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Sept. 12-14, 2018

Coliving Sandy Albert, Common Living Inc. Chris Bledsoe, Ollie Sean Clark, AvalonBay Communities
Coliving
Sandy Albert, Common Living Inc.
Chris Bledsoe, Ollie
Sean Clark, AvalonBay Communities
Speakers Sandy Albert Director, Real Estate, Common Living Inc. Chris Bledsoe CEO & Co-founder, Ollie
Speakers
Sandy Albert
Director, Real Estate,
Common Living Inc.
Chris Bledsoe
CEO & Co-founder, Ollie
Sean Clark
Senior Vice President,
AvalonBay Communities

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Sept. 12-14, 2018

Chris Bledsoe Ollie chris@ollie.co
Chris Bledsoe
Ollie
chris@ollie.co

Humanization of Housing

Self Actualization: Self-fulfilling Needs achieving one’s full potential, including creative activities The Future
Self
Actualization:
Self-fulfilling Needs
achieving one’s full
potential, including
creative activities
The Future
Esteem needs:
prestige and feeling of accomplishment
Belongingness and love needs:
intimate relationships, friends
Safety needs:
security and safety
Physiological needs:
food, water, shelter, rest

Psychological Needs

Existing Housing

Basic Needs

© 2018 Ollie

Confidential. Not for distribution.

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Sept. 12-14, 2018

The Big idea is actually small 500 sqft 300 sqft
The Big idea is actually small
500 sqft
300 sqft
…and shared
…and shared

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Sept. 12-14, 2018

Our high-end design
Our high-end design
Our robust amenities
Our robust amenities

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Sept. 12-14, 2018

Our emphasis on micro-housing
Our emphasis on micro-housing
Our complete tech-enabled coliving ecosystem Bedvetter Ollie Social Ollie Box Shop
Our complete tech-enabled coliving ecosystem
Bedvetter
Ollie Social
Ollie Box Shop

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Sept. 12-14, 2018

scale of projects in our pipeline
scale of projects in our pipeline
Design Ethos Confidential. Not for distribution. © 2018 Ollie
Design Ethos
Confidential. Not for distribution.
© 2018 Ollie

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Sept. 12-14, 2018

Design Ethos Confidential. Not for distribution. © 2018 Ollie
Design Ethos
Confidential. Not for distribution.
© 2018 Ollie
Design Ethos Confidential. Not for distribution. © 2018 Ollie
Design Ethos
Confidential. Not for distribution.
© 2018 Ollie

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Sept. 12-14, 2018

Sandy Albert Common Living Inc. sandy.albert@common.com (917) 965 4399 common.com
Sandy Albert
Common Living Inc.
sandy.albert@common.com
(917) 965 4399
common.com
FlexOffice 2018 Sept. 12-14, 2018 Sandy Albert Common Living Inc. sandy.albert@common.com (917) 965 4399 common.com 8

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Sept. 12-14, 2018

Common Living, Inc. Common is a technology- and community-focused residential operator working with RE partners
Common Living, Inc.
Common is a technology- and community-focused residential
operator working with RE partners to better serve the immense
demand for how people live today.
Using our signature approach to perfecting the modern rental
experience, Common designs and operates coliving and
traditional apartments in New York City, Chicago, San
Francisco, Seattle and Washington, D.C.
Common relies on its proprietary technology, beautifully
designed spaces, and superior tenant-facing services to
fundamentally improve the residential rental experience for its
nationwide member network.

Today’s Renter Is Different

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Sept. 12-14, 2018

An Enormous Demographic Comes of Age Millennials have entered their prime spending years and will
An Enormous Demographic Comes of Age
Millennials have entered their prime spending years and will reshape how companies and entire industries, including real estate,
do business. Millennials are the largest generation in US history and have come of age in a time of rapid technological
change, globalization and economic disruption.
Millennials
Generation X
Baby Boomers
92 million
61 million
72 million
A Different Kind of Renter Educated, But Drowning in Debt Millennials are on track to
A Different Kind of Renter
Educated, But Drowning in Debt
Millennials are on track to be our most educated generation ever; however,
lower employment levels and record levels of student debt have left younger
Millennials with less money than previous generations. Almost 40% of those
under 30 have outstanding student loans.
Putting Off Major Life Decisions
With less to spend, Millennials are putting off commitments like home
ownership and parenthood. Compared to their grandparents, Millennials
are less than half as likely to be married and living in their own
household. With less pressure, they have more flexibility in moving and
job selection.
% of 18-31 year olds married and living in their own
household

