NYSE : AVB
AvalonBay Communities, Inc. — Financial statements
Real Estate · REIT - Residential · United States
Last price 184.06 USD (At close: Aug 14, 2026) · Market cap 26.43B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 3.08B | 3.03B | 2.91B | 2.76B | 2.59B | 2.29B |
| Property Management Fees | 7.32M | 7.04M | 7.08M | 7.72M | 6.33M | 3.08M |
| Other Revenue | 7.27M | 464.00K | -906.00K | 4.28M | 45.08M | 38.59M |
| Total Revenue | 3.09B | 3.04B | 2.91B | 2.77B | 2.64B | 2.33B |
| Property Expenses | 1.16B | 1.13B | 1.09B | 1.02B | 935.68M | 853.94M |
| Selling, General & Administrative | 93.12M | 86.68M | 77.70M | 76.53M | 80.06M | 69.61M |
| Depreciation & Amortization | 929.84M | 913.38M | 846.85M | 816.97M | 814.98M | 758.60M |
| Total Operating Expenses | 2.19B | 2.13B | 2.02B | 1.92B | 1.83B | 1.68B |
| Operating Income | 902.89M | 909.37M | 896.50M | 857.07M | 807.80M | 651.29M |
| Interest Expense | -276.07M | -259.18M | -226.59M | -205.99M | -230.07M | -220.41M |
| Interest & Investment Income | 29.61M | 27.48M | 18.45M | 5.02M | ||
| Other Non-Operating Income | 646.00K | 4.13M | 753.00K | 174.00K | 5.13M | 1.12M |
| EBT Excluding Unusual Items | 657.07M | 681.80M | 689.12M | 656.27M | 582.86M | 431.99M |
| Merger & Restructuring Charges | -12.37M | |||||
| Gain (Loss) on Sale of Investments | 35.59M | 39.23M | 33.14M | 4.16M | 8.31M | |
| Gain (Loss) on Sale of Assets | 359.36M | 335.71M | 363.30M | 287.42M | 555.56M | 602.24M |
| Asset Writedown | -3.23M | |||||
| Total Legal Settlements | 6.00M | |||||
| Other Unusual Items | -5.04M | -1.28M | -2.94M | -9.27M | -1.65M | -20.91M |
| Pretax Income | 1.03B | 1.06B | 1.08B | 938.59M | 1.15B | 1.01B |
| Income Tax Expense | -712.00K | -1.14M | 445.00K | 10.15M | 14.65M | 5.73M |
| Earnings From Continuing Operations | 1.04B | 1.06B | 1.08B | 928.44M | 1.14B | 1.00B |
| Minority Interest in Earnings | -7.84M | -5.30M | -181.00K | 387.00K | 337.00K | -57.00K |
| Net Income | 1.03B | 1.05B | 1.08B | 928.83M | 1.14B | 1.00B |
| Preferred Dividends & Other Adjustments | 2.02M | 1.97M | 2.07M | 1.66M | 2.09M | 2.10M |
| Net Income to Common | 1.03B | 1.05B | 1.08B | 927.16M | 1.13B | 1.00B |
| Basic Shares Outstanding | 140.69M | 141.74M | 142.00M | 141.31M | 139.63M | 139.39M |
| Diluted Shares Outstanding | 142.04M | 142.83M | 142.46M | 141.64M | 139.98M | 139.72M |
| EPS (Basic) | 7.29 | 7.40 | 7.61 | 6.56 | 8.13 | 7.19 |
| EPS (Diluted) | 7.29 | 7.40 | 7.60 | 6.56 | 8.12 | 7.19 |
| Dividend Per Share | 7.06 | 7.00 | 6.80 | 6.60 | 6.36 | 6.36 |
| Operating Margin | 29.22% | 29.90% | 30.78% | 30.92% | 30.62% | 27.91% |
| Profit Margin | 33.19% | 34.50% | 37.08% | 33.45% | 43.00% | 42.95% |
| EBITDA | 1.83B | 1.82B | 1.74B | 1.67B | 1.62B | 1.41B |
