AvalonBay Communities (AVB) Financials

$182.70 -1.74 (-0.95%)

Closing price 08/4/2025 03:59 PM Eastern

Extended Trading

$184.62 +1.92 (+1.05%)

As of 09:00 AM Eastern

Annual Income Statements for AvalonBay Communities

This table shows AvalonBay Communities' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	742	1,034	877	975	786	828	1,004	1,137	929	1,082
Consolidated Net Income / (Loss)	742	1,034	877	974	786	828	1,004	1,136	928	1,082
Net Income / (Loss) Continuing Operations	742	1,034	877	974	786	828	1,004	1,077	928	1,024
Total Pre-Tax Income	743	1,034	877	974	799	824	1,010	1,151	939	1,083
Total Operating Income	724	772	567	809	836	701	590	782	885	906
Total Gross Profit	1,856	2,045	1,658	1,760	2,325	2,301	1,721	1,957	2,469	2,161
Total Revenue	1,856	2,045	2,159	2,285	2,325	2,301	2,292	2,587	2,776	2,907
Operating Revenue	1,856	2,045	2,159	2,285	2,325	2,301	2,292	2,587	2,776	2,907
Total Cost of Revenue	0.00	0.00	501	525	0.00	0.00	571	630	307	746
Operating Cost of Revenue	-	-	501	525	-	-	571	630	307	746
Total Operating Expenses	1,132	1,274	1,091	951	1,488	1,600	1,131	1,175	1,584	1,254
Selling, General & Admin Expense	43	46	54	60	58	60	70	74	77	78
Depreciation Expense	478	531	584	631	662	707	759	815	817	847
Other Operating Expenses / (Income)	642	683	447	242	768	823	301	291	681	328
Impairment Charge	-11	-3.94	6.25	0.22	0.00	0.00	3.12	0.00	9.12	2.94
Other Special Charges / (Income)	-27	7.08	-	17	0.60	9.33	-1.12	-5.13	0.15	-0.75
Total Other Income / (Expense), net	20	262	310	165	-37	123	417	309	48	118
Interest Expense	176	188	-	221	204	214	220	230	206	227
Other Income / (Expense), net	125	385	239	371	158	331	599	539	254	345
Income Tax Expense	1.48	0.31	0.14	-0.16	13	-3.25	5.73	15	10	0.45
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.31	-0.29	-0.26	-0.35	0.13	0.08	0.06	-0.34	-0.39	0.18
Basic Earnings per Share	$5.54	$7.53	$6.36	$7.05	$5.64	$5.89	$7.19	$8.13	$6.56	$7.61
Weighted Average Basic Shares Outstanding	137.00M	137.33M	138.10M	138.51M	140.64M	139.53M	139.75M	139.92M	142.03M	142.25M
Diluted Earnings per Share	$5.51	$7.52	$6.35	$7.05	$5.63	$5.89	$7.19	$8.12	$6.56	$7.60
Weighted Average Diluted Shares Outstanding	137.00M	137.33M	138.10M	138.51M	140.64M	139.53M	139.75M	139.92M	142.03M	142.25M
Weighted Average Basic & Diluted Shares Outstanding	137.00M	137.33M	138.10M	138.51M	140.64M	139.53M	139.75M	139.92M	142.03M	142.25M
Cash Dividends to Common per Share	$5.00	$5.40	$5.68	$5.88	$6.08	$6.36	$6.36	$6.36	$6.60	$6.80

This table shows AvalonBay Communities' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	495	241	147	368	172	242	173	254	373	282	237
Consolidated Net Income / (Loss)	495	241	147	368	172	242	174	254	373	282	237
Net Income / (Loss) Continuing Operations	495	181	147	368	172	242	174	254	373	224	237
Total Pre-Tax Income	500	248	150	368	176	245	174	254	373	282	236
Total Operating Income	520	-255	205	225	219	235	222	237	225	222	235
Total Gross Profit	500	507	675	518	522	753	713	545	540	364	746
Total Revenue	665	664	675	688	698	715	713	724	733	737	746
Operating Revenue	665	664	675	688	698	715	713	724	733	737	746
Total Cost of Revenue	166	157	0.00	170	175	-38	0.00	180	193	373	0.00
Total Operating Expenses	-20	762	470	293	303	518	491	307	314	141	511
Selling, General & Admin Expense	15	21	20	18	20	18	20	20	20	18	20
Depreciation Expense	207	207	205	201	201	211	212	207	212	216	218
Other Operating Expenses / (Income)	77	72	239	75	79	288	256	81	82	-92	274
Impairment Charge	0.00	-	5.05	0.00	3.50	0.57	2.94	0.00	0.00	-	0.00
Total Other Income / (Expense), net	-20	444	-55	139	-43	6.56	-48	15	146	5.23	1.87
Interest Expense	57	57	57	52	48	49	55	57	56	59	60
Interest & Investment Income	44	-	4.85	4.97	1.93	-	11	4.82	31	-	5.11
Other Income / (Expense), net	-6.20	548	-2.88	186	3.16	68	-4.17	67	171	111	57
Income Tax Expense	5.65	6.68	3.56	-0.22	4.37	2.44	-0.02	-0.06	0.78	-0.25	-0.12
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.12	-0.13	-0.13	-0.12	-0.24	0.10	0.11	0.07	0.00	-	0.00
Basic Earnings per Share	$3.54	$1.73	$1.05	$2.59	$1.21	$1.71	$1.22	$1.78	$2.62	$1.99	$1.66
Weighted Average Basic Shares Outstanding	139.90M	139.92M	142.00M	142.02M	142.02M	142.03M	142.19M	142.22M	142.24M	142.25M	142.37M
Diluted Earnings per Share	$3.53	$1.73	$1.05	$2.59	$1.21	$1.71	$1.22	$1.78	$2.61	$1.99	$1.66
Weighted Average Diluted Shares Outstanding	139.90M	139.92M	142.00M	142.02M	142.02M	142.03M	142.19M	142.22M	142.24M	142.25M	142.37M
Weighted Average Basic & Diluted Shares Outstanding	139.90M	139.92M	142.00M	142.02M	142.02M	142.03M	142.19M	142.22M	142.24M	142.25M	142.37M

