Economic Gain is calculated by the Company as the gain on sale in accordance with GAAP, less accumulated depreciation through the date of sale and any other adjustments that may be required under GAAP accounting. AVALONBAY COMMUNITIES, INC. (NYSE: AVB) (the Company) announced today that total residential rental revenue for Established Communities for the two months ending February 28, 2021 decreased 9.1% over the prior year period. Unencumbered NOI as calculated by the Company represents NOI generated by real estate assets unencumbered by outstanding secured notes payable as of September 30, 2022 as a percentage of total NOI generated by real estate assets. Avalonbay Communities (AVB) stock price, charts, trades & the US's most popular discussion forums. During the third quarter, AVB acquired Avalon Miramar Park Place in Miramar, FL, for $295 million. Other Stabilized excludes communities that are conducting or are probable to conduct substantial redevelopment activities. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. A reconciliation of the aggregate Economic Gain to the aggregate gain on sale in accordance with GAAP for the wholly-owned communities disposed of during the three and nine months ended September 30, 2022 is as follows (dollars in thousands): Economic Occupancy is defined as total possible Residential revenue less vacancy loss as a percentage of total possible Residential revenue. Stay up to date on the latest stock price, chart, news, analysis, fundamentals, trading and investment tools. ARLINGTON, Va.--(BUSINESS WIRE)--AVALONBAY COMMUNITIES, INC.(NYSE: AVB) (the "Company") announced today that for the three months ending September 30, 2021 it expects total residential rental . Time (ET) What to Expect From AvalonBay (AVB) This Earnings Season? Amounts for the three and nine months ended September 30, 2021 include unrealized gains of $6,924 and $10,094, respectively, on property technology investments. The third-quarter results reflect a year-over-year increase in same-store residential rental revenues driven by solid lease rate growth. Type a symbol or company name. Projected NOI, as used within this release for certain Development communities and in calculating the Market Cap Rate for dispositions, represents managements estimate, as of the date of this release (or as of the date of the buyers valuation in the case of dispositions), of projected stabilized rental revenue minus projected stabilized operating expenses. This resulted in an increase in Earnings per Share diluted (EPS) for the three months ended September 30, 2022 of 530.4% to $3.53 from $0.56 for the prior year period, primarily attributable to an increase in gain on sale of real estate and an increase in Same Store Residential NOI, as detailed in the table below. Nov. 3, 2022, 04:45 PM. Free forex prices, toplists, indices and lots more. Industry Residential REITs. Phone 1 703 329-6300. This is consistent with the Company's expectation for total residential rental revenue change during this period when the Company published its outlook for the three . Create your Watchlist to save your favorite quotes on Nasdaq.com. Avalon Green I, Avalon Green II and Avalon Green III, located in Elmsford, NY; Avalon Del Mar Station, located in Pasadena, CA; and. For fourth-quarter 2022, it expects core FFO per share to lie in the range of $2.55-$2.65. Valuation is complex, but we're helping make it simple. These Attachments are considered a part of this earnings release and are available in full with this earnings release via the Company's website at http://www.avalonbay.com/earnings. AVALONBAY COMMUNITIES, INC. (NYSE: AVB) will release its third quarter 2022 earnings on November 3, 2022 after the market close. Headline. As of September 30, 2022, the Company has sold 161 of the 172 residential condominiums for aggregate gross proceeds of $472,158,000. FFO is calculated by the Company in accordance with the definition adopted by Nareit. The same-store average rental revenue per occupied home rises. AvalonBay Communities (AVB) News - Find the latest company news headlines for AvalonBay Communities A calculation of Net Debt-to-Core EBITDAre is as follows (dollars in thousands): (1) Balance at September 30, 2022 excludes $8,784 of debt discount and $36,851 of deferred financing costs as reflected in unsecured notes, net, and $12,696 of debt discount and $1,722 of deferred financing costs as reflected in notes payable on the Condensed Consolidated Balance Sheets. The Zacks Consensus Estimate for the same is . Opportunity Community. A reconciliation of Same Store Residential rental revenue in conformity with GAAP to Residential Rental Revenue with Concessions on a Cash Basis is as follows (dollars in thousands): Residential Rental Revenue with Concessions on a Cash Basis. Estimated Total Capital Cost at completion for these Development communities is $2,277,000,000. Announces Third Quarter 2022 Operating Results and Fourth Quarter 2022 Financial Outlook, Stabilized Operations/Restabilized