AvalonBay Communities (AVB)
(Real Time Quote from BATS)
$229.88 USD
-0.27 (-0.12%)
Updated Sep 25, 2024 01:06 PM ET
3-Hold of 5 3
F Value D Growth C Momentum F VGM
Company Summary
AvalonBay Communities, Inc. is a real estate investment trust (REIT) focusing on developing, redeveloping, acquiring, owning and operating of multi-family apartment communities for higher-income clients in high barrier-to-entry regions of the United States, which generally command the highest rents in the markets. It is an S&P 500 Index member.
These markets include New England, the New York/New Jersey metro area, Mid-Atlantic, Pacific Northwest, and Northern and Southern California. The company is also tracking opportunities in the newly expanded markets of Raleigh-Durham and Charlotte, NC; Southeast Florida; Dallas and Austin, TX, and Denver, ...
Company Summary
AvalonBay Communities, Inc. is a real estate investment trust (REIT) focusing on developing, redeveloping, acquiring, owning and operating of multi-family apartment communities for higher-income clients in high barrier-to-entry regions of the United States, which generally command the highest rents in the markets. It is an S&P 500 Index member.
These markets include New England, the New York/New Jersey metro area, Mid-Atlantic, Pacific Northwest, and Northern and Southern California. The company is also tracking opportunities in the newly expanded markets of Raleigh-Durham and Charlotte, NC; Southeast Florida; Dallas and Austin, TX, and Denver, CO.
The company focuses on metropolitan areas historically experiencing rising employment in high-wage sectors of the economy, along with high home ownership costs and a vibrant quality of life. The company has a principal executive office in Arlington, VA, and a number of regional offices, administrative offices or specialty offices in its markets.
AvalonBay owned or held direct or indirect ownership stakes in 300 operating apartment communities as of June 30, 2024, which included 91,399 apartment homes in 12 states and the District of Columbia. Of these, 17 communities were under development.
In July 2024, AvalonBay acquired two wholly-owned communities, namely Avalon Perimeter Park in Morrisville, NC, and Avalon Cherry Hills, in Englewood, CO, for $66.5 million and $95 million, respectively. In the second quarter of 2024, the company acquired Avalon at Pier 121, a wholly-owned community comprising 300 apartment homes, in Lewisville, TX, for $62.1 million.
In July 2024, AvalonBay sold the AVA Theater District in Boston, MA, for $212 million containing 398 apartment homes. The company also sold Avalon Darien in Darien, CT, for $120 million, comprising 189 apartment homes. In the second quarter of 2024, AvalonBay sold three wholly-owned communities for $181.7 million. These communities contained 482 apartment homes and 12,000 square feet of commercial space.
Note: All EPS numbers presented in this report represents funds from operations (FFO) per share. FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.