This table details how cash moves in and out of AvalonBay Communities' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-100	-175	-128	16	-90	186	230	190	-203	-264
Net Cash From Operating Activities	1,075	1,160	1,256	1,301	1,322	1,220	1,203	1,422	1,560	1,608
Net Cash From Continuing Operating Activities	1,075	1,160	1,256	1,301	1,322	1,220	1,203	1,422	1,560	1,608
Net Income / (Loss) Continuing Operations	742	1,034	877	974	786	828	1,004	1,136	928	1,082
Consolidated Net Income / (Loss)	742	1,034	877	974	786	828	1,004	1,136	928	1,082
Depreciation Expense	478	531	584	631	662	707	759	815	817	847
Amortization Expense	-17	-11	1.74	9.64	8.94	9.33	10	11	13	13
Non-Cash Adjustments To Reconcile Net Income	-170	-408	-242	-334	-124	-296	-577	-551	-216	-341
Changes in Operating Assets and Liabilities, net	42	14	36	20	-10	-28	7.34	10	18	6.76
Net Cash From Investing Activities	-1,200	-1,032	-965	-597	-1,194	-179	-624	-560	-929	-997
Net Cash From Continuing Investing Activities	-1,200	-1,032	-965	-597	-1,194	-179	-624	-560	-929	-997
Purchase of Property, Plant & Equipment	-56	-466	-74	-84	-561	-137	-925	-712	-413	-662
Acquisitions	-6.58	-9.75	-487	-350	-10	-36	-54	-14	-19	-14
Sale of Property, Plant & Equipment	282	533	503	936	425	623	977	1,055	467	712
Divestitures	109	112	89	36	10	11	63	51	5.47	11
Other Investing Activities, net	-1,528	-1,201	-997	-1,135	-1,058	-641	-686	-941	-970	-1,043
Net Cash From Financing Activities	25	-303	-419	-689	-218	-854	-349	-671	-834	-875
Net Cash From Continuing Financing Activities	25	-303	-419	-689	-218	-854	-349	-671	-834	-875
Repayment of Debt	-861	-689	-1,631	-530	-238	-1,097	-581	-158	-801	-314
Repurchase of Common Equity	-	-	-	0.00	0.00	-184	0.00	0.00	-1.91	0.00
Payment of Dividends	-657	-727	-775	-807	-840	-884	-888	-890	-923	-962
Issuance of Debt	873	1,122	1,904	595	480	1,348	1,099	349	400	399
Issuance of Common Equity	690	16	111	52	410	3.46	32	20	497	11
Other Financing Activities, net	-6.08	-23	-28	0.97	-28	-40	-10	7.60	-5.29	-8.75
Cash Interest Paid	189	194	208	202	188	197	204	212	188	213

This table details how cash moves in and out of AvalonBay Communities' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	227	247	-358	571	-167	-249	-107	342	27	-525	-48
Net Cash From Operating Activities	440	341	396	346	471	346	413	380	486	329	416
Net Cash From Continuing Operating Activities	440	341	396	346	471	346	413	380	486	329	416
Net Income / (Loss) Continuing Operations	495	241	147	368	172	242	174	254	373	282	237
Consolidated Net Income / (Loss)	495	241	147	368	172	242	174	254	373	282	237
Depreciation Expense	207	207	205	201	201	211	212	207	212	216	218
Amortization Expense	2.77	3.12	3.23	3.12	3.10	3.28	3.28	3.33	3.39	3.29	3.23
Non-Cash Adjustments To Reconcile Net Income	-346	-74	12	-177	7.91	-59	6.00	-59	-188	-101	-43
Changes in Operating Assets and Liabilities, net	82	-36	29	-48	87	-51	18	-26	86	-72	1.62
Net Cash From Investing Activities	8.02	-212	-267	-31	-285	-346	-266	-198	-219	-314	-428
Net Cash From Continuing Investing Activities	8.02	-212	-267	-31	-285	-346	-266	-198	-219	-314	-428
Purchase of Property, Plant & Equipment	-1,030	554	-34	-47	-136	-195	-39	-111	-270	-243	-236
Acquisitions	-3.45	-2.77	-5.60	-3.33	-4.72	-5.22	-2.09	-2.85	-4.43	-4.81	-2.40
Sale of Property, Plant & Equipment	574	172	3.96	249	107	108	3.92	173	326	208	64
Other Investing Activities, net	434	-950	-231	-233	-252	-254	-229	-257	-278	-279	-253
Net Cash From Financing Activities	-221	118	-487	255	-353	-249	-254	160	-240	-540	-36
Net Cash From Continuing Financing Activities	-221	118	-487	255	-353	-249	-254	160	-240	-540	-36
Repayment of Debt	1.75	-53	-252	-6.50	-118	-425	-1.02	-11	-1.34	-301	-1.17
Payment of Dividends	-222	-222	-224	-230	-234	-234	-238	-241	-242	-242	-244
Issuance of Debt	-	-	-	-	-	400	-	-	0.00	-	225
Issuance of Common Equity	-0.05	18	0.14	495	-0.15	1.90	0.37	3.61	3.26	3.30	0.69
Other Financing Activities, net	-0.49	24	-10	-2.30	-0.55	7.87	-16	8.92	-0.58	-0.80	-17
Cash Interest Paid	38	67	34	60	36	57	37	65	33	78	40

This table presents AvalonBay Communities' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	16,931	17,867	18,415	18,380	19,121	19,199	19,902	20,458	20,678	21,001
Total Current Assets	617	493	320	92	40	441	649	1,051	927	808
Cash & Equivalents	401	215	67	92	40	217	420	613	398	109
Restricted Cash	-	-	-	-	-	-	-	121	133	159
Prepaid Expenses	199	257	253	-	-	208	211	317	396	541
Plant, Property, & Equipment, net	15,440	16,928	17,649	17,591	17,936	17,840	18,398	18,993	19,343	19,767
Plant, Property & Equipment, gross	18,744	20,671	21,868	22,192	23,101	23,540	24,607	25,871	26,865	27,931
Accumulated Depreciation	3,304	3,744	4,218	4,601	5,164	5,700	6,209	6,879	7,522	8,164
Total Noncurrent Assets	874	447	445	698	1,145	918	855	414	408	426
Long-Term Investments	217	175	163	217	166	203	216	212	220	227
Other Noncurrent Operating Assets	657	272	282	425	979	715	638	202	188	198
Total Liabilities & Shareholders' Equity	16,931	17,867	18,415	18,380	19,121	19,199	19,902	20,458	20,678	21,001
Total Liabilities	7,081	7,688	8,021	7,744	8,128	8,444	8,966	9,202	8,893	9,060
Total Current Liabilities	261	275	308	298	274	275	296	306	311	357
Accrued Expenses	260	275	308	298	274	275	296	306	311	357
Total Noncurrent Liabilities	6,820	7,413	7,713	7,447	7,854	8,170	8,670	8,895	8,583	8,703
Long-Term Debt	6,457	7,031	7,329	7,040	7,296	7,564	8,104	8,316	7,982	8,077
Other Noncurrent Operating Liabilities	363	382	383	406	557	605	566	579	601	625
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	10.00	7.77	6.06	3.24	3.25	2.68	3.37	2.69	1.47	0.00
Total Equity & Noncontrolling Interests	9,841	10,171	10,388	10,633	10,990	10,752	10,933	11,254	11,783	11,941
Total Preferred & Common Equity	9,841	10,171	10,388	10,633	10,990	10,752	10,933	11,253	11,783	11,941
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	9,841	10,171	10,388	10,633	10,990	10,752	10,933	11,253	11,783	11,941
Common Stock	10,070	10,107	10,237	10,308	10,738	10,666	10,718	10,767	11,289	11,316
Retained Earnings	-198	95	189	351	283	126	241	485	478	591
Accumulated Other Comprehensive Income / (Loss)	-31	-31	-37	-26	-32	-40	-26	1.42	16	34

