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Mar 31, 2021
AvalonBay Q1 2021 Earnings Report
AvalonBay's performance declined due to a decrease in Established Community Residential NOI.
Key Takeaways
AvalonBay Communities, Inc. reported a decrease in Net Income Attributable to Common Stockholders for the three months ended March 31, 2021. EPS, FFO per share, and Core FFO per share also decreased compared to the prior year period.
Net Income Attributable to Common Stockholders decreased to $142,223,000.
Earnings per Share (EPS) decreased by 14.3% to $1.02.
Funds from Operations (FFO) per share decreased by 14.9% to $1.94.
Core FFO per share decreased by 18.4% to $1.95.
AvalonBay
AvalonBay
AvalonBay Revenue by Segment
AvalonBay Revenue by Geographic Location
Forward Guidance
The Company expects the following for its second quarter 2021 financial outlook:
Positive Outlook
- Projected EPS between $2.95 and $3.05
- Projected FFO per share between $1.82 and $1.92
- Projected Core FFO per share between $1.85 and $1.95
- Residential revenue change between -6.25% and -4.75%
- Residential operating expense change between 6.75% and 9.75%
Challenges Ahead
- Residential NOI change between -13.0% and -10.0%
- Established Community Residential NOI decrease
- Potential impact of COVID-19 pandemic
- Adverse capital and credit market conditions
- Delays in completing development/redevelopment