AvalonBay Communities, Inc.
 (AVB)

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  • Oct. 26, 2015, 4:25 PM
    • AvalonBay Communities (NYSE:AVB): Q3 EPS of $2.02 beats by $0.02.
    | Oct. 26, 2015, 4:25 PM
  • Oct. 26, 2015, 2:38 PM
    • "The planned sales will likely raise questions regarding the apartment cycle as well as the 'call' for certain submarkets and asset types," says Cowen's James Sullivan, as Equity Residential (EQR +2.2%) announces the sale of $5.3B of apartment properties and looks to sell another $700M worth next year.
    • Zell rung a bell for the top of the last real estate cycle with the early 2007 sale of his Equity Office Properties for $39B.
    • Citi's Michael Bilerman acknowledges the sale should make good fodder for the bears, but he remains bullish on EQR. Wells Fargo's Jeffrey Donnelly is impressed with the timing, and applauds EQR for narrowing its focus on larger properties in core urban markets.
    • Previously: Equity Residential sells chunk of holdings for $5.365B (Oct. 26)
    • Other multi-family REITs: AvalonBay (AVB -0.5%), Essex Property (ESS -0.6%), Post Properties (PPS -0.1%), UDR (UDR -0.2%), Aimco (AIV +0.1%), Mid-America (MAA -0.3%), Investors Real Estate (IRET -0.1%), Independence Realty (IRT -2.6%).
    | Oct. 26, 2015, 2:38 PM | 1 Comment
  • Oct. 25, 2015, 5:35 PM
    | Oct. 25, 2015, 5:35 PM | 2 Comments
  • Oct. 20, 2015, 11:30 AM
    • “Ultimately this was going to eat our lunch,” says Camden Property Trust (CPT -0.3%) President Keith Oden, as the company this summer stopped accepting parcels at all of its 169 apartment communities.
    • The company's buildings received 1M packages in 2014, up 50% from the previous year. Camden figures each package results in roughly 10 minutes of lost productivity. Doing the math at $20 per hour for employee wages adds up to $3.3M per year.
    • The surge in online shopping has turned apartment management offices essentially into receiving centers, with workers needing to accept and record items and track down tenants to pick them up, not to mention finding a place to store the mountain of parcels.
    • AvalonBay (AVB -0.4%) is experimenting with installing electronic lockers in about a dozen of its properties.
    | Oct. 20, 2015, 11:30 AM | 12 Comments
  • Oct. 8, 2015, 10:58 AM
    • This just in: REITs are in a sustained rally. The iShares DJ U.S. Real Estate ETF (NYSEARCA:IYR) is up 0.6% today (with the major averages lower), and is now ahead about 7.5% since hitting its low for the year around Labor Day.
    • A more dovish outlook on interest rates is no doubt helping - the 10-year Treasury yield is 2.07% vs. 2.20 in early Sept., and the Fed looks to be on hold until Dec. at a minimum - but low prices also cure low prices.
    • With so many names trading below conservative estimates of net asset values, buyers are stepping in - and not just for the stocks, but for the whole companies. In just the last month, Blackstone has agreed to buy Strategic Hotels and (this morning) BioMed Realty. The P-E giant's real estate chief Jon Gray says look for more to come.
    • Spirit Realty (SRC +0.8%), Ventas (VTR +0.4%), Medical Properties Trust (MPW +2%), Gramercy Property (GPT +0.3%), Lexington Realty (LXP +1.1%), AvalonBay (AVB +0.9%), General Growth (GGP +1.1%), Inland Real Estate (IRC +0.7%), CubeSmart (CUBE +0.5%), Washington Real Estate (WRE +0.9%), Sunstone Hotel (SHO +1.3%), Liberty Property (LPT +1.1%)
    • ETFs: IYR, VNQ, DRN, URE, RQI, SCHH, ICF, SRS, RWR, RNP, JRS, KBWY, RFI, NRO, DRV, RIT, REK, RIF, FRI, FTY, PSR, DRA, FREL, WREI, IARAX
    | Oct. 8, 2015, 10:58 AM | 18 Comments
  • Oct. 2, 2015, 12:02 PM
    • The multi-family vacancy rate edged up to 4.3% in Q3, according to Reis, Inc, up from a post-recession low of 4.2% in Q2. With another 200K new units expected to hit the market this year, look for further increases in vacancies, say some economists. The historical average is about 5.5%.
    • "I don’t think this is the death knell for the apartment market, but it is going to be more challenging over the next four to five years than it was over the last four to five,” says Reis' Ryan Severino.
    • Rents, however, rose 4.2% year-over-year in Q3, the first time since 2007 above the 4% mark. It's not unusual to see higher rents accompany higher vacancies, as higher vacancies mean new units - usually with higher rents - coming to market. Severino doesn't see rents flattening out until 2017.