| EBITDA Margin | 59.31% | 59.94% | 59.85% | 60.39% | 61.50% | 60.42% |
| D&A For Ebitda | 929.84M | 913.38M | 846.85M | 816.97M | 814.98M | 758.60M |
| EBIT | 902.89M | 909.37M | 896.50M | 857.07M | 807.80M | 651.29M |
| EBIT Margin | 29.22% | 29.90% | 30.78% | 30.92% | 30.62% | 27.91% |
| Funds From Operations (FFO) | 1.60B | 1.63B | 1.56B | 1.46B | 1.35B | 1.14B |
| FFO Per Share | 11.27 | 11.40 | 10.98 | 10.32 | 9.67 | 8.13 |
| Adjusted Funds From Operations (AFFO) | 1.63B | 1.56B | 1.46B | 1.35B | 1.14B | |
| AFFO Per Share | 11.40 | 10.98 | 10.32 | 9.67 | 8.13 | |
| FFO Payout Ratio | 62.38% | 60.96% | 61.47% | 63.10% | 65.72% | 78.22% |
| Effective Tax Rate | 0.04% | 1.08% | 1.27% | 0.57% | ||
| Revenue as Reported | 3.08B | 3.04B | 2.91B | 2.77B | 2.59B | 2.29B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 20.98B | 20.68B | 19.76B | 19.28B | 18.96B | 18.55B |
| Total Real Estate Assets | 21.08B | 20.80B | 19.91B | 19.48B | 19.14B | 18.69B |
| Cash & Equivalents | 80.68M | 187.23M | 108.58M | 397.89M | 613.19M | 420.25M |
| Restricted Cash | 165.44M | 165.85M | 158.50M | 133.07M | 121.06M | 123.54M |
| Other Current Assets | 649.25M | 599.06M | 520.26M | 386.31M | 304.34M | 226.15M |
| Trading Asset Securities | 9.44M | 6.84M | 5.25M | 455.00K | 3.20M | |
| Deferred Long-Term Charges | 75.44M | 91.87M | 56.73M | 57.20M | 69.71M | 55.60M |
| Other Long-Term Assets | 243.00M | 344.61M | 235.06M | 220.94M | 212.88M | 380.69M |
| Total Assets | 22.30B | 22.19B | 21.00B | 20.68B | 20.46B | 19.90B |
| Current Portion of Long-Term Debt | 937.76M | 786.81M | 300.16M | |||
| Current Portion of Leases | 16.74M | |||||
| Long-Term Debt | 7.17B | 7.81B | 8.08B | 7.68B | 8.32B | 8.10B |
| Long-Term Leases | 162.44M | 148.46M | 173.28M | 153.23M | 162.67M | 166.50M |
| Accounts Payable | 113.58M | 92.27M | 85.95M | 87.70M | 72.80M | 63.72M |
| Accrued Expenses | 451.71M | 456.52M | 415.36M | 368.62M | 360.29M | 346.31M |
| Other Current Liabilities | 256.95M | 250.55M | 244.97M | 238.07M | 226.02M | 225.70M |
| Other Long-Term Liabilities | 62.22M | 60.69M | 62.83M | 63.81M | 63.70M | 59.79M |
| Total Liabilities | 10.07B | 10.36B | 9.06B | 8.89B | 9.20B | 8.97B |
| Common Stock | 1.42M | 1.40M | 1.42M | 1.42M | 1.40M | 1.40M |
| Additional Paid-In Capital | 11.74B | 11.21B | 11.31B | 11.29B | 10.77B | 10.72B |
| Retained Earnings | 242.19M | 371.16M | 591.25M | 478.16M | 485.22M | 240.82M |
| Comprehensive Income & Other | 38.90M | 26.49M | 34.30M | 16.12M | 1.42M | -26.11M |
| Total Common Equity | 12.02B | 11.61B | 11.94B | 11.78B | 11.25B | 10.93B |
| Minority Interest | 206.25M | 222.98M | 1.47M | 2.76M | 3.93M | |
| Shareholders' Equity | 12.23B | 11.83B | 11.94B | 11.78B | 11.26B | 10.94B |
