Avalon Bay Communities, Inc

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Attachment 5 AvalonBay Communities, Inc. Quarterly Revenue and Occupancy Changes - Established Communities (1) December 31, 2012

Apartment Homes

Q4 12 New England Boston, MA Fairfield-New Haven, CT New England Average

BOS FFD

4,719 2,347 7,066

Metro NY/NJ New York, NY New Jersey Long Island, NY Metro NY/NJ Average

NY NJ LI

4,027 2,246 1,511 7,784

Mid-Atlantic Washington Metro Mid-Atlantic Average

DC

Pacific Northwest Seattle, WA Pacific Northwest Average

Economic Occupancy

Average Rental Rates (2)

Q4 11

% Change

96.2% 96.3% 96.2%

96.1% 96.5% 96.2%

0.1% (0.2%) 0.0%

2,982 2,048 2,336 2,587

2,825 2,001 2,273 2,481

5.6% 2.3% 2.8% 4.3%

96.3% 97.1% 96.5% 96.5%

96.0% 96.3% 95.9% 96.0%

0.3% 0.8% 0.6% 0.5%

4,748 4,748

1,905 1,905

1,868 1,868

2.0% 2.0%

95.6% 95.6%

95.8% 95.8%

SEA

1,908 1,908

1,556 1,556

1,411 1,411

10.3% 10.3%

95.6% 95.6%

Northern California San Jose, CA Oakland-East Bay, CA San Francisco, CA Northern California Average

SJ OAK SF

2,442 1,699 1,079 5,220

2,261 1,792 2,835 2,227

2,074 1,653 2,562 2,036

9.0% 8.4% 10.7% 9.4%

Southern California Los Angeles, CA Orange County, CA San Diego, CA Southern California Average

LA OC SD

2,974 1,000 925 4,899

1,819 1,771 1,651 1,777

1,754 1,672 1,609 1,709 2,032

$

2,127

$

Q4 12

3.9% 1.6% 3.1%

31,625

2,100 2,080 2,093

% Change

2,021 2,047 2,030

Average/Total Established

$

Q4 11

Rental Revenue ($000's) (3)

$

Q4 12

4.0% 1.4% 3.1%

34,707 13,392 10,219 58,318

32,770 12,984 9,885 55,639

5.9% 3.1% 3.4% 4.8%

(0.2%) (0.2%)

25,956 25,956

25,499 25,499

1.8% 1.8%

94.8% 94.8%

0.8% 0.8%

8,512 8,512

7,663 7,663

11.1% 11.1%

95.3% 96.8% 96.7% 96.0%

95.6% 96.1% 96.1% 95.9%

(0.3%) 0.7% 0.6% 0.1%

15,782 8,839 8,874 33,495

14,523 8,103 7,976 30,602

8.7% 9.1% 11.3% 9.5%

3.7% 5.9% 2.6% 4.0%

97.4% 95.3% 96.5% 96.8%

96.1% 95.9% 95.6% 96.0%

1.3% (0.6%) 0.9% 0.8%

15,812 5,063 4,418 25,293

15,066 4,810 4,267 24,143

5.0% 5.3% 3.5% 4.8%

4.7%

96.3%

96.0%

0.3%

184,947

5.0%

$

28,582 14,110 42,692

194,266

$

% Change

27,491 13,910 41,401

(1) Established Communities are communities with stabilized occupancy and operating expenses as of January 1, 2011 such that a comparison of 2011 to 2012 is meaningful. (2) Reflects the effect of concessions amortized over the average lease term. (3) With concessions reflected on a cash basis, rental revenue from Established Communities increased 4.8% between years.

$

Q4 11

$

Equity Residential Fourth Quarter 2012 vs. Fourth Quarter 2011 Same Store Results/Statistics by Market Increase (Decrease) from Prior Year's Quarter

Apartment Units

Markets 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

7,423 9,381 8,881

New York Metro Area DC Northern Virginia Los Angeles South Florida Boston San Francisco Bay Area Seattle/Tacoma Denver San Diego Phoenix Orlando Suburban Maryland Orange County, CA Inland Empire, CA Atlanta All Other Markets Total

Q4 2012 % of Actual NOI 12.7% $ 12.0%

Q4 2012 Average Rental Rate (1)

