AvalonBay Communities, Inc. (NYSE: AVB) (the “Company”) reported
Earnings per Share – diluted (“EPS”), Funds from Operations
attributable to common stockholders - diluted (“FFO”) per share and
Core FFO per share (as defined in this release) for the three
months and year ended December 31, 2023 and 2022 as detailed
below.
Q4 2023
Q4 2022
% Change
EPS
$
1.70
$
1.72
(1.2
)%
FFO per share (1)
$
2.63
$
2.57
2.3
%
Core FFO per share (1)
$
2.74
$
2.59
5.8
%
Full Year 2023
Full Year 2022
% Change
EPS
$
6.56
$
8.12
(19.2
)%
FFO per share (1)
$
10.32
$
9.67
6.7
%
Core FFO per share (1)
$
10.63
$
9.79
8.6
%
(1) For additional detail on reconciling
items between net income attributable to common stockholders, FFO
and Core FFO, see Definitions and Reconciliations, table 2.
The following table compares the Company’s actual results for
EPS, FFO per share and Core FFO per share for the three months
ended December 31, 2023 to its results for the prior year
period:
Q4 2023 Results Compared to Q4
2022
Per Share
EPS
FFO
Core FFO
Q4 2022 per share reported results
$
1.72
$
2.57
$
2.59
Same Store Residential NOI (1)
0.12
0.12
0.12
Development and Other Stabilized
Residential NOI
0.06
0.06
0.06
Overhead and other
(0.01
)
(0.01
)
(0.01
)
Capital markets and transaction
activity
—
(0.01
)
(0.01
)
Unconsolidated investment income and
management fees
(0.01
)
(0.01
)
(0.01
)
Non-core items (2)
(0.09
)
(0.09
)
—
Real estate gains, depreciation expense
and other
(0.09
)
—
—
Q4 2023 per share reported results
$
1.70
$
2.63
$
2.74
(1) Consists of increases of $0.20 in
revenue and $0.08 in operating expenses.
(2) For detail of non-core items, see
Definitions and Reconciliations, table 2.
The following table compares the Company’s actual results for
EPS, FFO per share and Core FFO per share for the three months
ended December 31, 2023 to its October 2023 outlook:
Q4 2023 Results Compared to
October 2023 Outlook
Per Share
EPS
FFO
Core FFO
Projected per share (1)
$
1.81
$
2.70
$
2.74
Same Store Residential NOI (2)
(0.01
)
(0.01
)
(0.01
)
Development and Other Stabilized
Residential NOI
0.01
0.01
0.01
Non-core items (3)
(0.07
)
(0.07
)
—
Real estate gains, depreciation expense
and other
(0.04
)
—
—
Q4 2023 per share reported results
$
1.70
$
2.63
$
2.74
(1) The mid-point of the Company's October
2023 outlook.
(2) Consists of higher operating expenses
of $0.01.
(3) For detail of non-core items for the
three months ended December 31, 2023, see Definitions and
Reconciliations, table 2.
The following table compares the Company’s actual results for
EPS, FFO per share and Core FFO per share for the year ended
December 31, 2023 to its results for the prior year:
Full Year 2023 Results
Compared to Full Year 2022
Per Share
EPS
FFO
Core FFO
Full Year 2022 per share reported
results
$
8.12
$
9.67
$
9.79
Same Store Residential NOI (1)
0.72
0.72
0.72
Development and Other Stabilized
Residential NOI
0.23
0.23
0.23
Commercial NOI
(0.01
)
(0.01
)
(0.01
)
Overhead and other
(0.04
)
(0.04
)
(0.04
)
Capital markets and transaction
activity
(0.01
)
(0.06
)
(0.07
)
Unconsolidated investment income and
management fees
0.02
0.02
0.02
Non-core items (2)
(0.21
)
(0.21
)
(0.01
)
Real estate gains, depreciation expense
and other
(2.26
)
—
—
Full Year 2023 per share reported
results
$
6.56
$
10.32
$
10.63
(1) Consists of increases of $1.07 in
revenue and $0.35 in operating expenses.
(2) For detail of non-core items, see
Definitions and Reconciliations, table 2.
Same Store Operating Results for the Three Months Ended
December 31, 2023 Compared to the Prior Year Period
Same Store total revenue increased $27,608,000, or 4.5%, to
$643,593,000. Same Store Residential rental revenue increased
$27,688,000, or 4.5%, to $636,255,000, as detailed in the following
table:
Same Store Residential Rental
Revenue Change
Q4 2023 Compared to Q4
2022
Lease rates
3.4
%
Concessions and other discounts
(0.1
)%
Economic occupancy
(0.2
)%
Other rental revenue
0.7
%
Uncollectible lease revenue (excluding
rent relief) (1)
1.1
%
Rent relief (2)
(0.4
)%
Residential rental revenue
4.5
%
(1) Adjusting to remove the impact of rent
relief, uncollectible lease revenue as a percentage of total
Residential rental revenue decreased to 2.1% in Q4 2023 from 3.3%
in Q4 2022. See Definitions and Reconciliations, table 10 for
further detail of uncollectible lease revenue for the Company’s
Same Store portfolio.
(2) The Company recognized $1,177,000 and
$3,546,000 from government rent relief programs during Q4 2023 and
Q4 2022, respectively.
Same Store Residential operating expenses increased $11,492,000,
or 6.2%, to $195,934,000 and Same Store Residential NOI increased
$16,202,000, or 3.8%, to $440,846,000.
The following table presents percentage changes in Same Store
Residential rental revenue, operating expenses and NOI for the
three months ended December 31, 2023 compared to the three months
ended December 31, 2022:
Q4 2023 Compared to Q4
2022
Same Store Residential
Rental Revenue
(1)
Opex
(2)
% of
Q4 2023 NOI
NOI
New England
4.6
%
5.0
%
4.3
%
14.1
%
Metro NY/NJ
3.7
%
13.1
%
(0.2
)%
20.5
%
Mid-Atlantic
4.5
%
6.0
%
3.9
%
14.7
%
Southeast FL
3.9
%
(0.7
)%
6.6
%
2.7
%
Denver, CO
2.6
%
5.9
%
1.4
%
1.2
%
Pacific NW
2.0
%
(1.8
)%
3.6
%
6.8
%
N. California
2.4
%
2.1
%
2.7
%
17.1
%
S. California
8.2
%
7.1
%
8.6
%
22.0
%
Other Expansion Regions
3.2
%
15.9
%
(2.1
)%
0.9
%
Total
4.5
%
6.2
%
3.8
%
100.0
%
(1) See full release for additional
detail.
