AvalonBay Communities, Inc. (AVB) Q4 2022 Earnings Call Transcript

AvalonBay Communities, Inc. (NYSE:AVB) Q4 2022 Results Conference Call February 9, 2023 1:00 PM ET

Company Participants

Jason Reilley - VP, IR

Ben Schall - President and CEO

Kevin O’Shea - CFO

Sean Breslin - COO

Matt Birenbaum - Chief Investment Officer

Conference Call Participants

Nick Joseph - Citi

Steve Sakwa - Evercore

Austin Wurschmidt - KeyBanc

Chandni Luthra - Goldman Sachs

Adam Kramer - Morgan Stanley

John Kim - BMO Capital Markets

Alan Peterson - Green Street

Rich Anderson - SMBC

Michael Goldsmith - UBS

Alexander Goldfarb - Piper Sandler

Joshua Dennerlein - Bank of America

Jamie Feldman - Wells Fargo

Operator

Good morning, ladies and gentlemen, and welcome to AvalonBay Communities Fourth Quarter 2022 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, Doug, and welcome to AvalonBay Communities fourth quarter 2022 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 hello everyone. I'm joined by Kevin, Sean and Matt, and after our prepared remarks, we will open the line for questions.

I'll start by quickly summarizing our 2022 results and highlighting our progress on a number of strategic focus areas.

As shown on slide 4, from operating results perspective, 2022 was a phenomenal year, and one of the strongest in the Company's history, with 10.9% same store NOI growth and 18.5% core FFO growth. We ended the year with core FFO of $9.79 per share, which just to reflect back, was $0.24 above our initial guidance at the beginning of 2022.