avb avalon bay q2 2009 presentation
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Xfhbel Sucrtfr ?::0 VplctfXfhbel Sucrtfr ?::0 Vplctf
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@evfstbr Hbehfres; C^O
\m`s prfsfetct`be hbetc`es nbrwcrl-ibba`eg stctfdfets. \mfsf nbrwcrl-ibba`eg stctfdfets crfsuokfht tb r`sas cel uehfrtc`et`fs, `ehiul`eg, out ebt i`d`tfl tb, pbss`oif hmcegfs `e lfdcel nbrcpcrtdfet mbdfs, tmf fnnfhts bn fhbebd`h hbel`t`bes (`ehiul`eg `etfrfst rctfs), tmf `dpcht bnhbdpft`t`be cel hbdpft`t`vf pr`h`eg, lficy `e hbdpift`eg lfvfibpdfets cel ifcsf-ups be shmfluif,hmcegfs `e hbestruht`be hbsts, tmf rfsuits bn n`eceh`eg fnnbrts, tmf t`d`eg cel hibs`eg bn piceefll`spbs`t`bes uelfr cgrffdfet, tmf fnnfhts bn tmf hbdpceys chhbuet`eg pbi`h`fs cel btmfr dcttfrslftc`ifl `e tmf Hbdpceys n`i`egs w`tm tmf Xfhur`t`fs cel Fxhmcegf Hbdd`ss`be, `ehiul`eg tmfHbdpceys Ceeuci _fpbrt be Nbrd 3:-A nbr tmf n`shci yfcr felfl Lfhfdofr 83, ?::= uelfr tmfmfcl`eg Dcecgfdfets L`shuss`be cel Ceciys`s bn N`eceh`ci Hbel`t`be cel _fsuits bn Bpfrct`bes -Nbrwcrl-Ibba`eg Xtctfdfets cel fisfwmfrf `e tmct rfpbrt cel `e suosfqufet rfpbrts be Nbrd 3:-Scel Nbrd =-A. \mf Hbdpcey lbfs ebt uelfrtcaf c luty tb uplctf Nbrwcrl-Ibba`eg Xtctfdfets.
Nbrwcrl-Ibba`eg Xtctfdfets
Hbvfr Zmbtb; Cvcibe lfi _fy, Ibs Cegfifs, HC (hbdpiftfl `e ?::>)
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@evfstbr Hbehfres; C^O
Cgfelc
Cobut CvcibeOcy
Ous`efss Lr`vfrs & Bpfrct`bes
Lfvfibpdfet Bvfrv`fw
Hcp`tci Dcecgfdfet
Butibba cel Xuddcry
8
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@evfstbr Hbehfres; C^OCobut CvcibeOcy Hbddue`t`fs
COBV\ C^CIBEOCP
Cvcibe ct D`ss`be Ocy @@, Xce Nrceh`shb, HC (hbdpiftfl `e ?::>)
Dcecgf, lfvfibp cel chqu`rf quci`tycpcrtdfet hbddue`t`fs
Wfii-ibhctfl `e prfd`fr V.X. dcrafts
$=6: d`ii`be `e ceeuci rfvfeufs (3)
\btci dcraft hcp`tci`zct`be bn $=.> o`ii`be (?)
X&Z 6:: hbdpcey
%
:.0%HCG_
=.7%
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@evfstbr Hbehfres; C^OCgfelc
Cobut CvcibeOcy
Ous`efss Lr`vfrs & Bpfrct`bes
Lfvfibpdfet Bvfrv`fw
Hcp`tci Dcecgfdfet
Butibba cel Xuddcry
33
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@evfstbr Hbehfres; C^OHmciifegfs & Bppbrtue`t`fs
OVX@EFXX L_@^F_X & BZF_C\@BEX
Hmciifegfs nrbd c wfca fhbebdy;
Lffp, w`lfsprfcl kbo ibssfs
Lfhi`e`eg rfvfeuf cel EB@
^bict`if hrfl`t dcrafts 4 nbhus be i`qu`l`ty
Bppbrtue`t`fs nrbd ibegfr-tfrd nuelcdfetcis;
Ncvbrcoif lfdbgrcpm`h trfels `e ybuegfr cgf sfgdfets
Ncii`eg mbdfbwefrsm`p rctf hrfct`eg dbrf rfetfrs
N`eceh`eg hbestrc`ets i`d`t efw rfetci hbestruht`be
3?
