AVALONBAY COMMUNITIES INC

10-K & 10-Q Filings

AvalonBay Communities, Inc. is a Maryland corporation that operates as a real estate investment trust (REIT) and develops, redevelops, acquires, owns, and operates multifamily apartment communities in various regions of the United States. The company focuses on markets with growing employment in high wage sectors, higher home prices, and a diverse quality of life. AvalonBay's brands include Avalon, AVA, eaves, and Kanso, catering to different customer segments and submarkets. The company's development strategy involves minimizing risks and costs by negotiating for land acquisition options or long-term conditional contracts. Redevelopment focuses on renovating and rebuilding existing communities below replacement cost. Dispositions allow the company to realize a portion of the value created through its investments and redeploy proceeds into new opportunities. Acquisitions help the company expand its presence in target markets and achieve desired product mix. Operating and property management strategies include focusing on associate engagement and resident satisfaction, utilizing technology, and optimizing revenue and controlling expenses. The company's financing strategy aims to maintain a flexible capital structure. AvalonBay's website is www.avalonbay.com, and its stock ticker is AVB.

12 mos ending Dec 31, 201112 mos ending Dec 31, 201212 mos ending Dec 31, 201312 mos ending Dec 31, 201412 mos ending Dec 31, 201512 mos ending Dec 31, 201612 mos ending Dec 31, 201712 mos ending Dec 31, 201812 mos ending Dec 31, 201912 mos ending Dec 31, 202012 mos ending Dec 31, 202112 mos ending Dec 31, 202212 mos ending Dec 31, 20233 mos ending Mar 31, 20233 mos ending Mar 31, 2024CAGR %YoY %Revenue (+)
$968.71
1038.66
1462.92
1685.06
1856.03
2045.26
2158.63
2284.53
2324.63
2301.26
2294.85
2593.45
2767.91
674.71
712.86
9.14%5.65%Cost of Revenue (-)
$608.07
635.64
511.02
589.31
642.25
683.27
725.32
241.56
768.11
823.10
853.94
919.11
988.13
239.33
255.70
4.13%6.84%Gross Profit (+)
$360.64
403.02
951.90
1095.75
1213.78
1361.98
1433.31
2042.97
1556.52
1478.16
1440.91
1674.33
1779.78
435.38
457.16
14.23%5.00%Selling, General & Administrative (-)
$29.37
34.10
39.57
41.42
42.40
45.77
50.67
56.37
61.85
60.34
69.61
74.06
76.53
20.40
20.33
8.31%-0.34%Depreciation & Amortization (-)
$
560.22
442.68
477.92
531.43
584.15
631.20
661.58
707.33
758.60
814.98
816.97
204.74
212.27
3.68%Non-recurring Operating Expenses (-)
$14.05
-3.72
5.99
8.99
4.52
3.12
9.12
5.05
2.94
-3.54%-41.89%Operating Expenses (-)
$821.61
809.29
1394.18
1250.73
1307.72
1461.05
1594.26
1701.11
1696.90
767.23
829.23
884.00
902.44
230.06
235.46
0.79%2.35%Costs & Expenses (Total) (-)
$805.95
806.65
1089.70
1069.21
1149.20
1256.24
1380.04
1942.67
1491.10
1826.66
1926.70
2056.44
2130.37
529.33
550.24
8.44%3.95%Operating Income/Loss (+)
$
700.78
822.46
1163.64
1031.19
341.86
999.63
474.60
368.15
537.01
637.54
145.37
162.62
11.86%Non-operating Income/Expense (+)
$3.18
20.91
-11.15
148.35
96.75
57.89
45.27
-2.22
3.06
-15.31
17.57
35.18
-20.17
1.85
6.60
256.29%Interest Expense (-)
$
172.40
180.62
175.62
187.51
199.66
220.97
203.59
214.15
220.41
230.07
205.99
56.82
54.77
-3.62%Earnings before Tax (+)
$3.18
20.91
-183.56
668.52
743.59
1034.01
876.80
974.01
799.11
824.46
1010.09
