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    AvalonBay Communities Inc (AVB)

    Financials

    Updated May 8, 2025, 8:00 PM UTC
    Income Statement - MetricFY 2013Q1 2014Q2 2014Q3 2014Q4 2014FY 2014Q1 2015Q2 2015Q3 2015Q4 2015FY 2015Q1 2016Q2 2016Q3 2016Q4 2016FY 2016Q1 2017Q2 2017Q3 2017Q4 2017FY 2017Q1 2018Q2 2018Q3 2018Q4 2018FY 2018Q1 2019Q2 2019Q3 2019Q4 2019FY 2019Q1 2020Q2 2020Q3 2020Q4 2020FY 2020Q1 2021Q2 2021Q3 2021Q4 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024Q1 2025
    Rental and other income (USD, thousands)702,695.002,760,187711,064724,211.00732,591.00--744,138
    Management, development and other fees (USD, thousands)2,010.007,7221,7951,830.001,717.00--1,742
    Total revenue (USD, thousands)704,705.002,767,909712,859726,041.00734,308.00--745,880
    Operating expenses, excluding property taxes (USD, thousands)171,467.00681,338175,916179,595.00193,042.00--187,030
    Property taxes (USD, thousands)78,912.00306,79479,78081,056.0082,419.00--81,831
    Expensed transaction, development and other pursuit costs, net of recoveries (USD, thousands)10,267.0033,4794,2451,417.001,573.00--4,744
    Interest expense, net (USD, thousands)49,471.00205,99254,76657,078.0055,769.00--59,864
    Depreciation expense (USD, thousands)210,694.00816,965212,269206,923.00212,122.00--217,888
    General and administrative expense (USD, thousands)17,992.0076,53420,33119,586.0020,089.00--19,780
    Income from unconsolidated investments (USD, thousands)1,709.0013,45410,8474,822.0030,720.00--(999)
    Gain on sale of communities (USD, thousands)77,994.00287,424--172,973.00--56,469
    Other real estate activity (USD, thousands)(533.00)174110,225.00--155
    Income before income taxes (USD, thousands)244,504.00938,591173,535253,945.00373,301.00--236,481
    Income tax expense (USD, thousands)(2,438.00)(10,153)--2,645.00--116
    Net income (USD, thousands)242,066.00928,438173,557254,007.00372,519.00--236,597
    Net loss (income) attributable to noncontrolling interests (USD, thousands)(97.00)387(108)(73.00)0.00--0
    Net income attributable to common stockholders (USD, thousands)241,969.00928,825173,449253,934.00--236,597
    Earnings per common share - basic (USD)1.706.561.221.78--1.66
    Earnings per common share - diluted (USD)1.706.561.221.782.62--1.66
    Balance Sheet - MetricFY 2013Q1 2014Q2 2014Q3 2014Q4 2014FY 2014Q1 2015Q2 2015Q3 2015Q4 2015FY 2015Q1 2016Q2 2016Q3 2016Q4 2016FY 2016Q1 2017Q2 2017Q3 2017Q4 2017FY 2017Q1 2018Q2 2018Q3 2018Q4 2018FY 2018Q1 2019Q2 2019Q3 2019Q4 2019FY 2019Q1 2020Q2 2020Q3 2020Q4 2020FY 2020Q1 2021Q2 2021Q3 2021Q4 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024Q1 2025
    Gross real estate, total (USD, thousands)25,462,48525,462,48525,661,35225,771,65526,279,343--26,955,689
    Less accumulated depreciation (USD, thousands)(7,557,614)(7,557,614)(7,720,513)(7,811,650)(7,990,115)--(8,351,624)
    Net operating real estate (USD, thousands)17,904,87117,904,87117,940,83917,960,00518,289,228--18,604,065
    Construction in progress, including land (USD, thousands)1,268,9151,268,9151,210,7731,122,6991,088,496--1,198,280
    Land held for development (USD, thousands)199,062199,062211,546174,997154,906--141,978
    Real estate assets held for sale, net (USD, thousands)--9,629154,88737,088--58,141
    Total real estate, net (USD, thousands)19,372,84819,372,84819,372,78719,412,58819,569,718--20,002,464
    Cash and cash equivalents (USD, thousands)397,890397,890545,769552,356--53,255
    Restricted cash (USD, thousands)133,070133,070135,658219,584240,121--165,852
    Unconsolidated investments (USD, thousands)220,145220,145220,384222,065227,831--226,622
