AvalonBay Q3 2021 Earnings Report
Key Takeaways
AvalonBay Communities, Inc. reported a decrease in net income and FFO per share for the third quarter of 2021, while Core FFO per share remained unchanged. Same Store total revenue increased by 1.2%.
Net Income Attributable to Common Stockholders for the three months ended September 30, 2021 was $78,914,000.
Earnings per Share – diluted (“EPS”) for the three months ended September 30, 2021 decreased 46.7% to $0.56 from $1.05 for the prior year period.
Funds from Operations attributable to common stockholders - diluted (“FFO”) per share for the three months ended September 30, 2021 decreased 3.4% to $1.96 from $2.03 for the prior year period.
Core FFO per share for the three months ended September 30, 2021 remained unchanged from the prior year period at $2.06.
AvalonBay
AvalonBay
Forward Guidance
The Company expects the following for its fourth quarter and full year 2021 financial outlook.
Positive Outlook
- Projected EPS for Q4 2021 is expected to be between $2.25 and $2.35.
- Projected FFO per share for Q4 2021 is expected to be between $2.17 and $2.27.
- Projected Core FFO per share for Q4 2021 is expected to be between $2.19 and $2.29.
- Same Store Residential rental revenue change for Q4 2021 is expected to be between 4.5% and 5.5%.
- Same Store Residential NOI change for Q4 2021 is expected to be between 5.5% and 7.5%.
Challenges Ahead
- Projected EPS for the full year 2021 is expected to be between $7.04 and $7.14.
- Projected FFO per share for the full year 2021 is expected to be between $8.03 and $8.13.
- Projected Core FFO per share for the full year 2021 is expected to be between $8.18 and $8.28.
- Same Store Residential rental revenue change for the full year 2021 is expected to be between (2.3)% and (1.9)%.
- Same Store Residential NOI change for the full year 2021 is expected to be between (5.1)% and (4.3)%.