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Mar 31, 2020
AvalonBay Q1 2020 Earnings Report
AvalonBay reported a decrease in EPS and an increase in Core FFO per share for the first quarter of 2020.
Key Takeaways
AvalonBay Communities, Inc. reported a decrease in Earnings per Share (EPS) and an increase in Core FFO per share for the three months ended March 31, 2020. Net Income Attributable to Common Stockholders was $167,971,000.
Net Income Attributable to Common Stockholders for the three months ended March 31, 2020 was $167,971,000.
Earnings per Share (EPS) for the three months ended March 31, 2020 decreased 3.3% to $1.19.
Core FFO per share for the three months ended March 31, 2020 increased 3.9% to $2.39.
Total revenue for Established Communities increased 3.0% to $547,956,000.
Revenue by Geographic Location
Forward Guidance
The impact from COVID-19 on the Company's consolidated results of operations, including expectations of dispositions of real estate, will be dictated by the duration and severity of the pandemic, and how quickly and to what extent normal economic and operating conditions resume. Given those factors are beyond the Company's control and knowledge, the adverse impact of the pandemic on the Company's results of operations cannot be reasonably estimated, and could be material.
Positive Outlook
- The Company has taken various actions in response to the COVID-19 pandemic to adjust our business operations and to address the needs of our residents and associates.
- The Company is committed to the health and safety of its associates and residents and has implemented many new protocols based on the Centers for Disease Control (CDC) and other government-mandated or recommended guidelines, including establishing social-distancing procedures and other safety and operating measures.
- The Company has also adopted certain measures to help mitigate the financial impact arising from the pandemic on its residents, including providing flexible lease renewal options, creating payment plans, and waiving late fees.
- To support its associates during this difficult time, the Company has elected to adopt new, temporary leave policies and is providing all full- and part-time associates with up to six weeks of emergency paid leave.
- As of May 4, 2020, the Company is in the process of restarting construction at four of the six communities that had been temporarily suspended, after changes in state and local advisories in Washington state and Northern California.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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