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AvalonBay Communities Inc - Stock Quote AVB

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Morningstar's AvalonBay Communities Inc Stock Analysis

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AvalonBay Reports Strong Growth That Matches Our Expectations for the First Quarter

Kevin Brown, CFA Equity Analyst

Analyst Note

| Kevin Brown, CFA |

First-quarter results for AvalonBay Communities were in line with our expectations, giving us confidence in our $234 fair value estimate for the no-moat company. Same-store occupancy improved 20 basis points sequentially, slightly better than our estimate of a 10-basis-point improvement. Same-store rental rates grew 7.7% year over year, in line with our estimate of 7.6% growth, leading to same-store revenue growth of 8.5%. Same-store operating expenses increased 4.7% in the first quarter, which resulted in the company reporting same-store net operating income, NOI, growth of 10.3% that was in line with our estimate of 10.1% growth. The significant growth by the same-store portfolio along with several development projects that have completed over the past year led to AvalonBay reporting core funds from operations of $2.26 per share in the first quarter, a 16.3% increase over the first quarter of 2021.

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AvalonBay Communities Inc's Company Profile

Business Description

AvalonBay Communities owns a portfolio of 275 apartment communities with over 75,000 units and is developing 18 additional properties with over 5,000 units. The company focuses on owning large, high-quality properties in major metropolitan areas of New England, New York/New Jersey, Washington D.C., California, and the Pacific Northwest.

4040 Wilson Boulevard, Suite 1000
Arlington, VA, 22203
T +1 703 329-6300
Sector Real Estate
Industry REIT - Residential
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Hard Assets
Employees 2,927

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