Operations, http://investors.avalonbay.com/email_notification, District of Columbia It increased the borrowing capacity from $1.75 billion to $2.25 billion and extended the maturity of the same from February 2024 to September 2026. Additional discussions of risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward-looking statements appear in the Companys filings with the Securities and Exchange Commission, including the Companys Annual Report on Form 10-K for the fiscal year ended December 31, 2021 under the heading Risk Factors and under the heading Managements Discussion and Analysis of Financial Condition and Results of Operations - Forward-Looking Statements and in subsequent quarterly reports on Form 10-Q. The greater the number of bullish ratings, the more positive analysts are on the stock and the greater the number of bearish ratings, the more negative analysts are on the stock. Urban Communities are communities located in submarkets with 3,500 households or more per square mile. EBITDA is defined by the Company as net income or loss attributable to the Company computed in accordance with GAAP before interest expense, income taxes, depreciation and amortization. The Company will hold a conference call on November 4, 2022 at 11:00 AM. We help investors stay connected with Avalonbay headlines for the 14th of July 2022 to make an informed investment decision based on correlating the impacts of news items on Avalonbay Stock performance. These commitments are to fund multifamily development projects in the Company's existing markets. Stabilized Operations is defined as the earlier of (i) attainment of 90% physical occupancy or (ii) the one-year anniversary of completion of development or redevelopment. Like-Term Effective Rent Change represents the percentage change in effective rent between two leases of the same lease term category for the same apartment. During the nine months ended September 30, 2022, in addition to the debt activity discussed above, the Company repaid $100,000,000 principal amount of its variable rate unsecured term loan at its maturity. Insider & Institutional Ownership. Published on May 28, 2022. Core FFO is the Company's FFO as adjusted for non-core items outlined in the table below. During the nine months ended September 30, 2022, the Company completed the development of four communities containing an aggregate of 1,686 apartment homes for an aggregate Total Capital Cost of $598,000,000. The Economic Gain for disposed communities is based on their respective final settlement statements. The Company utilized a portion of the aggregate disposition proceeds received to acquire the wholly-owned communities discussed below during the nine months ended September 30, 2022. Total possible Residential revenue (also known as gross potential) is determined by valuing occupied units at contract rates and vacant units at Market Rents. To read this article on Zacks.com click here. For joint ventures not in construction, Total Capital Cost is equal to gross real estate cost. Given the different dates and fiscal years for which NOI is projected for these communities, the projected allocation of corporate-level property management overhead, general and administrative costs and interest expense to communities under development is complex, impractical to develop, and may not be meaningful. Same Store is composed of consolidated communities where a comparison of operating results from the prior year to the current year is meaningful as these communities were owned and had Stabilized Operations, as defined below, as of the beginning of the respective prior year period. Announces Third Quarter 2022 Earnings Release Date Thursday, 29 September 2022 bizjournals. Today, you can download 7 Best Stocks for the Next 30 Days. A reconciliation of the ranges provided for Projected FFO per share (diluted) for the fourth quarter and full year 2022 to the ranges provided for projected EPS (diluted) and corresponding reconciliation of the ranges for Projected FFO per share to the ranges for Projected Core FFO per share are as follows: Projected FFO per share (diluted) - Q4 2022, Projected Core FFO per share (diluted) - Q4 2022, Projected FFO per share (diluted) - Full Year 2022, Joint venture promote and unconsolidated entity gains, net, Adjustments related to residential for-sale condominiums at The Park Loggia (1), Projected Core FFO per share (diluted) - Full Year 2022. Source: investors.avalonbay.com. At September 30, 2022, the commitments had a weighted average interest rate of 9.2% and the Company had funded $15,514,000 of these commitments. Today, that discovery is still the heart of the Zacks Rank. Provides First Quarter 2021 Operating Update, https://www.businesswire.com/news/home/20210305005526/en/, District of Columbia Latest news headlines for Avalonbay Communities with market analysis and analyst commentary. (RTTNews) - AvalonBay Communities (AVB) revealed earnings for its third quarter that increased from the same period last year