AvalonBay authorizes up to $500M stock buyback » 16:2407/2907/29/20
AvalonBay announced that…
AvalonBay announced that its Board of Directors approved a new stock repurchase program under which the Company may acquire shares of its common stock in open market or negotiated transactions up to an aggregate purchase price of $500,000,000. This authority may be exercised from time to time in the Company's discretion and in such amounts as market conditions warrant. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements, market conditions and other corporate liquidity requirements and priorities. The stock repurchase program does not have an expiration date and may be suspended or terminated at any time without prior notice. The Company intends that funds used for the stock repurchase program will be matched over time with the proceeds from sales of existing apartment communities and in some cases with newly issued debt, but initially may be funded from existing cash balances, retained cash flow and/or the Company's line of credit. There have been no stock repurchases under this program through the date of this release.
AvalonBay Communities reports Q2 core FFO $2.23, consensus $2.25 » 16:2307/2907/29/20
The ongoing impact from…
The ongoing impact from COVID-19 on the Company's consolidated results of operations, including dispositions of real estate, will be affected by the duration and severity of the pandemic, and how quickly and to what extent normal economic and operating conditions resume. Because those factors are beyond the Company's control and knowledge, the adverse future impact of the pandemic on the Company's results of operations cannot be reasonably estimated, and could be material. In addition, the Company's historical results, including results for the three and six months ended June 30, 2020 and information through July 29, 2020, may not be indicative of results for future periods. Due to the uncertainty from the ongoing impact of COVID-19, the Company had previously withdrawn and is not providing full year 2020 guidance.
|Over a week ago|
AvalonBay downgraded to In Line from Outperform at Evercore ISI » 06:5707/2007/20/20
Evercore ISI analyst…
Evercore ISI analyst Steve Sakwa downgraded AvalonBay to In Line from Outperform.
|Over a month ago|
AvalonBay reports May average physical occupancy 94.4% vs. 95.3% in April » 16:1906/0106/01/20
Reports May Like-Term…
Reports May Like-Term Effective Rent Change down 3.5% vs. down 0.2% in April.
Fly Intel: Top five weekend stock stories » 18:4705/1005/10/20
TSLA, GILD, RF, SNV, FFWM, ACBI, TCF, CFG, PB, BXS, TD, BMO, IBTX, PFE, CTLT, LZAGY, TMO, BYD, TCEHY, BABA, JD, EQIX, QTS, AMT, SBAC, ARE, PLD, DEI, AVB, EQR, ADC, FCPT
Catch up on the…
Catch up on the weekend's top five stories with this list compiled by The Fly: 1. In a blog post, Tesla (TSLA) said that, "Contrary to the Governor's recent guidance and support from the City of Fremont, Alameda County is insisting we should not resume operations. This is not for lack of trying or transparency since we have met with and collaborated on our restart plans with the Alameda County Health Care Services Agency. Unfortunately, the County Public Health Officer who is making these decisions has not returned our calls or emails. [...] the County's position left us no choice but to take legal action to ensure that Tesla and its employees can get back to work. We filed a lawsuit on May 9 asking the court to invalidate the County Orders, to the extent the County claims they prevent Tesla from resuming operations. Meanwhile, CEO Elon Mush said in a series of tweets that, "Tesla is filing a lawsuit against Alameda County immediately. The unelected & ignorant "Interim Health Officer" of Alameda is acting contrary to the Governor, the President, our Constitutional freedoms & just plain common sense! [...] Frankly, this is the final straw. Tesla will now move its HQ and future programs to Texas/Nevada immediately. If we even retain Fremont manufacturing activity at all, it will be dependent on how Tesla is treated in the future. Tesla is the last carmaker left in CA." 2. The U.S. Department of Health and Human Services said it would allow state health departments to distribute Gilead Sciences' (GILD) remdesivir drug to fight COVID-19, and the U.S. would receive about 40% of the drug maker's global donation, according to Reuters. 3. The U.S. has lost nearly 40% of its banks since the financial crisis, largely due to industry consolidation, and many industry observers see the trend resuming once the nation's health crisis passes and economic activity begins to normalize, Carleton English wrote in this week's edition of Barron's. The publication identified at least six potential targets, namely Regions Financial (RF), Synovus Financial (SNV), First Foundation (FFWM), Atlantic Capital (ACBI), TCF Financial (TCF), and Citizens Financial (CFG). On the potential buyers side, Barron's highlights Prosperity Bancshares (PB), BancorpSouth Bank (BXS), Toronto-Dominion Bank (TD), Bank of Montreal (BMO), and Independent Bank (IBTX). 4. Pfizer (PFE) said it is in talks to shift more of its medicine production to outside contractors as it prepares for large-scale production of an experimental vaccine to prevent COVID-19, should it prove safe and effective, Reuters' Carl O'Donnell and Michael Erman reported. The U.S. drugmaker is tapping its network of around 200 outside contractors, which includes Catalent (CTLT), Lonza Group (LZAGY), and Thermo Fisher Scientific (TMO), to play a bigger role in producing some of its existing medicines, Mike McDermott, president of global supply at Pfizer, told Reuters in an interview. 5. Boyd Gaming (BYD), Tencent (TCEHY), Alibaba (BABA), JD.com (JD), Equinix (EQIX), QTS Realty (QTS), American Tower (AMT), SBA Communications (SBAC), Alexandra Real Estate (ARE), Prologis (PLD), Douglas Emmett (DEI), AvalonBay Communities (AVB), Equity Residential (EQR), Agree Realty (ADC), and Four Corners (FCPT) saw positive mentions in this week's edition of Barron's.