(2) See full release for discussion of
variances.
Same Store Operating Results for the Year Ended December 31,
2023 Compared to the Prior Year
Same Store total revenue increased $148,342,000, or 6.2%, to
$2,542,634,000. Same Store Residential rental revenue increased
$149,495,000, or 6.3%, to $2,514,272,000, as detailed in the
following table:
Same Store Residential Rental
Revenue Change
Full Year 2023 Compared to
Full Year 2022
Lease rates
5.4
%
Concessions and other discounts
0.4
%
Economic occupancy
(0.3
)%
Other rental revenue
0.9
%
Uncollectible lease revenue (excluding
rent relief) (1)
1.2
%
Rent relief (2)
(1.3
)%
Residential rental revenue
6.3
%
(1) Adjusting to remove the impact of rent
relief, uncollectible lease revenue as a percentage of total
Residential rental revenue decreased to 2.4% in 2023 from 3.7% in
2022. See Definitions and Reconciliations, table 10 for further
detail of uncollectible lease revenue for the Company’s Same Store
portfolio.
(2) The Company recognized $8,121,000 and
$39,887,000 from government rent relief programs during 2023 and
2022, respectively.
Same Store Residential operating expenses increased $48,752,000,
or 6.6%, to $783,702,000 and Same Store Residential NOI increased
$100,738,000, or 6.2%, to $1,732,422,000.
The following table presents percentage changes in Same Store
Residential rental revenue, operating expenses and NOI for the year
ended December 31, 2023 compared to the year ended December 31,
2022:
Full Year 2023 Compared to
Full Year 2022
Same Store Residential
Rental Revenue
(1)
Opex
(2)
% of
Full Year
2023 NOI
NOI
New England
7.5
%
6.3
%
8.1
%
14.1
%
Metro NY/NJ
7.1
%
9.5
%
5.9
%
20.6
%
Mid-Atlantic
6.2
%
3.9
%
7.2
%
14.7
%
Southeast FL
9.6
%
4.0
%
12.8
%
2.8
%
Denver, CO
5.1
%
13.8
%
1.9
%
1.2
%
Pacific NW
4.4
%
4.2
%
4.5
%
6.8
%
N. California
5.0
%
4.5
%
5.3
%
17.3
%
S. California
6.1
%
8.0
%
5.2
%
21.6
%
Other Expansion Regions
8.5
%
14.3
%
6.4
%
0.9
%
Total
6.3
%
6.6
%
6.2
%
100.0
%
(1) See full release for additional
detail.
(2) See full release for discussion of
variances.
Development Activity
Consolidated Development
Communities
During the three months ended December 31, 2023, the Company
completed the development of Avalon Princeton Circle, located in
Princeton, NJ. Avalon Princeton Circle contains 221 apartment homes
and was constructed for a Total Capital Cost of $89,000,000.
During the three months ended December 31, 2023, the Company
started the construction of two apartment communities:
- Avalon Wayne, located in Wayne, NJ; and
- Avalon Parsippany, located in Parsippany, NJ.
These communities are expected to contain an aggregate of 883
apartment homes and be developed for an estimated Total Capital
Cost of $322,000,000.
During 2023, the Company:
- completed the development of six communities containing an
aggregate of 1,393 apartment homes and 29,000 square feet of
commercial space for an aggregate Total Capital Cost of
$575,000,000; and
- commenced the development of six communities, which in the
aggregate are expected to contain 2,040 apartment homes when
completed and be developed for an estimated Total Capital Cost of
$800,000,000.
At December 31, 2023, the Company had 17 consolidated
Development communities under construction that are expected to
contain 6,064 apartment homes and 59,000 square feet of commercial
space. Estimated Total Capital Cost at completion for these
Development communities is $2,491,000,000.
Disposition Activity
Consolidated Apartment
Communities
During the three months ended December 31, 2023, the Company
sold Avalon Mamaroneck, a wholly-owned community, located in
Mamaroneck, NY. Avalon Mamaroneck contains 229 apartment homes, and
was sold for $104,000,000, resulting in a gain in accordance with
GAAP of $77,901,000 and an Economic Gain of $38,878,000.
During the year ended December 31, 2023, the Company sold four
wholly-owned communities containing an aggregate of 987 apartment
homes and 27,000 square feet of commercial space. These communities
were sold for $446,000,000 and a weighted average initial Market
Cap Rate of 4.9%, resulting in a gain in accordance with GAAP of
$287,587,000 and an Economic Gain of $159,747,000.
Acquisition Activity
During the three months ended December 31, 2023, the Company
acquired two wholly-owned communities:
- Avalon Mooresville, located in Mooresville, NC, containing 203
apartment homes for a purchase price of $52,100,000.
- Avalon West Plano, located in Carrollton, TX, containing 568
apartment homes for a purchase price of $142,000,000, which
includes the assumption of a $63,041,000 fixed rate mortgage loan,
with a contractual interest rate of 4.18%, maturing in May
2029.
During the year ended December 31, 2023, the Company acquired
three wholly-owned communities containing 1,131 apartment homes for
a total purchase price of $277,200,000.
Structured Investment Program ("SIP") Activity
During the three months ended December 31, 2023, the Company
entered into two commitments under the SIP, agreeing to provide an
aggregate investment of up to $47,550,000 in multifamily
development projects, at a weighted average rate of return of
13.1%.
As of December 31, 2023, the Company had seven commitments to
fund either mezzanine loans or preferred equity investments for the
development of multifamily projects in the Company's markets, up to
$191,585,000 in the aggregate. At December 31, 2023, the Company's
investment commitments had a weighted average rate of return of
11.5%. The commitments have initial maturity dates between
September 2025 and December 2027. As of December 31, 2023, the
Company had funded $96,461,000 of these commitments.
Liquidity and Capital Markets
At December 31, 2023, the Company had $397,890,000 in
unrestricted cash and cash equivalents. In addition, the Company
had $96,045,000 in restricted cash, which is primarily composed of
principal reserve funds for secured borrowing arrangements.