    • Interested parties: Equity Residential (EQR -0.5%), AvalonBay (AVB -1.1%), Essex Property (ESS -0.7%), Post Properties (PPS -0.8%), UDR (UDR -0.4%), Aimco (AIV -1.1%), Camden Property (CPT -0.3%), Mid-America (MAA -0.4%), Independence Realty (IRT +1%), Preferred Apartments (APTS -0.6%), Investors Real Estate (IRET -1.8%).
    | Oct. 2, 2015, 12:02 PM | 6 Comments
  • Sep. 29, 2015, 7:51 AM
    • AVB expects total rental revenue for the three months ending Sept. 30 to be 5.4-5.5% above year-ago levels.
    • Average new move-in and renewal leases came with a 6.2% rent increase in Q3 - it was 6.2% in Q2 and 4.4% one year ago.
    | Sep. 29, 2015, 7:51 AM
  • Sep. 2, 2015, 4:25 PM
    • AvalonBay Communities (NYSE:AVB) declares $1.25/share quarterly dividend, in line with previous.
    • Forward yield 3.07%
    • Payable Oct. 15; for shareholders of record Sept. 30; ex-div Sept. 28.
    | Sep. 2, 2015, 4:25 PM
  • Aug. 20, 2015, 9:42 AM
    • Upgraded to Outperform from Neutral are AvalonBay (AVB -0.4%), DiamondRock Hospitality (DRH -0.6%), Federal Realty Investment (FRT -0.3%), and General Growth (GGP -0.6%).
    • Upgraded to Neutral from Underperform are Vornado (VNO -0.8%), Regency Centers (REG -0.4%), and Corporate Office Properties (OFC -0.3%).
    • Downgraded to Neutral from Outperform are Camden Property Trust (CPT -1.5%), and Eastgroup Properties (EGP -1.2%).
    • Cut to Underperform from Neutral is UDR (UDR -1.2%).
    | Aug. 20, 2015, 9:42 AM | 2 Comments
  • Aug. 13, 2015, 1:37 PM
    • According to Zillow, renters spent 30.2% of income on rent in Q2, the highest percentage since as far back as the data go (1979). In comparison, the average between 1995 and 2000 was just over 24%.
    • Los Angeles is tops for unaffordability at 49%, with San Francisco not far behind at 47%. In NYC, renters historically have paid about 25% of income for rent, but that has gone up to 41%. Known for being more affordable than other major cities, the luxury condo market has transformed Miami, and renters there now pay 44.5%.
    • The solution, naturally says Zillow, is to buy. In most cities, buyers can expect to pay less than 30% of income towards mortgage payments. "Rents are crazy right now," says Zillow Chief Economist Dr. Svenja Gudell.
    • For apartment REITs, one is left to wonder how much more room there is to boost rents. Names of interest: Equity Residential (NYSE:EQR), AvalonBay (NYSE:AVB), and Essex Property (NYSE:ESS) - a big player on the West Coast - are the most sizable companies. Also: UDR, Post Properties (NYSE:PPS), Aimco (NYSE:AIV), Camden Property (NYSE:CPT), Mid-America (NYSE:MAA), Trade Street Residential (NASDAQ:TSRE), Investors Real Estate (NYSE:IRET), Independence Realty (NYSEMKT:IRT), Bluerock Residential (NYSEMKT:BRG), NexPoint Residential (NYSE:NXRT).
    | Aug. 13, 2015, 1:37 PM | 17 Comments
  • Aug. 11, 2015, 12:59 PM
    • The Fed may be determined to hike rates, but deflationary signals are everywhere, with Beijing the latest government to acknowledge such with its devaluation overnight.
    • Crude oil has taken out a new six-year low, tumbling another 4% to $43.15 per barrel, and copper's 3% decline has brought it to a fresh six-year low. The grains are all down by 2% or more, but gold is marginally higher.
    • The major U.S. averages are down more than 1%, and Europe fell 1.5% today.
    • The 10-year Treasury yield is lower by a full ten basis points to 2.13%.
    • Leading the heavily discounted mREIT sector higher are Annaly Capital (NLY +1.1%), American Capital Agency (AGNC +1.3%), CYS Investments (CYS +1.2%), New York Mortgage (NYMT +1.6%), Hatteras Financial (HTS +1.3%), Capstead (CMO +1%), Anworth (ANH +1.4%), Dynex Capital (DX +2.6%), and AG Mortgage (MITT +1.6%).
    • ETFs: MORL, REM, MORT, LMBS
    • In equity REITs: National Retail (NNN +1.2%), Equity Residential (EQR +1.5%), AvalonBay (AVB +1.2%), General Growth (GGP +1.9%), Kimco (KIM +1.4%), Whitestone REIT (WSR +2.9%), Washington Real Estate (WRE +1.2%), Hospitality Properties (HPT +2.3%), Chamber Street (CSG +1.1%).
    • ETFs: IYR, VNQ, DRN, URE, RQI, SCHH, ICF, SRS, RWR, RNP, JRS, KBWY, RFI, NRO, DRV, RIT, REK, RIF, FRI, FTY, PSR, DRA, FREL, WREI, IARAX
    | Aug. 11, 2015, 12:59 PM | 19 Comments
  • Jul. 27, 2015, 4:25 PM
    • Q2 core FFO per share of $1.87 up 10% from one year ago.