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Sept. 12-14, 2018

Marriage can wait Millennials are delaying marriage and buying fewer homes than ever before. In
Marriage can wait
Millennials are delaying marriage and buying fewer homes than ever before. In 1960, the
average groom was 23 years old and the average bride just over 20 years old. Today, the
average age of marriage is just shy of 30 years old.
% of 18-31 year olds married and living in their own household
Source: Pew Research Center
Flexibility and work/life balance It is now the norm for Millennials to switch jobs four
Flexibility and work/life
balance
It is now the norm for Millennials to switch jobs four
times in their first decade out of college; nearly
double the number of job changes of the previous
generation.

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Increasingly independent, and access over ownership. More than 3 in 4 millennials (78%) would choose
Increasingly
independent, and
access over
ownership.
More than 3 in 4 millennials (78%) would choose to
spend money on an experience or event over
buying something, according to Forbes. They prefer
to be involved in their communities rather than
paying for the privacy of ownership.
40% Movement of 18-29 year olds from cities to suburbs has declined by 40% in
40%
Movement of 18-29 year olds from cities to suburbs
has declined by 40% in the past 20 years. Young
people are staying in cities longer.
A changing housing landscape

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Sept. 12-14, 2018

NYC household composition Source: The Real Deal, From 2005 to 2015, the number of individuals
NYC household composition
Source: The Real Deal,
From 2005 to 2015, the number of individuals living with roommates increased by more than
20%. Here’s the current breakdown:
Roommates aren't just for millennials
60%
71%
64%
26%
22%
14%
11%
8%
8%
5%
3%
5%
Family
Shared
Alone
Other
Family
Shared
Alone
Other
Family
Shared
Alone
Other
Age 18-35
Age 36-55
Age 55+
From 2000-2010, rents increased by 12% nationally, but median income fell by 7% Source: 1960-2000
From 2000-2010, rents increased by 12%
nationally, but median income fell by 7%
Source: 1960-2000 Decennial Censuses and 2010-2014 American Community Surveys
170%
160%
150%
140%
130%
120%
110%
100%
1960
1960
1970
1980
1990
2000
2010
Real household income
Real median rent

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Sept. 12-14, 2018

FlexOffice 2018 Sept. 12-14, 2018 Convenience, Community, and Affordability 14

Convenience, Community, and Affordability

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Sept. 12-14, 2018

Powered

by Technology

Convenience for Members Renting in a Common home allows tenants to skip the bother and
Convenience for Members
Renting in a Common home allows tenants to skip the
bother and headache associated with setting up a home.
Common suites come fully furnished, and rent includes:
● Biweekly housekeeping
● All utilities and high-speed wifi
● Shared goods, such as paper towels and dish soap
● In-unit or in-building washer/dryers
● Invitations to curated community events
Common also offers additional products such as renters’
insurance, security deposit guarantees and even bed linens
for additional cost.

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Sept. 12-14, 2018

Focus on Community When it comes to community, we know what works and, more importantly,
Focus on Community
When it comes to community, we know what works and,
more importantly, what doesn’t. Through our operating
experiences, we found that residents want community that is
organic and spontaneous rather than top-down activities that
can feel contrived and manufactured.
Common cultivates community through:
● Purposefully designed shared physical spaces to
encourage spontaneous gathering
● Member-led and -organized events promoted through
Common’s proprietary app
● Regularly scheduled city-wide events to expand and
develop broader member networks
Technology Forward Common has built proprietary technology and re-thought how technology can be weaved throughout
Technology Forward
Common has built proprietary technology and re-thought how
technology can be weaved throughout the entire lifecycle of a
Common member, with:
● Building brand awareness through digital advertising and
robust social media presence
● Touring homes online and through virtual reality
● Signing and accessing leases digitally
● Installing digital door locks with smartphone interface
● Member communication channels to Common through email,
text or phone
● Integration with the Common community through proprietary
mobile app

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Sept. 12-14, 2018

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FlexOffice 2018 Sept. 12-14, 2018 17