As of December 31, 2023, the Company did not have any borrowings
outstanding under its $2,250,000,000 unsecured revolving credit
facility (the "Credit Facility") or its $500,000,000 unsecured
commercial paper note program. The commercial paper program is
backstopped by the Company's commitment to maintain available
borrowing capacity under its Credit Facility in an amount equal to
actual borrowings under the program.
The Company’s annualized Net Debt-to-Core EBITDAre (as defined
in this release) for the fourth quarter of 2023 was 4.2 times and
Unencumbered NOI (as defined in this release) for the year ended
December 31, 2023 was 95%.
During the three months ended December 31, 2023, the Company had
the following debt activity:
- The Company issued $400,000,000 principal amount of unsecured
notes in a public offering under its existing shelf registration
statement for net proceeds before offering costs of $397,156,000.
The notes mature in December 2033 and were issued with a 5.30%
coupon. The effective interest rate of the notes is 5.19%,
including the impact of offering costs and hedging activity.
- The Company repaid $350,000,000 principal amount of its 4.20%
unsecured notes at maturity.
During the year ended December 31, 2023, in addition to the debt
activity discussed above, the Company had the following debt
activity:
- The Company repaid $250,000,000 principal amount of its 2.85%
unsecured notes at maturity.
- The Company repaid its $150,000,000 principal amount variable
rate unsecured term loan at par in advance of its February 2024
maturity date.
During the year ended December 31, 2023, the Company settled the
outstanding equity forward contracts entered into in April 2022,
issuing 2,000,000 shares of common stock for $491,912,000, or
$245.96 per share, net of offering fees and discounts.
First Quarter 2024 Dividend Declaration
The Company’s Board of Directors declared a dividend for the
first quarter of 2024 of $1.70 per share on the Company’s common
stock (par value of $0.01 per share). The declared dividend is a
3.0% increase over the Company’s prior quarterly dividend of $1.65
per share. The dividend is payable on April 15, 2024 to common
stockholders of record as of March 28, 2024.
In declaring the increased dividend, the Board of Directors
evaluated the Company’s past performance and future prospects for
earnings growth. Additional factors considered in determining the
increase included current common dividend distributions, the
relationship of the current common dividend distribution to the
Company’s Core FFO, the relationship of dividend distributions to
taxable income, distribution requirements under rules governing
real estate investment trusts and expected growth in taxable
income.
First Quarter and Full Year 2024 Financial Outlook
The following presents a summary of the Company's financial
outlook for 2024, further details for which are provided in the
full release.
For its first quarter and full year 2024 financial outlook, the
Company expects the following:
Projected EPS, Projected FFO and
Projected Core FFO Outlook (1)
Q1 2024
Full Year 2024
Low
High
Low
High
Projected EPS
$
1.06
—
$
1.16
$
6.27
—
$
6.77
Projected FFO per share
$
2.54
—
$
2.64
$
10.42
—
$
10.92
Projected Core FFO per share
$
2.56
—
$
2.66
$
10.53
—
$
11.03
(1) See Definitions and Reconciliations,
table 8, for reconciliations of Projected FFO per share and
Projected Core FFO per share to Projected EPS.
Full Year Financial
Outlook
Full Year 2024
vs. Full Year 2023
Low
High
Same Store:
Residential revenue change
1.6
%
—
3.6
%
Residential Opex change
4.5
%
—
6.7
%
Residential NOI change
0.0
%
—
2.5
%
The following table compares the Company’s actual results for
EPS, FFO per share and Core FFO per share for the full year 2023 to
the mid-point of its full year 2024 financial outlook:
Full Year 2023 Results
Compared
to Full Year 2024
Outlook
Per Share
EPS
FFO
Core FFO
2023 per share reported results
$
6.56
$
10.32
$
10.63
Same Store Residential revenue
0.48
0.48
0.48
Same Store Residential Opex
(0.32
)
(0.32
)
(0.32
)
Development and Other Stabilized
Residential NOI
0.36
0.36
0.36
Commercial NOI
(0.01
)
(0.01
)
(0.01
)
Overhead and other
(0.07
)
(0.07
)
(0.07
)
Capital markets and transaction
activity
(0.29
)
(0.29
)
(0.29
)
Non-core items (1)
0.20
0.20
—
Gain on sale of real estate and
depreciation expense
(0.39
)
—
—
Projected per share - 2024 outlook (2)
$
6.52
$
10.67
$
10.78
(1) For detail of non-core items, see
Definitions and Reconciliations, table 8.
(2) Represents the mid-point of the
Company's outlook.
The following table compares the Company’s actual results for
EPS, FFO per share and Core FFO per share for the fourth quarter
2023 to the mid-point of its first quarter 2024 financial
outlook:
Q4 2023 Results Compared to Q1
2024 Outlook
Per Share
EPS
FFO
Core FFO
Q4 2023 per share reported results
$
1.70
$
2.63
$
2.74
Same Store Residential revenue
—
—
—
Same Store Residential Opex
(0.06
)
(0.06
)
(0.06
)
Development and Other Stabilized
Residential NOI
0.01
0.01
0.01
Overhead and other
(0.02
)
(0.02
)
(0.02
)
Capital markets and transaction
activity
(0.06
)
(0.06
)
(0.06
)
Non-core items (1)
0.09
0.09
—
Gain on sale of real estate and
depreciation expense
(0.55
)
—
—
Projected per share - Q1 2024 outlook
(2)
$
1.11
$
2.59
$
2.61
(1) For detail of non-core items, see
Definitions and Reconciliations, table 2 and table 8.
(2) Represents the mid-point of the
Company's outlook.
Other Matters
The Company will hold a conference call on February 1, 2024 at
1:00 PM ET to review and answer questions about this release, its
fourth quarter and full year 2023 results, the Attachments
(described below) and related matters. To participate on the call,
dial 877-407-9716.
To hear a replay of the call, which will be available from
February 1, 2024 at 4:00 PM ET to March 1, 2024, dial 844-512-2921
and use replay passcode: 13740496. A webcast of the conference call
will also be available at https://investors.avalonbay.com, and an online
playback of the webcast will be available for at least seven days
following the call.
