AvalonBay Communities(AVB) Businesswire·2024-03-01 23:15Company Overview - AvalonBay Communities, Inc. is an equity REIT that develops, redevelops, acquires, and manages apartment communities in major metropolitan areas across the United States, including New England, New York/New Jersey Metro area, Mid-Atlantic, Pacific Northwest, and California, as well as expansion regions like Raleigh-Durham, Charlotte, Southeast Florida, Dallas, Austin, and Denver [12]. Upcoming Events - The CEO and management team will participate in a roundtable discussion at the 2024 Citi Global Property CEO Conference on March 4, 2024, where they may discuss the company's operating environment, trends, and portfolio strategy [1]. Financial Performance - Revenue for the three months ending March 31, 2024, is expected to increase by 3.7% to 3.8% compared to the prior year, with the midpoint of this range being approximately 45 basis points above previous expectations [2]. - The company attributes this projected outperformance to better-than-expected occupancy rates and lower-than-expected uncollectible lease revenue [2]. Occupancy Rates - Economic occupancy rates for Q4 2023, January 2024, and February 2024 are reported at 95.6%, 95.8%, and 96.0% respectively, indicating a positive trend in occupancy [3]. Rent Changes - Renewal offers for March and April 2024 are being delivered to residents with an average increase of 5.0% over existing leases [5]. - Like-Term Effective Rent Change for January and February 2024 shows increases across various regions, with total effective rent changes of 3.0% and 3.4% in January and 1.3% and 2.4% in February [4]. Market Insights - The company reports varying effective rent changes across different regions, with New England showing a 3.9% increase in 2023 Q4, while Southeast Florida experienced a decline of 1.4% [4]. Definitions - Economic occupancy is defined as total possible residential revenue less vacancy loss as a percentage of total possible residential revenue [6]. - Like-Term Effective Rent Change measures the percentage change in effective rent between two leases of the same term category for the same apartment [7]. Additional Information - The company has updated its Investor Presentation, which is available on its website [5].