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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.
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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