    Prepaid expenses and other assets (USD, thousands)366,465366,465437,664455,081511,771--559,329
    Total assets (USD, thousands)20,678,21420,678,21420,640,89721,037,030--21,215,714
    Unsecured notes, net (USD, thousands)7,256,1527,256,1527,257,8067,656,910--7,360,607
    Variable rate unsecured credit facility and commercial paper, net (USD, thousands)-------224,942
    Mortgage notes payable, net (USD, thousands)725,670725,670725,465718,879718,352--717,888
    Accrued expenses and other liabilities (USD, thousands)310,868310,868323,819315,880402,590--351,872
    Resident security deposits (USD, thousands)63,81563,81564,43765,21464,267--62,863
    Total liabilities (USD, thousands)8,893,4238,893,4238,925,1909,423,527--9,299,431
    Total equity (USD, thousands)11,783,31811,783,31811,714,23411,741,49411,884,884--11,916,283
    Total liabilities and equity (USD, thousands)20,678,21420,678,21420,640,89721,037,03021,308,411--21,215,714
    Cash Flow - MetricFY 2013Q1 2014Q2 2014Q3 2014Q4 2014FY 2014Q1 2015Q2 2015Q3 2015Q4 2015FY 2015Q1 2016Q2 2016Q3 2016Q4 2016FY 2016Q1 2017Q2 2017Q3 2017Q4 2017FY 2017Q1 2018Q2 2018Q3 2018Q4 2018FY 2018Q1 2019Q2 2019Q3 2019Q4 2019FY 2019Q1 2020Q2 2020Q3 2020Q4 2020FY 2020Q1 2021Q2 2021Q3 2021Q4 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024Q1 2025
    Net income (USD, thousands)242,066.00928,438173,557254,007.00372,519.00--236,597
    Depreciation expense (USD, thousands)210,694.00816,965212,269206,923.00212,122.00--217,888
    Amortization of deferred financing costs and debt discount (USD, thousands)3,282.0012,7323,2833,325.003,387.00--3,233
    Amortization of stock-based compensation (USD, thousands)5,293.0027,1425,8707,624.006,747.00--5,662
    Equity in (income) loss of, and return on, unconsolidated investments and noncontrolling interests, net of eliminations (USD, thousands)2,437.005,332(5,742)1,170.00(22,718.00)--3,093
    Impairment loss (USD, thousands)-4,6221,4150.000.00--0
    Cash flow hedge (gains) losses reclassified to earnings (USD, thousands)298.001,360(146,277.00)(274.00)--(273)
    Gain on sale of real estate assets (USD, thousands)(77,578.00)(287,987)62(68,767.00)(173,327.00)--(56,660)
    Increase (decrease) in prepaid expenses and other assets (USD, thousands)8,983.005,777(3,753)(8,418.00)(20,794.00)--(8,963)
    Increase in accrued expenses, other liabilities and accrued interest payable (USD, thousands)(60,004.00)12,01921,553(17,221.00)--10,582
    Net cash provided by operating activities (USD, thousands)346,187.001,560,029412,905379,991.00486,169.00--415,903
    Development/redevelopment of real estate assets including land acquisitions and deferred development costs (USD, thousands)(210,304.00)(901,847)(207,568)(232,332.00)(251,844.00)--(237,282)
    Acquisition of real estate assets (USD, thousands)(132,541.00)(215,889)--(216,171.00)--(187,362)
    Capital expenditures - existing real estate assets (USD, thousands)(56,668.00)(178,312)(37,490)(47,010.00)(51,931.00)--(48,370)
    Capital expenditures - non-real estate assets (USD, thousands)(5,846.00)(18,962)(1,200)(1,336.00)(2,018.00)--(256)
    (Decrease) increase in payables for construction (USD, thousands)(8,055.00)14,901(536)(3,255.00)(2,649.00)--(3,400)
    Proceeds from sale of real estate and for-sale condominiums, net of selling costs (USD, thousands)107,619.00467,0963,865172,460.00326,483.00--63,651
    Note receivable lending (USD, thousands)(35,186.00)(82,802)(20,861)(21,649.00)(23,403.00)--(12,560)
    Note receivable payments (USD, thousands)23.00253570.00--109
    Net cash used in investing activities (USD, thousands)(346,091.00)(928,955)(265,818)(197,985.00)(218,786.00)--(427,865)