    • Established communities increase in rental revenue of 4.7% Y/Y, with rents up 5% and occupancy down 0.3%. NOI for established communities of $244.1M up 5%.
    • NoCal rental rates up 10%, SoCal up 6.2%, Pacific NW up 7.4%. Mid-Atlantic rental rates up 0.4%, Metro NY/NJ up 3.8%, New England up 3.4%.
    • Full-year core FFO per share guidance is lifted to $7.53 from the $7.35 given in January. CEO Tim Naughton: "For the balance of the year, we expect accelerating apartment demand to support stronger performance across our business."
    • Earnings call tomorrow at 11 ET
    • Previously: AvalonBay Communities misses by $0.05, beats on revenue (July 27)
    • AVB flat after hours.
    | Jul. 27, 2015, 4:25 PM
  • Jul. 27, 2015, 4:10 PM
    • AvalonBay Communities (NYSE:AVB): Q2 FFO of $1.87 misses by $0.05.
    • Revenue (incl. discontinued ops) of $457.59M (+10.6% Y/Y) beats by $6.08M.
    | Jul. 27, 2015, 4:10 PM
  • Jul. 26, 2015, 5:35 PM
    | Jul. 26, 2015, 5:35 PM | 1 Comment
  • Jul. 17, 2015, 9:57 AM
    • A combination of sluggish job growth and abundant supply has made Washington, D.C. one of the worst U.S. markets for landlords, but rebounding employment is leading to renewed development.
    • Toll Brothers (NYSE:TOL) plans to more than double its stock of apartments over the new three years, Camden Property Trust (NYSE:CPT) has 862 units under construction, and AvalonBay (NYSE:AVB) is boosting its investment in what may be a coming hot neighborhood. The nation's largest apartment REIT, Equity Residential (NYSE:EQR) is set to start work on a 174-unit building in Georgetown stalled since 2012. Still a bit wary, UDR is buying rather than building - last month it agreed to acquire six suburban communities from Home Properties.
    • Effective rents fell 1.4% in 2013, and rose just 0.4% last year - enough to scare off smaller players. REITs however, have access to relatively cheap capital, giving them the opportunity to step in while the market is soft to hopefully take advantage of the next upturn.
    • According to Axiometrics, effective rents will climb 3.4% in 2016 versus 2.9% for the entire country. 2107 should see a 4.5% increase, with 3.6% estimated for 2018.
    • Source: Bloomberg
    • Previously: Multi-family action leads gain in housing starts (July 17)
    | Jul. 17, 2015, 9:57 AM | 2 Comments
  • Jul. 2, 2015, 3:01 PM
    • Even as public market valuations have pulled back, says Citi's Michael Bilerman, private market pricing has remained strong, widening the gap between price and value.
    • While fund flows are a negative, Bilerman notes an uptick in interest from market generalists, suggesting they're beginning to spot value in the sector.
    • Healthcare: The REITs here are particularly sensitive to rising rates given high external growth expectations and accretive "spread" investing. Bilerman has Overweights in large-cap Ventas (NYSE:VTR) and small-cap Sabra Health Care (NASDAQ:SBRA).
    • Lodging: Supply is largely intact and demand continues to improve, hopefully setting up a strong H2. He continues to favor C-corps like Hilton Worldwide (NYSE:HLT), but also has Overweight positions on Host Hotels (NYSE:HST) and LaSalle Hotel (NYSE:LHO).
    • Office/Industrial: This sector offers particular opportunity for outperformance, and he prefers urban names, Boston Property (NYSE:BXP), SL Green (NYSE:SLG), and Vornado (NYSE:VNO), and only select suburban names Parkway (NYSE:PKY) and Mack Cali (NYSE:CLI). In industrial, he's Overweight EastGroup (NYSE:EGP), Prologis (NYSE:PLD), and DCT Industrial (NYSE:DCT).
    • Apartments: Growth remains strong and valuations attractive. He's Overweight large caps AvalonBay (NYSE:AVB), Equity Residential (NYSE:EQR), and UDR, as well as value name Camden Property Trust (NYSE:CPT).
    • Retail: He's still Overweight Class A mall REITs, but is getting more bullish on strip mall names, with Kimco (NYSE:KIM), Acadia (NYSE:AKR), and Weingarten (NYSE:WRI) upgraded to Buy. Other top picks are General Growth (NYSE:GGP), Simon Property (NYSE:SPG), Kite Realty (NYSE:KRG), and Forest City (NYSE:FCE.A).
    • Previously: Citi spots value in beaten-up REIT sector (July 2)
    | Jul. 2, 2015, 3:01 PM | 7 Comments
Company Description
AvalonBay Communities Inc is engaged in the development, redevelopment, acquisition, ownership and operation of multifamily communities located primarily in high barrier to entry markets of the United States.
Sector: Financial
Country: United States