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Jun 30, 2022
AvalonBay Q2 2022 Earnings Report
Second quarter operating results were announced.
Key Takeaways
AvalonBay Communities, Inc. reported a decrease in Earnings per Share (EPS) to $0.99, a decrease of 69.2% from the prior year period, primarily attributable to a decrease in gain on sale of real estate, partially offset by an increase in Same Store Residential NOI. Funds from Operations (FFO) per share increased 22.3% to $2.41, and Core FFO per share increased 22.7% to $2.43.
Net Income Attributable to Common Stockholders was $138,691,000.
EPS decreased 69.2% to $0.99 from $3.21 for the prior year period.
FFO per share increased 22.3% to $2.41 from $1.97 for the prior year period.
Core FFO per share increased 22.7% to $2.43 from $1.98 for the prior year period.
AvalonBay
AvalonBay
Forward Guidance
For its third quarter and full year 2022 financial outlook, the Company expects Projected EPS, Projected FFO and Projected Core FFO.
Positive Outlook
- Projected EPS for Q3 2022 is expected to be between $3.48 and $3.58.
- Projected FFO per share for Q3 2022 is expected to be between $2.49 and $2.59.
- Projected Core FFO per share for Q3 2022 is expected to be between $2.47 and $2.57.
- Projected EPS for the full year 2022 is expected to be between $7.53 and $7.73.
- Projected FFO per share for the full year 2022 is expected to be between $9.74 and $9.94.
Challenges Ahead
- Risks related to the COVID-19 pandemic
- Potential abandonment of development or redevelopment opportunities
- Adverse capital and credit market conditions
- Changes in local employment conditions and demand for apartment homes
- Delays in completing development, redevelopment, and/or lease-up