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AvalonBay Communities, Inc. Announces 2012 Operating Results, Dividend Increase And Initial 2013 Financial Outlook

Stocks in this article: AVB

AvalonBay Communities, Inc. (NYSE: AVB) (the “Company”) reported today that Net Income Attributable to Common Stockholders (“Net Income”) for the quarter ended December 31, 2012 was $122,356,000. This resulted in Earnings per Share – diluted (“EPS”) of $1.19 for the quarter ended December 31, 2012, compared to EPS of $3.38 for the comparable period of 2011, a decrease of 64.8%. For the year ended December 31, 2012, EPS was $4.32 compared to $4.87 for the comparable period of 2011, a decrease of 11.3%.

The decreases in EPS for the quarter and year ended December 31, 2012 from the prior year periods are due primarily to decreases in real estate asset sales and related gains coupled with capital markets activity and acquisition costs for the expected Archstone Acquisition (as defined below). These declines are offset in part by increases in Net Operating Income (“NOI”) from existing and newly developed and acquired communities and a decline in net interest expense.

Funds from Operations attributable to common stockholders - diluted (“FFO”) per share for the quarter ended December 31, 2012 increased 6.7% to $1.27 from $1.19 for the comparable period of 2011. FFO per share for the year ended December 31, 2012 increased 16.4% to $5.32 from $4.57 for 2011. Adjusting for the non-routine items in this release, FFO per share would have increased for the three months and full year ended December 31, 2012 by 15.9% and 18.5%, respectively over the comparable period in 2011.

The following table compares the Company’s actual results for the quarter and year ended December 31, 2012 to the outlook provided in its third quarter 2012 earnings release in October 2012:

  Per Share
4Q12   2012
Projected FFO per share - October 2012 Outlook (1) $ 1.43 $ 5.47
Archstone Acquisition related costs (2) (0.16 ) (0.14 )
Superstorm Sandy expenses (0.01 ) (0.02 )
Joint Venture promote and overhead   0.01     0.01  
FFO per share reported results $ 1.27   $ 5.32  

(1) Represents the mid-point of the Company's October 2012 Outlook.

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