Free Research Report as AvalonBay’s Quarterly Revenue Grew 7.1% and Core FFO Advanced 6.1%

Stock Monitor: Cameco Post Earnings Reporting

LONDON, UK / ACCESSWIRE / February 14, 2018 / Active-Investors.com has just released a free earnings report on AvalonBay Communities, Inc. (NYSE: AVB) (“AvalonBay”).If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=AVB. The Company reported its fourth quarter fiscal 2017 and full fiscal year 2017 operating and financial results on January 31, 2018. The apartment building owner outperformed top- and bottom-line expectations. Register today and get access to over 1000 Free Research Reports by joining our site below:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, AvalonBay Communities most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

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Earnings Highlights and Summary

For Q4 2017, AvalonBay’s total revenue increased 7.1% to $555.29 million. This increase was primarily due to a growth in revenue from development communities and stabilized operating communities. The Company’s revenue numbers exceeded analysts’ estimates of $555.20 million.

For the full year FY17, AvalonBay’s total revenue advanced 5.5% to $2.16 billion on a y-o-y basis, primarily due to a growth in revenues from stabilized operating communities and development communities.

During Q4 2017, AvalonBay’s Established Communities segment’s total revenues increased 2.2% to $396.98 million. The segment’s operating expenses grew 2.7% to $114.31 million. The segment’s NOI grew 2.0% to $282.67 million, while its rental revenue increased 2.2%, as a result of an increase in average rental rates of 2.1% and an economic occupancy of 0.1%.

AvalonBay reported a net income attributable to common stockholders of $1.72 per share, down 2.3% from $1.76 per share in the prior year’s same period.

For Q4 2017, AvalonBay’s funds from operations (FFO) attributable to common stockholders increased 4.3% to $2.18 per diluted share compared to $2.09 per diluted share in Q4 2016. The Company’s core FFO per share advanced 6.1% to $2.25 for the reported quarter from $2.12 in the year earlier comparable quarter.

For FY17, AvalonBay’s earnings per share (EPS) fell 15.6% to $6.35 from $7.52 in FY16. The Company’s FFO per share increased 2.3% to $8.45 compared to $8.26, and core FFO per share increased 5.3% to $8.62 from $8.19 in FY16.

Development Activities

During Q4 2017, AvalonBay completed the development of six communities. These communities contained an aggregate of 1,821 apartment homes and 44,000 square feet of retail space, and were constructed for an aggregate total capital cost of $752.00 million.

AvalonBay also started the construction of four communities in Q4 2017. These communities are expected to contain a total of 1,477 apartment homes when completed, and will be developed for an aggregate estimated total capital cost of $479.00 million.

At December 31, 2017, AvalonBay had 21 communities under construction that, in the aggregate, are expected to contain 6,544 apartment homes and 97,000 square feet of retail space, and will be completed for an estimated total capital cost of $2.93 billion, including the Company’s share of communities being developed through joint ventures. The projected total capital cost of development rights increased to $3.8 billion at December 31, 2017, from $3.2 billion at September 30, 2017.

During Q4 2017, AvalonBay acquired one land parcel for development, and acquired two additional land parcels for development in January 2018, for an aggregate investment of $35.08 million. The Company has started, or anticipates starting, construction of apartment communities on this land during H1 2018.

Acquisition Activities

In December 2017, AvalonBay acquired 850 Boca, located in Boca Raton, FL. The 850 Boca contains 370 apartment homes and was acquired for a purchase price of $138.00 million. The acquisition marked the Company’s entry into the Southeast Florida metropolitan region.

Disposition Activities

During Q4 2017, AvalonBay sold three wholly-owned operating communities. In the aggregate, the three communities contained 657 apartment homes and were sold for $171.00 million resulting in a gain, in accordance with GAAP, of $92.72 million and an economic gain of $54.77 million. These communities generated an unleveraged internal rate of return (IRR) of 9.5% over a weighted average investment period of 11.9 years.

Liquidity and Capital Markets

At December 31, 2017, AvalonBay did not have any borrowings outstanding under its $1.50 billion unsecured credit facility, and had $201.91 million in unrestricted cash and cash in escrow. The Company’s annualized net debt-to-core EBITDA was 5.0 times for Q4 2017.

During Q4 2017, AvalonBay issued $300.00 million principal amount of floating rate unsecured notes for net proceeds of $298.80 million. The notes mature in January 2021 and were issued at three-month LIBOR plus 0.43%. The Company also issued $450.00 million principal number of unsecured notes for net proceeds of $445.27 million. The notes mature in January 2028, and were issued with a 3.20% coupon.

During Q4 2017, AvalonBay reported that $300.00 million principal amount of its variable rate unsecured term loan indexed to LIBOR plus 1.450%, entered into in March 2014, was repaid prior to the contractual maturity, resulting in a charge of $1.37 million for the non-cash write-off of deferred financing costs.

During FY17, AvalonBay sold 568,424 shares of its common stock at an average sales price of $188.39 per share, for net proceeds of $105.48 million under the current continuous equity program established in December 2015.

Stock Performance Snapshot

February 13, 2018 – At Tuesday’s closing bell, AvalonBay Communities’ stock slightly advanced 0.41%, ending the trading session at $159.40.

Volume traded for the day: 1.11 million shares, which was above the 3-month average volume of 701.55 thousand shares.

After yesterday’s close, AvalonBay Communities’ market cap was at $21.95 billion.

Price to Earnings (P/E) ratio was at 22.00.

The stock has a dividend yield of 3.69%.

The stock is part of the Financial sector, categorized under the REIT – Residential industry. This sector was up 0.2% at the end of the session.

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