AvalonBay Communities, Inc. Provides Second Quarter 2015 Operating Update
June 08 2015 - 4:15PM
Business Wire
AVALONBAY COMMUNITIES, INC. (NYSE: AVB) (the “Company”)
announced today that it expects total rental revenue for
Established Communities for the three months ending June 30, 2015
to increase between 4.6% and 4.7% over the prior year period.
The Company also provided the following operating metrics:
Established Communities Like-Term Effective
Rent Change
March April May New Move-in
Renewal
AverageNew Move-in& Renewal
New Move-in Renewal
AverageNew Move-in& Renewal
New Move-in Renewal
AverageNew Move-in& Renewal
2015 5.0% 6.7% 5.9% 5.4% 6.7% 6.1% 6.2% 6.5% 6.4%
2014 1.1% 4.9% 3.1% 1.9% 5.1% 3.6% 2.1% 4.9% 3.6%
Definitions
Established Communities are
identified by the Company as 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 2015
operating results, Established Communities are communities that are
consolidated for financial reporting purposes and that have
Stabilized Operations as of January 1, 2014 and are not conducting
or planning to conduct substantial redevelopment activities within
the current year. Established Communities do not include
communities that are currently held for sale or planned for
disposition during the current year.
Stabilized Operations is defined as
the earlier of (i) attainment of 95% physical occupancy or (ii) the
one-year anniversary of completion of development or
redevelopment.
Like-Term Effective Rent Change is
defined as the change in effective rent between two leases of the
same lease term category for the same apartment. The Company
defines effective rents as the leased/contractual rent for an
apartment less amortized concessions and most discounts. Average
Like-Term Effective Rent Change is weighted based on the lease
distribution between New Move-in and Renewal Like-Term Effective
Rent Change.
New Move-in Like-Term Effective Rent
Change is defined as the change in effective rent between
two leases of the same lease term category for the same apartment
when the subsequent lease is written for new residents.
Renewal Like-Term Effective Rent
Change is defined as the change in effective rent between
two leases of the same lease term category for the same apartment
when the subsequent lease is written for the current residents.
Forward-Looking Statements
This release contains forward-looking statements, within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
These forward-looking statements, which you can identify by the
Company’s use of words such as “expects,” “plans,” “estimates,”
“anticipates,” “projects,” “intends,” “believes,” “outlook” and
similar expressions that do not relate to historical matters, are
based on the Company’s expectations, forecasts and assumptions at
the time of this release, which may not be realized and involve
risks and uncertainties that cannot be predicted accurately or that
might not be anticipated. These could cause actual results to
differ materially from those expressed or implied by the
forward-looking statements. Risks and uncertainties that might
cause such differences include the following, among others: changes
in local employment conditions, demand for apartment homes, supply
of competitive housing products, and other economic conditions may
result in lower than expected occupancy and/ or rental rates and
adversely affect the profitability of our communities. Additional
discussions of risks and uncertainties that could cause actual
results to differ materially from those expressed or implied by the
forward-looking statements appear in the Company’s filings with the
Securities and Exchange Commission, including the Company’s Annual
Report on Form 10-K for the fiscal year ended December 31, 2014
under the heading “Risk Factors” and under the heading
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations - Forward-Looking Statements” and in
subsequent quarterly reports on Form 10- Q. The Company does not
undertake a duty to update forward-looking statements, including
its expected second quarter 2015 operating results and other
financial data forecasts contained in this release. The Company
may, in its discretion, provide information in future public
announcements regarding its outlook that may be of interest to the
investment community. The format and extent of future outlooks may
be different from the format and extent of the information
contained in this release.
About AvalonBay Communities, Inc.
As of March 31, 2015, the Company owned or held a direct or
indirect ownership interest in 279 apartment communities containing
81,606 apartment homes in eleven states and the District of
Columbia, of which 25 communities were under construction and seven
communities were under reconstruction. The Company is an equity
REIT in the business of developing, redeveloping, acquiring and
managing apartment communities in the leading metropolitan areas in
New England, the New York/New Jersey Metro area, the Mid-Atlantic,
the Pacific Northwest, and the Northern and Southern California
regions of the United States. More information may be found on the
Company’s website at http://www.avalonbay.com.
Copyright © 2015 AvalonBay Communities, Inc.
All Rights Reserved
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AvalonBay Communities, Inc.Jason ReilleySenior DirectorInvestor
Relations703-317-4681
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