Latest news with #AVB
Yahoo
23-05-2025
- Yahoo
Fentanyl suspect rams Akron police cruisers in attempt to escape arrest
AKRON, Ohio (WJW) — A man is in custody after attempting to flee from detectives earlier this week, the Akron Police Department reported. Anti-Violence Bureau (AVB) detectives were executing a search warrant at the 2000 block of Triplett Avenue Wednesday, when the suspect Lorenzo Leatherwood Jr. attempted to flee by getting into a vehicle and 'intentionally rammed multiple cruisers,' according to police. Man wanted in Akron lounge shooting that injured 2 Detectives reported that Leatherwood 'resisted arrest' after his vehicle came to a stop, but that he was eventually taken into custody. Police did not say if Leatherwood suffered any injuries. Once inside the residence, the AVB found at least 200 grams of fentanyl and a firearm. Leatherwood is charged with the following, according to police, with potential for more: Felonious Assault (7 Counts) Resisting Arrest Willful Flee Having Weapons While Under Disability Trafficking in Drugs Probation Violation 'The significant amount of fentanyl seized during this arrest most likely saved our communityfrom suffering through a long string of overdoses,' Lieutenant Michael Murphy said in a statement. E. coli levels predicted to be high at 2 Lake Erie beaches Anyone who may know more about this case is asked to reach out to detectives at 330-375-2490 or call Summit County Crimestoppers at 330-434-COPS. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
02-05-2025
- Business
- Yahoo
AvalonBay Communities Inc (AVB) Q1 2025 Earnings Call Highlights: Strong Core FFO Growth and ...
Core FFO Growth: 4.8% in Q1 relative to last year, exceeding prior Q1 guidance by $0.03. Development Projects: $3 billion of projects underway, match-funded with attractively priced capital. Equity Raised: $890 million of equity raised on a forward basis at an average gross price of $226 per share. Occupancy: April occupancy roughly 30 basis points above the same time last year. Same-Store Revenue: Slightly ahead of plan due to modestly higher occupancy. Year-to-Date Average Asking Rent Increase: Roughly 5%, led by San Francisco with gains of approximately 7%. Liquidity: $2.8 billion of liquidity, supported by recent financing transactions. Unsecured Delayed Draw Term Loan: $450 million hedged to an effective fixed interest rate of 4.5%. Commercial Paper Program: Expanded to $1 billion, backed by a secured credit facility of $2.5 billion. Warning! GuruFocus has detected 5 Warning Sign with AVB. Release Date: May 01, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. AvalonBay Communities Inc (NYSE:AVB) reported strong core FFO growth of 4.8% in Q1 2025, exceeding prior guidance by $0.03. The company has a robust development pipeline with $3 billion in projects underway, expected to drive significant earnings growth as they lease up. AvalonBay's balance sheet and liquidity position are strong, with $2.8 billion in liquidity and $890 million in undrawn equity capital. The company is benefiting from strong occupancy rates and limited new deliveries in established regions, supporting healthy pricing power. AvalonBay has successfully raised $890 million of equity at an attractive price, which will be deployed into accretive development opportunities. The company is experiencing operating softness in its expansion regions due to high levels of new deliveries, impacting market occupancies. Renewal rate growth has moderated and is lower than in previous years, indicating potential challenges in achieving higher rent increases. The Los Angeles market is underperforming due to weak job growth, particularly in the entertainment sector, affecting rent growth. There is uncertainty in the job market, with residents expressing concerns about job security, which could impact leasing decisions. The company faces potential cost increases due to tariffs, which could raise total project costs by about 3% to 4%. Q: Your like-term effective rent growth has been lower than last year. Is this due to leaning into occupancy more or recent economic disruptions? A: Sean Breslin, COO: We're generally tracking to plan regarding rent change. The performance in Q1 was due to slightly higher occupancy. Last year, we had an earlier acceleration of occupancy, which allowed us to hit harder on rates earlier in the year. Q: You've outlined a plan to grow your expansion markets to 25% of your portfolio. Could economic or policy changes alter this plan? A: Benjamin Schall, CEO: Most of our movement towards the 25% target in expansion regions has been through trading. The capital markets environment is somewhat agnostic to this. If transaction markets dry up, it might slow us down, but if they remain active, we'll continue to pursue our goal. Q: What factors will you monitor closely for projected development starts? A: Matthew Birenbaum, CIO: Each project updates its pro forma for construction start. We monitor costs, NOI, and transaction market conditions. Currently, costs are lower than expected, which is positive. Changes in rents or transaction markets could impact our decisions. Q: How does the development pipeline impact FFO in 2025 versus 2024, and how will it be a tailwind in 2026? A: Kevin O'Shea, CFO: In 2025, we expect 2,300 homes to be occupied, compared to 2,600 in 2024, leading to less development NOI. However, in 2026, we anticipate a tailwind with 2,800 homes expected to be occupied, increasing development NOI. Q: Are you seeing outperformance in suburban assets versus urban ones, and how does this affect your target allocations? A: Sean Breslin, COO: Year-over-year revenue growth favors suburban assets, but near-term rent change is more balanced due to improvements in urban areas like San Francisco. Matthew Birenbaum, CIO: We still favor suburban areas due to long-term supply dynamics and demographic factors. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
Yahoo
30-04-2025
- Business
- Yahoo
Seeking Clues to AvalonBay (AVB) Q1 Earnings? A Peek Into Wall Street Projections for Key Metrics
Wall Street analysts expect AvalonBay Communities (AVB) to post quarterly earnings of $2.80 per share in its upcoming report, which indicates a year-over-year increase of 3.7%. Revenues are expected to be $747.26 million, up 4.8% from the year-ago quarter. Over the last 30 days, there has been a downward revision of 0.3% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe. Prior to a company's earnings release, it is of utmost importance to factor in any revisions made to the earnings projections. These revisions serve as a critical gauge for predicting potential investor behaviors with respect to the stock. Empirical studies consistently reveal a strong link between trends in earnings estimate revisions and the short-term price performance of a stock. While investors typically use consensus earnings and revenue estimates as indicators of quarterly business performance, exploring analysts' projections for specific key metrics can offer valuable insights. That said, let's delve into the average estimates of some AvalonBay metrics that Wall Street analysts commonly model and monitor. According to the collective judgment of analysts, 'Revenue- Rental and other income' should come in at $744.31 million. The estimate points to a change of +4.7% from the year-ago quarter. Based on the collective assessment of analysts, 'Same Store Economic Occupancy' should arrive at 95.8%. Compared to the present estimate, the company reported 95.9% in the same quarter last year. It is projected by analysts that the 'Depreciation expense' will reach $217.35 million. Compared to the current estimate, the company reported $212.27 million in the same quarter of the previous all Key Company Metrics for AvalonBay here>>>AvalonBay shares have witnessed a change of -3.2% in the past month, in contrast to the Zacks S&P 500 composite's -0.8% move. With a Zacks Rank #3 (Hold), AVB is expected closely follow the overall market performance in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report AvalonBay Communities, Inc. (AVB) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