and beat the Street estimates. AvalonBay Communities, Inc. Named 2022 Global and Regional Sector Leader by GRESB Monday, 17 October 2022 businesswire. Click to get this free report, AvalonBay Communities, Inc. (AVB): Free Stock Analysis Report, Equity Residential (EQR): Free Stock Analysis Report, MidAmerica Apartment Communities, Inc. (MAA): Free Stock Analysis Report, Essex Property Trust, Inc. (ESS): Free Stock Analysis Report. During the three months ended September 30, 2022, Archstone Multifamily Partners AC LP (the "U.S. Fund"), a private discretionary real estate investment vehicle in which the Company holds an equity interest of 28.6%, sold its final three communities, Avalon Grosvenor Tower, Avalon Studio 4121 and Avalon Station 250. (3) The change in Residential Rental Revenue with Concessions on a Cash Basis. The Company computes this adjustment by multiplying the Total Capital Cost of completed and unsold for-sale residential condominiums by the Company's weighted average unsecured debt effective interest rate. Same Store Operating Results for the Three Months Ended September 30, 2022 Compared to the Prior Year Period. The AvalonBay Communities Board of Directors announced a quarterly dividend of $1.59 per share. Residential represents results attributable to the Company's apartment rental operations, including parking and other ancillary Residential revenue. Redevelopment is composed of consolidated communities where substantial redevelopment is in progress or is probable to begin during the current year. Commercial NOI is composed of the following components (in thousands): Other Stabilized is composed of completed consolidated communities that the Company owns, which have Stabilized Operations as of January 1, 2022, or which were acquired subsequent to January 1, 2021. Type a symbol or company name. Non-GAAP financial measures and other capitalized terms, as used in this earnings release, are defined, reconciled and further explained on Attachment 12, Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms. The company's earnings came in at $494.75 million, or $3.53 per share. However, in this release the Company has not given a projection of NOI on a company-wide basis. In September 2022, the Company amended and restated its unsecured revolving credit facility (the "Credit Facility") to (i) increase its borrowing capacity from $1,750,000,000 to $2,250,000,000, (ii) extend the term of the Credit Facility from February 2024 to September 2026, with two six-month extension options available to the Company for a fee, (iii) amend certain provisions, notably to reduce the capitalization rate used to derive certain financial covenants from 6.0% to 5.75% and (iv) transition the benchmark rate from the London Interbank Offered Rate ("LIBOR") to the Secured Overnight Financing Rate ("SOFR"). By further adjusting for items that are not considered by us to be part of our core business operations, Core FFO can help one compare the core operating and financial performance of the Company between periods. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. The Company also provided the following residential operating information for Established Communities: Established Communities are consolidated communities where a comparison of operating results from the prior year to the current year is meaningful, as these communities were owned and had Stabilized Operations, as defined below, as of the beginning of the prior year. Management believes that Projected NOI of the Development communities, on an aggregated weighted average basis, assists investors in understanding management's estimate of the likely impact on operations of the Development communities when the assets are complete and achieve stabilized occupancy (before allocation of any corporate-level property management overhead, general and administrative costs or interest expense). At September 30, 2022, the Company had one Unconsolidated Development community under construction that is expected to contain 475 apartment homes and 56,000 square feet of commercial space. The Company had $49,985,000 outstanding under its commercial paper program as of September 30, 2022. During the nine months ended September 30, 2022, the Company entered into the first commitments under its Structured Investment Program, through which the Company will provide mezzanine loans or preferred equity to third party multifamily developers. (1) The Park Loggia adjustments relate to the following for the for-sale condominiums: operating expenses incurred, GAAP gain after taxes and cost of sales, and imputed carry costs on unsold homes. Wire. Same Store Residential rental revenue increased $60,008,000, or 11.8%, to $567,890,000, as detailed in the following table: Same Store Residential Rental Revenue Change, Uncollectible lease revenue (excluding rent relief) (1). Rate contract power of earnings estimate revisions to enable profitable Investment decisions a total 1,120. 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