This table presents AvalonBay Communities' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Total Assets	20,165	20,458	20,175	20,806	20,703	20,678	20,641	21,037	21,308	21,001	21,216
Total Current Assets	475	1,051	563	1,281	1,142	927	861	1,220	1,304	808	778
Cash & Equivalents	201	613	254	770	509	398	288	546	552	109	53
Restricted Cash	-	121	-	177	272	133	136	220	240	159	166
Prepaid Expenses	274	317	297	334	362	396	438	455	512	541	559
Plant, Property, & Equipment, net	18,949	18,993	18,854	19,062	19,143	19,343	19,373	19,413	19,570	19,767	20,002
Plant, Property & Equipment, gross	25,621	25,871	25,912	26,255	26,492	26,865	27,093	27,224	27,560	27,931	28,354
Accumulated Depreciation	6,672	6,879	7,058	7,193	7,349	7,522	7,721	7,812	7,990	8,164	8,352
Total Noncurrent Assets	741	414	758	463	417	408	407	404	434	426	435
Long-Term Investments	217	212	219	217	217	220	220	222	228	227	227
Other Noncurrent Operating Assets	524	202	538	247	200	188	187	182	207	198	208
Total Liabilities & Shareholders' Equity	20,165	20,458	20,175	20,806	20,703	20,678	20,641	21,037	21,308	21,001	21,216
Total Liabilities	8,951	9,202	9,003	8,989	8,924	8,893	8,925	9,296	9,424	9,060	9,299
Total Current Liabilities	340	306	323	645	758	311	324	316	403	357	352
Accrued Expenses	339	306	323	319	425	311	324	316	403	357	352
Total Noncurrent Liabilities	8,612	8,895	8,680	8,344	8,165	8,583	8,601	8,980	9,021	8,703	8,948
Long-Term Debt	7,968	8,316	8,067	8,063	7,877	7,982	7,983	8,374	8,375	8,077	8,078
Other Noncurrent Operating Liabilities	644	579	613	281	288	601	618	606	646	625	869
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	11,211	11,254	11,169	11,816	11,778	11,783	11,714	11,741	11,885	11,941	11,916
Total Preferred & Common Equity	11,210	11,253	11,169	11,815	11,778	11,783	11,714	11,741	11,885	11,941	11,916
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	11,210	11,253	11,169	11,815	11,778	11,783	11,714	11,741	11,885	11,941	11,916
Common Stock	10,740	10,767	10,766	11,271	11,280	11,289	11,281	11,292	11,305	11,316	11,309
Retained Earnings	467	485	402	534	471	478	409	421	551	591	576
Accumulated Other Comprehensive Income / (Loss)	3.04	1.42	1.44	11	26	16	24	28	28	34	30

