AVALONBAY COMMUNITIES INC

Listed Company

AVBCIK 0000915912NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$3.04B

Net Income

$1.06B

Total Assets

$22.19B

Equity

$11.61B

Shares Out

140.08M

Op. Cash Flow

$1.67B

Business

AVALONBAY COMMUNITIES INC develops, acquires, owns and operates multifamily apartment communities and related real estate investments as a REIT. It offers apartment homes and ancillary resident services, and provides development, redevelopment, leasing and property management services, as well as a Structured Investment Program that provides mezzanine loans and preferred equity. Key business divisions include development/redevelopment, acquisitions/dispositions, operations supported by a centralized shared services and technology platform, and investment activities through joint ventures and a TRS. It operates in select U.S. metropolitan markets including New England, NY/NJ, the Mid‑Atlantic, the Pacific Northwest, Northern and Southern California and expansion regions such as Raleigh‑Durham, Charlotte, Southeast Florida, Dallas, Austin and Denver.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Rental and other income	3,034	2,907	2,760	2,587	2,292
Management, development and other fees	7	7	8	6	3
Total revenue	3,041	2,914	2,768	2,593	2,295
Operating expenses, excluding property taxes	778	746	681	630	571
Property taxes	343	328	307	289	283
Expensed transaction, development and other pursuit costs, net of recoveries	11	18	33	17	3
Interest expense, net	259	227	206	230	220
Loss on extinguishment of debt, net	0	0	150,000	2	18
Depreciation expense	913	847	817	815	759
General and administrative expense	87	78	77	74	70
Casualty and impairment loss	1	3	9	0	3
Total expenses	2,392	2,246	2,130	2,056	1,927
Income from unconsolidated investments	40	32	8	53	—
Structured Investment Program interest income	27	18	5	—	—
Gain on sale of communities, net	336	363	287	556	602
Other real estate activity	4	753,000	174,000	5	1
Income before income taxes	1,055	1,083	939	1,151	1,010
Income tax benefit (expense)	1	−445,000	−10	−15	−6
Net income	1,057	1,082	928	1,136	1,004
Net (income) loss attributable to noncontrolling interests	−5	−181,000	387,000	337,000	−57,000
Net income attributable to common stockholders	1,051	1,082	929	1,137	1,004
(Loss) gain on cash flow hedges	−4	19	13	24	993,000
Cash flow hedge (gains) losses reclassified to earnings	−3	−471,000	1	4	13
Comprehensive income	1,043	1,100	944	1,164	1,018
Net income per common share - basic (in dollars per share)	7.4	7.61	6.56	8.13	7.19
Net income per common share - diluted (in dollars per share)	7.4	7.6	6.56	8.12	7.19

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Land and improvements	4,961	4,888	4,720	4,641	4,565
Buildings and improvements	21,252	20,454	19,438	18,805	18,199
Furniture, fixtures and equipment	1,547	1,388	1,238	1,174	1,037
Gross operating real estate	27,760	26,730	25,397	24,620	23,800
Less accumulated depreciation	−8,686	−8,164	−7,522	−6,879	−6,209
Net operating real estate	19,073	18,566	17,875	17,741	17,591
Construction in progress, including land	1,459	1,043	1,269	1,073	807
Land held for development	124	152	199	179	148
Real estate assets held for sale, net	150	7	0	0	17
Total real estate, net	20,806	19,767	19,343	18,993	18,710
Cash and cash equivalents	187	109	398	613	420
Restricted cash	166	159	133	121	124
Unconsolidated investments	193	227	220	212	216
Deferred development costs	73	44	53	58	40
Prepaid expenses and other assets	619	541	396	317	211
Right of use lease assets	148	155	135	143	147
Total assets	22,192	21,001	20,678	20,458	19,902
Unsecured debt, net	7,879	7,359	7,256	7,602	7,349
Variable rate unsecured credit facility and commercial paper, net	740	0	0	0	0
Mortgage notes payable, net	710	718	726	714	754
Dividends payable	251	245	238	226	225
Payables for construction	92	86	88	73	64
Accrued expenses and other liabilities	392	357	311	306	296
Lease liabilities	165	173	153	163	166
Accrued interest payable	69	58	58	54	50
Resident security deposits	61	63	64	64	60
Total liabilities	10,358	9,060	8,893	9,202	8,966
Commitments and contingencies	—	—	—	—	—
Preferred stock, $0.01 par value; $25 liquidation preference; 50,000,000 shares authorized at December 31, 2025 and December 31, 2024; zero shares issued and outstanding at December 31, 2025 and December 31, 2024	0	0	0	0	0
Common stock, $0.01 par value; 280,000,000 shares authorized at December 31, 2025 and December 31, 2024; 140,080,657 and 142,254,022 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	1	1	1	1	1
Additional paid-in capital	11,212	11,314	11,288	10,765	10,716
Accumulated earnings less dividends	371	591	478	485	241
Accumulated other comprehensive income	26	34	16	1	−26
Total stockholders' equity	11,611	11,941	11,783	11,253	10,933
Noncontrolling interests	223	0	77,000	77,000	566,000
Total equity	11,834	11,941	11,783	11,254	10,933
Total liabilities and equity	22,192	21,001	20,678	20,458	19,902