12,253 5,470 6,194 8,710 7,976 4,284 7,400 6,413 4,222 3,490 3,081 3,616 4,728

9.7% 9.6% 8.2% 7.6% 7.3% 6.0% 4.3% 4.0% 3.8% 3.8% 3.5% 2.7% 2.2% 2.6%

3,325 2,134 1,857 1,464 2,579 2,055 1,502 1,226 1,754 952 1,085 1,521 1,662 1,487 1,159 1,108

103,522

100.0% $

1,707

Q4 2012 Weighted Average Occupancy %

Revenues

96.3% 95.5% 95.9% 95.2% 95.6% 95.4% 94.5% 95.5% 94.7% 95.3% 95.4% 95.2% 95.9% 95.0% 95.9% 95.4%

5.4% 4.4% 4.5% 5.4% 5.2% 10.3%

95.4%

Expenses

Average Rental Rate (1)

NOI

Occupancy

6.2% 8.4% 2.1% 3.3% 5.6% 4.2% 5.1% 4.4% 6.9% 3.5%

3.5% 2.8% (3.2%) 1.3% 4.1% 0.3% (0.9%) (3.0%) 0.2% (4.0%) 1.3% (3.4%) 2.4% (4.9%) 1.9% (2.3%)

6.7% 5.1% 8.3% 7.9% 5.8% 15.2% 10.2% 13.6% 3.0% 7.5% 8.1% 7.8% 6.3% 9.1% 10.2% 7.7%

5.3% 3.9% 4.2% 4.4% 5.5% 9.8% 5.7% 8.0% 1.7% 3.0% 4.8% 3.6% 4.8% 3.8% 6.9% 2.7%

0.1% 0.5% 0.2% 0.8% (0.3%) 0.4% 0.5% 0.4% 0.3% 0.4% 0.8% 0.6% 0.1% 0.5% (0.1%) 0.7%

5.4%

0.5%

8.1%

5.0%

0.4%

(1) Average rental rate is defined as total rental revenues divided by the weighted average occupied apartment units for the period.

4th Quarter 2012 Earnings Release

13

Supplemental Schedule 6(a) Conventional Same Store Operating Results Fourth Quarter 2012 Compared to Fourth Quarter 2011 (in thousands, except site, unit and per unit data) (unaudited)

Revenue Properties

Units

Effective Units

12 4 6 22 2 1 5 8

3,552 1,213 2,144 6,909 413 224 774 1,411

2,901 1,213 2,144 6,257 413 224 774 1,411

Seattle Pacific Total

1 31

104 8,424

104 7,772

456 41,671

427 39,662

6.8% 5.1%

Suburban New York - New Jersey Washington - NoVa - MD Boston Philadelphia Northeast Total

2 14 9 6 31

1,162 6,547 3,068 2,929 13,706

1,162 6,464 3,068 2,850 13,544

4,808 27,293 11,661 12,017 55,779

4,566 26,312 11,113 11,592 53,583

5 5 4 14

2,471 1,481 1,643 5,595

2,460 1,481 1,643 5,584

13,800 3,689 4,353 21,842

Houston Denver Phoenix Atlanta Sunbelt Total

5 8 5 5 37

2,237 2,177 1,318 1,295 12,622

2,168 2,104 1,018 1,125 11,999

Chicago

11

3,393

Total Target Markets

110

Other Baltimore Nashville Norfolk - Richmond Other Markets

Target Markets Los Angeles Orange County San Diego Southern CA Total East Bay San Jose San Francisco Northern CA Total

4Q 2012

4Q 2011

Expenses

4.7% 3.4% 2.4% 3.9% 10.2% 9.3% 11.3% 10.7%

$

5,531 $ 1,777 2,439 9,747 620 414 1,471 2,505

4Q 2011

Growth

4Q 2012

4Q 2011

$ 13,241 $ 12,580 4,333 4,069 6,308 6,093 23,882 22,742 1,245 1,047 797 924 3,039 2,634 5,081 4,605

