AvalonBay Communities, Inc. (AVB) CEO Benjamin Schall on Q1 2022 Results - Earnings Call Transcript

AvalonBay Communities, Inc. (NYSE:AVB) Q1 2022 Results Conference Call April 28, 2022 1:00 PM ET

Company Participants

Jason Reilley - Vice President of Investor Relations

Benjamin Schall - President and Chief Executive Officer

Matthew Birenbaum - Chief Investment Officer

Kevin O’Shea - Chief Financial Officer

Sean Breslin - Chief Operating Officer

Conference Call Participants

Nicholas Joseph - Citigroup

Richard Hill - Morgan Stanley

Stephen Sakwa - Evercore ISI

Austin Wurschmidt - KeyBanc Capital Markets

Chandni Luthra - Goldman Sachs

John Pawlowski - Green Street Advisors

Bradley Heffern - RBC Capital Markets

Richard Anderson - SMBC Nikko Securities America

Alexander Goldfarb - Piper Sandler

Joshua Dennerlein - BofA Securities

Operator

Good day, ladies and gentlemen, and Welcome to AvalonBay Communities’ First Quarter 2022 Earnings Conference Call. As a reminder, today’s conference is been recorded. At this time, all participants are in a listen-only mode. Following the 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, Jay. And welcome to AvalonBay Communities first 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.

Benjamin Schall

Thanks, Jason. And thanks all for joining us on today’s call. Matt and I will open with some prepared remarks and we are joined by Kevin and Sean for Q&A.

Starting on Slide 4 of our presentation. Q1 was a very strong start to what we continue to expect to be a very strong year of operating results. Core FFO per share came in at $2.26, a 15.9% year-over-year increase and $0.06 above the midpoint of our guidance. I will dive deeper into the drivers of that outperformance in a moment.