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We are the industry leader in coliving design and operations The Common brand is recognized
We are the industry
leader in coliving design
and operations
The Common brand is recognized globally and our homes enjoy low
vacancy rates.
Through thoughtful design, we are able to create high-density homes
that enhance the advantages of shared living while eliminating the
pain points.
Everything is calibrated: we know how many rooms should fit into a
home and how much fridge space a member needs.
Common
Common

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Sept. 12-14, 2018

Common
Common
Common
FlexOffice 2018 Sept. 12-14, 2018 Common 19

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Sept. 12-14, 2018

Sean Clark AvalonBay Communities sean_clark@avalonbay.com
Sean Clark
AvalonBay Communities
sean_clark@avalonbay.com
ABOUT AVALONBAY 16 Avalon Brooklyn Bay Brooklyn, NY
ABOUT
AVALONBAY
16
Avalon Brooklyn Bay
Brooklyn, NY

FlexOffice 2018

Sept. 12-14, 2018

About AvalonBay AVALONBAY AT A GLANCE $31B 287 20 $2.8B TOTAL ENTERPRISE VALUE APARTMENT COMMUNITIES
About AvalonBay
AVALONBAY AT A GLANCE
$31B
287
20 $2.8B
TOTAL ENTERPRISE VALUE
APARTMENT COMMUNITIES
U.S. MARKETS
UNDER CONSTRUCTION
13.2%
5.3%
ANNUALIZED TOTAL SHAREHOLDER
RETURN SINCE IPO
ANNUALIZED DIVIDEND GROWTH
SINCE IPO
AVALONBAY IS AN EQUITY REIT IN THE BUSINESS OF DEVELOPING, REDEVELOPING, ACQUIRING, AND MANAGING
APARTMENT COMMUNITIES IN LEADING METROPOLITAN AREAS PRIMARILY IN NEW ENGLAND, THE NEW YORK /
NEW JERSEY METRO AREA, THE MID‐ATLANTIC, THE PACIFIC NORTHWEST, AND NORTHERN AND SOUTHERN
CALIFORNIA
S&P 500 COMPANY
Source: Company reports.
Data as of June 30, 2018.
Initial public offering (IPO), November 11, 1993.
Total shareholder return calculated as the change in the value over the period stated with all dividends reinvested. Dividend growth includes AVN & BYA dividends prior to merger.
About AvalonBay SOURCES OF ALPHA U.S. APARTMENT MARKETS MARKET SELECTION (COASTAL; HIGH COST OF HOMEOWNERSHIP)
About AvalonBay
SOURCES OF ALPHA
U.S. APARTMENT MARKETS
MARKET SELECTION
(COASTAL; HIGH COST OF HOMEOWNERSHIP)
OPERATING PLATFORM
(SCALE; TECHNOLOGY)
GROWTH PLATFORMS
(ACQUISITIONS; DEVELOPMENT; REDEVELOPMENT)
PORTFOLIO MANAGEMENT
(MARKET; SUBMARKET; BRAND ALLOCATION)
CAPITAL MANAGEMENT
(SOURCING; BALANCE SHEET MANAGEMENT)
TOTAL INVESTMENT RETURN
Conceptual presentation. Not presented to scale.

FlexOffice 2018

Sept. 12-14, 2018

About AvalonBay STRONG DIVIDEND GROWTH TRACK RECORD About AvalonBay ANNUAL COMMON DIVIDENDS PAID PER SHARE
About AvalonBay
STRONG DIVIDEND GROWTH TRACK RECORD
About AvalonBay
ANNUAL COMMON DIVIDENDS PAID PER SHARE
STRONG DIVIDEND GROWTH TRACK RECORD
INDEXED TO 100 IN 1994
400
ANNUAL COMMON DIVIDENDS PAID PER SHARE
INDEXED TO 100 IN 1994

