Sector: Real Estate|Industry: REIT - Residential|Market Cap: $31.23B|Employees: 3K
AvalonBay Communities, Inc. is a real estate investment trust (REIT) that develops, redevelops, acquires, owns, and operates multifamily apartment communities. The company focuses on leading metropolitan areas with strong employment and higher cost of home ownership. AvalonBay's portfolio includes a mix of upscale, value-oriented, and moderate-price point apartment communities across New England, the New York/New Jersey metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California, as well as expansion regions in the Southeast, Texas, and Colorado.
Net income attributable to common stockholders increased $200.5 million, or 116.5%, to $372.5 million for the three months ended September 30, 2024. The increase is primarily attributable to increases in real estate sales and related gains and an increase in NOI from communities over the prior year period.
Same Store NOI attributable to apartment rental operations increased $9.2 million, or 2.0%, over the prior year period. The increase was due to an increase in Residential revenue of $20.2 million, or 3.1%, partially offset by an increase in Residential property operating expenses of $11.0 million, or 5.4%.
Direct property operating expenses, excluding property taxes, increased $11.4 million, or 8.2%, compared to the prior year period. This was primarily due to the addition of newly developed apartment communities as well as increased Residential operating expenses at our Same Store communities.