AvalonBay Communities, Inc. (AVB) Q3 2022 Earnings Call Transcript

AvalonBay Communities, Inc. (NYSE:AVB) Q3 2022 Results Conference Call November 4, 2022 11:00 AM ET

Company Participants

Jason Reilley - VP, IR

Ben Schall - President and CEO

Kevin O’Shea - CFO

Matt Birenbaum - Chief Investment Officer

Sean Breslin - COO

Conference Call Participants

Nick Joseph - Citi

Steve Sakwa - Evercore

Austin Wurschmidt - KeyBanc

Jeff Spector - Bank of America

Adam Kramer - Morgan Stanley

Alan Peterson - Green Street

John Kim - BMO Capital Markets

Alexander Goldfarb - Piper Sandler

Jamie Feldman - Wells Fargo

Tayo Okusanya - Credit Suisse

Operator

Good morning, ladies and gentlemen, and welcome to the AvalonBay Communities Third 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 Third 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 thank you everyone for joining us today, here with Kevin, Matt, Sean, and after our opening comments, we will open the lineup for questions.

In many ways, Q3 continued our strong momentum from the first half of the year with significant year-over-year increases in our earnings and operating metrics. As referenced on slide 4 of our quarterly investor presentation, core FFO for the quarter increased 21% as compared to a year ago. Same-store revenue increased almost 12% from last year, and 2.2% sequentially compared to our strong Q2 figure.