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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.
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.comPacific NW Revenue
CapyFin.comNo. California Revenue
CapyFin.comSo. California Revenue
CapyFin.com 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.