This table displays calculated financial ratios and metrics derived from AvalonBay Communities' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	10.15%	10.20%	5.54%	5.83%	1.75%	-1.01%	-0.41%	12.89%	7.29%	4.72%
EBITDA Growth	40.21%	28.06%	-16.99%	30.79%	-8.57%	5.06%	11.93%	9.71%	-8.34%	7.27%
EBIT Growth	63.31%	36.26%	-30.31%	46.36%	-15.74%	3.84%	15.18%	11.15%	-13.82%	9.89%
NOPAT Growth	68.43%	6.84%	-26.50%	42.65%	1.71%	-14.44%	-16.68%	31.71%	13.29%	3.54%
Net Income Growth	6.37%	39.36%	-15.19%	11.12%	-19.31%	5.29%	21.34%	13.15%	-18.30%	16.56%
EPS Growth	5.76%	36.48%	-15.56%	11.02%	-20.14%	4.62%	22.07%	12.93%	-19.21%	15.85%
Operating Cash Flow Growth	21.21%	7.97%	8.27%	3.57%	1.59%	-7.73%	-1.35%	18.18%	9.71%	3.07%
Free Cash Flow Firm Growth	-40.26%	8.15%	64.51%	885.09%	-94.95%	1,709.45%	-90.82%	541.48%	-8.91%	-18.11%
Invested Capital Growth	7.61%	7.19%	4.13%	-1.04%	4.46%	-1.11%	2.81%	1.30%	2.09%	2.67%
Revenue Q/Q Growth	2.21%	1.86%	1.75%	1.03%	0.65%	-1.64%	1.91%	2.62%	1.87%	1.30%
EBITDA Q/Q Growth	21.32%	4.23%	-10.87%	28.59%	-13.72%	11.59%	6.58%	-8.08%	0.70%	2.44%
EBIT Q/Q Growth	34.52%	4.52%	-19.22%	51.87%	-21.80%	20.42%	9.32%	-13.11%	0.89%	3.77%
NOPAT Q/Q Growth	37.16%	0.70%	-32.19%	69.00%	-4.44%	-8.36%	14.60%	-38.43%	125.24%	0.54%
Net Income Q/Q Growth	1.76%	9.17%	-0.53%	17.94%	-21.71%	26.51%	-0.58%	-7.65%	0.10%	3.84%
EPS Q/Q Growth	0.00%	0.00%	-0.78%	18.09%	-22.13%	26.94%	-0.55%	-7.62%	-0.30%	3.83%
Operating Cash Flow Q/Q Growth	3.38%	1.68%	1.86%	-0.15%	-1.02%	-3.89%	2.90%	3.65%	0.30%	-1.07%
Free Cash Flow Firm Q/Q Growth	30.58%	-79.80%	-211.67%	922.58%	-93.44%	67.79%	-82.04%	7.90%	89.40%	-28.71%
Invested Capital Q/Q Growth	0.73%	1.67%	1.43%	-1.79%	2.02%	-0.40%	2.13%	-0.74%	0.63%	1.48%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	76.79%	77.02%	100.00%	100.00%	75.09%	75.64%	88.95%	74.34%
EBITDA Margin	70.55%	81.98%	64.48%	79.69%	71.61%	76.00%	85.42%	83.01%	70.92%	72.65%
Operating Margin	38.98%	37.73%	26.27%	35.40%	35.98%	30.47%	25.74%	30.24%	31.88%	31.19%
EBIT Margin	45.73%	56.55%	37.34%	51.64%	42.76%	44.85%	51.87%	51.08%	41.03%	43.05%
Profit (Net Income) Margin	39.96%	50.54%	40.61%	42.64%	33.82%	35.97%	43.82%	43.93%	33.45%	37.23%
Tax Burden Percent	99.80%	99.97%	99.98%	100.02%	98.37%	100.39%	99.43%	98.73%	98.92%	99.96%
Interest Burden Percent	87.56%	89.40%	108.78%	82.56%	80.39%	79.87%	84.96%	87.11%	82.42%	86.51%
Effective Tax Rate	0.20%	0.03%	0.02%	-0.02%	1.63%	-0.39%	0.57%	1.27%	1.08%	0.04%
Return on Invested Capital (ROIC)	4.78%	4.75%	3.31%	4.65%	4.65%	3.91%	3.23%	4.17%	4.65%	4.70%
ROIC Less NNEP Spread (ROIC-NNEP)	5.12%	8.97%	7.82%	7.05%	4.12%	5.66%	8.97%	9.09%	5.38%	7.08%
Return on Net Nonoperating Assets (RNNOA)	3.07%	5.57%	5.22%	4.62%	2.62%	3.70%	6.03%	6.07%	3.41%	4.42%
Return on Equity (ROE)	7.85%	10.32%	8.52%	9.26%	7.27%	7.61%	9.26%	10.24%	8.06%	9.12%
Cash Return on Invested Capital (CROIC)	-2.56%	-2.19%	-0.74%	5.69%	0.28%	5.03%	0.46%	2.88%	2.58%	2.06%
Operating Return on Assets (OROA)	5.13%	6.65%	4.44%	6.41%	5.30%	5.39%	6.08%	6.55%	5.54%	6.01%
Return on Assets (ROA)	4.49%	5.94%	4.83%	5.30%	4.19%	4.32%	5.14%	5.63%	4.51%	5.19%
Return on Common Equity (ROCE)	7.84%	10.31%	8.52%	9.26%	7.27%	7.61%	9.26%	10.24%	8.06%	9.12%
Return on Equity Simple (ROE_SIMPLE)	7.54%	10.16%	8.44%	9.16%	7.15%	7.70%	9.19%	10.10%	7.88%	9.06%
Net Operating Profit after Tax (NOPAT)	722	771	567	809	823	704	586	772	875	906
NOPAT Margin	38.91%	37.72%	26.27%	35.41%	35.39%	30.59%	25.59%	29.86%	31.53%	31.17%
Net Nonoperating Expense Percent (NNEP)	-0.35%	-4.21%	-4.51%	-2.40%	0.53%	-1.74%	-5.73%	-4.91%	-0.73%	-2.38%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	3.95%	4.43%	4.53%
Cost of Revenue to Revenue	0.00%	0.00%	23.21%	22.98%	0.00%	0.00%	24.91%	24.36%	11.05%	25.66%
SG&A Expenses to Revenue	2.30%	2.24%	2.49%	2.64%	2.50%	2.62%	3.04%	2.86%	2.76%	2.67%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	61.02%	62.27%	50.52%	41.62%	64.02%	69.53%	49.35%	45.40%	57.07%	43.15%
Earnings before Interest and Taxes (EBIT)	849	1,157	806	1,180	994	1,032	1,189	1,321	1,139	1,251
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,309	1,677	1,392	1,821	1,665	1,749	1,958	2,148	1,969	2,112
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.93	1.86	1.90	1.87	2.27	1.85	2.96	1.87	2.18	2.62
Price to Tangible Book Value (P/TBV)	1.93	1.86	1.90	1.87	2.27	1.85	2.96	1.87	2.18	2.62
Price to Revenue (P/Rev)	10.22	9.23	9.13	8.72	10.75	8.65	14.11	8.14	9.27	10.76
Price to Earnings (P/E)	25.56	18.25	22.48	20.45	31.79	24.06	32.19	18.52	27.69	28.92
Dividend Yield	3.61%	3.93%	3.98%	4.08%	3.40%	4.46%	2.75%	4.23%	3.64%	3.09%
Earnings Yield	3.91%	5.48%	4.45%	4.89%	3.15%	4.16%	3.11%	5.40%	3.61%	3.46%
Enterprise Value to Invested Capital (EV/IC)	1.58	1.52	1.53	1.54	1.77	1.51	2.16	1.53	1.73	1.99
Enterprise Value to Revenue (EV/Rev)	13.37	12.48	12.42	11.67	13.80	11.76	17.36	10.99	11.87	13.37
Enterprise Value to EBITDA (EV/EBITDA)	18.95	15.22	19.27	14.65	19.27	15.47	20.33	13.24	16.74	18.41
Enterprise Value to EBIT (EV/EBIT)	29.24	22.06	33.27	22.60	32.28	26.22	33.47	21.51	28.94	31.06
Enterprise Value to NOPAT (EV/NOPAT)	34.37	33.08	47.30	32.96	39.00	38.45	67.86	36.80	37.66	42.90
Enterprise Value to Operating Cash Flow (EV/OCF)	23.09	21.99	21.35	20.49	24.27	22.19	33.08	19.99	21.12	24.18
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	26.94	641.25	29.89	478.84	53.33	67.86	97.74
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.66	0.69	0.71	0.66	0.66	0.70	0.74	0.74	0.68	0.68
