UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 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 jurisd ...

ARLINGTON, Va.--(BUSINESS WIRE)--AvalonBay Communities, Inc. (the “Company”) (NYSE: AVB) announced today that its 2024 Annual Meeting of Stockholders will be held on Thursday, May 16, 2024, at 10:00 A.M. Eastern Time. Stockholders of record of the Company’s Common Stock as of the close of business on March 18, 2024 are entitled to vote at and virtually attend the Annual Meeting. The meeting will be held in a virtual meeting format via audio webcast only. Stockholders will not be able to attend the Annual Me ...

UDR Inc. (UDR) reported fourth-quarter 2023 funds from operations as adjusted (FFOA) per share of 63 cents, in line with the Zacks Consensus Estimate. Quarterly revenues from rental income were $410.9 million, which outpaced the Zacks Consensus Estimate of $409.4 million. Total revenues came in at $413.3 million. Results reflect year-over-year growth in revenues, driven by healthy operating trends and past accretive external growth investments. However, a rise in property operating and maintenance and inter ...

elxeneize Following a spectacular year of total returns and relative outperformance in 2021, multifamily REITs have underperformed the MSCI U.S. REIT Index (Bloomberg: RMZ). The underperformance for multifamily REITs has been a product of both the macro environment (rising interest rates) and record high apartment deliveries, especially in Sun Belt markets. While the fears are for the most part justified, the underperformance looks to be overdone, especially for those predominantly with Sun Belt exposure. W ...

财务数据和关键指标变化 - 2023年全年实现8.6%的核心FFO增长 [7] - 2023年同店收入增长6.3%,NOI增长6.2% [7] - 2024年预计同店收入增长2.6%,NOI增长1.25% [21] 各条业务线数据和关键指标变化 - 2023年开发项目完成6个,交付收益率7.1% [8] - 2024年计划开始7个新开发项目,投资金额8.7亿美元,加权平均收益率中高6%区间 [35] - 2024年计划增加结构性投资业务投资7500万美元,收益率超过12% [35] 各个市场数据和关键指标变化 - 2024年公司在既有市场的新增供给预计为1.6%,2025年将下降至1.4% [19] - 2024年公司在拓展市场的新增供给预计为3.2%,2025年将保持在这一水平 [19] - 公司既有市场的租金增长预计为2.25%-2.5%,实际租金增长约2% [118] - 公司拓展市场1月新租租金下降约1.5% [156] 公司战略和发展方向及行业竞争 - 公司将继续推进运营模式转型,预计2024年将带来9百万美元的NOI增量 [31] - 公司将继续推进资产组合向郊区转移,目标达到80%,同时拓展市场占比提升至25% [14] - 公司将利用强大的资产负债表和战略能力,寻找并把握市场机会 [15][41] 管理层对经营环境和未来前景的评论 - 公司预计2024年经济环境将放缓,但在既有市场供给有限的情况下仍相对较为有利 [17][19] - 公司将保持灵活性,根据市场变化及时调整策略 [18] - 公司对2024年的增长预期较为谨慎,但对未来3年的发展机会保持乐观 [41] 问答环节重要的提问和回答 问题1 **James Feldman 提问** 公司对各项收支的变化有哪些不确定性,哪些方面存在更多机会? [47] **Sean Breslin 回答** 收入方面,主要取决于宏观经济环境,如果出现意外好转,可能带来更多增长机会。费用方面,法律和诉讼成本存在不确定性,但整体可控。[47][49] 问题2 **Austin Wurschmidt 提问** 公司郊区和城市资产的租金增长情况有何不同? [66] **Ben Schall 回答** 2023年第四季度,公司郊区资产租金增长约2个百分点高于城市资产。但这种差异未必会持续,需要具体分析各个市场情况。[66][67] 问题3 **Rich Anderson 提问** 近期银行业问题是否给公司带来新的业务机会或运营风险? [130] **Ben Schall 回答** 公司目前未发现明显的市场扰动或机会,但会保持警惕,利用自身的资产负债表实力和运营能力,寻找可能出现的价值机会。[130][133][135]

AvalonBay Communities (AVB) reported a fourth-quarter 2023 core funds from operations (FFO) per share of $2.74, beating the Zacks Consensus Estimate of $2.73. Moreover, the figure climbed 5.8% from the prior-year quarter’s tally. The quarterly results reflect a year-over-year increase in same-store residential rental revenues. The same-store average rental revenue per occupied home reported a rise, though occupancy declined. Total revenues in the quarter came in at $704.7 million, outpacing the Zacks Consen ...

