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This is Sean.

And so for the most part, it's kind of a blend. Who is fired. Who obeys. I think in reality, the yields have deteriorated a little bit. I mean, I hate to say it, but it's pretty broad-based. So it allows us to diversify across time as well as sort of buy product in a market. Biography: Tim is Chairman of the Board, Chief Executive Officer and President and has been a director of AvalonBay since September 2005. Mr. Reilley, you may begin your conference. Thanks, everyone, for being on the call today. Yes. I think Sean is right. To subscribe, click here. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful. Tim is a director of Park Hotels & Resorts, Inc., a publicly traded hotel real estate investment trust. Thanks, Tim. So I do think there's still some list to come on the numerator. So it doesn't seem to be, based on what we're realizing from our customers today, much in the way of financial pressure. In some places, we can apply sort of in bulk on behalf of our customers. The team here is now about 3 years into a significant shift in our operating platform, having generated $10 million in annual incremental NOI from our initial initiatives and with the expectation of another $25 million to $35 million of annual NOI from our near-term operating road map. As a senior team and organization, we are energized as we shape the future course of AvalonBay and position the company for continued growth and success. We So it's not just the 1031 but just the cap rates compressing so much, and is this a better time today to sell assets that are maybe a little bit older in your portfolio than it would be the last few years? Obviously, street retail in New York is softer than it was, but a lot of it is going to depend on what we wind up getting for that remaining ground floor space. Thanks, Ben. So I think it's going to be a pretty positive trend between now and Labor Day. Through initiatives such as the search, application and lease process on our revamped website that we are already launching later this year; the increased rollout of smart access to allow for more automated and self-serve activities, including full self-touring and public access for revenue opportunities; use of data science to optimize our renewal results; and next steps in mobile maintenance to improve efficiency and service. We're starting to see some of that demand already, which is reflected in our asking rents and a point I'll touch on in a couple of slides. Who is shamed. So we're starting to see some percentage come back. Tim Naughtons departure from the CEO post is explained as follows. Timothy J. Naughton, the Company's President, will then assume the additional role and title of Chief Executive Officer. Who has tailwind. I mean we'll see. What percent is sort of pure speculation. And then you touched on bad debt a little bit, but I was just curious, it's hung out in the 3% range for several quarters now. Naughton is CEO of AvalonBay Communities, the nations second largest Multifamily REIT with 84,000 units in 11 states and headquartered in Arlington. Who lies. So there's some pretty good embedded demand that should be coming back to those environments that should support the suburban portfolio. And then on the stimulus side, yes, we're heavily involved in that. But the second-floor space that we leased was leased to a medical user. The Other Stabilized Communities segment includes all other completed communities that have stabilized occupancy.

Last one for me. Whos out. Good question, Dennis. So there's probably a little bit of room there. And as of this week, only 13% of our available inventory includes a concession, which will support continued growth in our average move-in rent value in future periods. And then for the $650 million of starts this quarter, what's the expected initial yield on those? Whos obsolete. Or do you think that there's more than sufficient demand coming from a younger generation that can support that?

Now let's turn to results for the quarter, starting on Slide 4. The development we currently have under way is also poised to deliver strong future earnings growth as these projects are completed and stabilized. Mr. Naughtons prior roles at AvalonBay included Chief Operating Officer, Chief Investment Officer, and Regional And then we have kind of the remaining available space on the ground floor. So really -- it's really a function of how much portfolio recycling we really need to do. Yes. It's a dynamic market both on the demand and the supply side. Timothy J. Naughton has not been actively trading shares of AvalonBay Communities in the last ninety days. But if you use 2019 as kind of a proxy for controllable NOI margins, excluding taxes and insurance. Executive Vice President General Counsel and Secretary. Naughton played a big role in this strategy, including orchestrating a nine-property trade with Denver-based REIT UDR in 2011. Mr. Naughton previously served as a director of Welltower, Inc. from 2013 until 2019. It is a long goodbye. But it just strikes me, given this dynamic that you're talking about, if you're looking at that one singular chart and suburban is above COVID and we're inflecting on urban, isn't there a really good chance that asking rents could completely overshoot on a weighted average basis as this recovery continues? Who is host. During the past year, Ben has proven to be a wonderful steward of AvalonBays culture, meaningfully connecting with AvalonBays associates across the organization, in our regions and at our communities. Additionally, the average April move-in rent is trending at roughly 18% below the pre-COVID peak rent, driven primarily by New York City, which is about 1/3 of our New York and New Jersey portfolio; and San Francisco, which represents about 1/4 of our Northern California portfolio. So it seems like you guys had some good traction on the commercial leasing this quarter. Who resigns. Apartments, Corporate What we found in the expansion market so far has been it's been an opportunity to buy, in general, brand-new or very young assets and not necessarily pay a premium on a cap rate basis versus older assets. (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';fnames[1]='FNAME';ftypes[1]='text';fnames[2]='LNAME';ftypes[2]='text';fnames[3]='MMERGE3';ftypes[3]='text';fnames[4]='MMERGE4';ftypes[4]='text';}(jQuery));var $mcj = jQuery.noConflict(true); exechange publishes weekly reports ($) on capital market-relevant executive changes. We've seen an acceleration in the trends we spoke about on our last call with physical occupancy continuing to increase during the quarter, now approaching 96%, and average move-in rent value growing steadily over the last 4 months.

