AvalonBay Communities, Inc. Provides Third Quarter 2024 Operating Update and Publishes Updated Investor Presentation
2024年9月5日 - 5:15AM
ビジネスワイヤ(英語)
AVALONBAY COMMUNITIES, INC. (NYSE: AVB) (the “Company”)
today provided an update on certain third quarter Same Store
Residential operating metrics.
The Same Store Residential operating metrics presented in the
following tables were generally consistent with the Company’s
expectations for these metrics for the two months ended August 31,
2024 when the Company published its updated outlook for full year
2024 Same Store Residential revenue growth on July 31, 2024.
Economic Occupancy
2024
Q2 July August
Total
96.0
%
95.5
%
95.6
%
Like-Term Effective Rent Change
2024
Q2 July August New England
4.6
%
5.0
%
5.1
% Metro NY / NJ
4.0
%
3.1
%
2.8
% Mid-Atlantic
5.5
%
5.5
%
5.3
% Southeast FL
(0.1
%)
(0.2
%)
(0.4
%) Denver, CO
3.5
%
2.6
%
3.3
% Pacific NW
6.0
%
6.4
%
5.0
% Northern California
2.6
%
2.5
%
3.1
% Southern California
2.3
%
2.0
%
2.7
% Other Expansion Regions
(0.6
%)
1.2
%
(4.1
%)
Total
3.7
%
3.6
%
3.5
% Suburban
3.9
%
3.6
%
3.6
% Urban
3.1
%
3.5
%
3.3
%
Total
3.7
%
3.6
%
3.5
% New Move-in
2.5
%
2.0
%
1.6
% Renewal
4.7
%
5.0
%
5.3
%
Total
3.7
%
3.6
%
3.5
%
The Company has posted an updated Investor Presentation to its
website. The presentation can be found in the Investor Relations
section of www.avalonbay.com.
Definitions
Economic Occupancy is defined as
total possible Residential revenue less vacancy loss as a
percentage of total possible Residential revenue. Total possible
Residential revenue (also known as “gross potential”) is determined
by valuing occupied units at contract rates and vacant units at
Market Rents. Vacancy loss is determined by valuing vacant units at
current Market Rents. By measuring vacant apartments at their
Market Rents, Economic Occupancy takes into account the fact that
apartment homes of different sizes and locations within a community
have different economic impacts on a community’s gross revenue.
Like-Term Effective Rent Change for
an individual apartment home represents the percentage change in
effective rent between two leases of the same lease term category
for the same apartment. The Company defines effective rent as the
contractual rent for an apartment less amortized concessions and
discounts. Like-Term Effective Rent Change with respect to multiple
apartment homes represents an average. New Move-In Like-Term
Effective Rent Change is the change in effective rent between the
contractual rent for a resident who moves out of an apartment, and
the contractual rent for a resident who moves into the same
apartment with the same lease term category. Renewal Like-Term
Effective Rent Change is the change in effective rent between two
consecutive leases of the same lease term category for the same
resident occupying the same apartment.
Market Rents as reported by the
Company are based on the current market rates set by the Company
based on its experience in renting apartments and publicly
available market data. Market Rents for a period are based on the
average Market Rents during that period and do not reflect any
impact for cash concessions.
Other Expansion Regions include
markets located in Charlotte, North Carolina, and Dallas,
Texas.
Residential represents results
attributable to the Company's apartment rental operations,
including parking and other ancillary Residential revenue.
Same Store is composed of
consolidated communities where a comparison of operating results
from the prior year to the current year is meaningful as these
communities were owned and had Stabilized Operations, as defined
below, as of the beginning of the respective prior year period.
Therefore, for 2024 operating results, Same Store is composed of
consolidated communities that have Stabilized Operations as of
January 1, 2023, are not conducting or are not probable to conduct
substantial redevelopment activities and are not held for sale or
probable for disposition within the current year.
Stabilized Operations is defined as
operations of a community that occur after the earlier of (i)
attainment of 90% physical occupancy or (ii) the one-year
anniversary of completion of development or redevelopment.
Suburban represents results
attributable to submarkets having less than 3,500 households per
square mile.
Urban represents results
attributable to submarkets having 3,500 or more households per
square mile.
About AvalonBay Communities, Inc.
AvalonBay Communities, Inc., a member of the S&P 500, is an
equity REIT in the business of developing, redeveloping, acquiring
and managing apartment communities in leading metropolitan areas in
New England, the New York/New Jersey Metro area, the Mid-Atlantic,
the Pacific Northwest, and Northern and Southern California, as
well as in the Company's expansion regions of Raleigh-Durham and
Charlotte, North Carolina, Southeast Florida, Dallas and Austin,
Texas, and Denver, Colorado. As of June 30, 2024, the Company owned
or held a direct or indirect ownership interest in 300 apartment
communities containing 91,399 apartment homes in 12 states and the
District of Columbia, of which 17 communities were under
development. More information may be found on the Company’s website
at https://www.avalonbay.com.
Copyright © 2024 AvalonBay Communities, Inc.
All Rights Reserved
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version on businesswire.com: https://www.businesswire.com/news/home/20240904244189/en/
Jason Reilley Vice President Investor Relations AvalonBay
Communities, Inc. 703-317-4681
Avalonbay Communities (NYSE:AVB)
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