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@evfstbr Hbehfres; C^OLfdbgrcpm`h \rfels Ncvbr _fet`eg
Xburhf; Hfesus Ourfcu, Ect`beci Duit`-Mbus`eg Hbueh`i prbkfht`bes
:.< d` ii `be
< d`i i`be
:
3,:::,:::
?,:::,:::
8,:::,:::
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@evfstbr Hbehfres; C^O
:.:%
6.:%
3:.:%
36.:%
?:.:%
?6.:%
8:.:%
%b
ndbvf-butstbmb
dfpurhmcsf
?::8
?::
?::7
?::=
?::0
Mbdfbwefrsm`p `s Ncii`eg
Xburhf; Hfesus Ourfcu, Hbdpcey _fpbrts
C 6: ocs`s pb`et
lfhrfcsf `e tmf V.X.mbdfbwefrsm`p rctftrcesictfs `etb 6::,:::cll`t`beci rfetfrmbusfmbils
Nfwfr C^O rfs`lfetscrf dbv`eg but tb ouyc mbdf
>:.:%
>3.:%
>?.:%
>8.:%
>6.:%
>>.:%
>7.:%
>=.:%
>0.:%
7:.:%
30=
3000
?::?
?::6
?::=
VXMbdfbwefrsm`p_ctf
?S:0 >7.
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@evfstbr Hbehfres; C^OIfss Xmclbw @evfetbry `e C^O Dcrafts
Lfn`efl cs cii uesbil mbus`eg evfetbry. Lctc ebt cvc`icoif nbr Nc`rn`fil Hbuety, H\. Xueofiit dcrafts; Zmbfe`x, Ics fgcs, Bricelb, \cdpc cel XF Nibr`lc.
Xburhf; Hfesus (_fetfr-Bhhup`fl Mbus`eg Ve`ts), Mbus eg\rchafr.eft (6/38/:0)
Vesbil _fs`lfet`ci @evfetbry cs % bn Hurrfet Cpcrtdfet @evfetbry
OVX@EFXX L_@^F_X & BZF_C\@BEX
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@evfstbr Hbehfres; C^O
0:%
0?%
0%
0=%
3000 ?::: ?::3 ?::? ?::8 ?::< ?::6 ?::> ?::7 ?::= ?::0
C^O Duit`ncd`iy Xfhtbr Cvfrcgf
M`gm Bhhupcehy Zictnbrd
Xburhf; XEI N`eceh`ci, Hbdpcey _fpbrts. Cs bn Kuef 8:, ?::0
Duit`ncd`iy Xfhtbr Wf`gmtfl Cvg.; C@ , O_F, HZ\, FS_, FXX, MDF, cel VL_
Bhhupcehy bn 06.6% nbr ?S:0
OVX@EFXX L_@^F_X & BZF_C\@BEX
3>
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@evfstbr Hbehfres; C^OCgfelc
Cobut CvcibeOcy
Ous`efss Lr`vfrs & Bpfrct`bes
Lfvfibpdfet Bvfrv`fw
Hcp`tci Dcecgfdfet
Butibba cel Xuddcry
3=
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@evfstbr Hbehfres; C^O_fluh`eg Lfvfibpdfet Xtcrts
$867$?=7
$3,?=:
$
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@evfstbr Hbehfres; C^O_fhfet Hbdpift`be
Cvcibe DfylfeocufrOfiifvuf, WC
?:
LF^FIBZDFE\ B^F_^@FW
Mbdfs; 8>=
Cvfrcgf _fet/Mbdf; $3,=?:
\btci Hcp`tci Hbst; $==.3 D
Hbdpift`be; S8 ?::=
Ibhctfl w`tm`e wcia`eg l`stcehf bndckbr fdpibyfrs (D`hrbsbnt, Fxpfl`ccel Pcmbb), smbpp`eg, l`e`eg celfetfrtc`edfet.
Hbetc`es c efw hbehfpt Xcnfwcygrbhfry stbrf cel Xtcrouhas be tmfgrbuel nibbr.
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@evfstbr Hbehfres; C^O
Cpcrtdfet Mbdfs; ?3>
Cvfrcgf _fet/Mbdf; $3,=66
\btci Hcp`tci Hbst; $
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@evfstbr Hbehfres; C^O_fhfet Hbdpift`be
??
LF^FIBZDFE\ B^F_^@FW
Cvcibe ct tmf M`egmcd Xm`pycrl
M`egmcd, DC
Cpcrtdfet Mbdfs; ?86
Cvfrcgf _fet/Mbdf; $3,=86
\btci Hcp`tci Hbst; $68.6D
Hbdpift`be; S3 ?::0
Ve`quf bhfce-s`lf ibhct`be sbutm bnlbwetbwe Obstbe.