Who wants to go. Who is successor. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Some may not. And we'll now take a question from Nick Joseph with Citi. Yes. Who is selected. Operating fundamentals in many of these suburban locations have been more significantly impacted with asking rents still 3% to 4% below pre-pandemic levels and with the continued use of concessions in certain markets. Some may be extended. We do have starts planned in both of those regions in the next quarter or 2. Tims prior roles included serving as the Companys Chief Operating Officer, Chief Investment Officer, and Regional Vice PresidentDevelopment and Acquisitions. Tims focus has always been on others, the positive impact he could have on people, the impact that AvalonBay could have in our communities, and how he could lead by fostering and reinforcing our evergreen culture and strong organizational values. And we do think Denver and Florida are 2 of those markets, and there are others as well that probably fit that description over time. We keep you up to date on the latest CEO changes. Mr. Naughton has been with AvalonBay and its predecessors since 1989. Who has the last word. And we're also looking to capitalize third-party developers, which we've done successfully. We'll now take a question from Brent Dilts with UBS. It operates through the following segments: Established Communities, Other Stabilized Communities, and Development or Redevelopment Communities. In terms of the sequential road map from Q1 core FFO per share of $1.95 to the Q2 outlook of $1.90, we expect a $0.05 deterioration in same-store NOI, all of which relates to the sequential change in operating expenses as we expect sequential revenue growth to be 0. We expect similar trends in this recovery, particularly as the traditional higher-income AVB resident is poised to benefit financially as the economy heats up. And then I think a while ago, you guys mentioned that it would be about $10 million in NOI annually once it's stabilized. Vice President We don't have anything to announce at this time. So I think really, I would just sort of pause and look at it as what's the macro environment looks like from a demand and supply standpoint? Turning to Slide 8. WebAs Chairman and Chief Executive Officer at AVALONBAY COMMUNITIES INC, Timothy Naughton made $14,371,460 in total compensation. I guess to the second question about kind of what our appetite is, I mean we said we are looking to grow both of those markets to be roughly at least 5% of our portfolio. As a senior team and organization, we are energized as we shape the future course of AvalonBay and position the company for continued growth and success., We are grateful to Tim for his over 30 years of outstanding leadership, including the last ten years as Chief Executive Officer. We've also established measurable inclusion and diversity goals, focused on achieving gender parity for leadership by 2025 and increasing minority representation and leadership to 20% by 2025 and 25% by 2030. Who is in quest.

