AvalonBay Communities, Inc. Provides Collection Details and Third Quarter 2020 Operating Update
AVALONBAY COMMUNITIES, INC. (NYSE: AVB) (the “Company”)
announced today that as of September 9th, 2020, Established
Communities Residential Collections were 97% of billed residential
revenue for the three months ended June 30, 2020.
In addition, the Company announced that Established Communities
Residential Collections Percentage (collections as a percentage of
billed rents) for July 2020 and August 2020, as of each respective
month end, represented 96% of the Company’s average monthly
Established Communities Residential Collections Percentage at month
end for the twelve months ended March 31, 2020, and that
Established Communities Residential Collections Percentage for
September 2020, as of September 9th, 2020, represented 95% of the
Company’s average monthly Established Communities Residential
Collections Percentage as of the ninth day of the month for each of
the months in the twelve months ended March 31, 2020.
The Company also provided the following residential operating
For the three months ended June
For the two months ended August
Metro New York / New Jersey
Established Communities are
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 prior year. Therefore, for 2020
operating results, Established Communities are consolidated
communities that have Stabilized Operations as of January 1, 2019,
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.
Expansion Markets consist of
Southeast Florida and Denver, Colorado.
Like-Term Lease Rent Change
represents the percentage change in contractual rent between two
leases of the same lease term category for the same apartment.
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 Collections Percentage
represents the collection rate based on individual resident
activity as reflected in the Company’s property management systems
and is presented to provide information about collection trends
during the COVID-19 pandemic. Prior to the COVID-19 pandemic, the
collection information provided was not routinely produced for
internal use by senior management or publicly disclosed by the
Company and is a result of analysis that is not subject to internal
controls over financial reporting. This information is not prepared
in accordance with GAAP, does not reflect GAAP revenue or cash flow
metrics, may be subject to adjustment in preparing GAAP revenue and
cash flow metrics for July 2020 and August 2020. Additionally, this
information should not be interpreted as predicting the Company’s
financial performance, results of operations or liquidity for any
period. The Company’s average monthly Established Communities
Residential Collections Percentage at month end for the twelve
months ended March 31, 2020, was 97.9%.
Stabilized Operations is defined as
the earlier of (i) attainment of 90% physical occupancy or (ii) the
one-year anniversary of completion of development or
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
About AvalonBay Communities, Inc.
As of June 30, 2020, the Company owned or held a direct or
indirect ownership interest in 295 apartment communities containing
86,380 apartment homes in 11 states and the District of Columbia,
of which 19 communities were under development. 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 consisting of Southeast
Florida and Denver, Colorado. More information may be found on the
Company’s website at http://www.avalonbay.com.
version on businesswire.com: https://www.businesswire.com/news/home/20200911005037/en/
Jason Reilley Vice President Investor Relations AvalonBay
Communities, Inc. 703-317-4681