The Company produces Earnings Release Attachments (the
"Attachments") that provide detailed information regarding
operating, development, redevelopment, disposition and acquisition
activity. These Attachments are considered a part of this earnings
release and are available in full with this earnings release via
the Company's website at https://investors.avalonbay.com. To receive future
press releases via e-mail, please submit a request through
https://investors.avalonbay.com/other-information.
In addition to the Attachments, the Company is providing a
teleconference presentation that will be available on the Company's
website at https://investors.avalonbay.com subsequent to this
release and before the market opens on February 1, 2024.
About AvalonBay Communities, Inc.
As of December 31, 2023, the Company owned or held a direct or
indirect ownership interest in 299 apartment communities containing
90,669 apartment homes in 12 states and the District of Columbia,
of which 18 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 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. For additional
information, please contact Jason Reilley, Vice President of
Investor Relations, at 703-317-4681.
Forward-Looking Statements
This release, including its Attachments, contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements, which you can identify by the Company’s use of words
such as “expects,” “plans,” “estimates,” “anticipates,” “projects,”
“intends,” “believes,” “outlook,” “may,” “shall,” “will,” “pursue”
and similar expressions that predict or indicate future events and
trends and that do not report historical matters, are based on the
Company’s expectations, forecasts and assumptions at the time of
this release, which may not be realized and involve risks and
uncertainties that cannot be predicted accurately or that might not
be anticipated. These could cause actual results, performance or
achievements to differ materially from the anticipated future
results, performance or achievements expressed or implied by the
forward-looking statements. Risks and uncertainties that might
cause such differences include the following: we may abandon
development or redevelopment opportunities for which we have
already incurred costs; adverse capital and credit market
conditions, including rising interest rates, may affect our access
to various sources of capital and/or cost of capital, which may
affect our business activities, earnings and common stock price,
among other things; changes in local employment conditions, demand
for apartment homes, supply of competitive housing products,
landlord-tenant laws, including the adoption of rent control
regulations, and other economic or regulatory conditions may result
in lower than expected occupancy and/or rental rates and adversely
affect the profitability of our communities; delays in completing
development, redevelopment and/or lease-up, and general price
inflation, may result in increased financing and construction costs
and may delay and/or reduce the profitability of a community; debt
and/or equity financing for development, redevelopment or
acquisitions of communities may not be available or may not be
available on favorable terms; we may be unable to obtain, or
experience delays in obtaining, necessary governmental permits and
authorizations; expenses may result in communities that we develop
or redevelop failing to achieve expected profitability; our
assumptions concerning risks relating to joint ventures and our
ability to successfully dispose of certain assets may not be
realized; investments made under the SIP in either mezzanine debt
or preferred equity of third-party multifamily development may not
be repaid as expected; our assumptions and expectations in our
financial outlook may prove to be too optimistic; litigation costs
and consequences may exceed our expectations; and risks related to
an outbreak of disease or other public health event may affect the
multifamily industry and general economy, including from measures
taken by businesses and the government and the preferences of
consumers and businesses for living and working arrangements both
during and after such an event. Additional discussions of risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied by the forward-looking statements
appear in the Company’s filings with the Securities and Exchange
Commission, including the Company’s Annual Report on Form 10-K for
the fiscal year ended December 31, 2022 under the heading “Risk
Factors” and under the heading “Management’s Discussion and
Analysis of Financial Condition and Results of Operations -
Forward-Looking Statements” and in subsequent quarterly reports on
Form 10-Q.
The Company does not undertake a duty to update forward-looking
statements, including its expected 2024 operating results and other
financial data forecasts contained in this release. The Company
may, in its discretion, provide information in future public
announcements regarding its outlook that may be of interest to the
investment community. The format and extent of future outlooks may
be different from the format and extent of the information
contained in this release.
Definitions and Reconciliations
Non-GAAP financial measures and other capitalized terms, as used
in this earnings release, are defined, reconciled and further
explained on Attachment 14, Definitions and Reconciliations of
Non-GAAP Financial Measures and Other Terms. Attachment 14 is
included in the full earnings release available at the Company’s
website at https://investors.avalonbay.com. This wire
distribution includes only the following definitions and
reconciliations.
Average Monthly Rental Revenue per
Occupied Home is calculated by the Company as Residential
rental revenue in accordance with GAAP, divided by the weighted
average number of occupied apartment homes.
Commercial represents results
attributable to the non-apartment components of the Company's
mixed-use communities and other non-residential operations.
Development is composed of
consolidated communities that are either currently under
construction, or were under construction and were completed during
the current year. These communities may be partially or fully
complete and operating.
EBITDA, EBITDAre and Core EBITDAre
are considered by management to be supplemental measures of our
financial performance. EBITDA is defined by the Company as net
income or loss computed in accordance with GAAP before interest
expense, income taxes, depreciation and amortization. EBITDAre is
calculated by the Company in accordance with the definition adopted
by the Board of Governors of the National Association of Real
Estate Investment Trusts (“Nareit”), as EBITDA plus or minus losses
and gains on the disposition of depreciated property, plus
impairment write-downs of depreciated property, with adjustments to
reflect the Company's share of EBITDAre of unconsolidated entities.
Core EBITDAre is the Company’s EBITDAre as adjusted for non-core
items outlined in the table below. By further adjusting for items
that are not considered part of the Company’s core business
operations, Core EBITDAre can help one compare the core operating
and financial performance of the Company between periods. A
reconciliation of EBITDA, EBITDAre and Core EBITDAre to net income
is as follows (dollars in thousands):
TABLE 1
Q4
2023
Net income
$
242,066
Interest expense and loss on
extinguishment of debt
58,515
Income tax expense
2,438
Depreciation expense
210,694
EBITDA
$
513,713
Casualty loss
568
Gain on sale of communities
(77,994
)
Unconsolidated entity EBITDAre adjustments
(1)
3,468
EBITDAre
$
439,755
Unconsolidated entity gains, net
(137
)
Joint venture promote
(23
)
Structured Investment Program loan
reserve
771
Advocacy contributions
1,425
Hedge accounting activity
310
Executive transition compensation
costs
300
Severance related costs
132
Expensed transaction, development and
other pursuit costs, net of recoveries
9,265
Other real estate activity
533
Legal settlements and costs
393
Core EBITDAre
$
452,724
(1) Includes joint venture interest,
taxes, depreciation, gain on dispositions of depreciated real
estate and impairment losses, if applicable, included in net
income.
