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Avalonbay Communities Inc  (AVB)
Other Ticker:  
 
    Sector  Financial    Industry Real Estate Investment Trusts
 
 

Avalonbay Communities Inc Segments

 
Northeast
   32.15 % of total Revenue
MidAtlantic
   11.56 % of total Revenue
Pacific Northwest
   4.21 % of total Revenue
Northern California
   14.85 % of total Revenue
Southern California
   13.97 % of total Revenue
Other Stabilized
   12.09 % of total Revenue
Development and Redevelopment
   11.18 % of total Revenue
 

Business Segments (June 30. 2015)
Revenues
(in millions $)
II. Quarter
%
(of total Revenues)
(June 30. 2015)
Income
(in millions $)
II. Quarter
%
(Profit Margin)
Northeast
145.37 32.15 % 98.87 68.01 %
MidAtlantic
52.26 11.56 % 35.94 68.76 %
Pacific Northwest
19.05 4.21 % 13.66 71.7 %
Northern California
67.14 14.85 % 52.64 78.39 %
Southern California
63.17 13.97 % 43.05 68.14 %
Other Stabilized
54.68 12.09 % 36.54 66.82 %
Development and Redevelopment
50.56 11.18 % 33.34 65.94 %
Total
452.23 100 % 314.01 69.44 %

• View Income Statement • View Competition by Segment • View Annual Report

Growth rates by Segment (June 30. 2015)
Y/Y Revenue
%
II. Quarter
Q/Q Revenue
%
(June 30. 2015)
Y/Y Income
%
II. Quarter
Q/Q Income
%
Northeast
2.11 % 0.75 % 2.12 % 4.79 %
MidAtlantic
11.22 % 1.08 % 10.47 % -0.26 %
Pacific Northwest
15.73 % 3.02 % 18.2 % 2.12 %
Northern California
7.74 % 2.49 % 10.82 % 5.83 %
Southern California
2.13 % 1.36 % 3.46 % -1.08 %
Other Stabilized
18.87 % 3.77 % 12.11 % 7.43 %
Development and Redevelopment
59.28 % 17.5 % 73.94 % 23.53 %
Total
10.91 % 3.24 % 11.45 % 5.37 %

• View Growth rates • View Competitors Segment Growth • View Market Share

To get more information on Avalonbay Communities Inc's Northeast, MidAtlantic, Pacific Northwest, Northern California, Southern California, Other Stabilized, Development and Redevelopment, Total segment. Select each division with the arrow.

  Avalonbay Communities Inc's

Business Segments Description



We believe that apartment communities present an attractive long-term investment opportunity compared to other real estate investments because a broad potential resident base should help reduce demand volatility over a real estate cycle. We intend to continue to pursue real estate investments in markets where constraints to new supply exist, and where new rental household formations are expected to out-pace multifamily permit activity over the course of the real estate cycle. Barriers-to-entry in our markets generally include a difficult and lengthy entitlement process with local jurisdictions and dense urban or suburban areas where zoned and entitled land is in limited supply.


We regularly evaluate the allocation of our investments by the amount of invested capital and by product type within our individual markets, which are located in the Northeast, Mid-Atlantic, Midwest, Pacific Northwest, and Northern and Southern California regions of the United States. Our strategy is to more deeply penetrate these markets with a broad range of products and services and an intense focus on our customer. A substantial majority of our communities are upscale, which generally command among the highest rents in their markets. However, we also pursue the ownership and operation of apartment communities that target a variety of customer segments and price points, consistent with our goal of offering a broad range of products and services.


We believe that, over an entire real estate cycle, lower housing affordability and the limited new supply of apartment homes in our markets will result in a higher propensity to rent and larger increases in cash flow relative to other markets. However, throughout the real estate cycle, apartment market fundamentals, and therefore operating cash flows, are affected by overall economic conditions. A number of our markets experienced economic contraction due to job losses in 2002 and 2003, particularly in the technology, telecom and financial services sectors. This resulted in a prolonged period of weak apartment market fundamentals as reflected in declining rental rates and demand. However, 2004 was a year of transition, where the economy showed signs of an early phase recovery, as evidenced by modest job growth and declining unemployment claims. The improvement in the economic environment in 2005 has resulted in stronger apartment market fundamentals.

This is supported by the following operating results achieved within our Established Community portfolio during 2005:
• we achieved year-over-year revenue growth;
• we transitioned from occupancy gains to increases in rental rates as the primary driver of rental revenue growth;
• we achieved the highest year-over-year increase in average rental rates in four years; and
• average economic occupancy was at or above 95% in each of our markets.

There are indications that condominium conversion activity is slowing, which could impact the market for our assets held for sale, and as a result, the volume of assets we offer for sale.


Our real estate investments consist primarily of current operating apartment communities, communities in various stages of development (“Development Communities”) and Development Rights (i.e., land or land options held for development). Our current operating communities are further distinguished as Established Communities, Other Stabilized Communities, Lease-Up Communities and Redevelopment Communities. Established Communities are generally operating communities that are consolidated for financial reporting purposes and were owned and had stabilized occupancy and operating expenses as of the beginning of the prior year, which allows the performance of these communities and the markets in which they are located to be compared and monitored between years. Other Stabilized Communities are generally all other operating communities that have stabilized occupancy and operating expenses as of the beginning of the current year, but had not achieved stabilization as of the beginning of the prior year.


• Established Communities (also known as Same Store Communities) are communities where a comparison of operating results from the prior year to the current year is meaningful, as these communities were owned and had stabilized occupancy and operating expenses as of the beginning of the prior year. For the year 2005, the Established Communities are communities that are consolidated for financial reporting purposes, had stabilized occupancy and operating expenses as of January 1, 2004, are not conducting or planning to conduct substantial redevelopment activities and are not held for sale or planned for disposition within the current year. A community is considered to have stabilized occupancy at the earlier of attainment of 95% physical occupancy or the one-year anniversary of completion of development or redevelopment.

• Other Stabilized Communities includes all other completed communities that have stabilized occupancy, as defined above. Other Stabilized Communities do not include communities that are conducting or planning to conduct substantial redevelopment activities within the current year.

• Development/Redevelopment Communities consists of communities that are under construction and have not received a final certificate of occupancy, communities where substantial redevelopment is in progress or is planned to begin during the current year and communities under lease-up, that had not reached stabilized occupancy, as defined above.

   

Sales by Geography Competition By Business Segments Company Profile


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