Stock Monitor: Apartment Investment and Management Post Earnings Reporting
LONDON, UK / ACCESSWIRE / May 10, 2018 / If you want access to our free earnings report on AvalonBay Communities, Inc. (NYSE: AVB) ("AvalonBay"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=AVB. The Company reported its first quarter fiscal 2018 operating and financial results on April 25, 2018. The real estate investment trust, based in Arlington, Virginia, surpassed revenue estimates, while its earnings were in-line with market expectations. Additionally, the Company provided guidance for the upcoming quarter. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For the quarter ended March 31, 2018, AvalonBay's total revenues increased 7.4% to $560.79 million on a y-o-y basis, primarily due to a growth in revenues from stabilized operating communities and development communities. The Company's revenue numbers topped analysts' estimates of $558.5 million.
During Q1 2018, AvalonBay's Established Communities total revenues increased 2.4% to $417.54 million on a y-o-y basis. For the reported quarter, the Company's Established Communities rental revenues increased 2.4% as a result of an increase in Average Rental Rates of 2.5%, partially offset by a decrease in Economic Occupancy of 0.1%. For Q1 2018, the Company's Established Communities operating expenses rose 5.3% to $122.19 million on a y-o-y basis, while Established Communities net operating income (NOI) gained 1.2% to $295.36 million.
For Q1 2018, AvalonBay reported a net income attributable to common stockholders of $141.64 million, or $1.03 per diluted share, compared to $235.88 million, or $1.72 per diluted share, in Q1 2017, with the decline attributed to decreased disposition gains and increased depreciation expenses.
AvalonBay's funds from operations (FFO) attributable to common stockholders were $300.14 million, or $2.17 per diluted share, compared to $280.20 million, or $2.04 per diluted share, in Q1 2017. The Company's core FFO increased 4.3% to $2.18 per diluted share in the reported quarter from $2.09 per diluted share in the prior year's same period.
During the three months ended March 31, 2018, AvalonBay completed the development of three communities - AVA NoMa, located in Washington, D.C.; Avalon Brooklyn Bay, located in Brooklyn, New York; and Avalon Somers, located in Somers, New York. These communities contained an aggregate of 770 apartment homes and were constructed for an aggregate total capital cost of $287 million.
At March 31, 2018, AvalonBay had 18 communities under construction, which are expected to contain an aggregate of 5,774 apartment homes and 97,000 square feet of retail space. The estimated total capital cost at completion is $2.65 billion, including the Company's share of communities being developed through joint ventures.
As of March 31, 2018, AvalonBay's projected total capital cost of development rights decreased to $3.7 billion from $3.8 billion as of December 31, 2017.
During Q1 2018, AvalonBay acquired two land parcels for future development, for an aggregate investment of $57.08 million. The Company anticipates starting construction of apartment communities on this land during 2018.
Liquidity and Capital Markets
At March 31, 2018, AvalonBay did not have any borrowings outstanding under its $1.50 billion unsecured credit facility and had $271.41 million in unrestricted cash and cash in escrow. The Company's annualized net debt-to-core EBITDAre was 5.1x in Q1 2018.
During Q1 2018, AvalonBay issued $300.00 million principal number of unsecured notes in a public offering under its existing shelf registration statement, for net proceeds of $296.21 million.
For the second quarter of the fiscal year 2018, AvalonBay is forecasting earnings per share to be in the range of $1.91 to $1.97, FFO per share to be in the band of $2.15 to $2.21, and core FFO per share to be in the range of $2.16 to $2.22.
Stock Performance Snapshot
May 09, 2018 - At Wednesday's closing bell, AvalonBay Communities' stock marginally advanced 0.76%, ending the trading session at $165.72.
Volume traded for the day: 481.51 thousand shares.
Stock performance in the previous three-month period – up 4.70%
After yesterday's close, AvalonBay Communities' market cap was at $22.66 billion.
Price to Earnings (P/E) ratio was at 25.98.
The stock has a dividend yield of 3.55%.
The stock is part of the Financial sector, categorized under the REIT - Residential industry. This sector was up 1.1% at the end of the session.
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