Economic Gain is calculated by the
Company as the gain on sale in accordance with GAAP, less
accumulated depreciation through the date of sale and any other
adjustments that may be required under GAAP accounting. Management
generally considers Economic Gain to be an appropriate supplemental
measure to gain on sale in accordance with GAAP because it helps
investors to understand the relationship between the cash proceeds
from a sale and the cash invested in the sold community. The
Economic Gain for disposed communities is based on their respective
final settlement statements. A reconciliation of the aggregate
Economic Gain to the aggregate gain on sale in accordance with GAAP
for the wholly-owned communities disposed of during the year ended
December 31, 2023 is presented elsewhere in the full release.
Economic Occupancy is defined as
total possible Residential revenue less vacancy loss as a
percentage of total possible Residential revenue. Total possible
Residential revenue (also known as “gross potential”) is determined
by valuing occupied units at contract rates and vacant units at
Market Rents. Vacancy loss is determined by valuing vacant units at
current Market Rents. By measuring vacant apartments at their
Market Rents, Economic Occupancy takes into account the fact that
apartment homes of different sizes and locations within a community
have different economic impacts on a community’s gross revenue.
FFO and Core FFO are generally
considered by management to be appropriate supplemental measures of
our operating and financial performance. FFO is calculated by the
Company in accordance with the definition adopted by Nareit. FFO is
calculated by the Company as Net income or loss attributable to
common stockholders computed in accordance with GAAP, adjusted for
gains or losses on sales of previously depreciated operating
communities, cumulative effect of a change in accounting principle,
impairment write-downs of depreciable real estate assets,
write-downs of investments in affiliates which are driven by a
decrease in the value of depreciable real estate assets held by the
affiliate and depreciation of real estate assets, including
adjustments for unconsolidated partnerships and joint ventures. FFO
can help one compare the operating and financial performance of a
real estate company between periods or as compared to different
companies because adjustments such as (i) gains or losses on sales
of previously depreciated property or (ii) real estate depreciation
may impact comparability between companies as the amount and timing
of these or similar items can vary among owners of identical assets
in similar condition based on historical cost accounting and useful
life estimates. Core FFO is the Company's FFO as adjusted for
non-core items outlined in the table below. By further adjusting
for items that are not considered by us to be part of our core
business operations, Core FFO can help with the comparison of core
operating performance of the Company between periods. A
reconciliation of Net income attributable to common stockholders to
FFO and to Core FFO is as follows (dollars in thousands):
TABLE 2
Q4
Q4
Full Year
Full Year
2023
2022
2023
2022
Net income attributable to common
stockholders
$
241,969
$
241,293
$
928,825
$
1,136,775
Depreciation - real estate assets,
including joint venture adjustments
209,694
205,977
811,717
810,611
Distributions to noncontrolling
interests
—
12
25
48
Gain on sale of unconsolidated entities
holding previously depreciated real estate
—
(82
)
—
(38,144
)
Gain on sale of previously depreciated
real estate
(77,994
)
(88,065
)
(287,424
)
(555,558
)
Casualty loss on real estate
568
—
9,118
—
FFO attributable to common
stockholders
374,237
359,135
1,462,261
1,353,732
Adjusting items:
Unconsolidated entity gains, net (1)
(137
)
(6,367
)
(4,161
)
(8,355
)
Joint venture promote (2)
(23
)
—
(1,519
)
(4,690
)
Structured Investment Program loan reserve
(3)
771
(21
)
1,186
1,632
Loss on extinguishment of consolidated
debt
—
—
150
1,646
Hedge accounting activity
310
267
566
(229
)
Advocacy contributions
1,425
100
1,625
634
Executive transition compensation
costs
300
411
1,244
1,631
Severance related costs
132
458
2,625
1,097
Expensed transaction, development and
other pursuit costs, net of recoveries (4)
9,265
5,507
30,583
13,288
Other real estate activity
533
(4,563
)
(174
)
(5,127
)
For-sale condominium imputed carry cost
(5)
68
271
602
2,306
Legal settlements and costs (6)
393
1,206
457
(2,212
)
Income tax expense (7)
2,438
6,683
10,153
14,646
Core FFO attributable to common
stockholders
$
389,712
$
363,087
$
1,505,598
$
1,369,999
Weighted average common shares outstanding
- diluted
142,229,122
140,007,823
141,643,788
139,975,087
Earnings per common share - diluted
$
1.70
$
1.72
$
6.56
$
8.12
FFO per common share - diluted
$
2.63
$
2.57
$
10.32
$
9.67
Core FFO per common share - diluted
$
2.74
$
2.59
$
10.63
$
9.79
(1) Amounts consist primarily of net
unrealized gains on technology investments.
(2) Amounts for 2023 and 2022 are for the
Company's recognition of its promoted interest in the Archstone
Multifamily Partners AC LP.
(3) Amounts are the expected credit losses
associated with the Company's lending commitments primarily under
its SIP. The timing and amount of any actual losses that will be
incurred, if any, is to be determined.
(4) Amounts for 2023 include the
write-offs of $27,455 for seven development opportunities that the
Company determined are no longer probable. Amounts for 2022 include
the write-offs of $10,073 for three development opportunities that
the Company determined are no longer probable.
(5) Represents the imputed carry cost of
the for-sale residential condominiums at The Park Loggia. The
Company computes this adjustment by multiplying the Total Capital
Cost of completed and unsold for-sale residential condominiums by
the Company's weighted average unsecured debt effective interest
rate.
(6) In 2022, the Company received $6,000
of legal settlement proceeds, of which $3,684 is adjusted for Core
FFO.
(7) Amounts are primarily for the
recognition of taxes associated with The Park Loggia.
Interest Coverage is calculated by
the Company as Core EBITDAre divided by interest expense. Interest
Coverage is presented by the Company because it provides rating
agencies and investors an additional means of comparing our ability
to service debt obligations to that of other companies. A
calculation of Interest Coverage for the three months ended
December 31, 2023 is as follows (dollars in thousands):
TABLE 3
Core EBITDAre (1)
$
452,724
Interest expense (2)
$
58,515
Interest Coverage
7.7 times
(1) For additional detail, see Definitions
and Reconciliations, table 1.