But for those that are more in a hybrid situation, absolutely. Mr. Naughtons role as Executive Chairman in 2022 will be a half time role and will include serving as a member of the Companys Management Investment But all the activity kind of base costs and payroll really are coming up pretty materially on a year-over-year basis. Who serves. And as we continue to communicate with our residents, maybe kind of touching on the last question that you had, that may inform our product choices in some of those suburban markets in terms of some of the larger floor plans, what we provide in the way of workspace or work lounges in the building and program in more townhomes in some cases or things like that. Learn More on Timothy J. Naughton's trading history. And Sean will touch more on the sequential trends in his comments. In general, a top executive who announces the departure particularly early may be considered a lame duck. But as I mentioned on the last call, I do think as you sort of think out, you look out over the next few years, supply, I think, in the urban markets is frankly to be quite a bit lower than what we see in the suburbs. AvalonBay Communities, Inc. is a real estate investment trust, which engages in the development, acquisition, ownership, and operation of multifamily communities. The estimated net worth of Timothy J. Naughton is at least $1.54 million as of November 10th, 2016. Who betrays. Who congratulates. And I'd say, certainly, we'll see a snapback, and we've already started to see that in the urban submarkets. Maybe just starting off with guidance. Tim served as Executive Chairman in 2022 and prior to that as Chairman since May 2013, Chief Executive Officer from January 2012 to January 2022, and has been a director of the Company since September 2005. Who is good man. Yes. As Tim noted, we expect to break ground on as many as 6 new development projects in the second quarter, representing $650 million in new accretive investment, primarily in our suburban submarkets. Naughton is the Companys Chairman of the Board, Chief Executive Officer and President and has been a director of the Company since September 2005. We'll now take a question from Alexander Goldfarb with Piper Sandler. If we look pre-COVID kind of in the 71%, 72% range, that sort of more peakish cycle how would you think about maybe a normalized margin? The Company also announced that Mr. Naughton plans to retire as Chief Executive Officer at the end of 2021 and that at such time Mr. Schall will be appointed as CEO and Mr. Naughton will remain on the Board in the position of Executive Chairman. The improvement in average effective move-in rent has resulted from both an increasing average lease rent as depicted in Chart 1 and declining concessions shown in Chart 2. Sean? Who is minor. Understood. Tim has been with AvalonBay and its predecessors since 1989. And again, Sean will provide more color on what's driving these trends in his remarks in just a moment. Concurrently, Timothy J. Naughton, the Companys current Chairman of the Board and Chief Executive Officer, will retire as the Companys Chief Executive Officer and assume the role of Executive Chairman of the Board. Naughton is also a member of The Real Estate Round Table, is a member and past chairman of the Multifamily Council of the Urban Land Institute (ULI), and is a member of the Real Estate Forum. Timothy J. Naughton previously held the position of Executive Director at National Association of Real Estate Investment Trusts, Inc. I mean as Kevin has mentioned plenty of times in the past, I mean, we -- it is something we take into consideration. So there's -- based on what we've seen, I'd say there's some embedded capacity there to pay.

Yes. Your host for today's conference call is Mr. Jason Reilley, Vice President of Investor Relations.

Okay. Who stumbles. This is like Redmond, Washington; Tysons Corner in Virginia; and Assembly Row in Massachusetts. We have Fidelity, which is open and operating with a financial services office. In other words, asking rents in the urban portfolio down about 8% from the pre-COVID peak. And even if we -- as Ben pointed out, office occupancy is less than 20%. Who heals. No. Who is bad man. Our suburban portfolio is essentially at pre-COVID occupancy now. Yes, Brad. Who has to go. Yes, Rich, Sean. And the reason I focus on it is I look at your weekly asking rent chart that looks like we're back to -- pretty close to back to pre-COVID levels.

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WebTim is Chairman of the Board, Chief Executive Officer and President and has been a director of AvalonBay since September 2005. He is a former Chairman of the National Association of Real Estate Investment Trusts (NAREIT). We'll now take a question from Austin Wurschmidt with KeyBanc. If you think of just sort of maybe even the kind of the headline FANG stock, as an example, they -- people have gotten called back to Google and Facebook and Apple and Amazon and Microsoft over at Redmond. Who steps up. That's actually not the case. The -- I mean if you look at sort of our portfolio income levels for our residents are down about 6% on a year-over-year basis. He is a former Chairman of Nareit, a member of The Real Estate Round Table, a member and past chairman of the Multifamily Council of the Urban Land Institute (ULI), and a member of the Real Estate Forum. Okay. Also importantly, our average asking rent has increased about 13% since the trough point last November and roughly 5% in just the past 4 weeks, which is quite strong and substantially more than historical seasonal norms. Great. We expect core FFO per share of $1.90. Turning to Slide 6. The company was founded by Gilbert M. Meyer in 1978 and is headquartered in Arlington, VA. Biden To Unleash "Choke Point" Operation On America? But just to follow up on the development question. TOLEDO, Ohio--(BUSINESS WIRE)--Dec. 18, 2013-- Health Care REIT, Inc. (NYSE:HCN) announced today that Timothy J. Naughton, Chairman, Chief Executive Officer (CEO) and President of AvalonBay Communities, Inc. (NYSE:AVB), has been named to its board of directors. I was wondering if you can talk through the decision to not issue full year guidance at this point. Who bows. We don't trend it. And in some ways, you may see the relationship between urban and suburban flip this coming cycle relative to what we saw in the last cycle where urban demand was stronger, but urban demand -- urban supply have more than offset that. I mean double-digit increases, substantial increases. As it relates to other markets beyond those, I mean, I think we've said before that we are looking at other markets. As of September 30, 2021, the Company owned or held a direct or indirect ownership interest in 293 apartment communities containing 87,416 apartment homes in 13 states and the District of Columbia, of which 17 communities were under development and one community was under redevelopment.

