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AvalonBay Communities, Inc. reports recurring developments as a multifamily real estate investment trust that owns and develops apartment communities in major U.S. metropolitan markets. Company updates focus on EPS, FFO, Core FFO, same-store residential revenue, operating expenses and NOI, with management commentary on operating trends and apartment portfolio activity.
News also covers development, redevelopment, disposition and acquisition activity, dividend declarations and REIT dividend tax treatment, annual meeting logistics and governance matters. Capital markets items and outlook updates appear alongside financial releases because the company's apartment portfolio, development pipeline and financing activity drive recurring disclosures.
AvalonBay Communities (NYSE: AVB) declared a cash dividend of $1.59 per share for the fourth quarter of 2020. This dividend is payable on January 15, 2021 to stockholders of record as of December 31, 2020. As of September 30, 2020, AvalonBay owned or had an interest in 294 apartment communities with 86,676 apartment homes across 11 states and D.C., including 19 communities under development.
AvalonBay Communities reported Q3 2020 net income of $147.7 million, leading to a 47.5% decline in diluted EPS to $1.05. Funds from Operations (FFO) per share decreased 9.8% to $2.03, while Core FFO fell 12% to $2.06. Established Communities saw total revenue drop by 6.1% to $508.6 million, significantly impacted by uncollectible lease revenue, totaling $12.5 million. Operating expenses increased by 3.5%. The company also reported ongoing challenges due to COVID-19, including a decline in rental revenue and an uncertain operational outlook.
AvalonBay Communities, Inc. (NYSE: AVB) is set to release its third quarter 2020 earnings on October 28, 2020, after market close. A conference call to discuss the results will occur on October 29, 2020, at 1:00 PM ET. Investors can dial in at (888) 204-4368 for the live call. For those unable to attend, a replay will be available until November 5, 2020. As of June 30, 2020, AvalonBay owned or held interests in 295 communities with 86,380 homes in 11 states and the District of Columbia.