Long-Term Debt to Equity	0.66	0.69	0.71	0.66	0.66	0.70	0.74	0.74	0.68	0.68
Financial Leverage	0.60	0.62	0.67	0.66	0.64	0.65	0.67	0.67	0.63	0.62
Leverage Ratio	1.75	1.74	1.76	1.75	1.73	1.76	1.80	1.82	1.79	1.76
Compound Leverage Factor	1.53	1.55	1.92	1.44	1.39	1.41	1.53	1.58	1.47	1.52
Debt to Total Capital	39.60%	40.85%	41.35%	39.83%	39.89%	41.29%	42.56%	42.49%	40.38%	40.35%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	39.60%	40.85%	41.35%	39.83%	39.89%	41.29%	42.56%	42.49%	40.38%	40.35%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.06%	0.05%	0.03%	0.02%	0.02%	0.02%	0.02%	0.01%	0.01%	0.00%
Common Equity to Total Capital	60.34%	59.10%	58.61%	60.15%	60.09%	58.69%	57.42%	57.50%	59.61%	59.65%
Debt to EBITDA	4.93	4.19	5.27	3.87	4.38	4.33	4.14	3.87	4.05	3.83
Net Debt to EBITDA	4.46	3.96	5.10	3.70	4.26	4.09	3.81	3.43	3.67	3.59
Long-Term Debt to EBITDA	4.93	4.19	5.27	3.87	4.38	4.33	4.14	3.87	4.05	3.83
Debt to NOPAT	8.94	9.11	12.93	8.70	8.87	10.75	13.82	10.77	9.12	8.91
Net Debt to NOPAT	8.09	8.61	12.52	8.32	8.62	10.15	12.73	9.54	8.26	8.37
Long-Term Debt to NOPAT	8.94	9.11	12.93	8.70	8.87	10.75	13.82	10.77	9.12	8.91
Altman Z-Score	1.89	1.82	1.75	1.89	2.14	1.73	2.51	1.79	2.12	2.47
Noncontrolling Interest Sharing Ratio	0.12%	0.09%	0.07%	0.04%	0.03%	0.03%	0.03%	0.03%	0.02%	0.01%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.37	1.79	1.04	0.31	0.14	1.61	2.19	3.43	2.98	2.26
Quick Ratio	1.54	0.78	0.22	0.31	0.14	0.79	1.42	2.00	1.28	0.30
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-387	-355	-126	990	50	905	83	533	486	398
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	967.72%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-2.20	-1.89	0.00	4.48	0.25	4.23	0.38	2.32	2.36	1.76
Operating Cash Flow to Interest Expense	6.12	6.19	0.00	5.89	6.49	5.70	5.46	6.18	7.57	7.10
Operating Cash Flow Less CapEx to Interest Expense	7.41	6.54	0.00	9.75	5.82	7.97	5.70	7.67	7.84	7.31
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.11	0.12	0.12	0.12	0.12	0.12	0.12	0.13	0.13	0.14
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.12	0.13	0.12	0.13	0.13	0.13	0.13	0.14	0.14	0.15
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	15,673	16,800	17,493	17,312	18,085	17,883	18,387	18,626	19,016	19,524
Invested Capital Turnover	0.12	0.13	0.13	0.13	0.13	0.13	0.13	0.14	0.15	0.15
Increase / (Decrease) in Invested Capital	1,109	1,127	693	-181	773	-201	503	239	390	508
Enterprise Value (EV)	24,817	25,517	26,817	26,663	32,083	27,062	39,796	28,430	32,955	38,871
Market Capitalization	18,968	18,869	19,712	19,928	24,988	19,914	32,325	21,057	25,723	31,288
Book Value per Share	$71.89	$74.07	$75.23	$76.92	$78.69	$77.01	$78.23	$80.44	$82.97	$83.95
Tangible Book Value per Share	$71.89	$74.07	$75.23	$76.92	$78.69	$77.01	$78.23	$80.44	$82.97	$83.95
Total Capital	16,307	17,210	17,724	17,676	18,290	18,319	19,040	19,572	19,767	20,018
Total Debt	6,457	7,031	7,329	7,040	7,296	7,564	8,104	8,316	7,982	8,077
Total Long-Term Debt	6,457	7,031	7,329	7,040	7,296	7,564	8,104	8,316	7,982	8,077
Net Debt	5,840	6,641	7,099	6,731	7,091	7,145	7,467	7,370	7,231	7,583
Capital Expenditures (CapEx)	-226	-67	-429	-853	137	-486	-52	-344	-54	-49
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-44	2.30	-55	-298	-274	-50	-67	11	86	184
Debt-free Net Working Capital (DFNWC)	357	217	12	-206	-234	167	353	745	617	451
Net Working Capital (NWC)	357	217	12	-206	-234	167	353	745	617	451
Net Nonoperating Expense (NNE)	-20	-262	-310	-165	37	-124	-418	-364	-53	-176
Net Nonoperating Obligations (NNO)	5,823	6,621	7,099	6,676	7,091	7,128	7,450	7,370	7,231	7,583
Total Depreciation and Amortization (D&A)	461	520	586	641	671	717	769	826	830	860
Debt-free, Cash-free Net Working Capital to Revenue	-2.37%	0.11%	-2.54%	-13.04%	-11.79%	-2.19%	-2.94%	0.41%	3.08%	6.33%
Debt-free Net Working Capital to Revenue	19.21%	10.62%	0.57%	-9.03%	-10.08%	7.24%	15.39%	28.79%	22.21%	15.52%
Net Working Capital to Revenue	19.21%	10.62%	0.57%	-9.03%	-10.08%	7.24%	15.39%	28.79%	22.21%	15.52%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$5.54	$7.53	$6.36	$7.05	$5.64	$5.89	$7.19	$8.13	$6.56	$7.61
Adjusted Weighted Average Basic Shares Outstanding	137.00M	137.33M	138.10M	138.51M	140.64M	139.53M	139.75M	139.92M	142.03M	142.25M
Adjusted Diluted Earnings per Share	$5.51	$7.52	$6.35	$7.05	$5.63	$5.89	$7.19	$8.12	$6.56	$7.60
Adjusted Weighted Average Diluted Shares Outstanding	137.00M	137.33M	138.10M	138.51M	140.64M	139.53M	139.75M	139.92M	142.03M	142.25M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	137.00M	137.33M	138.10M	138.51M	140.64M	139.53M	139.75M	139.92M	142.03M	142.25M
Normalized Net Operating Profit after Tax (NOPAT)	692	785	573	578	823	497	588	767	884	908
Normalized NOPAT Margin	37.27%	38.36%	26.56%	25.32%	35.42%	21.61%	25.68%	29.66%	31.86%	31.25%
Pre Tax Income Margin	40.04%	50.56%	40.62%	42.64%	34.38%	35.83%	44.07%	44.49%	33.82%	37.25%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.83	6.17	0.00	5.34	4.88	4.82	5.39	5.74	5.53	5.52
NOPAT to Interest Expense	4.11	4.11	0.00	3.66	4.04	3.29	2.66	3.36	4.25	4.00
EBIT Less CapEx to Interest Expense	6.12	6.52	0.00	9.20	4.21	7.09	5.63	7.24	5.79	5.74
NOPAT Less CapEx to Interest Expense	5.40	4.47	0.00	7.52	3.37	5.56	2.90	4.85	4.51	4.22
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	88.54%	70.35%	88.42%	82.82%	106.81%	106.77%	88.45%	78.28%	99.38%	88.89%
Augmented Payout Ratio	88.54%	70.35%	88.42%	82.82%	106.81%	128.98%	88.45%	78.28%	99.58%	88.89%

