Last $172.99 USD
Change Today -1.91 / -1.09%
Volume 1.2M
AVB On Other Exchanges
Symbol
Exchange
New York
As of 8:04 PM 01/30/15 All times are local (Market data is delayed by at least 15 minutes).

avalonbay communities inc (AVB) Snapshot

Open
$174.00
Previous Close
$174.90
Day High
$175.89
Day Low
$172.69
52 Week High
01/27/15 - $181.32
52 Week Low
01/31/14 - $121.30
Market Cap
22.8B
Average Volume 10 Days
851.5K
EPS TTM
$4.92
Shares Outstanding
132.0M
EX-Date
03/27/15
P/E TM
35.1x
Dividend
$5.00
Dividend Yield
2.68%
Current Stock Chart for AVALONBAY COMMUNITIES INC (AVB)

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avalonbay communities inc (AVB) Details

AvalonBay Communities, Inc. engages in the development, redevelopment, acquisition, ownership, and operation of multifamily communities in the United States. As of January 31, 2009, the company owned or held a direct or indirect ownership interest in 164 operating apartment communities comprising 45,728 apartment homes in 10 states and the District of Columbia. It also held a direct or indirect ownership interest in 14 communities under construction, as well as held rights to develop an additional 27 communities. The company’s markets are located in New England, the New York/New Jersey metro area, the Mid-Atlantic, the Midwest, the Pacific Northwest, and the Northern and Southern California regions of the United States. AvalonBay Communities has elected to be taxed as a real estate investment trust and would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. The company was founded in 1978 and is based in Arlington, Virginia.

Founded in 1978

avalonbay communities inc (AVB) Top Compensated Officers

Chairman, Chief Executive Officer, President ...
Total Annual Compensation: $921.2K
Chief Operating Officer and Member of Managem...
Total Annual Compensation: $418.3K
Chief Administrative Officer, Executive Vice ...
Total Annual Compensation: $420.2K
Chief Investment Officer and Chairman of Mana...
Total Annual Compensation: $395.2K
Compensation as of Fiscal Year 2013.

avalonbay communities inc (AVB) Key Developments

Tenants File Suit against Avalonbay in Wake of Fire

The devastating seven-alarm inferno that displaced about 1,000 residents of a luxury apartment building is a direct result of a real estate company's negligence, a class-action lawsuit filed by homeless tenants of the Avalon at Edgewater alleges. The civil lawsuit, filed in Bergen County Superior Court on January 26, claims hundreds of tenants of the complex, as well as residents in neighboring homes, suffered economic losses because of direct actions of AvalonBay. About 1,000 people were displaced from their homes as a result of the massive fire, half of them permanently. Many pets also died in the blaze. The plaintiffs are seeking a jury trial. Officials claim two AvalonBay maintenance workers accidentally touched off the spectacular blaze the afternoon of Jan. 21. Edgewater police said the workers were performing plumbing work behind a wall on the first floor with a blowtorch when the fire started. Avalon's workers didn't call 911 for 15 minutes. Within hours, one of the two buildings in the complex had been reduced to ash. More than 230 units were destroyed and the fire smoldered for days.

Avalonbay Communities Inc. Declares Dividend for First Quarter of 2015, Payable on April 15, 2015; Starts Construction of Three Communities and Acquires Four Land Parcels for Development

Avalonbay Communities Inc.’s board of directors declared a dividend for the first quarter of 2015 of $1.25 per share on the company’s common stock (par value of $0.01 per share). The declared dividend is a 7.8% increase over the company’s prior quarterly dividend of $1.16 per share. The dividend is payable on April 15, 2015 to common stockholders of record as of March 31, 2015. The company started the construction of three communities: Avalon Green III, located in Elmsford, NY; Avalon Union, located in Union, NJ; and Avalon Princeton, located in Princeton, NJ. These communities will contain a total of 550 apartment homes when completed and will be developed for an aggregate estimated Total Capital Cost of $168,300,000. The company acquired four land parcels for development, for an aggregate investment of $40,333,000. The company has started, or anticipates starting, construction of apartment communities on these land parcels during the next 12 months. The company added two development rights. If developed as expected, these development rights will contain a total of 462 apartment homes and will be developed for an aggregate estimated Total Capital Cost of $418,000,000.