业绩总结 - 2023年第四季度同店住宅租金收入同比增长4.5%[4] - 公司在2023年取得了强劲的财务和运营业绩，核心FFO每股≤8.6%，同店铺住宅租金收入和净营业收入均增长超过6%[32] - FFO是根据Nareit采纳的定义，由公司按照GAAP计算的，2023年全年FFO为1462.26亿美元，同比增长8.1%[46] - Core FFO是公司调整后的FFO，2023年全年为1505.60亿美元，同比增长9.8%[46] 用户数据 - Avalon Connect项目带来的净运营收入为1000万美元[6] - 2024年预计同店铺住宅租金收入增长率为AVB建立的地区中点约为2.7%、扩张地区中点约为1.1%[23] - 预计2024年将实现约2.5亿美元的政府租金救助收入，较2023年的约8.4亿美元有所下降[22] 未来展望 - 2024年全年预计核心FFO每股增长率为1.4%[17] - 公司预计2024年将进行约8.7亿美元的新开发启动，75亿美元的新SIP承诺，以及1亿美元的现有投资再投资[32] - 公司的AVB建立的地区和扩张地区在2024年相对于其他地区处于有利位置[32] 新产品和新技术研发 - 开发完成项目的初始预期稳定收益率为8.6%[4] - 开发启动资金为3.2亿美元[4] - 结构化投资计划(SIP)承诺为1亿美元[4] 市场扩张和并购 - SIP项目承诺资金为4亿美元，加权平均回报率为11.5%[8] - 预计2024年新租约总额将超过预期，另一个市场将从2024年的租约中受益[29] 负面信息 - 可用承诺为13亿美元，净负债与核心EBITDAre比率为4.2倍[10] - 预计2024年同店铺住宅运营费用增长率为9%，主要受到有机增长、Avalon Connect和其他运营举措的影响[27]

AvalonBay Communities (AVB) reported $704.71 million in revenue for the quarter ended December 2023, representing a year-over-year increase of 5.2%. EPS of $2.74 for the same period compares to $1.72 a year ago. The reported revenue compares to the Zacks Consensus Estimate of $701.67 million, representing a surprise of +0.43%. The company delivered an EPS surprise of +0.37%, with the consensus EPS estimate being $2.73. While investors scrutinize revenue and earnings changes year-over-year and how they compa ...

公司业绩 - AvalonBay Communities (AVB)在上一季度的FFO为每股2.74美元，超过了Zacks Consensus Estimate的每股2.73美元[1]。 - 公司在过去四个季度中四次超过了FFO预期[2]。 - AvalonBay在2023年12月结束的季度实现了7.0471亿美元的营收，超过了Zacks Consensus Estimate[3]。 股价走势 - 公司的股价走势将主要取决于管理层在财报电话会议上的评论[5]。 - AvalonBay的FFO展望将有助于投资者了解公司未来的走势[6]。 估值修订和评级 - 投资者可以关注公司的估值修订趋势，以及Zacks Rank等评级工具[7]。 - 在本次财报发布之前，AvalonBay的估值修订趋势为混合[8]。 行业前景 - 投资者应该留意行业前景对股票表现的影响[10]。

ARLINGTON, Va.--(BUSINESS WIRE)--AvalonBay Communities, Inc. (NYSE: AVB) (the “Company”) reported Earnings per Share – diluted (“EPS”), Funds from Operations attributable to common stockholders - diluted (“FFO”) per share and Core FFO per share (as defined in this release) for the three months and year ended December 31, 2023 and 2022 as detailed below. Q4 2023 Q4 2022 % Change EPS $ 1.70 $ 1.72 (1.2 )% FFO per share (1) $ 2.63 $ 2.57 2.3 % Core FFO per share (1) $ 2.74 $ 2.59 5.8 % Full Year 2023 Full Year ...