This table displays calculated financial ratios and metrics derived from AvalonBay Communities' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	14.55%	11.03%	10.04%	6.76%	4.86%	7.69%	5.65%	5.24%	5.01%	3.06%	4.63%
EBITDA Growth	121.68%	-27.27%	-21.77%	55.08%	-41.07%	2.71%	5.54%	-16.34%	43.63%	6.75%	18.32%
EBIT Growth	295.44%	-40.50%	-36.78%	111.32%	-56.77%	3.42%	7.49%	-26.03%	78.58%	9.92%	33.93%
NOPAT Growth	311.51%	-209.34%	-36.95%	14.54%	-58.47%	193.84%	10.65%	5.20%	5.27%	-4.39%	7.96%
Net Income Growth	527.33%	-28.07%	-44.00%	165.44%	-65.27%	0.37%	18.25%	-30.94%	116.85%	16.54%	36.32%
EPS Growth	530.36%	-27.92%	-43.85%	161.62%	-65.72%	-1.16%	16.19%	-31.27%	115.70%	16.37%	36.07%
Operating Cash Flow Growth	28.35%	17.18%	15.26%	16.90%	7.01%	1.37%	4.24%	9.68%	3.16%	-5.02%	0.73%
Free Cash Flow Firm Growth	-424.47%	-76.32%	44.77%	58.39%	133.00%	67.85%	38.50%	134.88%	-245.90%	-82.38%	-207.98%
Invested Capital Growth	4.22%	1.30%	1.79%	2.18%	0.70%	2.09%	1.61%	0.92%	1.82%	2.67%	2.59%
Revenue Q/Q Growth	3.22%	-0.18%	1.60%	1.99%	1.38%	2.51%	1.88%	1.59%	1.16%	0.60%	1.20%
EBITDA Q/Q Growth	82.32%	-30.41%	-18.47%	49.93%	-30.72%	21.29%	-13.61%	18.85%	18.95%	-9.86%	-7.15%
EBIT Q/Q Growth	163.86%	-42.99%	-30.93%	103.40%	-46.02%	36.39%	-24.30%	39.97%	30.31%	-16.05%	-12.54%
NOPAT Q/Q Growth	161.06%	-148.26%	180.74%	12.60%	-5.34%	9.04%	13.20%	7.05%	-5.28%	-0.97%	5.45%
Net Income Q/Q Growth	256.96%	-51.24%	-39.14%	150.59%	-53.29%	40.91%	-28.30%	46.35%	46.66%	-24.27%	-16.13%
EPS Q/Q Growth	256.57%	-50.99%	-39.31%	146.67%	-53.28%	41.32%	-28.66%	45.90%	46.63%	-23.75%	-16.58%
Operating Cash Flow Q/Q Growth	48.60%	-22.46%	16.00%	-12.54%	36.02%	-26.54%	19.27%	-7.97%	27.94%	-32.37%	26.49%
Free Cash Flow Firm Q/Q Growth	42.83%	-97.74%	73.33%	-38.03%	145.34%	-292.65%	58.74%	178.27%	-289.68%	-140.82%	9.29%
Invested Capital Q/Q Growth	1.16%	-0.74%	0.68%	1.07%	-0.30%	0.63%	0.21%	0.38%	0.58%	1.48%	0.13%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	75.11%	76.38%	100.00%	75.32%	74.89%	105.35%	100.00%	75.20%	73.65%	49.36%	100.00%
EBITDA Margin	108.71%	75.78%	60.81%	89.39%	61.09%	72.28%	60.74%	71.06%	83.56%	74.87%	68.69%
Operating Margin	78.16%	-38.40%	30.41%	32.76%	31.38%	32.88%	31.09%	32.76%	30.74%	30.17%	31.45%
EBIT Margin	77.23%	44.11%	29.99%	59.80%	31.84%	42.36%	30.50%	42.03%	54.14%	45.18%	39.05%
Profit (Net Income) Margin	74.35%	36.31%	21.75%	53.45%	24.62%	33.85%	24.35%	35.07%	50.85%	38.27%	31.72%
Tax Burden Percent	98.87%	97.30%	97.63%	100.06%	97.52%	99.00%	100.01%	100.02%	99.79%	100.09%	100.05%
Interest Burden Percent	97.37%	84.62%	74.31%	89.33%	79.31%	80.71%	79.80%	83.43%	94.12%	84.64%	81.20%
Effective Tax Rate	1.13%	2.70%	2.37%	-0.06%	2.48%	1.00%	-0.01%	-0.02%	0.21%	-0.09%	-0.05%
Return on Invested Capital (ROIC)	10.60%	-5.22%	4.23%	4.71%	4.43%	4.80%	4.60%	4.88%	4.62%	4.56%	4.79%
ROIC Less NNEP Spread (ROIC-NNEP)	10.33%	1.38%	3.52%	6.63%	3.86%	4.93%	3.96%	5.11%	6.66%	5.36%	4.82%
Return on Net Nonoperating Assets (RNNOA)	6.93%	0.92%	2.39%	4.31%	2.46%	3.12%	2.58%	3.15%	4.07%	3.35%	3.05%
Return on Equity (ROE)	17.53%	-4.30%	6.62%	9.01%	6.89%	7.92%	7.18%	8.03%	8.69%	7.90%	7.85%
Cash Return on Invested Capital (CROIC)	2.69%	2.88%	1.76%	1.50%	1.36%	2.58%	3.06%	3.76%	2.93%	2.06%	2.22%
Operating Return on Assets (OROA)	9.82%	5.65%	3.97%	7.94%	4.25%	5.72%	4.18%	5.69%	7.40%	6.30%	5.48%
Return on Assets (ROA)	9.46%	4.66%	2.88%	7.09%	3.28%	4.57%	3.34%	4.75%	6.95%	5.34%	4.46%
Return on Common Equity (ROCE)	17.52%	-4.30%	6.61%	9.01%	6.89%	7.92%	7.18%	8.03%	8.69%	7.90%	7.84%
Return on Equity Simple (ROE_SIMPLE)	10.98%	0.00%	9.14%	10.58%	7.88%	0.00%	8.15%	7.17%	8.77%	0.00%	9.61%
Net Operating Profit after Tax (NOPAT)	514	-248	200	226	214	233	222	237	225	223	235
NOPAT Margin	77.28%	-37.36%	29.69%	32.78%	30.61%	32.56%	31.09%	32.77%	30.68%	30.20%	31.47%
Net Nonoperating Expense Percent (NNEP)	0.26%	-6.60%	0.71%	-1.93%	0.57%	-0.13%	0.64%	-0.23%	-2.04%	-0.80%	-0.03%
Return On Investment Capital (ROIC_SIMPLE)	-	-1.27%	-	-	-	1.18%	-	-	-	1.11%	1.17%
Cost of Revenue to Revenue	24.89%	23.62%	0.00%	24.68%	25.11%	-5.35%	0.00%	24.80%	26.35%	50.64%	0.00%