1151.08
938.59
150.34
173.53
60.63%15.43%Tax Expense (-)
$
9.37
1.86
0.30
0.14
-0.16
13.00
-3.25
5.73
14.65
10.15
3.56
-0.02
-100.62%Income/Loss (Continuing Operations) (+)
$165.94
264.76
57.83
659.15
741.73
1033.71
876.66
974.17
786.10
827.71
1004.36
1136.44
928.44
146.78
173.56
15.43%18.25%Income/Loss (Discontinued Operations) (+)
$275.43
158.81
294.94
38.18
Profit/Loss (+)
$441.37
423.56
352.77
697.33
741.73
1033.71
876.66
974.17
786.10
827.71
1004.36
1136.44
928.44
146.78
173.56
6.39%18.25%Net Income/Loss (NCI) (-)
$-0.25
0.31
0.37
13.76
-0.30
-0.29
-0.26
-0.35
0.13
0.08
0.06
-0.34
-0.39
-0.13
0.11
185.04%Net Income/Loss (+)
$441.62
423.87
353.14
683.57
742.04
1034.00
876.92
974.52
785.97
827.63
1004.30
1136.78
928.83
146.90
173.45
6.39%18.07%Net Income/Loss (Common) (+)
$441.62
423.87
353.14
683.57
742.04
1034.00
876.92
974.52
785.97
827.63
1004.30
1136.78
928.83
146.90
173.45
6.39%18.07%EPS (Basic)
$4.89
4.34
2.78
5.22
5.54
7.53
6.36
7.05
5.64
5.89
7.19
8.13
6.56
1.05
1.22
2.48%16.19%EPS (Diluted)
$4.87
4.32
2.78
5.21
5.51
7.52
6.35
7.05
5.63
5.89
7.19
8.12
6.56
1.05
1.22
2.51%16.19%Weighted Avg Shares (Basic)
95.21
114.41
129.42
132.05
137.00
137.33
138.10
138.51
140.64
139.53
139.75
139.92
142.03
142.00
142.19
3.39%0.13%Cash
$616.89
2733.62
281.54
509.46
400.51
214.99
67.09
91.66
39.69
216.98
420.25
613.19
397.89
254.47
287.89
-3.59%13.14%Securities & Long-term Investments
$6501.51
8015.12
14284.21
13295.80
13847.53
15045.59
16342.89
15822.88
16632.50
16849.98
17591.34
17741.06
17904.87
17642.61
17940.84
8.81%1.69%Property, Plant & Equipment (Net)
$597.60
802.88
1583.12
1417.25
1592.92
1882.26
1306.30
1768.13
1303.75
989.76
807.10
1072.54
1268.91
1211.40
1210.77
6.48%-0.05%Other Assets
$766.39
459.73
762.39
954.21
1090.36
724.42
698.54
697.53
1145.11
1142.43
1083.33
1030.97
1106.54
1066.41
1201.39
3.11%12.66%Assets (Total)
$8482.39
11160.08
15328.14
16176.72
16931.31
17867.27
18414.82
18380.20
19121.05
19199.14
19902.02
20457.76
20678.21
20174.90
20640.90
7.71%2.31%Accounts Payable
$367.11
368.22
424.87
439.35
471.35
498.38
547.40
548.54
536.58
274.70
571.70
586.31
606.85
629.52
639.39
4.28%1.57%Debt (Non-current)
$3632.30
3851.03
6145.39
6525.85
6456.95
7030.88
7329.47
7040.26
7296.29
7564.34
8103.55
8316.05
7981.82
8066.89
7983.27
6.78%-1.04%Other Liabilities
$74.03
93.01
140.83
152.35
152.49
158.83
143.85
155.55
294.73
605.26
290.31
299.17
304.75
306.49
302.53
12.51%-1.29%Liabilities (Total)
$4073.43
4312.26
6711.10
7117.55
7080.78
7688.09
8020.72
7744.35
8127.60
8444.29
8965.56
9201.53
8893.42
9002.91
8925.19
6.72%-0.86%Retained Earnings
$-171.65
-142.33
-345.25
-267.08
-197.99
94.90
188.61
350.78
282.91
126.02
240.82
485.22
478.16
401.88
409.37
1.86%AOCI
$-87.02
-108.01
-48.63
-42.52
-31.39
-30.51
-37.42
-26.14
-31.50
-40.25
-26.11
1.42
16.12
1.44
23.60
1541.24%Shareholder's Equity
$4401.89
6840.79
8599.73
9046.41
9840.53
10171.42
10388.05
10632.61
10990.20
10752.17
10933.09
11253.55
11783.32
11169.26
11714.23
8.55%4.88%Liabilities & Equity
$8482.39
11160.08
15328.14
16176.72
16931.31
17867.27
18414.82
18380.20
19121.05
19199.14
19902.02
20457.76
20678.21
20174.90
20640.90
7.71%2.31%Net Income/Loss
$441.37
423.56
352.77
697.33
741.73
1033.71
876.66
974.17
786.10
827.71
1004.36
1136.44
928.44
146.78
173.56
6.39%18.25%Depreciation & Amortization