400
300

300
24 YEAR CAGR= 5.3%
24 YEAR CAGR= 5.3%
200
200
100
100
1994
1996
1998
2000
2002
2004
2006
2008
2010
2012
2014
2016
2018
Source: Company reports.
1994
1996
1998
2000
2002
2004
2006
2008
2010
2012
2014 2016
2018
19
Source: Company reports.
About AvalonBay OPERATING A HIGH‐QUALITY, DIVERSE PORTFOLIO GARDEN MID-RISE HIGH-RISE AVALON HUNTINGTON STATION
About AvalonBay
OPERATING A HIGH‐QUALITY, DIVERSE PORTFOLIO
GARDEN
MID-RISE
HIGH-RISE
AVALON HUNTINGTON STATION
AVA WHEATON
AVALON NORTH STATION
HUNTINGTON STATION, NY
SILVER SPRING, MD
BOSTON, MA
EAVES RANCHO PENASQUITOS
AVALON WEST HOLLYWOOD
AVA 55 NINTH
SAN DIEGO, CA
HOLLYWOOD, CA
SAN FRANCSICO, CA
The Company defines urban submarkets as those with more than 3,500 households per square mile; all other submarkets are considered suburban.
AVERAGE COMMUNITY AGE = 19 YEARS
20
URBAN | SUBURBAN MIX = 36% | 64%

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GROWTH STRATEGY 27 Avalon North Station Boston, MA
GROWTH STRATEGY
27
Avalon North Station
Boston, MA
Growth Strategy MULTIPLE GROWTH PLATFORMS DEVELOPMENT ACQUISITIONS | DISPOSITIONS Growing the portfolio Shaping the
Growth Strategy
MULTIPLE GROWTH PLATFORMS
DEVELOPMENT
ACQUISITIONS | DISPOSITIONS
Growing the portfolio
Shaping the portfolio
REDEVELOPMENT
MERGERS & ACQUISITIONS
Positioning the portfolio
Transforming the portfolio

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Growth Strategy DEVELOPMENT HAS PROVIDED CONSISTENTLY PROFITABLE EXTERNAL GROWTH FOR AVB… AVB DEVELOPMENT YIELDS AND
Growth Strategy
DEVELOPMENT HAS PROVIDED CONSISTENTLY PROFITABLE EXTERNAL
GROWTH FOR AVB…
AVB DEVELOPMENT YIELDS AND TRANSACTION CAPITALIZATION RATES
1999 – 2017
12%
8%
4%
1999
2001
2003
2005
2007
2009
2011
2013
2015
2017
AVB DEVELOPMENT COMPLETION YIELD
AVB WEIGHTED AVERAGE DISPOSITION CAPITALIZATION RATE (1999 ‐ 2010) |
ESTIMATED DEVELOPMENT COMPLETION MARKET CAPITALIZATION RATE (2011 ‐ 2017)
Source: Company reports.
Growth Strategy …AND WILL CONTINUE TO BE A PRIMARY DRIVER OF GROWTH DEVELOPMENT STARTS 2018
Growth Strategy
…AND WILL CONTINUE TO BE A PRIMARY DRIVER OF GROWTH
DEVELOPMENT STARTS
2018 PROJECTED
DEVELOPMENT ACTIVITY UNDERWAY
2
AS A % OF TOTAL ENTERPRISE VALUE
1
5
25%
'05
'07 '09 '11 '13
'15 '17
4
20%
3
15%
2
10%
1
5%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
PROJECTED (1)
DEVELOPMENT VOLUME UNDERWAY AT YEAR‐END
% OF TOTAL ENTERPRISE VALUE (RIGHT AXIS)
Source: Company reports.
Projection as of June 30, 2018.
(1) Assumes Total Enterprise Value as of June 30, 2018.
$ BILLIONS
$ BILLIONS

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PORTFOLIO MANAGEMENT 34 Avalon West Hollywood West Hollywood, CA
PORTFOLIO
MANAGEMENT
34
Avalon West Hollywood
West Hollywood, CA
Portfolio Management 25+ YEAR FOCUS ON ATTRACTIVE COASTAL MARKETS PACIFIC NORTHWEST 6% OF NOI 21
Portfolio Management
25+ YEAR FOCUS ON ATTRACTIVE COASTAL MARKETS
PACIFIC NORTHWEST
6% OF NOI
21 COMMUNITIES
5,583 HOMES
NEW ENGLAND
14% OF NOI
52 COMMUNITIES
12,879 HOMES
NORTHERN CALIFORNIA
20% OF NOI
44 COMMUNITIES
13,037 HOMES
METRO NY/NJ
COMMUNITIES
287
HOMES
84,043
23% OF NOI
59 COMMUNITIES
16,759 HOMES
MARKETS
20
MID‐ATLANTIC
Q2 2018 SAME‐STORE
OPERATING MARGIN
71%
SOUTHERN CALIFORNIA
21% OF NOI
62 COMMUNITIES
18,208 HOMES
16% OF NOI
43 COMMUNITIES
15,591 HOMES
Source: Company reports.
Data as of June 30, 2018.
% of NOI represents each region’s % of total NOI for Q2 2018, including amounts related to communities that have been sold or that are classified as held for sale.
Map excludes 1,636 apartment homes in Denver and Southeast FL and non‐core markets.
Operating margin defined as same‐store NOI divided by same‐store revenue as reported by S&P Global.

