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Dec 31, 2024
AvalonBay Q4 2024 Earnings Report
AvalonBay Communities, Inc. announced its Q4 2024 operating results, dividend increase, and initial 2025 outlook.
Key Takeaways
AvalonBay Communities, Inc. reported a 16.5% increase in EPS and a 2.2% increase in Core FFO per share for Q4 2024 compared to Q4 2023. The company also announced a 2.9% dividend increase for Q1 2025.
EPS increased by 16.5% to $1.98 in Q4 2024 compared to $1.70 in Q4 2023.
Core FFO per share increased by 2.2% to $2.80 in Q4 2024 compared to $2.74 in Q4 2023.
Total revenue for Q4 2024 was $740,549,000, a 5.1% increase from Q4 2023.
The company completed the development of four wholly-owned communities in Q4 2024, adding 1,451 apartment homes.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
AvalonBay Communities, Inc. provided an initial outlook for Q1 2025 and the full year 2025, projecting continued growth in EPS, FFO per share, and Core FFO per share.
Positive Outlook
- Projected Q1 2025 EPS range of $1.62 to $1.72.
- Projected Q1 2025 FFO per share range of $2.73 to $2.83.
- Projected Q1 2025 Core FFO per share range of $2.75 to $2.85.
- Projected Full Year 2025 EPS range of $8.24 to $8.74.
- Projected Full Year 2025 Core FFO per share range of $11.14 to $11.64.
Challenges Ahead
- Projected Q1 2025 gain on sale of communities is negative at $(0.40).
- Projected Full Year 2025 gain on sale of communities is negative at $(3.29).
- Projected Full Year 2025 expensed overhead change is negative, ranging from (11.5%) to (9.0%).
- Projected Full Year 2025 expensed overhead change included in Core FFO is negative, ranging from (3.0%) to (0.5%).
Historical Earnings Impact
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Avg. Return Before/After Earnings
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