.同店铺公寓维修和保养费用在Q1 2024年同比增长8.2%至33,223千美元[28] - AvalonBay Communities, Inc.同店铺公寓公用事业费用在Q1 2024年同比增长15.9%至29,239千美元[28] - 公司认为未受抵押贷款影响的净营业收入是评估公司借款能力的重要指标[79] 投资及债务情况 - AvalonBay Communities, Inc.截至2024年4月11日，共有6064个住宅正在建设中，总价值为25亿美元[37] - AvalonBay Communities, Inc.的未合并房地产投资总额为15.22亿美元，涉及8个项目[38] - AvalonBay Communities, Inc.的总债务结构为80.43亿美元，其中包括固定利率和浮动利率的债券[39] - AvalonBay Communities, Inc.的Q1 2024净债务与核心EBITDA比率为4.3倍，利息覆盖率为7.5倍，无抵押债务占总债务的比重为95%[39] - AvalonBay Communities, Inc.的未披露资产维持债务支出代表公司不预期直接增加收入或支出节省的资本支出[43]

For the quarter ended March 2024, AvalonBay Communities (AVB) reported revenue of $712.86 million, up 5.7% over the same period last year. EPS came in at $2.70, compared to $1.05 in the year-ago quarter. The reported revenue compares to the Zacks Consensus Estimate of $706.61 million, representing a surprise of +0.88%. The company delivered an EPS surprise of +2.27%, with the consensus EPS estimate being $2.64. While investors scrutinize revenue and earnings changes year-over-year and how they compare with ...

AvalonBay Communities (AVB) came out with quarterly funds from operations (FFO) of $2.70 per share, beating the Zacks Consensus Estimate of $2.64 per share. This compares to FFO of $2.57 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an FFO surprise of 2.27%. A quarter ago, it was expected that this apartment building owner would post FFO of $2.73 per share when it actually produced FFO of $2.74, delivering a surprise of 0.37%. Over the last four q ...