    Issuance of common stock, net (USD, thousands)1,896.00496,7063653,606.003,261.00--693
    Dividends paid (USD, thousands)(234,171.00)(922,657)(237,005)(241,528.00)(241,603.00)--(243,678)
    Net borrowings under unsecured credit facility and commercial paper (USD, thousands)-------224,942
    Repayments of mortgage notes payable, including prepayment penalties (USD, thousands)(1,300.00)(47,000)(800)(7,181.00)(1,150.00)--(1,171)
    Payment of deferred financing costs (USD, thousands)(3,302.00)(3,964)(218)(3,354.00)(190.00)--0
    Payments related to tax withholding for share-based compensation (USD, thousands)(110.00)(10,639)(16,291)(93.00)(218.00)--(16,353)
    Noncontrolling interests, joint venture and preferred equity transactions (USD, thousands)(1,626.00)(2,981)(548)(7,279.00)(360.00)--(440)
    Net cash used in financing activities (USD, thousands)(249,242.00)(834,359)(254,497)159,797.00(240,259.00)--(36,007)
    Net (decrease) increase in cash, cash equivalents and restricted cash (USD, thousands)(249,146.00)(203,285)(107,410)341,803.0027,124.00--(47,969)
    Cash paid during the period for interest, net of amount capitalized (USD, thousands)56,843.00187,52337,24264,942.0033,236.00--40,160
    Unconsolidated investments (USD, thousands)(5,216.00)(18,861)--(4,431.00)--(2,395)
    Cash, cash equivalents and restricted cash, beginning of period (USD, thousands)734,245734,245530,960530,960530,960--267,076
    Cash, cash equivalents and restricted cash, end of period (USD, thousands)530,960530,960423,550792,477--219,107
    Revenue by Segment - in Millions of USDFY 2013Q1 2014Q2 2014Q3 2014Q4 2014FY 2014Q1 2015Q2 2015Q3 2015Q4 2015FY 2015Q1 2016Q2 2016Q3 2016Q4 2016FY 2016Q1 2017Q2 2017Q3 2017Q4 2017FY 2017Q1 2018Q2 2018Q3 2018Q4 2018FY 2018Q1 2019Q2 2019Q3 2019Q4 2019FY 2019Q1 2020Q2 2020Q3 2020Q4 2020FY 2020Q1 2021Q2 2021Q3 2021Q4 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024Q1 2025
    Same Store633.722,542.634677.245672.942677.579--$701.28
    Established Communities--------
    - Lease Income--8.061----$699.03
    Other Stabilized37.59134.80425.06827.56231.646--$32.32
    Development/Redevelopment20.7161.5528.06113.74820.108--$6.81
    Non-allocated2.017.7221.7951.8301.716--$1.74
    - Management, Development, and Other Fees--1.7951.8301.716--$1.74
    Non-lease Related Revenue--5.6354.101---$5.48
    Commercial Revenue-------2.0% of NOI
    Total Revenue694.042,746.712712.859726.041731.049--$745.88
    Revenue by Geography - in Millions of USDFY 2013Q1 2014Q2 2014Q3 2014Q4 2014FY 2014Q1 2015Q2 2015Q3 2015Q4 2015FY 2015Q1 2016Q2 2016Q3 2016Q4 2016FY 2016Q1 2017Q2 2017Q3 2017Q4 2017FY 2017Q1 2018Q2 2018Q3 2018Q4 2018FY 2018Q1 2019Q2 2019Q3 2019Q4 2019FY 2019Q1 2020Q2 2020Q3 2020Q4 2020FY 2020Q1 2021Q2 2021Q3 2021Q4 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024Q1 2025
    New England90.12366.896.75191.81691.982--93.5
    Metro NY/NJ129.68529.7135.746134.396135.374--139.9
    Mid-Atlantic90.92369.0101.839103.458105.465--112.3
    Southeast Florida19.3976.324.43924.54024.292--24.1
    Denver, CO7.1428.210.12910.24010.369--10.3
    Pacific Northwest42.94171.743.21743.81744.155--42.2
    Northern California106.36425.2107.226107.553107.860--108.0
    Southern California141.04551.7149.423148.654149.491--149.3
    Other Expansion Regions6.0624.08.4758.4688.591--13.6
    Expansion Markets-------14.4
    Other Stabilized--25.06827.56231.646--14.4
    Development/Redevelopment--8.06113.74820.108--2.7
    Non-allocated--1.7951.8301.716--5.5
    Commercial Revenue--------
    Total Revenue694.022,746.7712.169716.082731.049--745.9