Equinix, QTS Realty among REITs for a recovering economy, Barron's says » 10:3305/0905/09/20
EQIX, QTS, AMT, SBAC, ARE, PLD, DEI, AVB, EQR, ADC, FCPT
Equinix (EQIX), QTS…
Equinix (EQIX), QTS Realty (QTS), American Tower (AMT), SBA Communications (SBAC), Alexandra Real Estate (ARE), Prologis (PLD), Douglas Emmett (DEI), AvalonBay Communities (AVB), Equity Residential (EQR), Agree Realty (ADC), and Four Corners (FCPT) are among real estate investment trusts that hold appeal for their growth trends of value, Daren Fonda writes in this week's edition of Barron's. Reference Link
AvalonBay Communities reports Q1 core FFO $2.39, consensus $2.40 » 16:4405/0605/06/20
As of April 30, 2020,…
As of April 30, 2020, construction at six of the Company's Development Communities had been temporarily suspended after considering state and local regulations and/or advisories, and construction at many of the remaining Development Communities had been slowed due to the impact of safety precautions, labor availability and inspection constraints. As of May 4, 2020, the Company is in the process of restarting construction at four of the six communities that had been temporarily suspended, after changes in state and local advisories in Washington state and Northern California. The Company may be required to, or may in its discretion, temporarily suspend ongoing construction at one or more of its remaining Development Communities as a result of either governmental actions or social or economic conditions arising as a result of the COVID-19 pandemic.
|Over a quarter ago|
AvalonBay downgraded to Neutral from Buy at Mizuho » 06:5804/0204/02/20
Mizuho analyst Haendel…
Mizuho analyst Haendel St. Juste downgraded AvalonBay to Neutral from Buy with a price target of $144, down from $241. COVID-related construction delays and declines in renewal rates reduces the earnings creation potential for AvalonBay, which is a more active developer, St. Juste tells investors in a research note. The analyst thinks AvalonBay has incremental development lease-up and earnings risk.
AvalonBay downgraded to Underweight from Neutral at Piper Sandler » 06:2303/2603/26/20
Piper Sandler analyst…
Piper Sandler analyst Alexander Goldfarb downgraded AvalonBay to Underweight from Neutral with a price target of $140, down from $223. The company's "development heavy" business model is under increased pressure amid the COVID-19 outbreak, Goldfarb tells investors in a research note. The analyst attributes the downgrade to AvalonBay's outsized development pipeline to peers and delays in this year's deliveries.
Investors Real Estate, AvalonBay price targets lowered at BTIG » 07:1903/1003/10/20
BTIG analyst James…
BTIG analyst James Sullivan lowered his price targets on Investors Real Estate (IRET) to $75 from $83 and AvalonBay (AVB) to $228 from $235 while keeping a Buy rating on the shares. The analyst notes that same-store revenue and net operating income growth on apartment REITs will slow down in 2020 from a "very positive" 2019 amid supply growth and modestly higher expenses due to higher real estate taxes, insurance, and wage increases. Sullivan still believes however that Apartment REITs will perform better than REITs overall in 2020.