a6516f578d56ef2c3bca870ae45dd228db7d08c8ed644af87c5cafc6e09a873d

9e47f2f4877c45b978d7f6cca5108b13af98d2fc8540abbfd201b99f06582998

Adjustments for Non-Cash Items [USD, Thousands]

Stock-Based Compensation [USD, Thousands]

Changes in Working Capital [USD, Thousands]

Capital Expenditures (CapEx) [USD, Thousands]

Proceeds from / Repayments of Debt [USD, Thousands]

Share Repurchases [USD, Thousands]

Dividend Payments [USD, Thousands]

Net Change in Cash [USD, Thousands]

2bc246c8f6ba1490073b62bce6c499066a8279668384cf88c1c018b51b93b84a

Total Revenue [USD, Thousands]

Cost of Goods Sold (COGS) [USD, Thousands]

SG&A [USD, Thousands]

R&D [USD, Thousands]

D&A [USD, Thousands]

Interest Expense [USD, Thousands]

Operating Income (EBIT) [USD, Thousands]

Net Income [USD, Thousands]

EPS - Basic [USD, Units]

EPS - Diluted [USD, Units]

ab18f92d4908332d62f560c4b489c00aefc9eb05248175fd6ca554254be14e46

Same Store

Established Communities

- Lease Income

Other Stabilized

Development/Redevelopment

Non-allocated

- Management, Development, and Other Fees

Non-lease Related Revenue

Total Revenue

7ae8e3251a7588e576e582eb1ebc2c71c119d59316272cb740001adc47c717c7

445c073673177715e1e1a7c03ba3c9b5a819f27e7202805bbca26d5f7b652ad9

Rental and other income (USD, thousands)

Management, development and other fees (USD, thousands)

Total revenue (USD, thousands)

Operating expenses, excluding property taxes (USD, thousands)

Property taxes (USD, thousands)

Expensed transaction, development and other pursuit costs, net of recoveries (USD, thousands)

Interest expense, net (USD, thousands)

Loss on extinguishment of debt, net (USD, thousands)

Depreciation expense (USD, thousands)

General and administrative expense (USD, thousands)

Casualty and impairment loss (USD, thousands)

Total expenses (USD, thousands)

Income from unconsolidated investments (USD, thousands)

Gain on sale of communities (USD, thousands)

Other real estate activity (USD, thousands)

Income before income taxes (USD, thousands)

Income tax expense (USD, thousands)

Net income (USD, thousands)

Net loss (income) attributable to noncontrolling interests (USD, thousands)

Net income attributable to common stockholders (USD, thousands)

Gain on cash flow hedges (USD, thousands)

Cash flow hedge (gains) losses reclassified to earnings (USD, thousands)

Comprehensive income (USD, thousands)

Earnings per common share - basic (USD)

Earnings per common share - diluted (USD)

ae8af6e3d43869592cc7db559e8ea1893fedda66db8200124bfcb2a7bd7985b4

79ba740d66384b2275c8760771393f47b5eac353083035303f7b046a88fd182a

The documents indicate that **cash and cash equivalents decreased** from **$397,890,000** in Q4 2023 to **$287,892,000** in Q1 2024, but they do **not provide specific reasons** for this change.  **[0000915912-24-000011_avb-20240331.htm:2]** **[0000915912-24-000009_q12024ex-992.htm:9]** 

Why did Cash and cash equivalents fall to 287,892 in Q1 2024?

The documents indicate that the increase in total liabilities to **9,295,536** in Q2 2024 is not explained by a specific factor. However, they suggest that components such as **unsecured notes, mortgage notes payable, dividends payable, payables for construction, accrued expenses, lease liabilities,** and **resident security deposits** could have contributed to the change.  **[0000915912-24-000013_q22024ex-992.htm:14]** 

What factors drove Total liabilities up to 9,295,536 in Q2 2024?

The **increase** to **7,655,152** in Q2 2024 is primarily attributable to the issuance of **$400,000,000** principal amount of unsecured notes during that quarter. This issuance, which came with a **5.35% coupon** and net proceeds of **$396,188,000** before offering costs—along with an effective interest rate of **5.05%** that factored in offering costs and hedging activity—resulted in the net increase from **$7,256,152** to **$7,655,152**.  **[0000915912-24-000013_q22024ex-992.htm:14]** **[0000915912-24-000013_q22024ex-992.htm:4]** **[0000915912-24-000013_q22024ex-991.htm:5]** 

Why did Unsecured notes, net increase to 7,655,152 in Q2 2024?

The rise in total assets to **21,308,411** in Q3 2024 was driven by several factors. **Real estate assets** saw an increase, with net operating real estate growing from **17,874,894** to **18,289,228**, supported by a rise in real estate values and partially offset by higher accumulated depreciation. Additionally, there were significant increases in **cash and cash equivalents** (from **397,890** to **552,356**), **restricted cash** (from **133,070** to **240,121**), and **other assets** (from **584,238** to **718,385**), all contributing collectively to the overall increase in total assets.  **[0000915912-24-000019_q32024ex-992.htm:13]** **[0000915912-24-000021_avb-20240930.htm:2]** 

What contributed to Total assets rising to 21,308,411 in Q3 2024?