$252.50
262.45
537.27
414.10
460.53
520.23
585.89
640.84
670.51
716.66
768.74
826.20
829.70
207.97
215.55
10.42%3.64%Increase/Decrease in Working Capital
$-9.04
3.14
-79.92
-10.97
-20.83
0.61
-20.21
-31.86
15.34
23.99
19.89
-19.09
-17.80
-29.47
-17.80
39.60%Share-based Compensation
$7.24
8.71
15.16
13.93
15.32
15.08
17.92
20.28
25.62
21.60
25.50
33.86
27.14
7.92
5.87
11.64%-25.89%Adjustments to Reconcile Net Income
$-11.98
117.26
371.73
196.71
311.79
111.97
379.60
338.54
530.85
393.38
198.81
294.57
631.59
249.34
239.35
-4.01%Net Cash (Operating)
$429.39
540.82
724.50
886.64
1056.75
1143.48
1256.26
1301.11
1321.80
1219.62
1203.17
1421.93
1560.03
396.12
412.90
11.35%4.24%Capital Expenditure
$737.18
-937.65
-2135.63
1143.37
1522.59
1565.35
1451.44
1541.01
1613.15
775.34
1435.07
1463.89
1309.44
266.24
247.14
4.90%-7.17%Net Cash (Investing)
$-443.14
-623.39
-1181.17
-816.76
-1199.52
-1037.35
-965.38
-596.65
-1193.87
-179.43
-624.05
-560.42
-928.96
-267.34
-265.82
0.57%Increase/Decrease in Debt
$-189.90
1081.00
3045.28
420.14
22.13
453.07
271.65
80.28
252.48
262.19
526.93
205.23
-397.24
-250.90
-0.80
99.68%Increase/Decrease in Equity
$1043.84
2445.85
14.80
338.31
682.84
-0.71
93.54
36.00
398.82
-191.69
23.01
5.72
490.83
-1.66
0.15
-6.09%108.88%Interest Expenses
$156.90
119.27
179.32
191.97
188.78
194.06
207.84
201.66
187.57
196.85
203.77
212.24
187.52
33.81
37.24
1.50%10.14%Dividends Paid
$318.25
-365.60
-526.08
593.67
655.29
726.79
772.70
805.28
839.69
883.26
888.39
889.65
922.66
223.48
237.00
9.28%6.05%Net Cash (Financing)
$326.23
2199.33
-1995.40
158.22
33.81
-291.64
-418.95
-688.50
-218.19
-854.26
-348.86
-671.06
-834.36
-486.96
-254.50
47.74%Increase/Decrease in Cash
$312.48
2116.76
-2452.08
228.10
-108.95
-185.51
-128.07
15.96
-90.25
185.92
230.26
190.46
-203.28
-358.18
-107.41
70.01%Cash (Beginning)
$304.41
616.85
2733.62
281.36
509.46
400.51
329.98
201.91
217.86
127.61
313.53
543.79
734.25
734.25
530.96
7.61%-27.69%Cash (Ending)
$616.89
2733.62
281.54
509.46
400.51
214.99
201.91
217.86
127.61
313.53
543.79
734.25
530.96
376.06
423.55
-1.24%12.63%NOPAT
$
700.78
822.46
1163.64
1031.19
341.86
999.63
474.60
368.15
537.01
637.54
145.37
162.62
11.86%Gross Margin %
37.23%
38.80%
65.07%
65.03%
65.40%
66.59%
66.40%
89.43%
66.96%
64.23%
62.79%
64.56%
64.30%
64.53%
64.13%
Operating Margin %
41.59%
44.31%
56.89%
47.77%
14.96%
43.00%
20.62%
16.04%
20.71%
23.03%
21.55%
22.81%
NOPAT Margin %
41.59%
44.31%
56.89%
47.77%
14.96%
43.00%
20.62%
16.04%
20.71%
23.03%
21.55%
22.81%
Net Margin %
45.59%
40.81%
24.14%
40.57%
39.98%
50.56%
40.62%
42.66%
33.81%
35.96%
43.76%
43.83%
33.56%
21.77%
24.33%
ROA
4.33%
4.86%
6.51%
5.60%
1.86%
5.23%
2.47%
1.85%
2.62%
3.08%
0.72%
0.79%
ROE
7.75%
8.36%
11.44%
9.93%
3.22%
9.10%
4.41%
3.37%
4.77%
5.41%
1.30%
1.39%
Equity Multiplier
1.93
1.63
1.78
1.79
1.72
1.76
1.77
1.73
1.74
1.79
1.82
1.82
1.75
1.81
1.76
Debt/Equity Ratio
0.83
0.56
0.71
0.72
0.66
0.69
0.71
0.66
0.66
0.70
0.74
0.74
0.68
0.72
0.68
Dividend Payout Ratio %
84.72%
79.67%
62.46%
74.93%
235.56%
84.00%
186.11%
241.31%
165.67%
144.72%
153.73%
145.74%
Total Payout
$-378.79
-3773.19
-3406.84
27.18
139.10
468.49
615.35
890.66
375.96
1009.61
542.22
890.94
1016.59
509.85
274.90
-46.08%Payout Ratio %
3.88%
16.91%
40.26%
59.67%
260.53%
37.61%
212.73%
147.28%
165.91%
159.46%
350.71%
169.05%