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Sept. 12-14, 2018

Portfolio Management EXPANSION MARKETS ENHANCE PORTFOLIO DIVERSIFICATION 6% PACIFIC NORTHWEST 7% NEW ENGLAND 14%
Portfolio Management
EXPANSION MARKETS ENHANCE PORTFOLIO DIVERSIFICATION
6%
PACIFIC
NORTHWEST
7%
NEW
ENGLAND
14%
23%
12%
20%
NORTHERN
20%
CALIFORNIA
16%
16%
DENVER
5%
METRO NY/NJ
15%
MID‐ATLANTIC
21%
20%
SOUTHERN
CALIFORNIA
% OF NOI, PORTFOLIO AS OF Q2 2018
SOUTHEAST
5%
% OF NOI, FUTURE TARGET ALLOCATION (I.E., 10 YEARS)
FLORIDA
Source: Company reports.
Portfolio Management OFFERING RESIDENTS DIVERSE CHOICES LOCATION MIX URBAN, 36% BRAND ALLOCATION PRODUCT TYPE
Portfolio Management
OFFERING RESIDENTS DIVERSE CHOICES
LOCATION MIX
URBAN, 36%
BRAND ALLOCATION
PRODUCT TYPE
SUBURBAN
TOD, 16%
SUBURBAN,
47%
HIGH‐RISE,
27%
AVA, 10%
AVALON,
MID‐RISE,
75%
32%
EAVES,
15%
GARDEN,
41%
Source: Company reports.
Data as of June 30, 2018.
The Company defines urban submarkets as those with more than 3,500 households per square mile; all other submarkets are considered suburban.

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Portfolio Management MAKING PROGRESS IN OTHER IMPORTANT AREAS OF OUR BUSINESS, TOO CUSTOMER SATISFACTION ASSOCIATE
Portfolio Management
MAKING PROGRESS IN OTHER IMPORTANT AREAS OF OUR
BUSINESS, TOO
CUSTOMER SATISFACTION
ASSOCIATE ENGAGEMENT
MID-LEASE
#1
ONLINE
4.4 GLASSDOOR
REPUTATION
RATING
NET PROMOTER SCORE
Among Public
+7 Points from 2016 Score
Multifamily REITs
TOP
IN ASSOCIATE
4.5 GOOGLE
ENGAGEMENT
10%
Corporate Executive
RATING
Board Survey
8,568 Reviews
CORPORATE RESPONSIBILITY
LEADER IN SUSTAINABILITY
Awarded 4 Green Stars
ONE OF THE MOST
ADVANCED COMPANIES
IN THE UNITED STATES
Based on ESG (environmental,
social & governance performance)
Source: Company reports.
CAPITAL MANAGEMENT 4242 Avalon Great Neck Great Neck, NY
CAPITAL
MANAGEMENT
4242
Avalon Great Neck
Great Neck, NY

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Capital Management INTEGRATED CAPITAL MANAGEMENT GUIDING PRINCIPLES Match-Fund New Commitments Manage Liquidity and
Capital Management
INTEGRATED CAPITAL MANAGEMENT
GUIDING PRINCIPLES
Match-Fund New Commitments
Manage Liquidity and Borrowing Capacity
Optimize Sourcing of Capital
Discussion Demand, Design, Operating Module, Business Module and Economy
Discussion
Demand, Design, Operating Module,
Business Module and Economy

FlexOffice 2018

Sept. 12-14, 2018

Ask a question using the FlexOffice app or Go to slido.com Event code #7987
Ask a question
using the FlexOffice app
or
Go to slido.com
Event code #7987