SG&A Expenses to Revenue	2.20%	3.12%	3.02%	2.57%	2.93%	2.52%	2.85%	2.70%	2.74%	2.40%	2.65%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	-3.05%	114.77%	69.59%	42.56%	43.50%	72.46%	68.91%	42.44%	42.90%	19.19%	68.55%
Earnings before Interest and Taxes (EBIT)	514	293	202	411	222	303	217	304	397	333	291
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	723	503	410	615	426	517	433	515	612	552	512
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.15	1.87	2.01	2.19	2.00	2.18	2.23	2.51	2.70	2.62	2.56
Price to Tangible Book Value (P/TBV)	2.15	1.87	2.01	2.19	2.00	2.18	2.23	2.51	2.70	2.62	2.56
Price to Revenue (P/Rev)	9.57	8.14	8.49	9.63	8.65	9.27	9.34	10.38	11.16	10.76	10.39
Price to Earnings (P/E)	19.61	18.52	22.01	20.72	25.40	27.69	27.36	34.96	30.75	28.92	26.66
Dividend Yield	3.69%	4.23%	4.00%	3.55%	3.94%	3.64%	3.61%	3.24%	3.00%	3.09%	3.19%
Earnings Yield	5.10%	5.40%	4.54%	4.83%	3.94%	3.61%	3.66%	2.86%	3.25%	3.46%	3.75%
Enterprise Value to Invested Capital (EV/IC)	1.69	1.53	1.60	1.73	1.61	1.73	1.76	1.92	2.05	1.99	1.95
Enterprise Value to Revenue (EV/Rev)	12.57	10.99	11.36	12.19	11.18	11.87	11.96	12.98	13.73	13.37	12.98
Enterprise Value to EBITDA (EV/EBITDA)	13.56	13.24	14.79	14.58	15.58	16.74	16.94	19.63	19.11	18.41	17.42
Enterprise Value to EBIT (EV/EBIT)	20.83	21.51	24.99	23.11	26.98	28.94	29.40	35.68	32.66	31.06	28.80
Enterprise Value to NOPAT (EV/NOPAT)	25.25	36.80	45.79	47.78	78.38	37.66	38.05	41.33	43.70	42.90	41.33
Enterprise Value to Operating Cash Flow (EV/OCF)	23.10	19.99	20.40	21.53	19.58	21.12	21.23	22.85	24.24	24.18	23.69
Enterprise Value to Free Cash Flow (EV/FCFF)	64.13	53.33	92.13	116.38	118.78	67.86	57.89	51.41	70.61	97.74	88.87
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.71	0.74	0.72	0.68	0.67	0.68	0.68	0.71	0.70	0.68	0.68
Long-Term Debt to Equity	0.71	0.74	0.72	0.68	0.67	0.68	0.68	0.71	0.70	0.68	0.68
Financial Leverage	0.67	0.67	0.68	0.65	0.64	0.63	0.65	0.62	0.61	0.62	0.63
Leverage Ratio	1.80	1.82	1.81	1.78	1.78	1.79	1.78	1.78	1.78	1.76	1.77
Compound Leverage Factor	1.75	1.54	1.34	1.59	1.41	1.44	1.42	1.48	1.67	1.49	1.44
Debt to Total Capital	41.54%	42.49%	41.93%	40.56%	40.07%	40.38%	40.53%	41.63%	41.34%	40.35%	40.40%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	41.54%	42.49%	41.93%	40.56%	40.07%	40.38%	40.53%	41.63%	41.34%	40.35%	40.40%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.02%	0.01%	0.01%	0.00%	0.01%	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	58.44%	57.50%	58.06%	59.44%	59.92%	59.61%	59.47%	58.37%	58.66%	59.65%	59.60%
Debt to EBITDA	3.41	3.87	3.97	3.58	4.03	4.05	4.04	4.47	4.06	3.83	3.69
Net Debt to EBITDA	3.23	3.43	3.73	3.06	3.52	3.67	3.71	3.94	3.57	3.59	3.48
Long-Term Debt to EBITDA	3.41	3.87	3.97	3.58	4.03	4.05	4.04	4.47	4.06	3.83	3.69
Debt to NOPAT	6.35	10.77	12.28	11.74	20.27	9.12	9.07	9.40	9.29	8.91	8.75
Net Debt to NOPAT	6.02	9.54	11.56	10.04	17.71	8.26	8.34	8.29	8.16	8.37	8.27
Long-Term Debt to NOPAT	6.35	10.77	12.28	11.74	20.27	9.12	9.07	9.40	9.29	8.91	8.75
Altman Z-Score	1.87	1.62	1.70	2.00	1.81	1.99	1.99	2.16	2.32	2.33	2.22
Noncontrolling Interest Sharing Ratio	0.03%	0.03%	0.03%	0.02%	0.02%	0.02%	0.02%	0.00%	0.01%	0.01%	0.01%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.40	3.43	1.74	1.99	1.51	2.98	2.66	3.86	3.24	2.26	2.21
Quick Ratio	0.59	2.00	0.79	1.19	0.67	1.28	0.89	1.73	1.37	0.30	0.15
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-247	-487	-130	-179	81	-157	-80	63	-119	-286	-259
Operating Cash Flow to CapEx	96.58%	0.00%	1,297.98%	0.00%	1,587.65%	396.04%	1,187.60%	0.00%	0.00%	949.61%	241.48%
Free Cash Flow to Firm to Interest Expense	-4.30	-8.48	-2.29	-3.48	1.69	-3.17	-1.46	1.10	-2.13	-4.85	-4.33
Operating Cash Flow to Interest Expense	7.69	5.94	6.97	6.72	9.79	7.00	7.54	6.66	8.72	5.58	6.95
Operating Cash Flow Less CapEx to Interest Expense	-0.27	18.56	6.43	10.63	9.18	5.23	6.90	7.75	9.73	4.99	4.07
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.13	0.13	0.13	0.13	0.13	0.13	0.14	0.14	0.14	0.14	0.14
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.14	0.14	0.14	0.14	0.14	0.14	0.15	0.15	0.15	0.15	0.15
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	18,764	18,626	18,753	18,953	18,896	19,016	19,055	19,128	19,240	19,524	19,549
