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Mar 31, 2024
AvalonBay Q1 2024 Earnings Report
AvalonBay's Q1 2024 performance reflected growth in EPS, FFO per share, and Core FFO per share, driven by same-store NOI growth and strategic development activities.
Key Takeaways
AvalonBay Communities, Inc. reported a positive start to 2024, with diluted earnings per share (EPS) of $1.22, FFO per share of $2.73, and Core FFO per share of $2.70. The company's same-store residential revenue increased by 4.2%, and same-store residential NOI increased by 3.7%.
EPS increased to $1.22, a 16.2% increase compared to Q1 2023.
FFO per share reached $2.73, a 7.5% increase compared to Q1 2023.
Core FFO per share was $2.70, a 5.1% increase compared to Q1 2023.
Same Store Residential NOI increased by 3.7% compared to the prior year period.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The Company projects EPS to be between $1.60 and $1.70 for Q2 2024, and between $6.98 and $7.38 for the full year 2024. Projected FFO per share is expected to be between $2.59 and $2.69 for Q2 2024, and between $10.63 and $11.03 for the full year 2024. Projected Core FFO per share is expected to be between $2.63 and $2.73 for Q2 2024, and between $10.71 and $11.11 for the full year 2024.
Positive Outlook
- Projected EPS for Q2 2024 is between $1.60 and $1.70.
- Projected EPS for the full year 2024 is between $6.98 and $7.38.
- Projected FFO per share for Q2 2024 is between $2.59 and $2.69.
- Projected FFO per share for the full year 2024 is between $10.63 and $11.03.
- Projected Core FFO per share for the full year 2024 is between $10.71 and $11.11.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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