AvalonBay Communities, Inc.

Good morning, ladies and gentlemen, and welcome to the Avalon Bay Community's third quarter 2019 earnings conference call. At this time, all participants are in a listen-only mode. Following remarks by the company, we will conduct a question-and-answer session. You may enter the question-and-answer queue at any time during this call by pressing the star key followed by the digit 1. If your question has been answered or you wish to remove yourself from the queue, press star 2. And if you're using a speakerphone, please lift the handset before asking your question. And we ask that you refrain from typing and have your cell phones turned off during the question and answer session. Your host for today's conference call is Mr. Jason Riley, Vice President of Investor Relations. Mr. Riley, you may begin your conference.

Thank you, Vicki, and welcome to Avalon Bay Community's third quarter 2019 earnings conference call. Before we begin, please note that forward-looking statements may be made during this discussion. There are a variety of risks and uncertainties associated with forward-looking statements, and actual results may differ materially. The discussion of these risks and uncertainties in yesterday afternoon's press release, as well as in the company's Form 10-K and Form 10-Q, filed with the SEC. As usual, this press release does include an attachment with definitions and reconciliations of non-GAAP financial measures and other terms, which may be used in today's discussion. The attachment is also available on our website at www.avalonbay.com forward slash earnings. and we encourage you to refer to this information during the review of our operating results and financial performance. And with that, I'll turn the call over to Ted Naughton, Chairman and CEO of AdWords and Communities, for his remarks.

Thanks, Jason, and welcome to our Q3 call. With me today are Kevin O'Shea, Sean Breslin, and Matt Bierenbaum. Sean, Matt, and I will provide brief commentary on the slides that we posted last night, and all of this will be available for Q&A afterwards. Our comments this morning will focus on providing a summary of Q3 and year-to-date results, an update on operations, including some areas of innovation in the operating platform, and then lastly, a review of the development portfolio. Starting now on slide four, highlights for the quarter include core FFO growth of just over 2.5% for the quarter and 3.3% year-to-date, Same-store revenue growth in Q3 came in at 2.7% or 2.9%, including redevelopment, with most regions clustered in the 2.5% to 3% range. Year-to-date same-store revenue growth stands at 3.1% or 3.2%, including redevelopment. We completed a $90 million community in Seattle this quarter at an initial yield of just over 6%. at $335 million so far this year at an average yield of 6.3. We purchased two communities, totaling $135 million in the quarter, including our third community so far in southeast Florida, where we also have one development underway. We sold four communities in Q3, totaling $260 million, including the last two assets in Texas that were acquired as part of the ArchSend transaction. Lastly, in late September, we entered into a forward contract with $200 million of equity, which will be settled over the next year and will help fund the remaining cost to complete the development currently under construction. With that, now I'll turn it over to Sean to discuss operations.