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Mar 31, 2022
AvalonBay Q1 2022 Earnings Report
AvalonBay's financial performance for Q1 2022, with EPS increasing due to gains on real estate sales and Same Store Residential NOI, and FFO per share and Core FFO per share also increasing.
Key Takeaways
AvalonBay Communities, Inc. reported a Net Income Attributable to Common Stockholders of $262,044,000 for the three months ended March 31, 2022. EPS increased by 83.3% to $1.87, FFO per share increased by 15.5% to $2.24, and Core FFO per share increased by 15.9% to $2.26.
Net Income Attributable to Common Stockholders for Q1 2022 was $262,044,000.
EPS for Q1 2022 increased 83.3% to $1.87 from $1.02 for the prior year period.
FFO per share for Q1 2022 increased 15.5% to $2.24 from $1.94 for the prior year period.
Core FFO per share for Q1 2022 increased 15.9% to $2.26 from $1.95 for the prior year period.
AvalonBay
AvalonBay
Forward Guidance
For its second quarter and full year 2022 financial outlook, the Company expects the following:Projected EPS, Projected FFO and Projected Core FFO Outlook (1) Q2 2022Full Year 2022 LowHighLowHighProjected EPS $2.20 —$2.32 $6.05 —$6.45 Projected FFO per share $2.23 —$2.35 $9.37 —$9.77 Projected Core FFO per share$2.25 —$2.37 $9.38 —$9.78
Positive Outlook
- Projected EPS for Q2 2022: $2.20 - $2.32
- Projected FFO per share for Q2 2022: $2.23 - $2.35
- Projected Core FFO per share for Q2 2022: $2.25 - $2.37
- Projected EPS for Full Year 2022: $6.05 - $6.45
- Projected FFO per share for Full Year 2022: $9.37 - $9.77
Challenges Ahead
- Residential Opex change 4.0%—5.5%
- Capital markets and transaction activity (2)(0.02)(0.02)(0.05)
- Overhead and other(0.05)(0.05)(0.03)
- Gain on sale of real estate and depreciation expense(0.60)— —
- Same Store Residential revenue0.10 0.10 0.10