Latest news with #SeanBreslin
Yahoo
6 days ago
- Climate
- Yahoo
Live Updates: Weather Tidbits, August 13
Tropical Storm Erin could strengthen into a hurricane by this weekend and its forecast path has shifted slightly this morning. We have the latest for you here, but there are plenty of other weather headlines to cover right here in the United States and beyond this Wednesday: (10:02 a.m. EDT) Farewell To A Legend From managing editor Sean Breslin and the entire team: We would be remiss if we didn't close out today's live blog by honoring one of our own. Today is senior digital meteorologist Chris Dolce's final day at after a tremendous 24-year run. We wish him nothing but the best at his next stop! To honor his incredible 24 years with the company, here's a look at a map from June 2001, the month he started as an intern: (09:50 a.m. EDT) 3 Deaths Confirmed In Chattanooga Flooding At least three people died in Tuesday evening's flash floods during historic rainfall in Chattanooga, Tennessee. Hamilton County Office Of Emergency Management confirmed that a mother, father and a child died when a large tree fell on a car in the suburb of East Ridge. The Associated Press reports that county officials will tour the damage in the area this morning. (09:43 a.m. EDT) Beauty Amid Wildfire Destruction Photographer Sigma Sreedharan shared a gorgeous photo of a glowing red and orange sunset over the Puget Sound on Tuesday evening. The stunning colors are intensified by the smoke from wildfires in Washington state. Several large fires are currently burning there, but how and why does the smoke create these kinds of eye-catching sunsets and sunrises? We have answers for you here. (09:30 a.m. EDT) Ground Stop At Dallas-Ft. Worth International Airport Thunderstorms caused a ground stop at the Dallas-Fort Worth International Airport within the last 30 minutes. The FAA also reported gate hold and taxi delays on departing flights as long as 29 minutes. Arrival delays clocked in around 15 minutes. Meteorologist Tiffany Savona says, 'Showers and storms continue to impact the DFW area with the heaviest rain just south of the metroplex. 2 to 3.5 inches of rain has already fallen prompting flash flood warnings.' (09:17 a.m. EDT) Distant Hurricanes Can Still Pose A Danger From senior meteorologist Chris Dolce: Erin will most likely steer clear of the U.S. East Coast next week as it turns north and then northeast, potentially threatening Bermuda. That said, beachgoers from Florida to the Northeast region will still need to be alert since high surf generated by the future hurricane will contribute to a dangerous rip current threat next week. Past history has shown how distant hurricanes can contribute to rip current deaths on the East Coast, so make sure you heed warnings if headed to the beach next week. (09:01 a.m. EDT) Storms, Flooding Expected In Northeast Today From managing editor Sean Breslin: Could some of the nation's biggest metros experience strong storms this afternoon? That's what we'll be watching for along the Interstate 95 corridor. Cities like New York City, Philadelphia and even Boston could see powerful storms, so be sure to check the forecast for the latest timing before you plan your evening commute. (08:45 a.m. EDT) Record Flooding Expected From 'Glacial Outburst' Near Juneau, Alaska From meteorologist Jennifer Gray: Several schools are closed and residents have been urged to evacuate ahead of record flooding expected due to rainwater and snowmelt flooding downstream from the Mendenhall Glacier. Peak flooding is expected between 8 a.m. and noon local time (noon to 4 p.m. EDT) today. Juneau has experienced record flooding in recent years, but this event could break a record yet again. You can read more about this story here. (08:29 a.m. EDT) Pope's General Audience Moved Indoors Due To Heat Wave From senior writer Chris DeWeese: As high temperatures continue to impact much of southern Europe today, the Pope's weekly General Audience was moved indoors. Pope Leo typically holds this weekly event, which is a reflection on a piece of religious scripture, in St. Peter's Square, but it was held in the Paul VI Hall instead. Temperatures in Rome have already hit 102 degrees today. (08:13 a.m. EDT) Typhoon Podul Makes Landfall In Taiwan Schools and government offices were closed today as Typhoon Podul crossed southern Taiwan. The storm made landfall shortly after noon local time but no major damage was reported. One person was reported missing as the storm moved back out to sea and headed toward China. (08:00 a.m. EDT) Second-Wettest Day In Chattanooga Causes Flash Flood Chaos Schools are closed across Hamilton County, Tennessee, today after flash floods swamped the Chattanooga area. More than 6 inches of rain fell Tuesday evening and dozens of people had to be rescued from their vehicles and homes. Part of Interstate 24 that was shut down due to flooding and floating cars was reopened Wednesday.
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.