9f8bcff16900d6dbb4bb4c059955a89db1a45402d8f565cb73120c0f172c496b

The high cash flow hedge reclassification in Q1 2024 is primarily due to the company’s derivative and hedging activities. Specifically, the company reclassified **$146,000** of cash flow hedge losses from accumulated other comprehensive income into interest expense, net, as the hedged transactions occurred. This reclassification reflects the recognition of previously deferred losses in the period, driven by the realized effects of the hedging strategy.  **[0000915912-24-000011_avb-20240331.htm:22]** **[0000915912-24-000011_avb-20240331.htm:5]** 

Why was the cash flow hedge reclassification so high in Q1 2024?

The documents indicate that the accrued expenses, along with other liabilities and accrued interest payable, surged significantly in Q3 2024 compared to Q3 2023. However, **specific reasons for this increase were not provided** in the documents.  **[0000915912-24-000021_avb-20240930.htm:6]** 

Why did accrued expenses surge in Q3 2024?

The documents do not provide specific reasons for the spike in **Note receivable payments** in Q2 2024 compared to the previous period.  **[0000915912-24-000015_avb-20240630.htm:26]** 

Why did note receivable payments spike in Q2 2024?

The high end-of-period cash balance in Q2 2024 was primarily driven by a substantial increase in net cash provided by operating activities, which totaled **$792,896,000**—an improvement over the previous year’s figure. This strong operating performance, combined with the effects of investing and financing activities (including significant capital investments and moderate financing outflows that were partly offset by proceeds from issuing unsecured notes), resulted in an overall cash increase of **$234,393,000**, boosting the cash, cash equivalents, and restricted cash balance from **$530,960,000** to **$765,353,000** by the end of Q2 2024.  **[0000915912-24-000015_avb-20240630.htm:39]** **[0000915912-24-000015_avb-20240630.htm:5]** 

Why was the end-of-period cash balance so high in Q2 2024?

130f30b55e50b4e932460fc1fa0d17d9ade1d87cf0b130758b1618fb106664d3

The high **net income attributable to common stockholders** in **Q3 2024** was primarily due to a significant increase in **real estate sales and related gains**, where the gain on the sale of communities rose dramatically from **$22,121,000** to **$172,973,000** (contributing an additional **$150,852,000**) along with a substantial increase in **income from unconsolidated investments** (an extra **$28,790,000**). Additionally, growth in **Same Store Residential NOI and Other Residential NOI** further supported overall profitability, leading to the strong performance observed in Q3 2024.  **[0000915912-24-000021_avb-20240930.htm:32]** **[0000915912-24-000021_avb-20240930.htm:40]** **[0000915912-24-000019_q32024ex-992.htm:1]** 

Why was net income attributable to common stockholders so high in Q3 2024?

The increase in earnings per common share in Q3 2024 was driven by a combination of factors. **Same Store Residential NOI** improved by **$0.06** per share and **Other Residential NOI** added **$0.11** per share. In addition, **Non-core Items** contributed **$0.32** per share, and most significantly, **Real Estate Gains, Depreciation Expense, and Other Adjustments** provided an additional **$1.00** per share. Collectively, these factors resulted in a substantial increase of **115.7%** in earnings per share compared to Q3 2023.  **[0000915912-24-000019_q32024ex-992.htm:1]** **[0000915912-24-000021_avb-20240930.htm:9]** 

Why did earnings per common share nearly double in Q3 2024?

The negative gain on cash flow hedges in Q4 2023 was largely due to two main factors. First, **the company terminated approximately $250,000,000 of forward interest rate swap agreements** in connection with the issuance of **$400,000,000 in unsecured notes**, which resulted in **payments of $8,331,000** that will be recognized over the life of those notes. Second, it involved the **reclassification of cash flow hedge losses of $1,360,000** from accumulated other comprehensive income into earnings. These actions contributed to the significant negative outcome for Q4 2023.  **[0000915912-24-000004_avb-20231231.htm:141]** 

Why was the gain on cash flow hedges so negative in Q4 2023?

The documents do not provide specific reasons for the high level of **Other real estate activity** in Q1 2024.  **[0000915912-24-000009_q12024ex-992.htm:8]** 

Why was other real estate activity so high in Q1 2024?

The documents indicate that **the figures for Q3 2024 are significantly different**; however, **they do not provide specific reasons** for the low Other real estate activity in Q3 2024.   

Why was other real estate activity so low in Q3 2024?

492de625c10bad520bfe6acb0e355bb39817cf79c73d0e3e3895bd979099189e

AvalonBay Communities Inc (AVB)

Financials