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Sep 30, 2023
AvalonBay Q3 2023 Earnings Report
AvalonBay's Q3 2023 performance reflected a mix of strategic developments and operational results.
Key Takeaways
AvalonBay Communities, Inc. reported Earnings per Share of $1.21, FFO per share of $2.48, and Core FFO per share of $2.66 for the third quarter of 2023. The company completed the development of three communities and started construction on two new apartment communities. Same Store total revenue increased by 5.0%, driven by a 5.2% increase in Same Store Residential rental revenue.
EPS was reported at $1.21 for Q3 2023, a decrease compared to $3.53 in Q3 2022.
FFO per share reached $2.48, slightly up from $2.46 in the same quarter last year.
Core FFO per share increased to $2.66, compared to $2.50 in Q3 2022.
Same Store Residential NOI increased by 5.3%, reaching $432,922,000.
Revenue by Geographic Location
Forward Guidance
For its fourth quarter and full year 2023 financial outlook, the Company expects the following: Projected EPS between $1.76 and $1.86, Projected FFO per share between $2.65 and $2.75, Projected Core FFO per share between $2.69 and $2.79 for Q4 2023.
Positive Outlook
- Same Store Residential revenue expected to change between 6.2% and 6.4%.
- Same Store Residential Opex expected to change between 6.1% and 6.5%.
- Same Store Residential NOI expected to change between 6.1% and 6.5%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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