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AvalonBay Communities, Inc. Announces Third Quarter 2013 Operating Results

Stocks in this article: AVB

AvalonBay Communities, Inc. (NYSE:AVB) (the “Company”) reported today a Net Loss Attributable to Common Stockholders for the quarter ended September 30, 2013 of $10,715,000. This resulted in Earnings (Loss) per Share – diluted (“EPS”) of $(0.08) for the quarter ended September 30, 2013, compared to EPS of $0.89 for the comparable period of 2012, a decrease of 109.0%. For the nine months ended September 30, 2013, EPS was $0.80 compared to $3.13 for the comparable period of 2012, a decrease of 74.4%.

The decreases in EPS for the three and nine months ended September 30, 2013 from the respective prior year periods are due primarily to non-recurring charges, including amounts related to the Archstone acquisition, as described in the Company’s first quarter 2013 earnings release dated April 30, 2013. For the three months ended September 30, 2013, EPS and FFO, as defined below, per share include a charge of $0.41 for previously deferred losses from an interest rate contract, and $0.04 per share for expensed transaction costs from the Archstone acquisition. In addition, EPS for the three months ended September 30, 2013, includes $0.46 per share for the depreciation of in-place leases acquired as part of the Archstone acquisition, amounts for which were being recognized over a six month period following the transaction.

Funds from Operations attributable to common stockholders - diluted (“FFO”) per share for the quarter ended September 30, 2013 decreased 18.1% to $1.18 from $1.44 for the comparable period of 2012. FFO per share for the nine months ended September 30, 2013 decreased 12.6% to $3.54 from $4.05 from the prior year period. Adjusting for non-routine items as detailed in the Definitions and Reconciliations of this release, FFO per share would have increased over the prior year periods by 15.6% to $1.63 and 17.8% to $4.76 for the three and nine months ended September 30, 2013, respectively.

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