Is there any chance that they begin to normalize, while urban markets are inflecting? //%, AvalonBay Communities, Inc. Appoints Benjamin Schall as CEO and Timothy Naughton as Executive Chairman, https://www.businesswire.com/news/home/20211122006591/en/, District of Columbia Given the return to office is expected to extend through the fall, how do you think that might impact the usual seasonal leasing trends as this year plays out? We enthusiastically welcome Tim Naughton to Health Who fights for money. WebHow do I contact Timothy J. Naughton? He is also on the board of Jefferson Scholars Foundation and Park Hotels & Resorts, Inc. and Member of The Urban Land Institute, Member of National Multifamily Housing Council, Member of The Real Estate Roundtable and Member of Real Estate Forum. Maybe it's higher than it was 6 months ago as lumber has come up some, but there were some other trades costs which came down a little bit. Core FFO growth was down by over 18% in Q1. So you'll see a little bit of that start to trickle in, in the back half of the year, just depending on what happens in the overall regulatory environment. Slide 8 shows that despite the many challenges that faced our business over the last year, the lease-up portfolio is actually performing quite well, with average rents, costs and yields roughly in line with pro forma and is delivering meaningful value with yields well above prevailing cap rates. And lastly, as Ben mentioned in his remarks, we believe we are very well positioned over the next few years due to a number of factors, including our coastal market footprint, a portfolio that is heavily concentrated in urban and job center urban -- job center infill urban -- infill suburban markets, excuse me, the rising cost of homeownership, healthy performance and a ramp in our development pipeline, margin improvement in our stabilized portfolio due to innovation in the operating model and then lastly, a leadership position in ESG, where the investment we've made over the last several years is paying off in terms of OpEx savings and stakeholder engagement. So we're looking to buy. So could there be a little bit of pressure there? Tims prior roles included serving as the Companys President, Chief Operating Officer, Chief Investment Officer, and Regional Vice President - Development and Acquisitions. Is it just the smart access component for guests? Okay.

There's a number of orders that are right now set to expire in June, I think June 30. (exechange) Arlington, Virginia, December 10, 2020 Tim Naughton, chief executive of AvalonBay, leaves his post. AvalonBay said: Benjamin W. Schall has been appointed President of the Company and will join the Companys Board of Directors, effective as of a mutually agreeable date on or before February 1, 2021. So I mean, in Q1, we started to see pretty good lift. When we quote yields, we're quoting based on today's rents, today's cost. You get out 3 or 4 years from now, so I think I mentioned this in the last call, 2024, '25, I would not be surprised if you see urban more than -- urban outperforming the suburban markets. Click below to see how ULIs Knowledge Platform can help you. Who packs out. So it does not reflect the asking rent in each period, which was higher and something I'll address in a few slides. Who packs in. Who leaves. WebAvalonBay Communities's Executive Chairman of the Board is Timothy J. Naughton. So probably the key is the pressure on labor cost. Okay. Finally, as we look forward, we're excited to further advance AvalonBay's position as a recognized ESG leader among all REITs and within the multifamily sector as highlighted on Slide 19.

AvalonBay Communities can also be reached via phone at (703) 329-6300 and via email at [emailprotected] Learn More on Timothy J. Naughton's contact information. Learn More on AvalonBay Communities' active insiders. We're right there with you on the urban portfolio and the inflections that we're seeing, and we think they're very real. Who assists. We saw a meaningful improvement in like-term rent change during the quarter and continuing into April, with average like-term effective rent improved by 270 basis points versus the Q4 average and improved another 310 basis points above that in Q -- in April versus what we saw in Q1. So we still have a ways to go. Who is sorry. Starting on Slide 5. Who is hero.

(Tim) Naughton leaves his post as chief executive officer of the real estate investment trust after 10 years in the role, effective December 31, 2021. Occupancy has increased by more than 500 basis points from the 2020 low point, but we'll need to pick up another couple of hundred basis points to reach historical norms for stabilized occupancy. And so I think you probably have seen some deterioration of -- I don't know where to bracket, but somewhere between 25 and 50 basis points of yield erosion.

