AvalonBay Reports a Quiet, In-Line 1Q
We will maintain our fair value estimate of $170 and no-moat rating for AvalonBay after the company reported first-quarter results that were in line with our expectations. The company reported core funds from operations of $2.18, up 4.5% from first-quarter 2017. Same-store revenue was up 2.4%, in line with our estimate. West Coast markets continue to outperform the East Coast, as San Diego (5.4%) and Los Angeles (3.9%) had the highest revenue growth, while Washington, D.C. (0.7%) and New York Ci...AvalonBay Communities is a real estate investment trust. The company develops, redevelops, acquires, owns and operates multifamily communities primarily in New England, the New York/New Jersey metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California. The company owns or holds a direct or indirect ownership interest in: operating apartment communities containing apartment homes in various states and the District of Columbia; communities under development; and rights to develop an additional communities.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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