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Sep 30, 2024
AvalonBay Q3 2024 Earnings Report
AvalonBay's financial performance for Q3 2024 was marked by significant EPS growth and strategic capital deployment.
Key Takeaways
AvalonBay Communities, Inc. reported a strong Q3 2024 with a notable increase in Earnings per Share (EPS). The company also completed development projects, started new constructions, and engaged in strategic acquisitions and dispositions, enhancing its portfolio and financial position.
Reported EPS increased by 115.7% compared to Q3 2023.
Completed development of two communities with 629 apartment homes and 9,200 square feet of commercial space.
Started construction of four apartment communities expected to contain 1,418 apartment homes.
Acquired three wholly-owned communities with a total of 668 apartment homes and 1,700 square feet of commercial space.
AvalonBay
AvalonBay
AvalonBay Revenue by Geographic Location
Revenue by Geographic Location
New England Revenue
CapyFin.comMetro NY/NJ Revenue
CapyFin.comMid-Atlantic Revenue
CapyFin.comSoutheast FL Revenue
CapyFin.comDenver, CO Revenue
CapyFin.comPacific NW Revenue
CapyFin.comOther Expansion Regions Revenue
CapyFin.com Forward Guidance
AvalonBay provided its financial outlook for Q4 and full year 2024, projecting EPS between $1.61 and $1.71 for Q4, and between $7.23 and $7.33 for the full year. The company also anticipates Same Store Residential revenue change between 3.4% and 3.6% for the full year.
Positive Outlook
- Projected EPS for Q4 2024 is expected to be between $1.61 and $1.71.
- Projected FFO per share for Q4 2024 is expected to be between $2.67 and $2.77.
- Projected Core FFO per share for Q4 2024 is expected to be between $2.78 and $2.88.
- Full year 2024 Same Store Residential revenue is projected to increase by 3.4% to 3.6%.
- Full year 2024 Same Store Residential NOI is projected to increase by 2.8% to 3.2%.
Challenges Ahead
- Non-core items are expected to negatively impact Q4 2024 EPS by $0.25 per share.
- Gain on sale of real estate and depreciation expense are expected to negatively impact Q4 2024 EPS by $0.79 per share.
- Capital markets and transaction activity are expected to negatively impact Q4 2024 EPS, FFO and Core FFO by $0.03 per share.
- Full year 2024 Same Store Residential Opex is projected to increase by 4.3% to 4.7%.
- The full year 2024 EPS outlook is lower compared to the July 2024 outlook.
Revenue & Expenses
Visualization of income flow from segment revenue to net income