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[object Object]AvalonBay Communities (NYSE: AVB) has announced a public offering of 3,200,000 shares of common stock. The company plans to enter into forward sale agreements with Goldman Sachs, Bank of America, Deutsche Bank, and Morgan Stanley. These firms will act as joint book-running managers and forward purchasers. AVB intends to grant underwriters a 30-day option to purchase an additional 480,000 shares.
The company aims to settle the forward sale agreements by December 31, 2025, potentially receiving cash proceeds. AVB plans to use the net proceeds for land acquisitions, development and redevelopment of apartment communities, investments, and general corporate purposes. This may include repaying outstanding debts and refinancing. The offering allows AVB to set the share price now while delaying issuance and receipt of proceeds until closer to when funds are needed.
AvalonBay Communities, Inc. (NYSE: AVB) has released its Q3 2024 operating update and a new investor presentation. The company's Same Store Residential operating metrics for July and August 2024 align with its expectations announced on July 31, 2024. Key highlights include:
- Economic Occupancy: 95.6% in August, slightly up from 95.5% in July
- Total Like-Term Effective Rent Change: 3.5% in August, marginally down from 3.6% in July
- New Move-in Rent Change: 1.6% in August, decreasing from 2.0% in July
- Renewal Rent Change: 5.3% in August, increasing from 5.0% in July
The company's performance varies across regions, with Pacific NW showing the highest rent change at 5.0% in August, while Southeast FL and Other Expansion Regions experienced negative growth.
AvalonBay Communities (NYSE: AVB) reported strong Q2 2024 results and raised its full-year outlook. Core FFO per share increased 4.1% to $2.77, beating expectations. Same Store Residential revenue grew 3.2% to $666.2 million, while NOI rose 3.0% to $462.1 million. The company completed three development communities and started construction on three more. AVB sold five communities for $513.7 million and acquired three for $223.6 million. For full-year 2024, AvalonBay now projects:
- EPS of $7.34 - $7.54
- FFO per share of $10.84 - $11.04
- Core FFO per share of $10.92 - $11.12
- Same Store Residential revenue growth of 3.0% - 4.0%
- Same Store Residential NOI growth of 2.1% - 3.7%
AvalonBay Communities (NYSE: AVB) has released its 13th annual Environmental, Social and Governance (ESG) Report for 2023, highlighting significant progress towards its long-term ESG goals. The company maintained its 'A' rating from MSCI and 'A-' rating from CDP, and was listed among Newsweek's America's Most Responsible Companies for the fifth consecutive year.
Key achievements include a 46.3% reduction in scope 1 and 2 emissions and a 19.6% reduction in scope 3 emissions since 2017. AvalonBay activated nine new solar photovoltaic systems, bringing its total to 60 systems with 8.49 megawatts of solar capacity. The company also exceeded its waste goal with a 22% reduction in landfill-bound waste intensity across its portfolio since 2017.
AvalonBay's commitment to diversity and inclusion resulted in 21% of leadership positions held by underrepresented minorities. The company donated $2.57 million in cash and in-kind to various philanthropic partners in 2023, bringing its total donations since 2015 to over $18.3 million.
AvalonBay Communities (NYSE: AVB) will release its Q2 2024 earnings on July 31, 2024, after market close.
A conference call to discuss the results is scheduled for August 1, 2024, at 1:00 PM ET.
The call will include prepared remarks by management, a Q&A session, and discussions on operating trends, development activities, and the company's outlook.
Domestic participants can dial (877) 407-9716, while international participants can dial (201) 493-6779.
A replay will be available from August 1 at 6:00 PM ET through September 1, 2024, using the passcode 13740498.
The earnings release will include supplemental attachments available on the company’s website.
AvalonBay Communities announced the appointment of Pamela R. Thomas as Executive Vice President for Portfolio and Asset Management. Ms. Thomas brings over 30 years of experience in real estate investment and asset management. She will oversee the company’s portfolio performance and capital plans. Ms. Thomas previously held senior roles at CPP Investments and JP Morgan Asset Management. She will join AvalonBay on July 8, 2024, and report to CEO Benjamin Schall, contributing to the Management Investment Committee.
AvalonBay Communities (NYSE: AVB) will participate in Nareit’s REITweek Conference from June 3-6, 2024. During the event, management will discuss various business and financial matters including operating environment trends, and portfolio strategy. The company also released its Q2 2024 operating update, showing a physical occupancy rate of 95.5% for April and May. Like-Term Effective Rent Change showed growth in multiple regions with an overall increase of 3.7% in May. Notably, Mid-Atlantic saw a 6% rise, while Southeast FL experienced a decline to -0.3%. Renewal offers for June and July 2024 are set at an average 6% increase. An updated investor presentation is available on their website.
AvalonBay Communities (NYSE: AVB) has announced a cash dividend of $1.70 per share for the second quarter of 2024. This dividend will be paid on July 15, 2024, to shareholders recorded by June 28, 2024. The announcement reflects the company's ongoing commitment to returning value to its shareholders.
AvalonBay Communities, Inc. announced a $400 million senior notes offering with a 5.350% coupon rate due in 2034. The proceeds will be used for various purposes including land acquisitions, development of apartment communities, and working capital.
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