AvalonBay Communities, Inc. Provides Second Quarter 2016 Operating Update
June 06 2016 - 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, 2016
to increase between 4.9% and 5.1% over the prior year period. This
performance is consistent with what the Company’s expectations were
for second quarter performance in establishing the assumptions for
full year Established Communities total rental revenue growth as
stated in the Company’s 2016 outlook published on February 3,
2016.
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 2016
operating results, Established Communities are communities that are
consolidated for financial reporting purposes and that have
Stabilized Operations as of January 1, 2015 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.
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 Form
10-K for the fiscal year ended December 31, 2015 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 first quarter
2016 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, 2016, the Company owned or held a direct or
indirect ownership interest in 282 apartment communities containing
83,049 apartment homes in 10 states and the District of Columbia,
of which 24 communities were under construction and 11 communities
were under reconstruction. The Company 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 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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