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AvalonBay Communities

AVB is a registered REIT with a portfolio of commercial real estate properties focused on the multifamily space. At 3Q18, AVB owned or held an ownership interest in 271 operating apartment communities (78,383 units) in 12 states and the District of Columbia. The company focuses on operating in leading metropolitan areas that are characterized by growing employment in high wage sectors and lower housing affordability. AVB communities are primarily located in: the New York/New Jersey Metropolitan Area (~24% of NOI at 3Q18), Northern California (~20%), Southern California (~20%), New England (~14%), the Mid-Atlantic (~17%), and the Pacfic Northwest (~6%). The average rental rate for AVB apartments was highest in Metro NY/NJ, with an average rental rate of $3,101 across 11,690 units in established communities. (21 Nov 2018)

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AVB: Prepaying 2020s, Preliminary 4Q Read

Worth Watching: 28 Nov 2018, 10:48 PM ET - AVB (A3/A-) plans to prepay its $250 mn outstanding of 6.1% notes due in 2020 before year-end (expected prepayment penalty of ~$10 mn). The announcement comes in anticipation of the closing of its New York JV transaction, which is expected to gene ..
Focused

AvalonBay: 3Q18 Earnings Quick Cuts

Worth Watching: 31 Oct 2018, 3:13 PM ET - AvalonBay (AVB) reported solid quarterly results amid a relatively uneventful operating quarter: same store NOI growth remains solid (3.1%) despite new supply pressure and portfolio occupancy remains strong (96.1%). The company noted that it is se ..

Retail REITs: Sears Bankruptcy as Opportunity

Worth Watching: 15 Oct 2018, 1:28 PM ET - Retail REITs: With the news that Sears is (finally?) filing for bankruptcy, we size REIT exposures to the long-struggling retailer and see the impacts as broadly manageable. From an operating performance perspective, the vast majority of REITs see ..
Focused

REIT/CRE 3Q18 Preview: What We're Watching

Sector Analysis: 12 Oct 2018, 5:57 AM ET - We lay out what we're watching as we head into 3Q18 earnings, for property types, individual credits, and with a macro component given the breadth and depth of economic touch points for U.S. real estate.

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 
Focused

AVB: Selling 80% Stake in 5 Manhattan Apt Assets

Worth Watching: 04 Oct 2018, 9:47 PM ET - AVB (A3/A-) is contributing five Manhattan apartment communities (3 fee ownership, 2 leasehold interest) to a newly formed joint venture with Invesco, in which AVB will retain a 20% stake and act as the property manager for the assets (1,301 apart ..

Register Now: 2018 Global Financials Seminars

Announcement: 10 Sep 2018, 9:51 PM ET - Register for our upcoming fifth annual Global Financials Seminars.
Focused

REITs/CRE 2Q18: How Are Property Types Performing?

Sector Analysis: 22 Aug 2018, 5:10 AM ET - In Part 2 of our REITs/CRE 2Q18 review, we delve into the recent trends—both operating fundamentals and capital markets—across the five major property types as we take the pulse of the different underlying asset classes.

REITs/CRE 2Q18: Themes, Trends and Takeaways

Sector Analysis: 13 Aug 2018, 5:32 AM ET - In part 1 of our REITs/CRE 2Q18 review, we discuss key themes emerging from earnings, including sector relative value, overall market conditions, the continue run-up in construction costs and more.

Interplay Between US Banks & Fed's Balance Sheet

Sector Analysis: 08 Aug 2018, 5:36 AM ET - In this note, we discuss the impacts of the Fed's balance sheet unwind on banks. We expect that U.S. banks will become the "natural buyers" of U.S. Treasuries not bought by the Fed, offsetting the impact on rates.
Focused

AvalonBay: 2Q18 Earnings Quick Cuts

Worth Watching: 01 Aug 2018, 10:27 AM ET - AvalonBay (AVB) reported solid quarterly results as FFO came in ahead of consensus estimates. Reflecting the strong quarter, AVB increased guidance for same store NOI growth to 2-2.6% (+30 bp at the midpoint) and hiked guidance for core FFO per ..
Focused

CA Goes to the Polls: A Rent Control Primer

Sector Analysis: 11 Jul 2018, 9:42 PM ET - In November, Californians will vote on a ballot initiative that seeks to repeal Costa-Hawkins, a 1995-era law restricting municipalities' ability to institute rent control policies, with implications for multifamily REITs in particular.

US Banks: Update to 2018 Debt Supply Forecast

Sector Analysis: 09 Jul 2018, 5:49 AM ET - Following a review of 1H18 debt supply, we are increasing our supply forecast for the full year for the banks in our coverage universe. The majority of the increase reflects increased expectations for OpCo debt from the GSIBs.
Focused

AvalonBay: Reportedly Looking to Sell Stake in NYC

Worth Watching: 18 Jun 2018, 9:39 PM ET - AvalonBay (A3/A-/NR) is reportedly looking to offload a 50% stake in its Manhattan apartment portfolio, which had a gross carrying value of ~$1 bn at YE17 across seven properties, excluding two re/development projects. Media reports peg the por ..

REITweek 2018: Cool, Calm, and Collected

Sector Analysis: 08 Jun 2018, 5:22 AM ET - We attended NAREIT's REITweek 2018 convention, providing our top level thoughts on the overall sector tone and analysis on individual company presentations.

REITs/CRE 1Q18: How Are Property Types Performing?

Sector Analysis: 17 May 2018, 4:27 AM ET - In Part 2 of our REITs/CRE 1Q18 review, we delve into the recent trends--both operating fundamentals and capital markets--across the five major property types as we take the pulse of the different underlying asset classes.

REITs/CRE 1Q18: Themes, Trends and Takeaways

Sector Analysis: 14 May 2018, 4:40 AM ET - In part 1 of our REITs/CRE 1Q18 review, we discuss key themes emerging from earnings, including construction cost overruns, public/private market valuation disconnect, sector relative value, and more.
Focused

AvalonBay: 1Q18 Earnings Quick Cuts

Worth Watching: 27 Apr 2018, 5:31 PM ET - AvalonBay (AVB) reported a solid 1Q18 as FFO came in a penny shy of consensus estimates despite a revenue beat. Operating results were generally solid and in line with expectations for the seasonally slow first quarter. As is usually the case f ..
Focused

AvalonBay: Prices $300 mn Offering

Worth Watching: 15 Mar 2018, 7:16 PM ET - AvalonBay (A3/A-) issued $300 mn of 30Y notes to fund GCP and term out credit facility borrowings, of which ~$250 mn was outstanding as of Feburary 28. The notes priced at $99.814 to yield 130 bp over Treasuries, coming in ~5-10 bp from IPT (no gu ..

Retail REITs: TOYS Exposure aka Market Rents 'R Us

Worth Watching: 15 Mar 2018, 7:08 PM ET - Retail REITs: With Toys 'R Us (TOYS) looking like a straight liquidation rather than a restructuring, we take a quick look at exposures across the retail REIT universe (including names beyond our core coverage). Similar to past exercises with stru ..

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