Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

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

Delayed Quote. Delayed  - 10/21 10:02:04 pm
167.94 USD   -0.11%
10/19AVALONBAY COMMU : quaterly earnings release
10/13 BUSINESS AVALO : No development access via Forest Street
10/11DJAirbnb Offers Landlords an Incentive
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
01/31/2013 | 12:18am CEST
   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
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..
09/29 AVALONBAY COMMUNITIES : Announces Third Quarter 2016 Earnings Release Date
09/29 AVALONBAY COMMUNITIES : Extends Agreement with MRI Software for Multifamily Real..
09/28 AVALONBAY COMMUNITIES INC : ex-dividend day
09/12 AVALONBAY COMMUNITIES, INC. : Declares Third Quarter 2016 Dividends
09/09 AVALONBAY COMMUNITIES : Fire code reform
09/06 AVALONBAY COMMUNITIES : Employees Give Back to Communities in 5th Annual Spirit ..
More news
Sector news : Residential REITs
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
08/15DJPOST PROPERTIES : MAA to Buy Post Properties
More sector news : Residential REITs
News from SeekingAlpha
10/21 REAL ESTATE WEEKLY UPDATE : REITs Gain, Earnings In Focus
10/19 As Millennials Return To The 'Burbs, Homebuilders May See Resurgence
10/07 The Bond Bubble Is Bursting
09/22 REIT RANKINGS : Shopping Center
09/12 AvalonBay Communities declares $1.35 dividend
Financials ($)
Sales 2016 2 031 M
EBIT 2016 823 M
Net income 2016 750 M
Debt 2016 6 958 M
Yield 2016 3,21%
P/E ratio 2016 30,46
P/E ratio 2017 32,72
EV / Sales 2016 14,8x
EV / Sales 2017 14,1x
Capitalization 23 060 M
More Financials
Duration : Period :
AvalonBay Communities Inc Technical Analysis Chart | AVB | US0534841012 | 4-Traders
Full-screen chart
Technical analysis trends AVALONBAY COMMUNI...
Short TermMid-TermLong Term
Technical analysis
Income Statement Evolution
More Financials
Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 194 $
Spread / Average Target 15%
Consensus details
EPS Revisions
More Estimates Revisions
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$)
UDR, INC.-10.27%9 003
More Results