AvalonBay Communities, Inc. Announces First Quarter 2020 Operating Results – Business Wire

ARLINGTON, Va.--(BUSINESS WIRE)--AvalonBay Communities, Inc. (NYSE: AVB) (the Company) reported today that Net Income Attributable to Common Stockholders for the three months ended March 31, 2020 was $167,971,000. This resulted in a decrease in Earnings per Share diluted (EPS) for the three months ended March 31, 2020 of 3.3% to $1.19 from $1.23 for the prior year period.

Funds from Operations attributable to common stockholders - diluted (FFO) per share for the three months ended March 31, 2020 decreased 1.3% to $2.28 from $2.31 for the prior year period. Core FFO per share (as defined in this release) for the three months ended March 31, 2020 increased 3.9% to $2.39 from $2.30 for the prior year period.

The following table compares the Companys actual results for EPS, FFO per share and Core FFO per share for the three months ended March 31, 2020 to its results for the prior year period:

Q1 2020 Results Compared to Q1 2019

Per Share (1)

EPS

FFO

Core FFO

Q1 2019 per share reported results

$

1.23

$

2.31

$

2.30

Established Community NOI

0.08

0.08

0.08

Development and Other Stabilized Community NOI

0.10

0.10

0.10

Capital markets and transaction activity

(0.12

)

(0.13

)

(0.06

)

Joint venture income

(0.01

)

(0.01

)

(0.01

)

Overhead and other

(0.07

)

(0.07

)

(0.02

)

Gain on sale of real estate and depreciation expense

(0.02

)

Q1 2020 per share reported results

$

1.19

$

2.28

$

2.39

(1) For additional detail on reconciling items between EPS, FFO and Core FFO, see Definitions and Reconciliations, table 3.

Established Communities Operating Results for the Three Months Ended March 31, 2020 Compared to the Prior Year Period

For Established Communities, total revenue increased $16,127,000, or 3.0%, to $547,956,000. Operating expenses for Established Communities increased $4,819,000, or 3.2%, to $156,311,000. NOI for Established Communities increased $11,308,000, or 3.0%, to $391,645,000. Rental revenue for Established Communities increased 3.1% as a result of an increase in Average Rental Rates of 2.7% and Economic Occupancy of 0.4%.

The following table reflects the percentage changes in rental revenue, operating expenses and NOI for Established Communities for the three months ended March 31, 2020 compared to the three months ended March 31, 2019:

Q1 2020 Compared to Q1 2019

RentalRevenue (1)

Opex(2)

NOI

% ofNOI (3)

New England

3.8

%

5.2

Continued here:
AvalonBay Communities, Inc. Announces First Quarter 2020 Operating Results - Business Wire