(2) Excludes the impact of non-core hedge
accounting activity.
Market Cap Rate is defined by the
Company as Projected NOI of a single community for the first 12
months of operations (assuming no repositioning), less estimates
for non-routine allowance of approximately $300 - $500 per
apartment home, divided by the gross sales price for the community.
Projected NOI, as referred to above, represents management’s
estimate of projected rental revenue minus projected operating
expenses before interest, income taxes (if any), depreciation and
amortization. For this purpose, management’s projection of
operating expenses for the community includes a management fee of
2.25%. The Market Cap Rate, which may be determined in a different
manner by others, is a measure frequently used in the real estate
industry when determining the appropriate purchase price for a
property or estimating the value for a property. Buyers may assign
different Market Cap Rates to different communities when
determining the appropriate value because they (i) may project
different rates of change in operating expenses and capital
expenditure estimates and (ii) may project different rates of
change in future rental revenue due to different estimates for
changes in rent and occupancy levels. The weighted average Market
Cap Rate is weighted based on the gross sales price of each
community.
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.
Net Debt-to-Core EBITDAre is
calculated by the Company as total debt (secured and unsecured
notes, and the Company's Credit Facility and commercial paper
program) that is consolidated for financial reporting purposes,
less consolidated cash and restricted cash, divided by annualized
fourth quarter 2023 Core EBITDAre. A calculation of Net
Debt-to-Core EBITDAre is as follows (dollars in thousands):
TABLE 4
Total debt principal (1)
$
8,044,042
Cash and cash equivalents and restricted
cash
(493,935
)
Net debt
$
7,550,107
Core EBITDAre (2)
$
452,724
Core EBITDAre, annualized
$
1,810,896
Net Debt-to-Core EBITDAre
4.2 times
(1) Balance at December 31, 2023 excludes
$43,848 of debt discount and deferred financing costs as reflected
in unsecured notes, net, and $18,372 of debt discount and deferred
financing costs as reflected in notes payable, net, on the
Condensed Consolidated Balance Sheets.
(2) For additional detail, see Definitions
and Reconciliations, table 1.
NOI is defined by the Company as
total property revenue less direct property operating expenses
(including property taxes), and excluding corporate-level income
(including management, development and other fees), corporate-level
property management and other indirect operating expenses, expensed
transaction, development and other pursuit costs, net of
recoveries, interest expense, net, loss on extinguishment of debt,
net, general and administrative expense, income from unconsolidated
investments, depreciation expense, income tax expense (benefit),
casualty loss, (gain) loss on sale of communities, other real
estate activity and net operating income from real estate assets
sold or held for sale. The Company considers NOI to be an important
and appropriate supplemental performance measure to net income of
operating performance of a community or communities because it
helps both investors and management to understand the core
operations of a community or communities prior to the allocation of
any corporate-level property management overhead or
financing-related costs. NOI reflects the operating performance of
a community, and allows for an easier comparison of the operating
performance of individual assets or groups of assets. In addition,
because prospective buyers of real estate have different financing
and overhead structures, with varying marginal impact to overhead
as a result of acquiring real estate, NOI is considered by many in
the real estate industry to be a useful measure for determining the
value of a real estate asset or groups of assets.
Residential NOI represents results attributable to the Company's
apartment rental operations, including parking and other ancillary
Residential revenue. A reconciliation of Residential NOI to net
income, as well as a breakdown of Residential NOI by operating
segment, is as follows (dollars in thousands):
TABLE 5
Q4
Q4
Q3
Q2
Q1
Full Year
Full Year
2023
2022
2023
2023
2023
2023
2022
Net income
$
242,066
$
241,164
$
171,790
$
367,807
$
146,775
$
928,438
$
1,136,438
Property management and other indirect
operating expenses, net of corporate income
31,527
26,081
30,421
28,972
30,784
121,704
114,200
Expensed transaction, development and
other pursuit costs, net of recoveries
10,267
6,700
18,959
1,261
2,992
33,479
16,565
Interest expense, net
49,471
57,461
48,115
51,585
56,821
205,992
230,074
Loss on extinguishment of debt, net
—
—
150
—
—
150
1,646
General and administrative expense
17,992
20,741
20,466
17,676
20,400
76,534
74,064
Income from unconsolidated investments
(1,709
)
(6,820
)
(1,930
)
(4,970
)
(4,845
)
(13,454
)
(53,394
)
Depreciation expense
210,694
207,232
200,982
200,546
204,743
816,965
814,978
Income tax expense (benefit)
2,438
6,683
4,372
(217
)
3,560
10,153
14,646
Casualty loss
568
—
3,499
—
5,051
9,118
—
(Gain) loss on sale of communities
(77,994
)
(88,065
)
(22,121
)
(187,322
)
13
(287,424
)
(555,558
)
Other real estate activity
533
(4,563
)
(237
)
(341
)
(129
)
(174
)
(5,127
)
NOI from real estate assets sold or held
for sale
(521
)
(7,095
)
(2,089
)
(5,652
)
(6,471
)
(14,733
)
(46,678
)
NOI
485,332
459,519
472,377
469,345
459,694
1,886,748
1,741,854
Commercial NOI
(8,719
)
(9,158
)
(8,098
)
(8,529
)
(8,565
)
(33,911
)
(35,652
)
Residential NOI
$
476,613
$
450,361
$
464,279
$
460,816
$
451,129
$
1,852,837
$
1,706,202
Residential NOI
Same Store:
New England
$
62,268
$
59,677
$
60,944
$
61,567
$
59,241
$
244,020
$
225,825
Metro NY/NJ
90,643
90,837
89,084
89,090
88,989
357,806
337,774
Mid-Atlantic
64,717
62,304
63,158
63,437
62,950
254,262
237,256
Southeast FL
12,107
11,359
11,889
11,984
12,172
48,152
42,695
Denver, CO
5,193
5,121
5,061
4,821
4,945
20,020
19,652
Pacific NW
29,984
28,929
29,069
29,657
29,411
118,121
113,058
N. California
75,341
73,386
75,209
75,767
74,123
300,440
285,319
S. California
96,822
89,178
94,739
93,195
89,507
374,263
355,687
Other Expansion Regions
3,771
3,853
3,769
3,864
3,934
15,338
14,418
Total Same Store
440,846
424,644
432,922
433,382
425,272
