Avalonbay Cmntys Inc - AVB STOCK NEWS

AvalonBay Communities, Inc. (NYSE: AVB) has appointed Benjamin W. Schall as CEO, effective January 3, 2022. He succeeds Timothy J. Naughton, who will transition to Executive Chairman. This leadership change aligns with the company’s succession plan announced in December 2020. Schall, who joined AvalonBay in January 2021, is praised for his connection with staff and stakeholders. The company owns 293 apartment communities, containing 87,416 homes, with ongoing developments in key U.S. markets.

AvalonBay Communities, Inc. (NYSE: AVB) has completed a public offering of $400 million in senior notes due 2028, with a coupon rate of 1.900% and an effective interest rate of 2.037%. Interest payments will occur semi-annually. The net proceeds of approximately $396.2 million will finance eligible green projects or be allocated for general corporate purposes, including acquisitions and debt refinancing. This offering is part of the company's strategy to expand its portfolio of apartment communities.

AvalonBay Communities, Inc. (NYSE: AVB) has declared a cash dividend of $1.59 per share for Q4 2021, payable on January 18, 2022 to stockholders of record as of December 31, 2021. As of September 30, 2021, the company owns interests in 293 apartment communities with 87,416 apartment homes across 13 states and the District of Columbia. The company focuses on developing and managing apartment communities in key metropolitan areas, including New England and the Mid-Atlantic.

AvalonBay Communities, Inc. (NYSE: AVB) has been awarded the 2021 Leader in the Light Award by the National Association of Real Estate Investment Trusts (Nareit) for its excellence in environmental, social, and governance (ESG) practices, a title it previously held in 2020, 2019, 2015, 2013, and 2012. The award is based on the Global Real Estate Sustainability Benchmark (GRESB) Annual Survey and recognizes REITs that excel in institutionalizing ESG within their operations. As of September 30, 2021, AvalonBay owned or held interests in 293 apartment communities with 87,416 homes.

AvalonBay Communities reported a Net Income attributable to Common Stockholders of $78.9 million for Q3 2021, leading to a 46.7% decrease in EPS to $0.56 compared to $1.05 in Q3 2020. FFO per share also decreased by 3.4% to $1.96, while Core FFO remained unchanged at $2.06. The Company experienced a 1.2% increase in Same Store total revenue but reported a decrease in Same Store Residential NOI by 0.3%. For the full year 2021, projections anticipate EPS to be between $7.04 and $7.14.

AvalonBay Communities, Inc. (NYSE: AVB) is set to release its third quarter 2021 earnings on October 27, 2021 after market close. A conference call will follow on October 28, 2021, at 1:00 PM ET to discuss results and provide insights on current operations, trends, and future outlook. The call will feature management remarks and a Q&A session. Interested parties can access the webcast via the company’s website.

AvalonBay Communities, Inc. (NYSE: AVB) has declared a cash dividend of $1.59 per share for Q3 2021, payable on October 15, 2021. The dividend is for all common stockholders of record as of October 4, 2021. As of June 30, 2021, AvalonBay owned or had a stake in 288 apartment communities with 85,749 homes across 11 states and the District of Columbia, with 16 communities in development.

AvalonBay Communities, Inc. (NYSE: AVB) reported a projected increase of 0.9% to 1.1% in total residential rental revenue for Same Store communities for Q3 2021, exceeding previous expectations. This achievement is attributed to reduced uncollectible lease revenue and improved lease rates and occupancy. The Company also acquired three properties for a total of approximately $274 million in September 2021, enhancing its portfolio. Average Move-in Rent Value in September 2021 is up 24% compared to December 2020 and 6% compared to September 2019.

AvalonBay Communities, Inc. (NYSE: AVB) announced on September 15, 2021 the completion of a $700 million public offering of 2.050% senior notes due 2032. The effective interest rate for the notes is 2.153%, and interest payments will be made semi-annually. The net proceeds of approximately $693.3 million are expected to finance green projects and general corporate needs. Additionally, the company redeemed its $450 million of 2.95% Medium-Term Notes due 2022, using available cash and credit facilities.