8-KEarnings & ResultsExhibits & Filings

AVALONBAY COMMUNITIES INC 8-K Report, Financial Results (Apr 28, 2016)

Filed April 28, 2016For Securities:AVB

Summary

AvalonBay Communities, Inc. (AVB) reported its first quarter 2016 financial results on April 27, 2016, via an 8-K filing. The company announced a significant increase in its net income and key per-share metrics, indicating positive operational performance. Investors should note the double-digit percentage growth in both diluted Earnings Per Share (EPS) and Funds from Operations (FFO) per share, highlighting the company's ability to generate increased profitability from its real estate portfolio. The filing provides specific figures for net income attributable to common stockholders and details the growth in FFO per share, both on a diluted basis and a "Core FFO" basis, which is adjusted for certain items. This strong performance in the first quarter sets a positive tone for the year, demonstrating AVB's continued success in its apartment rental operations and its capacity to enhance shareholder value through growing earnings.

Key Highlights

  • 1Net Income Attributable to Common Stockholders for Q1 2016 was $237,931,000.
  • 2Diluted Earnings Per Share (EPS) increased by 10.9% to $1.73 for Q1 2016, compared to $1.56 in the prior year period.
  • 3Funds from Operations (FFO) per share (diluted) grew by 10.1% to $2.07 for Q1 2016, up from $1.88 in Q1 2015.
  • 4Core FFO per share (adjusted) saw a substantial increase of 12.6% to $1.97 in Q1 2016, from $1.75 in the prior year.
  • 5The press release and supplemental information containing these results were furnished as exhibits to the 8-K filing.
  • 6The company is providing reconciliations of non-GAAP financial measures (FFO, Core FFO) to the most directly comparable GAAP measure within the furnished exhibits.

Frequently Asked Questions

For the first quarter of 2016, AvalonBay reported a Net Income Attributable to Common Stockholders of $237,931,000. Diluted Earnings Per Share (EPS) increased by 10.9% year-over-year to $1.73. Funds from Operations (FFO) per share also showed strong growth, increasing by 10.1% to $2.07, and Core FFO per share (adjusted) rose by 12.6% to $1.97.

AvalonBay's FFO performance in the first quarter of 2016 showed significant improvement compared to the prior year. Diluted FFO per share increased by 10.1% to $2.07 from $1.88. Additionally, Core FFO per share, which is adjusted for certain items, grew by a more substantial 12.6% to $1.97 from $1.75 in the first quarter of 2015.

The detailed Q1 2016 operating results, including supplemental information and attachments, are furnished as Exhibit 99.1 and Exhibit 99.2 to the 8-K filing. These exhibits contain the full press release and a supplemental discussion, which also include reconciliations of non-GAAP financial measures like FFO and Core FFO to their most directly comparable GAAP financial measures.