And many suburban submarkets are now at or above pre-COVID levels, while the early improvement we're seeing in urban submarkets should gain strength midyear and into the fall as workers return back to the office. You've been a very consistent seller of assets at attractive returns and economic gains over the last -- throughout your history. On a year-over-year basis, this past quarter, about 2/3 of the decline in same-store revenue was a result of lower effective rents driven by a combination of lower lease rents and higher concessions than we saw in Q1 of last year. But the good news is, if China invades Taiwan, there is a way to protect yourself. On June 19, 1865, US Army General Gordon Granger, along with federal troops, rode into Galveston, TX to read federal orders proclaiming all enslaved persons in the state of Texas were free, effectively ending slavery in the US, more than 200 years after it had begun, and more

If you look at this relative to our pre-COVID peak rent levels, our current average asking rent is only down about 70 basis points. Our largest segment at 40% of revenue is in what we've called out as other suburban to differentiate it from more densely populated job center suburban markets. WebTimothy Naughton Age : 60 Public asset : 22,403,794 USD Country of residence : Unknown Linked companies : AvalonBay Communities, Inc. - Park Hotels & Resorts Inc. He is a former Chairman of the National Association of Real Estate Investment Trusts (NAREIT). Who helps. CHANGE: $// | Our next question will be from Brad Heffern with RBC Capital Markets. We typically have a couple hundred million -- $200 million, $300 million sort of gains capacity in a typical year that we can absorb on the sales side. Then you probably have anywhere from $0.15 to $0.20 that is soft cost, whether that's architectural engineering fees, permits, capitalized interest, which has come down. With insurance, yes, which pushes those margins. Naughtons prior roles included serving as the Companys Chief Operating Officer, Chief Investment Officer, and Regional Vice President Development and Acquisitions. Over the past year, Ben and Tim have worked closely together to assure a smooth transition as AvalonBay moves into the next phase of its history.. Who has a say. Thank you, Anna. Who is confident. And how does that support the business going forward once we get to the other side of the pandemic.

Who is zero. Just given that we already have 1Q results and the operating trends that you've walked through, what held back that decision to institute 2021 guidance? The announcement of Tim Naughtons move comes up to 13 months prior to his planned departure from the post of CEO. Thank you to the Board for their trust and confidence, and to Tim for his continued guidance. As we look forward, we expect the breadth of our development experience, particularly in the suburbs, from denser wrap developments to garden communities, to townhome and direct entry homes, will allow us to shift capital and adjust our product offering to meet the evolving needs of our targeted customer segments. Housing, Equal Housing As a return to offices starts to gain real momentum this summer and leading up to Labor Day, we do expect a significant rebound in our urban portfolio as in prior cycles.

Who is a follower. Tim Naughtons duties as CEO will be taken over by Benjamin W. (Ben) Schall, currently Chief Executive Officer of Seritage Growth Properties. Deutsche Bank Securities ndert sein Rating und wechselt von Kaufen auf Neutral. The percentage of leases with the concession exceeded 50% last fall but has trended down to less than 25% for April. We expect that to be relatively constant.

As we anticipate a recharging economy, we are adjusting our capital allocation strategy to ramp up new development starts. Yes. Who accepts. With the economies reopening in some of these urban environments, in particular, and you have a lot of young adults that are moving back in who were back home or doubled up in some fashion, there's probably a pent-up demand element that the markets are experiencing right now. So the kind of growth that we've seen on a year-over-year basis in Q1, I would not expect that to be same level moving forward for the balance of the year. Your next question will be from Rich Anderson with SMBC. Who is at rest. Since joining AvalonBay in January 2021, Ben has become integrally involved across the organization and, externally, has established relationships with many of our key stakeholders and shareholders. Naughton has been with the Company and its predecessors since 1989. ARLINGTON, Va.--(BUSINESS WIRE)-- We'll take our next question from Rich Hightower with Evercore. Timothy J. Naughton Executive Chairman of the Board Kevin O'Shea Chief Financial Officer Benjamin W. Schall Chief Executive Officer and President Matthew H. Birenbaum Mr. Naughtons role as Executive Chairman in 2022 will be a half time role and will include serving as a member of the Companys Management Investment Committee, assisting the Company with the identification and evaluation of strategic initiatives and technology opportunities, and assisting with business development opportunities, particularly in the Companys expansion markets. This website uses cookies so that we can provide you with the best user experience possible. Timothy Naughton is 58, he's been the Chairman of the Board, President, and Chief Executive Officer of Avalonbay Communities since 2013. And then Ben will provide some thoughts as to why we believe we are positioned for outsized growth as the recovery and expansion take hold. And the month-to-date average April move-in rent is only 2.5% below the pre-COVID peak we achieved in March 2020. Nick, this is Kevin. But as you think about the urban portfolio, you and your peers have noted that rents are above, in many cases, pre-COVID levels. So you buy assets today, if you're funding a third-party developer that may be capital that goes out over the next 1 to 3 years.