C 86:-si`p dcr`ec cel hbddutfrnfrry tb Obstbe crf efcroy, w`tm fcsychhfss tb tmf efw Grffeousmhbddutfr rc`i.
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@evfstbr Hbehfres; C^OCgfelc
Cobut CvcibeOcy
Ous`efss Lr`vfrs & Bpfrct`bes
Lfvfibpdfet Bvfrv`fw
Hcp`tci Dcecgfdfet
Butibba cel Xuddcry
?8
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@evfstbr Hbehfres; C^O
Nuel @@ fqu ty
hbddtdfets, $3=: D
Hrfl t Nch i ty, $3?< D
Xfhurfl Lfot, $=8: D
Vesfhurfl Lfot, $88: DLspbs t`bes, $>6: D
Xfhurfl Lfot,
$77 D
Obbst`eg I`qu`l`ty Lfsp`tf ^bict`if Dcrafts
?
Ibwfr IfvfrcgfXbi`l Hbvfrcgf
Xburhf; Hbdpcey rfpbrts, XEI N`eceh`ci cs bn Kuef 8:, ?::0
Duit`ncd`iy Xfhtbr Wf`gmtfl Cvg.; C@^, O_F, HZ\, FS_, FXX, MDF, cel VL_
8.6x
?.8x
_fhFO@\LC/@et+Zrn
L`v(x)
3.:%
:.:%
?6.:%
6:.:%
76.:%
\btciLfot/\btciHcp`tci`zct`be
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@evfstbr Hbehfres; C^O
-36.:%
-6.:%
6.:%
36.:%
?6.:%
86.:%
6.:%
76.:%
3000 ?::: ?::3 ?::? ?::8 ?::< ?::6 ?::> ?::7 ?::= ?::0 (F)
%h
mcegf
C^O Duti`ncd`iy Xfhtbr Wf`gmtfl Cvg.
HCZ@\CI DCECGFDFE\
?7
Ibeg-\frd L`v`lfel Grbwtm
@ehrfcsf `e C^O l`v`lfel bvfr tmf pcst 3: yfcrs `s 7:% hbdpcrfl tb c lfhi`ef bn 7% nbr bur pffr grbup Xtrbeg l`v`lfel hbvfrcgf; bur hcsm l`v`lfel mcs ciwcys offe pc`l nrbd rfhurr`eg hcsm nibw
Xburhf; Hbdpcey _fpbrts, XEI N`eceh`ci. @ehiulfs l`v`lfels cs lfhicrfl nbr fchm qucrtfr bn tmf tfe yfcrs prfsfetfl.?::0(F) ocsfl be ?S:0 cel 8S:0 L`v`lfel lfhicrct`be.Duit`ncd`iy sfhtbr pffr grbup (wf`gmtfl cvfrcgf).; C@^, O_F, HZ\, FS_, FXX, MDF, cel VL_
@e 3000, CvcibeOcy's
l`v`lfel pfr smcrf wcs$?.:>
@e ?::0 CvcibeOcy'sceeuci`zfl l`v`lfel pfrsmcrf `s fxpfhtfl tb of$8.67
-7%
7:%
}
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@evfstbr Hbehfres; C^OCgfelc
Cobut CvcibeOcy
Ous`efss Lr`vfrs & Bpfrct`bes
Lfvfibpdfet Bvfrv`fw
Hcp`tci Dcecgfdfet
Xuddcry
?=
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@evfstbr Hbehfres; C^OXuddcry; Wmy Cpcrtdfets2
Cvcibe Wcrefr Zichf, Hcebgc Zcra,, HC (hbdpiftfl `e ?::=)
XVDDC_P
?0
Xburhf; EH_F@N. Ct Kuef 8:, ?::0
-3.>%
7.8%
-=.?%
6.=%6..3%
-?.?%
-3:%
-=%
->%
-
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@evfstbr Hbehfres; C^OXuddcry; Wmy CvcibeOcy2
Zrfd`fr cpcrtdfet dcrafts
Wfii-ibhctfl, m`gm-quci`ty pbrtnbi`b
N`eceh`ci strfegtm cel nifx`o`i`ty
Hyhif-sfcsbefl dcecgfdfet tfcd
Ibeg-tfrd butpfrnbrdcehf
Cvcibe Lfi _fy, Ibs Cegfifs, HC (hbdpiftfl `e ?::>)
XVDDC_P
8:
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