Avalonbay Communities, Inc. Announces Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Provides Financial Guidance for the First Quarter and Full Year of 2015

AvalonBay Communities Inc. announced earnings results for the fourth quarter and year ended December 31, 2014. The company reported net income attributable to common stockholders for the quarter ended December 31, 2014 of $142,642,000. This resulted in earnings per share diluted of $1.08 for the three months ended December 31, 2014, compared to $1.95 per share for the comparable period of 2013. The decrease in EPS for the three months ended December 31, 2014 from the prior year period is due primarily to a decrease in real estate sales and related gains, partially offset by increases in Net Operating Income (NOI) from newly developed and operating communities. Funds from operations attributable to common stockholders - diluted per share for the three months ended December 31, 2014 increased 16.6% to $1.76 from $1.51 for the comparable period of 2013. For the company, including discontinued operations, total revenue increased by $40,654,000, or 10.2%, to $440,656,000. This increase is primarily due to growth in revenue from development communities and growth in Established Community revenue. Funds from Operations attributable to common stockholders were $233.484 million against $195.344 million a year ago. EBITDA was $314.045 million. Adjusted EBITDA was $282.567 million. Net debt was $5,843.053 million. Core FFO was $230,273,000 or $1.74 per share against $209,412,000 or $1.62 per share for the same period in the last year. For the year ended December 31, 2014, EPS was $5.21 compared to EPS of $2.78 for the year ended December 31, 2013, an increase of 87.4%. The increase in EPS for the year ended December 31, 2014 over the prior year is due primarily to an increase in joint venture income resulting from the gains on sales of communities in various ventures, including the company's promoted interests; increases in NOI from newly developed and acquired communities; a decrease in depreciation expense related to in-place leases acquired as part of the Archstone acquisition, as described in the company's first quarter 2013 earnings release dated April 30, 2013; a decrease in expensed acquisition costs related to the Archstone acquisition; and a loss on a forward interest rate contract in 2013 not present in 2014. These increases are partially offset by a decrease in real estate sales and related gains in 2014 as compared to prior year. FFO per share for the year ended December 31, 2014 increased 43.6% to $7.25 from $5.05 for the comparable period of 2013. Funds from Operations attributable to common stockholders were $951.035 million against $642.814 million a year ago. Net income attributable to common stockholders were $683.567 million against $353.141 million a year ago. Core FFO was $890,081,000 or $6.78 per share against $792,888,000 or $6.23 per share for the same period in the last year. The expected impact to the company's projected FFO per share is approximately $0.10 and is composed of casualty and operating losses in equal amounts. The company expects projected EPS to be within a range of $4.65 to $4.95 for the full year 2015. The company expects 2015 projected FFO per share to be in the range of $7.25 to $7.55. Adjusting for non-routine items, the company expects 2015 projected core FFO per share to be in the range of $7.20 to $7.50. The company expects same-store revenue growth to average 3.5% to 4.5 %, led once again by the West Coast in the 5% to 8% range with Northern California again setting the pace. For the first quarter of 2015, the Company expects projected EPS within a range of $1.57 to $1.61. The company expects projected FFO per share in the first quarter of 2015 within a range of $1.86 to $1.90. Adjusting for non-routine items, the company expects Projected Core FFO per share in the first quarter of 2015 to be in the range of $1.71 to $1.75.

 

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Industry Analysis

AVB

Industry Average

Valuation AVB Industry Range
Price/Earnings 35.2x
Price/Sales 12.5x
Price/Book 2.5x
Price/Cash Flow 20.3x
TEV/Sales 8.6x
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