AvalonBay Communities, Inc. Provides First Quarter 2022 Operating Update
04 März 2022 - 10:15PM
Business Wire
AVALONBAY COMMUNITIES, INC. (NYSE: AVB) (the “Company”)
announced today that Same Store Residential rental revenue for the
two months ended February 28, 2022, increased 7.3% over the prior
year period. This is approximately 60 basis points above what the
Company’s expectation was for Same Store Residential rental revenue
growth for this two-month period when the Company published its
outlook for full year 2022 Same Store Residential rental revenue
growth on February 2, 2022.
The Company also provided the following Same Store Residential
operating information:
Economic Occupancy
2021
2022
Q4 January February Total
96.2%
96.3%
96.4%
Like-Term Effective Rent Change
2021
2022
Q4 January February New England
11.2%
12.3%
11.7%
Metro NY / NJ
13.3%
13.8%
14.6%
Mid-Atlantic
7.8%
9.1%
10.5%
Southeast FL
26.3%
30.0%
23.5%
Denver, CO
11.7%
10.2%
11.1%
Pacific NW
13.8%
16.1%
15.9%
No. California
7.7%
11.9%
13.0%
So. California
11.5%
11.4%
11.0%
Total
11.0%
12.4%
12.7%
Suburban communities
9.7%
10.5%
10.8%
Urban communities
14.0%
16.9%
17.5%
Total
11.0%
12.4%
12.7%
Definitions
Economic Occupancy is defined as
total possible Residential revenue less vacancy loss as a
percentage of total possible Residential revenue. Total possible
Residential revenue (also known as “gross potential”) is determined
by valuing occupied units at contract rates and vacant units at
Market Rents. Vacancy loss is determined by valuing vacant units at
current Market Rents. By measuring vacant apartments at their
Market Rents, Economic Occupancy takes into account the fact that
apartment homes of different sizes and locations within a community
have different economic impacts on a community’s gross revenue.
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.
Residential represents results
attributable to the Company's apartment rental operations,
including parking and other ancillary Residential revenue.
Same Store is composed of
consolidated communities in the markets where the Company has a
significant presence 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 2022 operating results, Same Store is composed of
consolidated communities that have Stabilized Operations as of
January 1, 2021, 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.
Stabilized Operations is defined as
the earlier of (i) attainment of 90% physical occupancy or (ii) the
one-year anniversary of completion of development.
Suburban communities are
communities located in submarkets with less than 3,500 households
per square mile.
Urban communities are communities
located in submarkets with 3,500 households or more per square
mile.
About AvalonBay Communities, Inc.
As of December 31, 2021, the Company owned or held a direct or
indirect ownership interest in 297 apartment communities containing
87,992 apartment homes in 12 states and the District of Columbia,
of which 19 communities were under development and one community
was under redevelopment. 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 of Raleigh-Durham and Charlotte, North
Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver,
Colorado. More information may be found on the Company’s website at
http://www.avalonbay.com.
Copyright © 2022 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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