AvalonBay Communities, Inc. Provides First Quarter 2020 Operating Update
February 28 2020 - 4:15PM
Business Wire
AVALONBAY COMMUNITIES, INC. (NYSE: AVB) (the “Company”)
announced today that it expects total rental revenue for
Established Communities for the two months ending February 29, 2020
to increase 3.1% over the prior year period. This is 10 basis
points above what the Company’s expectation was for total rental
revenue growth during this period when the Company published its
outlook for full year Established Communities rental revenue growth
on February 5, 2020.
Definitions
Established Communities are
consolidated 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 2020 operating results, Established Communities are
consolidated communities that had Stabilized Operations as of
January 1, 2019, are not conducting or are not probable to conduct
substantial redevelopment activities and are not held for sale or
probable for disposition within the current year. A community is
considered to have Stabilized Operations at the earlier of (i)
attainment of 90% physical occupancy or (ii) the one-year
anniversary of completion of development or redevelopment.
Forward-Looking Statements
The expected increase in total rental revenue for Established
Communities in this release is a forward-looking statement under
federal securities laws and is based on the Company’s expectations,
forecasts and assumptions at the time of this release. The actual
increase, if any, may differ materially from the projected
increase. Factors that could result in a material difference are
discussed 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, 2019 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.
About AvalonBay Communities, Inc.
As of December 31, 2019, the Company owned or held a direct or
indirect ownership interest in 297 apartment communities containing
86,846 apartment homes in 11 states and the District of Columbia,
of which 22 communities were under development and two communities
were under redevelopment. The Company is an equity REIT in the
business of developing, redeveloping, acquiring and managing
apartment communities in leading metropolitan areas primarily 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 © 2020 AvalonBay Communities, Inc.
All Rights Reserved
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Jason Reilley Vice President Investor Relations AvalonBay
Communities, Inc. 703-317-4681
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