AvalonBay Communities, Inc. Provides Third Quarter 2023 Operating Update
06 Setembro 2023 - 5:15PM
Business Wire
AVALONBAY COMMUNITIES, INC. (NYSE: AVB) (the “Company”)
announced today that Same Store Residential rental revenue for the
two months ended August 31, 2023, increased 5.3% over the prior
year period. This is approximately 40 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
updated outlook for full year 2023 Same Store Residential rental
revenue growth on July 31, 2023.
The Company also provided the following Same Store Residential
operating information:
Physical Occupancy
2023
2023
June
July
August
Total
95.5%
95.2%
95.6%
Like-Term Effective Rent
Change(1)
2023
2023
June
July
August
New England
5.3%
4.1%
4.0%
Metro NY / NJ
6.3%
5.2%
4.7%
Mid-Atlantic
5.4%
5.2%
3.6%
Southeast FL
2.4%
0.9%
0.2%
Denver, CO
5.1%
2.5%
2.3%
Pacific NW
1.3%
(0.3%)
(0.8%)
Northern California
3.1%
2.3%
0.3%
Southern California
5.3%
4.2%
3.0%
Other Expansion Regions
3.8%
0.6%
(1.4%)
Total
4.9%
3.9%
3.0%
East Coast
5.5%
4.6%
4.0%
West Coast
3.9%
2.7%
1.6%
Total
4.9%
3.9%
3.0%
Renewal Offers for September and October 2023 were delivered to
residents at an average increase in the mid-5% range over the
existing lease.
(1)
New Move-In Like-Term Effective Rent Change was 3.9%, 2.7%, and
1.8% for June, July, and August 2023, respectively. Renewal
Like-Term Effective Rent Change was 5.7%, 4.9%, and 4.2% for June,
July, and August 2023, respectively.
Definitions
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. 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. Like-term effective rent change as presented excludes
any third-party managed communities.
Market Rents as reported by the
Company are based on the current market rates set by the Company
based on its experience in renting apartments and publicly
available market data. Market Rents for a period are based on the
average Market Rents during that period and do not reflect any
impact for cash concessions.
Renewal Offers generally represent
initial offers made to market rate apartments with expiring leases
for which the residents have not provided notice of their intent to
vacate.
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 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 2023 operating results, Same Store is composed of
consolidated communities that have Stabilized Operations as of
January 1, 2022, 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.
About AvalonBay Communities, Inc.
As of June 30, 2023, the Company owned or held a direct or
indirect ownership interest in 294 apartment communities containing
88,659 apartment homes in 12 states and the District of Columbia,
of which 18 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 regions 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
https://www.avalonbay.com.
Copyright © 2023 AvalonBay Communities, Inc.
All Rights Reserved
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version on businesswire.com: https://www.businesswire.com/news/home/20230906758820/en/
Jason Reilley Vice President Investor Relations AvalonBay
Communities, Inc. 703-317-4681
Avalonbay Communities (NYSE:AVB)
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