AvalonBay Q1 2022 Earnings Report
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