| Total Liabilities & Equity | 22.30B | 22.19B | 21.00B | 20.68B | 20.46B | 19.90B |
| Total Debt | 9.19B | 9.50B | 8.25B | 8.14B | 8.48B | 8.27B |
| Net Cash (Debt) | -9.10B | -9.31B | -8.14B | -7.73B | -7.87B | -7.85B |
| Net Cash Per Share | -64.04 | -65.19 | -57.11 | -54.59 | -56.19 | -56.16 |
| Filing Date Shares Outstanding | 142.61M | 139.92M | 142.07M | 141.85M | 139.73M | 139.52M |
| Total Common Shares Outstanding | 141.69M | 139.91M | 142.07M | 141.85M | 139.73M | 139.52M |
| Book Value Per Share | 84.85 | 82.99 | 84.05 | 83.07 | 80.54 | 78.36 |
| Tangible Book Value | 12.02B | 11.61B | 11.94B | 11.78B | 11.25B | 10.93B |
| Tangible Book Value Per Share | 84.85 | 82.99 | 84.05 | 83.07 | 80.54 | 78.36 |
| Land | 5.01B | 4.96B | 4.89B | 4.72B | 4.64B | 4.56B |
| Buildings | 21.63B | 21.25B | 20.45B | 19.44B | 18.80B | 18.20B |
| Construction In Progress | 1.67B | 1.46B | 1.04B | 1.27B | 1.07B | 807.10M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.03B | 1.05B | 1.08B | 928.83M | 1.14B | 1.00B |
| Depreciation & Amortization | 929.84M | 913.38M | 846.85M | 816.97M | 814.98M | 758.60M |
| Other Amortization | 14.64M | 13.69M | 13.28M | 12.73M | 11.22M | 10.14M |
| Gain (Loss) on Sale of Assets | -360.05M | -339.95M | -364.16M | -287.99M | -600.96M | -630.75M |
| Asset Writedown | 14.63M | 10.85M | 18.34M | 33.48M | 5.60M | 685.00K |
| Stock-Based Compensation | 26.07M | 26.46M | 25.37M | 27.14M | 33.86M | 25.50M |
| Income (Loss) on Equity Investments | -23.03M | -23.61M | -21.69M | 5.33M | 5.25M | -108.00K |
| Change in Other Net Operating Assets | 22.01M | 13.72M | 6.76M | 17.80M | 10.01M | 10.00M |
| Other Operating Activities | 8.86M | 5.28M | 1.12M | 5.75M | 5.19M | 24.80M |
| Operating Cash Flow | 1.66B | 1.67B | 1.61B | 1.56B | 1.42B | 1.20B |
| Acquisition of Real Estate Assets | -1.60B | -1.47B | -1.15B | -1.10B | -1.10B | -808.10M |
| Sale of Real Estate Assets | 901.74M | 799.42M | 711.28M | 467.10M | 1.05B | 974.76M |
| Net Sale / Acq. of Real Estate Assets | -700.85M | -674.98M | -437.85M | -632.02M | -44.52M | 166.67M |
| Cash Acquisition | -297.67M | -682.16M | -464.42M | -215.89M | -536.84M | -771.69M |
| Investment in Marketable & Equity Securities | -32.73M | -32.51M | -3.00M | -13.39M | 37.20M | 9.63M |
| Other Investing Activities | -3.79M | -2.72M | -91.60M | -67.65M | -16.25M | -28.66M |
| Investing Cash Flow | -1.04B | -1.39B | -996.86M | -928.96M | -560.42M | -624.05M |
| Short-Term Debt Issued | 739.61M | |||||
| Long-Term Debt Issued | 1.35B | 398.79M | 399.76M | 348.56M | 1.10B | |
| Total Debt Issued | 1.15B | 2.09B | 398.79M | 399.76M | 348.56M | 1.10B |
| Long-Term Debt Repaid | -836.47M | -309.79M | -797.00M | -143.33M | -571.71M | |
