Avalonbay Communities, Inc. (AVB) CEO Timothy Naughton on Q1 2021 Results - Earnings Call Transcript

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Q1: 2021-04-28 Earnings Summary

10-Q
EPS of $1.02 beats by $0.21 | Revenue of $550.26M (-8.39% Y/Y) beats by $5.26M

Avalonbay Communities, Inc. (NYSE:AVB) Q1 2021 Earnings Conference Call April 29, 2021 1:00 PM ET

Company Participants

Jason Reilley - VP, IR
Timothy Naughton - Chairman & CEO
Sean Breslin - COO
Benjamin Schall - President & Director
Kevin O'Shea - CFO
Matthew Birenbaum - CIO

Conference Call Participants

Nicholas Joseph - Citigroup
Richard Hightower - Evercore ISI
Richard Hill - Morgan Stanley
John Kim - BMO Capital Markets
Richard Anderson - SMBC
John Pawlowski - Green Street Advisors
Austin Wurschmidt - KeyBanc Capital Markets
Bradley Heffern - RBC Capital Markets
Alexander Goldfarb - Piper Sandler & Co.
Alua Askarbek - Bank of America Merrill Lynch
Brent Dilts - UBS
Dennis McGill - Zelman & Associates

Operator

Good morning, ladies and gentlemen, and welcome to the AvalonBay Communities First Quarter 2021 Earnings Conference Call. [Operator Instructions].

Your host for today's conference call is Mr. Jason Reilley, Vice President of Investor Relations. Mr. Reilley, you may begin your conference.

Jason Reilley

Thank you, Anna, and welcome to AvalonBay Communities First Quarter 2021 Earnings Conference Call. Before we begin, please note that forward-looking statements may be made during this discussion. There are a variety of risks and uncertainties associated with forward-looking statements, and actual results may differ materially. There is a discussion of these risks and uncertainties in yesterday afternoon's press release as well as in the company's Form 10-K and Form 10-Q filed with the SEC.

As usual, this press release does include an attachment with definitions and reconciliations of non-GAAP financial measures and other terms, which may be used in today's discussion. The attachment is also available on our website at www.avalonbay.com/earnings, and we encourage you to refer to this information during the review of our operating results and financial performance.

And with that, I'll turn the call over to Tim

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