AvalonBay Communities, Inc. (NYSE:AVB) Q3 2023 Earnings Conference Call October 26, 2023 1:00 PM ET

Company Participants

Jason Reilley - Vice President of Investor Relations

Ben Schall - Chief Executive Officer and President

Sean Breslin - Chief Operating Officer

Matt Birenbaum - Chief Investment Officer

Kevin O’Shea - Chief Financial Officer

Conference Call Participants

Eric Wolfe - Citi

Austin Wurschmidt - KeyBanc Capital Markets

John Kim - BMO Capital Markets

Adam Kramer - Morgan Stanley

John Pawlowski - Green Street

James Feldman - Wells Fargo

Michael Goldsmith - UBS

Joshua Dennerlein - Bank of America

Steve Sakwa - Evercore

Connor Mitchell - Piper Sandler

Brad Heffern - RBC Capital Markets

Rich Anderson - Wedbush

Haendel St. Juste - Mizuho

Anthony Powell - Barclays

Operator

Welcome, ladies and gentlemen, and welcome to AvalonBay Communities Third Quarter 2023 Earnings Conference Call. At this time all participants are in a listen-only mode. Following remarks by the company, we will conduct a question-and-answer session. [Operator Instructions] Your host for today’s conference call is Mr. Jason Reilley, Vice President of Investor Relations.

Mr. Reilley, you may begin your conference.

Jason Reilley

Thank you, Rob, and welcome to AvalonBay Communities third quarter 2023 earnings conference call. Before we begin, please note that forward-looking statements may be made during this discussion. There are a variety of risks and uncertainties associated with forward-looking statements, and actual results may differ materially. There is a discussion of these risks and uncertainties in yesterday afternoon’s press release as well as in the company’s Form 10-K and Form 10-Q filed with the SEC.

As usual, this press release does include an attachment with definitions and reconciliations of non-GAAP financial measures and other terms, which may be used in today’s discussion. The attachment is also available on our website at www.avalonbay.com/earnings, and we encourage you to refer to this information during the review of our operating results and financial performance.

And with that, I will turn the call over to Ben Schall, CEO and President of AvalonBay Communities, for his remarks. Ben?

Ben Schall

Thank you, Jason, and thank you, everyone, for joining us. In keeping with our custom, we posted a presentation last night to accompany our earnings release. In addition to my opening comments, you will hear from Sean on our operating performance and revenue building blocks for 2024; from Matt on the significant earnings being generated by our development projects and lease-up; and from Kevin on the strength of our balance sheet.