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization of deferred financing costs and debt discount	14	13	13	11	10
Amortization of stock-based compensation	26	25	27	34	26
Equity in (income) loss of, and return on, unconsolidated investments and noncontrolling interests, net of eliminations	−24	−22	5	5	—
Casualty and impairment loss	1	1	5	0	2
Expensed transaction, development and other pursuit costs, net of recoveries	11	18	33	6	685,000
Cash flow hedge (gains) losses reclassified to earnings	−1	−471,000	1	4	8
Gain on sale of real estate assets, net	−340	−364	−288	−601	−631
Increase in accrued interest receivable	−26	−15	−6	—	—
(Increase) decrease in prepaid expenses and other assets	−3	−17	12	−7	6
Increase in accrued expenses, other liabilities, accrued interest payable and resident security deposits	43	38	12	17	4
Net cash provided by operating activities	1,671	1,608	1,560	1,422	1,203
Development/redevelopment of real estate assets including land acquisitions and deferred development costs	−1,209	−951	−902	−921	−655
Acquisition of real estate assets, including partnership interest	−682	−464	−216	−537	−772
Capital expenditures - existing real estate assets	−262	−193	−178	−160	−143
Capital expenditures - non-real estate assets	−3	−5	−19	−14	−11
Increase (decrease) in payables for construction	6	−2	15	9	−30
Proceeds from sale of real estate, net of selling costs	799	711	467	1,051	975
Note receivable lending	−24	−90	−83	−29	−1
Note receivable payments	15	237,000	253,000	4	2
Distributions from unconsolidated entities and investment sale proceeds	8	11	5	—	—
Unconsolidated investments	−40	−14	−19	−14	−54
Net cash used in investing activities	−1,392	−997	−929	−560	−624
Issuance of common stock, net	87	11	497	20	32
Repurchase of common stock, net	−488	0	−2	0	0
Dividends paid	−992	−962	−923	−890	−888
Net borrowings under unsecured credit facility and commercial paper	740	0	0	—	—
Repayments of mortgage notes payable, including prepayment penalties	−11	−10	−47	−43	−110
Issuance of unsecured debt	1,347	399	400	349	1,099
Repayment of unsecured debt	−825	−300	−750	−100	−462
Payment of deferred financing costs	−23	−4	−4	−14	−9
Receipt for termination of forward interest rate swaps	4	17	8	27	5
Payments related to tax withholding for share-based compensation	−17	−17	−11	−17	−13
Noncontrolling interests, joint venture and preferred equity transactions	−14	−9	−3	−2	−2
Net cash used in financing activities	−193	−875	−834	−671	−349
Net increase (decrease) in cash, cash equivalents and restricted cash	86	−264	−203	190	230
Cash paid during the year for interest, net of amount capitalized	237	213	188	212	204

Filings

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