| Net Debt Issued (Repaid) | 360.91M | 1.25B | 89.00M | -397.24M | 205.23M | 526.93M |
| Issuance of Common Stock | 693.07M | 86.64M | 10.54M | 496.71M | 20.02M | 31.87M |
| Repurchase of Common Stock | -699.98M | -504.83M | -16.88M | -12.55M | -16.99M | -13.46M |
| Common Dividends Paid | -998.48M | -992.33M | -961.91M | -922.66M | -889.61M | -888.34M |
| Other Financing Activities | -30.20M | -32.67M | 4.37M | 1.39M | 10.29M | -5.86M |
| Net Cash Flow | -49.25M | 86.01M | -263.88M | -203.28M | 190.46M | 230.26M |
| Levered Free Cash Flow | 1.19B | 1.33B | 1.20B | 1.19B | 1.16B | 1.02B |
| Unlevered Free Cash Flow | 1.35B | 1.48B | 1.32B | 1.31B | 1.29B | 1.14B |
| Cash Interest Paid | 244.19M | 236.55M | 213.25M | 187.52M | 212.24M | 203.77M |
| Change in Working Capital | 22.01M | 13.72M | 6.76M | 17.80M | 10.01M | 10.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 26.43B | 25.64B | 31.25B | 26.56B | 22.57B | 35.24B |
| Enterprise Value | 35.53B | 34.64B | 39.24B | 34.13B | 30.52B | 42.87B |
| Last Close Price | 184.06 | 177.66 | 208.04 | 171.30 | 142.36 | 215.44 |
| Price/FFO Ratio | 16.74 | 15.58 | 18.95 | 16.60 | 14.72 | 26.50 |
| Price/AFFO Ratio | 15.59 | 18.94 | 16.59 | 14.72 | 26.50 | |
| PE Ratio | 25.25 | 24.44 | 28.93 | 28.64 | 19.89 | 35.16 |
| PS Ratio | 8.57 | 8.43 | 10.73 | 9.58 | 8.55 | 15.10 |
| PB Ratio | 2.17 | 2.17 | 2.62 | 2.25 | 2.00 | 3.22 |
| P/OCF Ratio | 15.92 | 15.34 | 19.43 | 17.02 | 15.87 | 29.29 |
| EV/Sales Ratio | 11.52 | 11.39 | 13.47 | 12.31 | 11.57 | 18.37 |
| EV/EBITDA Ratio | 19.12 | 19.00 | 22.51 | 20.39 | 18.81 | 30.41 |
| EV/EBIT Ratio | 38.28 | 38.09 | 43.77 | 39.82 | 37.78 | 65.83 |
| Debt / Equity Ratio | 0.75 | 0.80 | 0.69 | 0.69 | 0.75 | 0.76 |
| Debt / EBITDA Ratio | 4.97 | 5.17 | 4.69 | 4.81 | 5.17 | 5.80 |
| Net Debt / Equity Ratio | 0.74 | 0.79 | 0.68 | 0.66 | 0.70 | 0.72 |
| Net Debt / EBITDA Ratio | 4.96 | 5.11 | 4.67 | 4.62 | 4.85 | 5.57 |
| Asset Turnover | 0.14 | 0.14 | 0.14 | 0.14 | 0.13 | 0.12 |
| Quick Ratio | 0.03 | 0.08 | 0.15 | 0.41 | 0.93 | 0.67 |
| Current Ratio | 0.34 | 0.41 | 1.06 | 0.93 | 1.58 | 1.22 |
| Return on Equity (ROE) | 8.49% | 8.89% | 9.12% | 8.06% | 10.24% | 9.26% |
| Return on Assets (ROA) | 2.56% | 2.63% | 2.69% | 2.60% | 2.50% | 2.08% |
| Return on Invested Capital (ROIC) | 4.23% | 4.38% | 4.47% | 4.28% | 4.10% | 3.44% |
| Earnings Yield | 3.88% | 4.10% | 3.46% | 3.50% | 5.04% | 2.85% |
| Dividend Yield | 3.87% | 3.82% | 3.09% | 3.53% | 3.94% | 2.52% |
| Payout Ratio | 97.68% | 94.39% | 88.90% | 99.34% | 78.26% | 88.45% |
| Buyback Yield / Dilution | 0.50% | -0.26% | -0.57% | -1.19% | -0.18% | 0.51% |
| Total Shareholder Return | 4.36% | 3.56% | 2.52% | 2.33% | 3.75% | 3.03% |