Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Nyse  >  AvalonBay Communities Inc    AVB

Delayed Quote. Delayed  - 12/09 10:02:01 pm
169.05 USD   +0.17%
11/10 AVALONBAY COMMU : Declares Fourth Quarter 2016 Dividends
10/29 AVALONBAY COMMU : Brighton eyed for housing complex
10/24 AVALONBAY COMMU : reports 3Q results
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

AvalonBay Communities 4th-Quarter Profit Down 62% on Lower Asset Sales

share with twitter share with LinkedIn share with facebook
share via e-mail
0
01/31/2013 | 12:18am CET
   By Debbie Cai 
 

AvalonBay Communities Inc.'s (>> AvalonBay Communities, Inc.) fourth-quarter income slumped 62% as the multifamily-housing real-estate investment trust recorded a decrease in real-estate asset sales and saw costs related to its acquisition of Archstone Enterprise LP, though rental revenue grew.

For the current quarter, AvalonBay said Wednesday it expects a per-share loss in a range of $1.27 to $1.31, and funds from operations, or FFO--a key profitability metric in the sector--to be a loss in a range of 62 cents to 66 cents a share. The company said its outlook includes an expected cash charge related to its Archstone Enterprise LP acquisition.

For the new year, the REIT forecasts per-share earnings of $2.28 to $2.64 and FFO of $4.11 to $4.47 a share.

AvalonBay, one of the largest apartment operators in the U.S. and known for upscale developments, has seen its profits surge in recent quarters as a lackluster housing market has made renting attractive, driving up occupancy and rents. In the latest quarter, economic occupancy--the level of total possible revenue remaining after stripping out vacancy loss--edged up 0.3%, while the average rental rates increased 4.7%.

In November, AvalonBay and Equity Residential (>> Equity Residential) said they plan to acquire Archstone, a portfolio of apartment properties, from Lehman Brothers Holdings Inc. for around $6.5 billion in cash and stock. Equity Residential will acquire about 60% of Archstone's assets and liabilities, while AvalonBay will acquire roughly 40%.

"Our fourth quarter results capped a year of solid performance marked by our second consecutive year of double-digit FFO growth," AvalonBay Chief Executive and President Tim Naughton said."We expect apartment fundamentals to remain healthy in 2013 and in anticipation of continued growth in 2013 from our development platform, our current communities and the addition of the Archstone portfolio, our Board approved a 10.3% increase to our quarterly dividend."

The REIT has shifted its strategy, separating into three brands that include upscale units, moderately priced suburban homes and a segment geared to younger renters in urban areas. The Pacific Northwest and Northern California regions again showed the biggest jumps in rental revenue for the latest quarter.

In the latest quarter, AvalonBay reported a profit of $122.4 million, or $1.19 a share, down from $323.1 million, or $3.38 cents a share, a year earlier. FFO were up at $1.27 a share, from $1.19 a share. The latest period included Archstone acquisition-related costs of 16 cents a share.

The company in October had projected per-share earnings of $1.34 to $1.39, and FFO of $1.40 to $1.45 a share.

AvalonBay recorded a gain on the sale of real-estate assets of $51.3 million, down from $273.4 million a year earlier.

Rental revenue climbed 5% to $194.3 million, though it was short of analysts' estimates of $275 million.

Shares slid $2.3% to close at $135.64 on Wednesday and were unchanged after hours. The stock is down 7.2% over the past six months.

Write to Debbie Cai at debbie.cai@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stocks mentioned in the article : AvalonBay Communities, Inc., Equity Residential
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on AVALONBAY COMMUNITIES INC
11/10 AVALONBAY COMMUNITIES, INC. : Declares Fourth Quarter 2016 Dividends
11/04 AVALONBAY COMMUNITIES : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDIT..
10/29 AVALONBAY COMMUNITIES : Brighton eyed for housing complex
10/25 AVALONBAY COMMUNITIES INC : Results of Operations and Financial Condition, Finan..
10/24 AVALONBAY COMMUNITIES : reports 3Q results
10/24 AVALONBAY COMMUNITIES, INC. : Announces Third Quarter 2016 Operating Results
10/19AVALONBAY COMMUNITIES INC : quaterly earnings release
10/13 BUSINESS AVALONBAY : No development access via Forest Street
10/11DJAirbnb Offers Landlords an Incentive
10/05 AVALONBAY COMMUNITIES INC : Other Events, Financial Statements and Exhibits (for..
More news
Sector news : Residential REITs
11/30DJLegg Mason, Owens-Illinois to Leave S&P 500
10/20DJEQUITY RESIDENTIAL : A New Real-Estate War in Silicon Valley
10/11DJAirbnb Offers Landlords an Incentive
08/30DJStockland Names Tom Pockett as New Chairman
08/17DJSTOCKLAND : Profit Slips on One-offs; Strong Gains in Property Business
More sector news : Residential REITs
News from SeekingAlpha
12/06 REIT RANKINGS : Apartments
11/30 A REIT Investor's Macro View
11/29 No Surprise Here, SWANs Outperform
11/28 Evercore lifts trio of apartment REITs
11/23 AvalonBay, Essex downgraded at BAML; Camden Property and Education Realty upp..
Advertisement
Financials ($)
Sales 2016 2 030 M
EBIT 2016 858 M
Net income 2016 857 M
Debt 2016 5 011 M
Yield 2016 3,19%
P/E ratio 2016 26,04
P/E ratio 2017 35,24
EV / Sales 2016 13,9x
EV / Sales 2017 13,3x
Capitalization 23 215 M
More Financials
Chart AVALONBAY COMMUNITIES INC
Duration : Period :
AvalonBay Communities Inc Technical Analysis Chart | AVB | US0534841012 | 4-Traders
Full-screen chart
Technical analysis trends AVALONBAY COMMUNI...
Short TermMid-TermLong Term
TrendsNeutralBearishBearish
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 189 $
Spread / Average Target 12%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
Timothy J. Naughton Chairman, President & Chief Executive Officer
Sean J. Breslin Chief Operating Officer
Kevin P. O'Shea Chief Financial Officer
Jim Graves Vice President-Information Services
Lance R. Primis Lead Independent Director
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
AVALONBAY COMMUNITIES ..-8.19%23 215
EQUITY RESIDENTIAL-22.94%22 989
ESSEX PROPERTY TRUST I..-8.43%14 332
UDR, INC.-8.86%9 151
STOCKLAND CORPORATION ..6.83%7 844
MID-AMERICA APARTMENT ..2.66%7 043
More Results