AvalonBay Updated for Fourth-Quarter Results
AvalonBay Communities' fourth-quarter results and 2019 guidance are both very much in line with our expectations. As a result, we don't plan any changes to our $191 fair value estimate for the no-moat company. Occupancy in the established portfolio remained flat at 96.1%, in line with our estimate, though rate growth was below our estimate at 2.7% growth for the quarter. Operating expenses were up 2.7%, slightly above our 2.6% estimate, leading to net operating income growth of 2.7% for the esta...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.
We have operations in 27 countries.
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