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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
Revenue by Segment
Residential Revenue
CapyFin.comRevenue by Geographic Location
New England Revenue
CapyFin.comMetro NY/NJ Revenue
CapyFin.comMid-Atlantic Revenue
CapyFin.comSoutheast FL Revenue
CapyFin.comDenver, CO Revenue
CapyFin.comPacific NW Revenue
CapyFin.comNo. California Revenue
CapyFin.comSo. California Revenue
CapyFin.com 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