Strong Revenue Growth Across All Markets and Low Expense Growth Lead to Beat for AvalonBay
AvalonBay Communities reported first-quarter results ahead of our estimates, though we don't anticipate any material changes to our $194 fair value estimate and no-moat rating. Occupancy fell 10 basis points sequentially to 96.0% but rate growth went up 3.5% year over year. As a result, rental revenue grew 3.4% for the established communities, ahead of our 3.1% estimate. Operating expenses grew only 0.2%, well below our 3.1% estimate as payroll costs were down due to lower bonuses and lower util...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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