Operating Margin

Average Daily Occupancy During Period

Growth

4Q 2012

4Q 2012

4Q 2011

5.3% 6.5% 3.5% 5.0% 18.9% (13.7)% 15.4% 10.3%

70.5% 70.9% 72.1% 71.0% 66.8% 65.8% 67.4% 67.0%

95.9% 95.4% 95.5% 95.7% 97.0% 96.1% 96.0% 96.3%

95.8% 96.9% 94.7% 95.7% 97.4% 95.7% 97.2% 97.0%

5,357 1,838 2,445 9,640 646 184 1,418 2,248

3.2% (3.3)% (0.2)% 1.1% (4.0)% 125.0% 3.7% 11.4%

181 12,433

181 12,069

—% 3.0%

275 29,238

246 27,593

11.8% 6.0%

60.3% 70.2%

98.6% 95.8%

5.3% 3.7% 4.9% 3.7% 4.1%

1,635 8,302 4,112 3,986 18,035

1,569 7,736 4,101 4,133 17,539

4.2% 7.3% 0.3% (3.6)% 2.8%

3,173 18,991 7,549 8,031 37,744

2,997 18,576 7,012 7,459 36,044

5.9% 2.2% 7.7% 7.7% 4.7%

66.0% 69.6% 64.7% 66.8% 67.7%

12,787 3,581 4,221 20,589

7.9% 3.0% 3.1% 6.1%

4,728 1,739 1,921 8,388

4,077 1,506 1,911 7,494

16.0% 15.5% 0.5% 11.9%

9,072 1,950 2,432 13,454

8,710 2,075 2,310 13,095

4.2% (6.0)% 5.3% 2.7%

5,194 6,979 2,488 3,572 40,075

4,821 6,487 2,437 3,356 37,690

7.7% 7.6% 2.1% 6.4% 6.3%

2,353 1,978 920 1,556 15,195

2,057 2,012 966 1,352 13,881

14.4% (1.7)% (4.8)% 15.1% 9.5%

2,841 5,001 1,568 2,016 24,880

2,764 4,475 1,471 2,004 23,809

3,329

13,715

13,006

5.5%

4,506

4,368

3.2%

9,209

38,145

36,644

151,240

143,941

5.1%

50,169

47,857

4.8%

5 4 6 14

1,180 1,114 1,643 8,222

1,066 1,114 1,564 8,222

3,917 3,384 4,955 21,375

3,753 3,162 4,791 20,321

4.4% 7.0% 3.4% 5.2%

1,359 1,260 1,532 8,519

1,376 1,174 1,454 8,628

Total Other

29

12,159

11,966

33,631

32,027

5.0%

12,670

Grand Total

139

50,304

48,610

$ 184,871 $ 175,968

5.1%

Miami Orlando Jacksonville Florida Total

$ 18,772 $ 17,937 6,110 5,907 8,747 8,538 33,629 32,382 1,865 1,693 1,211 1,108 4,510 4,052 7,586 6,853

4Q 2012

Growth

Net Operating Income

Average Revenue per Unit 4Q 2012 $

4Q 2011

2,251 $ 1,760 1,425 1,873 1,552 1,875 2,022 1,860

2,151 1,675 1,402 1,803 1,403 1,723 1,796 1,669

95.6% 95.9%

1,483 1,865

1,432 1,774

94.6% 95.3% 95.4% 95.6% 95.3%

96.7% 96.3% 95.4% 95.8% 96.0%

1,458 1,476 1,328 1,471 1,440

1,355 1,409 1,265 1,415 1,373

65.7% 52.9% 55.9% 61.6%

97.0% 94.2% 94.7% 95.6%

97.2% 94.7% 95.7% 96.1%

1,928 881 933 1,364

1,783 851 895 1,279

2.8% 11.8% 6.6% 0.6% 4.5%

54.7% 71.7% 63.0% 56.4% 62.1%

94.6% 95.5% 94.9% 94.8% 95.2%

91.8% 96.6% 95.5% 97.3% 95.5%

844 1,158 858 1,117 1,169

807 1,064 835 1,022 1,097

8,638

6.6%

67.1%

96.0%

94.1%

1,430

1,384

101,071

96,084

5.2%

66.8%

95.5%

95.7%

1,441

1,369

(1.2)% 7.3% 5.4% (1.3)%

2,558 2,124 3,423 12,856

2,377 1,988 3,337 11,693

7.6% 6.8% 2.6% 9.9%

65.3% 62.8% 69.1% 60.1%

93.9% 94.8% 95.9% 94.6%

94.5% 95.4% 94.7% 93.9%

1,304 1,068 1,101 916

1,241 992 1,078 878

12,632

0.3%

20,961

19,395

8.1%

62.3%

94.7%

94.2%

989

947

$ 62,839 $ 60,489

3.9%

$ 122,032 $ 115,479

5.7%

66.0%

95.3%

95.3%

$

1,330 $

1,266

23