AvalonBay Communities Provides May Collection Details and Second Quarter Operating Update
June 01 2020 - 04:15PM
Business Wire
AVALONBAY COMMUNITIES, INC. (NYSE: AVB) (the “Company”)
announced today that through May 31, 2020, billed residential rent
collections for the month of May 2020 represent 95% of the
Company’s average billed residential rent collections rate at month
end for the twelve months ending March 31, 2020.
The Company also provided the following residential operating
metrics:
Established Communities
April
2020
May
2020
Average physical occupancy
95.3%
94.4%
Like-Term Lease Rent Change
1.9%
0.2%
Like-Term Effective Rent Change
(0.2%)
(3.5%)
Definitions
Established Communities are
consolidated communities in the markets where the Company has a
significant presence, including the Company's Expansion Markets of
Southeast Florida and Denver, Colorado, and 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.
Like-Term Lease Rent Change
represents the percentage change in rent between two leases of the
same lease term category for the same apartment. The Company
defines rent as the contractual rent for an apartment. Average
Like-Term Lease Rent Change is weighted based on the number of
leases meeting the criteria for new move-in and renewal like-term
rent change. New move-in like-term lease rent change is the change
in rent between the contractual rent for a resident who moves out
of an apartment, and the contractual rent for a resident who moves
into the same apartment with the same lease term category. Renewal
like-term lease rent change is the change in rent between two
consecutive leases of the same lease term category for the same
resident occupying the same apartment.
Like-Term Effective Rent Change
represents the percentage change in effective rent between two
leases of the same lease term category for the same apartment. The
Company defines effective rent as the contractual rent for an
apartment less amortized concessions and discounts. Average
Like-Term Effective Rent Change is weighted based on the number of
leases meeting the criteria for new move-in and renewal like-term
effective rent change. New move-in like-term effective rent change
is the change in effective rent between the contractual rent for a
resident who moves out of an apartment, and the contractual rent
for a resident who moves into the same apartment with the same
lease term category. Renewal like-term effective rent change is the
change in effective rent between two consecutive leases of the same
lease term category for the same resident occupying the same
apartment.
Stabilized Operations is defined as
the earlier of (i) attainment of 90% physical occupancy or (ii) the
one-year anniversary of completion of development or
redevelopment.
About AvalonBay Communities, Inc.
As of March 31, 2020, the Company owned or held a direct or
indirect ownership interest in 296 apartment communities containing
86,596 apartment homes in 11 states and the District of Columbia,
of which 19 communities were under development. 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 Northern and Southern California, as
well as in the Company's expansion markets consisting of Southeast
Florida and Denver, Colorado. More information may be found on the
Company’s website at http://www.avalonbay.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20200601005692/en/
Jason Reilley Vice President Investor Relations AvalonBay
Communities, Inc. 703-317-4681
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