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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.
AvalonBay
AvalonBay
AvalonBay Revenue by Geographic Location
Revenue by Geographic Location
New England Revenue
CapyFin.comMetro NY/NJ Revenue
CapyFin.comMid-Atlantic Revenue
CapyFin.comPacific NW Revenue
CapyFin.comNo. California Revenue
CapyFin.comSo. California Revenue
CapyFin.com 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.
Challenges Ahead
- The impact from COVID-19 on the Company's consolidated results of operations will be dictated by the duration and severity of the pandemic.
- The adverse impact of the pandemic on the Company's results of operations cannot be reasonably estimated, and could be material.
- The Company's historical results, including results for the three months ended March 31, 2020 and information for the month ended April 30, 2020, may not be indicative of results for future periods.
- Construction at six of the Company's Development Communities had been temporarily suspended due to COVID-19.
- The Company may be required to temporarily suspend ongoing construction at one or more of its remaining Development Communities as a result of either governmental actions or social or economic conditions arising as a result of the COVID-19 pandemic.
Revenue & Expenses
Visualization of income flow from segment revenue to net income