1,732,422
1,631,684
Other Stabilized
22,112
20,237
20,926
19,701
19,765
82,504
57,269
Development/Redevelopment
13,655
5,480
10,431
7,733
6,092
37,911
17,249
Residential NOI
$
476,613
$
450,361
$
464,279
$
460,816
$
451,129
$
1,852,837
$
1,706,202
NOI as reported by the Company does not include the operating
results from assets sold or classified as held for sale. A
reconciliation of NOI from communities sold or classified as held
for sale is as follows (dollars in thousands):
TABLE 6
Q4
Q4
Q3
Q2
Q1
Full Year
Full Year
2023
2022
2023
2023
2023
2023
2022
Revenue from real estate assets sold or
held for sale
$
796
$
10,119
$
3,058
$
8,339
$
9,003
$
21,197
$
69,782
Operating expenses from real estate assets
sold or held for sale
(275
)
(3,024
)
(969
)
(2,687
)
(2,532
)
(6,464
)
(23,104
)
NOI from real estate assets sold or held
for sale
$
521
$
7,095
$
2,089
$
5,652
$
6,471
$
14,733
$
46,678
Commercial NOI is composed of the following components (in
thousands):
TABLE 7
Q4
Q4
Q3
Q2
Q1
Full Year
Full Year
2023
2022
2023
2023
2023
2023
2022
Commercial Revenue
$
10,574
$
10,769
$
9,945
$
10,175
$
10,244
$
40,938
$
41,980
Commercial Operating Expenses
(1,855
)
(1,611
)
(1,847
)
(1,646
)
(1,679
)
(7,027
)
(6,328
)
Commercial NOI
$
8,719
$
9,158
$
8,098
$
8,529
$
8,565
$
33,911
$
35,652
Other Stabilized is composed of
completed consolidated communities that the Company owns, which
have Stabilized Operations as of January 1, 2023, or which were
acquired subsequent to January 1, 2022. Other Stabilized excludes
communities that are conducting or are probable to conduct
substantial redevelopment activities.
Projected FFO and Projected Core
FFO, as provided within this release in the Company’s
outlook, are calculated on a basis consistent with historical FFO
and Core FFO, and are therefore considered to be appropriate
supplemental measures to projected net income from projected
operating performance. A reconciliation of the ranges provided for
Projected FFO per share (diluted) for the first quarter and full
year 2024 to the ranges provided for projected EPS (diluted) and
corresponding reconciliation of the ranges for Projected FFO per
share to the ranges for Projected Core FFO per share are as
follows:
TABLE 8
Low
Range
High
Range
Projected EPS (diluted) - Q1 2024
$
1.06
$
1.16
Depreciation (real estate related)
1.48
1.48
Projected FFO per share (diluted) - Q1
2024
2.54
2.64
Expensed transaction, development and
other pursuit costs, net of recoveries
0.01
0.01
Advocacy contributions
0.01
0.01
Projected Core FFO per share (diluted) -
Q1 2024
$
2.56
$
2.66
Projected EPS (diluted) - Full Year
2024
$
6.27
$
6.77
Depreciation (real estate related)
5.97
5.97
Gain on sale of communities
(1.82
)
(1.82
)
Projected FFO per share (diluted) - Full
Year 2024
10.42
10.92
Unconsolidated entity gains, net
0.01
0.01
Expensed transaction, development and
other pursuit costs, net of recoveries
0.04
0.04
Legal settlements and costs
0.01
0.01
Advocacy contributions
0.05
0.05
Projected Core FFO per share (diluted) -
Full Year 2024
$
10.53
$
11.03
Projected NOI, as used within this
release for certain Development communities and in calculating the
Market Cap Rate for dispositions, represents management’s estimate,
as of the date of this release (or as of the date of the buyer’s
valuation in the case of dispositions), of projected stabilized
rental revenue minus projected stabilized operating expenses. For
Development communities, Projected NOI is calculated based on the
first twelve months of Stabilized Operations following the
completion of construction. In calculating the Market Cap Rate,
Projected NOI for dispositions is calculated for the first twelve
months following the date of the buyer’s valuation. Projected
stabilized rental revenue represents management’s estimate of
projected gross potential minus projected stabilized economic
vacancy and adjusted for projected stabilized concessions plus
projected stabilized other rental revenue. Projected stabilized
operating expenses do not include interest, income taxes (if any),
depreciation or amortization, or any allocation of corporate-level
property management overhead or general and administrative costs.
In addition, projected stabilized operating expenses for
Development communities do not include property management fee
expense. Projected gross potential for Development communities and
dispositions is generally based on leased rents for occupied homes
and management’s best estimate of rental levels for homes which are
currently unleased, as well as those homes which will become
available for lease during the twelve-month forward period used to
develop Projected NOI. The weighted average Projected NOI as a
percentage of Total Capital Cost is weighted based on the Company’s
share of the Total Capital Cost of each community, based on its
percentage ownership.
Management believes that Projected NOI of the Development
communities, on an aggregated weighted average basis, assists
investors in understanding management's estimate of the likely
impact on operations of the Development communities when the assets
are complete and achieve stabilized occupancy (before allocation of
any corporate-level property management overhead, general and
administrative costs or interest expense). However, in this release
the Company has not given a projection of NOI on a company-wide
basis. Given the different dates and fiscal years for which NOI is
projected for these communities, the projected allocation of
corporate-level property management overhead, general and
administrative costs and interest expense to communities under
development is complex, impractical to develop, and may not be
meaningful. Projected NOI of these communities is not a projection
of the Company's overall financial performance or cash flow. There
can be no assurance that the communities under development will
achieve the Projected NOI as described in this release.
Redevelopment is composed of
consolidated communities where substantial redevelopment is in
progress or is probable to begin during the current year.
Redevelopment is considered substantial when (i) capital invested
during the reconstruction effort is expected to exceed the lesser
of $5,000,000 or 10% of the community’s pre-redevelopment basis and
(ii) physical occupancy is below or is expected to be below 90%
during or as a result of the redevelopment activity.
Residential represents results
attributable to the Company's apartment rental operations,
including parking and other ancillary Residential revenue.
Residential Rental Revenue with
Concessions on a Cash Basis is considered by the Company to
be a supplemental measure to Residential rental revenue in
conformity with GAAP to help investors evaluate the impact of both
current and historical concessions on GAAP-based Residential rental
revenue and to more readily enable comparisons to revenue as
reported by other companies. In addition, Residential Rental
Revenue with Concessions on a Cash Basis allows an investor to
understand the historical trend in cash concessions.
A reconciliation of Same Store Residential rental revenue in
conformity with GAAP to Residential Rental Revenue with Concessions
on a Cash Basis is as follows (dollars in thousands):
TABLE 9
Q4
Q4
Q3
Full Year
Full Year
2023
2022
2023
2023
2022
Residential rental revenue (GAAP
basis)
$
636,255
$
608,567
$
635,318
$
2,514,272
$
2,364,776
Residential concessions amortized
4,356
2,950
4,066
14,789
22,008
Residential concessions granted
(4,501
)
(4,935
)
(6,194
)
(17,040
)
(11,699
)
Residential Rental Revenue with
Concessions on a Cash Basis
$
636,110
$
606,582
$
633,190
$
2,512,021
$
2,375,085
Q4 2023 vs. Q4
2022
Q4 2023 vs. Q3
2023
Full Year 2023 vs.
Full Year 2022
% change -- GAAP revenue
4.5
%
0.1
%
6.3
%
% change -- cash revenue
4.9
%
0.5
%
5.8
%
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
operations of a community that occur after the earlier of (i)
attainment of 90% physical occupancy or (ii) the one-year
anniversary of completion of development or redevelopment.
Total Capital Cost includes all
capitalized costs projected to be or actually incurred to develop
the respective Development or Redevelopment community, including
land acquisition costs, construction costs, real estate taxes,
capitalized interest and loan fees, permits, professional fees,
allocated development overhead and other regulatory fees and a
contingency estimate, offset by proceeds from the sale of any
associated land or improvements, all as determined in accordance
with GAAP. Total Capital Cost also includes costs incurred related
to first generation commercial tenants, such as tenant improvements
and leasing commissions. For Redevelopment communities, Total
Capital Cost excludes costs incurred prior to the start of
redevelopment when indicated. With respect to communities where
development or redevelopment was completed in a prior period or the
current period, Total Capital Cost reflects the actual cost
incurred, plus any contingency estimate made by management. Total
Capital Cost for communities identified as having joint venture
ownership, either during construction or upon construction
completion, represents the total projected joint venture
contribution amount. For joint ventures not in construction, Total
Capital Cost is equal to gross real estate cost.
Uncollectible lease revenue and government
rent relief
The following table provides uncollectible Residential lease
revenue as a percentage of total Residential rental revenue in the
aggregate and excluding amounts recognized from government rent
relief programs in each respective period. Government rent relief
reduces the amount of uncollectible Residential lease revenue. The
Company expects the amount of rent relief recognized to continue to
decline in 2024 absent funding from the Federal government.
TABLE 10
Same Store Uncollectible
Residential Lease Revenue
Q4
Q4
Q3
Q2
2023
2022
2023
2023
Total
Excluding Rent Relief
Total
Excluding Rent Relief
Total
Excluding Rent Relief
Total
Excluding Rent Relief
New England
0.9
%
1.1
%
1.2
%
1.7
%
0.9
%
1.2
%
0.6
%
1.1
%
Metro NY/NJ
2.9
%
3.1
%
2.6
%
3.7
%
2.3
%
2.7
%
2.3
%
3.2
%
Mid-Atlantic
2.5
%
2.7
%
2.3
%
2.7
%
2.2
%
2.4
%
1.9
%
2.3
%
Southeast FL
2.0
%
2.0
%
2.6
%
3.3
%
3.0
%
3.0
%
2.6
%
3.1
%
Denver, CO
1.0
%
1.0
%
0.6
%
1.6
%
1.5
%
1.5
%
1.0
%
1.0
%
Pacific NW
1.1
%
1.2
%
0.7
%
1.2
%
1.6
%
1.8
%
0.8
%
1.0
%
N. California
1.2
%
1.3
%
1.8
%
2.2
%
1.2
%
1.4
%
1.2
%
1.3
%
S. California
2.3
%
2.5
%
5.6
%
5.9
%
2.5
%
2.7
%
3.4
%
3.5
%
Other Expansion Regions
1.0
%
1.0
%
0.8
%
0.8
%
0.5
%
0.5
%
0.3
%
0.3
%
Total Same Store
1.9
%
2.1
%
2.7
%
3.3
%
1.9
%
2.1
%
1.9
%
2.3
%
Unconsolidated Development is
composed of communities that are either currently under
construction, or were under construction and were completed during
the current year, in which we have an indirect ownership interest
through our investment interest in an unconsolidated joint venture.
These communities may be partially or fully complete and
operating.
Unencumbered NOI as calculated by
the Company represents NOI generated by real estate assets
unencumbered by outstanding secured notes payable as of December
31, 2023 as a percentage of total NOI generated by real estate
assets. The Company believes that current and prospective unsecured
creditors of the Company view Unencumbered NOI as one indication of
the borrowing capacity of the Company. Therefore, when reviewed
together with the Company’s Interest Coverage, EBITDA and cash flow
from operations, the Company believes that investors and creditors
view Unencumbered NOI as a useful supplemental measure for
determining the financial flexibility of an entity. A calculation
of Unencumbered NOI for the year ended December 31, 2023 is as
follows (dollars in thousands):
TABLE 11
Full Year 2023
NOI
Residential NOI:
Same Store
$
1,732,422
Other Stabilized
82,504
Development/Redevelopment
37,911
Total Residential NOI
1,852,837
Commercial NOI
33,911
NOI from real estate assets sold or held
for sale
14,733
Total NOI generated by real estate
assets
1,901,481
Less NOI on encumbered assets
(90,593
)
NOI on unencumbered assets
$
1,810,888
Unencumbered NOI
95
%
Copyright © 2023 AvalonBay Communities, Inc.
All Rights Reserved
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240130184953/en/
Jason Reilley, Vice President of Investor Relations, at
703-317-4681
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