Invested Capital Turnover	0.14	0.14	0.14	0.14	0.14	0.15	0.15	0.15	0.15	0.15	0.15
Increase / (Decrease) in Invested Capital	761	239	330	405	132	390	302	175	343	508	494
Enterprise Value (EV)	31,685	28,430	30,077	32,823	30,455	32,955	33,476	36,803	39,389	38,871	38,163
Market Capitalization	24,132	21,057	22,481	25,924	23,573	25,723	26,135	29,417	32,034	31,288	30,531
Book Value per Share	$80.17	$80.44	$79.83	$83.21	$82.93	$82.97	$82.39	$82.58	$83.57	$83.95	$83.77
Tangible Book Value per Share	$80.17	$80.44	$79.83	$83.21	$82.93	$82.97	$82.39	$82.58	$83.57	$83.95	$83.77
Total Capital	19,181	19,572	19,239	19,878	19,656	19,767	19,699	20,116	20,260	20,018	19,995
Total Debt	7,968	8,316	8,067	8,063	7,877	7,982	7,983	8,374	8,375	8,077	8,078
Total Long-Term Debt	7,968	8,316	8,067	8,063	7,877	7,982	7,983	8,374	8,375	8,077	8,078
Net Debt	7,550	7,370	7,593	6,899	6,879	7,231	7,339	7,387	7,355	7,583	7,633
Capital Expenditures (CapEx)	456	-725	31	-202	30	87	35	-62	-56	35	172
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-65	11	-14	-311	-396	86	114	139	109	184	207
Debt-free Net Working Capital (DFNWC)	136	745	240	636	384	617	537	905	902	451	427
Net Working Capital (NWC)	136	745	240	636	384	617	537	905	902	451	427
Net Nonoperating Expense (NNE)	19	-489	54	-142	42	-9.25	48	-17	-148	-59	-1.87
Net Nonoperating Obligations (NNO)	7,551	7,370	7,581	7,138	7,117	7,231	7,339	7,387	7,355	7,583	7,633
Total Depreciation and Amortization (D&A)	209	210	208	204	204	214	216	210	216	219	221
Debt-free, Cash-free Net Working Capital to Revenue	-2.60%	0.41%	-0.53%	-11.55%	-14.53%	3.08%	4.07%	4.91%	3.81%	6.33%	7.06%
Debt-free Net Working Capital to Revenue	5.38%	28.79%	9.08%	23.63%	14.10%	22.21%	19.20%	31.91%	31.42%	15.52%	14.51%
Net Working Capital to Revenue	5.38%	28.79%	9.08%	23.63%	14.10%	22.21%	19.20%	31.91%	31.42%	15.52%	14.51%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.54	$1.73	$1.05	$2.59	$1.21	$1.71	$1.22	$1.78	$2.62	$1.99	$1.66
Adjusted Weighted Average Basic Shares Outstanding	139.90M	139.92M	142.00M	142.02M	142.02M	142.03M	142.19M	142.22M	142.24M	142.25M	142.37M
Adjusted Diluted Earnings per Share	$3.53	$1.73	$1.05	$2.59	$1.21	$1.71	$1.22	$1.78	$2.61	$1.99	$1.66
Adjusted Weighted Average Diluted Shares Outstanding	139.90M	139.92M	142.00M	142.02M	142.02M	142.03M	142.19M	142.22M	142.24M	142.25M	142.37M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	139.90M	139.92M	142.00M	142.02M	142.02M	142.03M	142.19M	142.22M	142.24M	142.25M	142.37M
Normalized Net Operating Profit after Tax (NOPAT)	199	-248	205	158	217	233	157	166	224	156	164
Normalized NOPAT Margin	29.98%	-37.36%	30.42%	22.90%	31.09%	32.63%	22.05%	22.91%	30.64%	21.12%	22.02%
Pre Tax Income Margin	75.20%	37.32%	22.28%	53.42%	25.25%	34.19%	24.34%	35.07%	50.96%	38.24%	31.71%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	8.97	5.10	3.56	7.98	4.62	6.12	3.97	5.33	7.11	5.65	4.86
NOPAT to Interest Expense	8.97	-4.32	3.53	4.37	4.44	4.71	4.05	4.16	4.03	3.77	3.92
EBIT Less CapEx to Interest Expense	1.01	17.72	3.02	11.89	4.00	4.36	3.34	6.42	8.12	5.06	1.99
NOPAT Less CapEx to Interest Expense	1.01	8.30	2.99	8.28	3.82	2.94	3.41	5.25	5.04	3.19	1.04
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	72.27%	78.28%	87.21%	71.86%	98.15%	99.38%	98.00%	112.53%	91.57%	88.89%	84.58%
Augmented Payout Ratio	72.27%	78.28%	87.32%	72.01%	98.35%	99.58%	98.08%	112.53%	91.57%	88.89%	84.58%

Key Financial Trends

AvalonBay Communities (NYSE: AVB) financial overview over the past four years reveals a company with generally stable revenue growth, solid earnings performance, and active capital deployment, though some recent quarters show elevated operating expenses impacting margins.

Key positive trends and highlights:

Operating Revenue has exhibited steady growth, increasing from approximately $664 million in Q4 2022 to $746 million in Q1 2025.
Net Income attributable to common shareholders rose consistently year-over-year, reaching $236.6 million in Q1 2025 up from $173.4 million in Q1 2024 and well above earlier years.
Strong operating cash flow with net cash from operating activities in Q1 2025 at $416 million, up from $397 million in Q1 2024, supporting business operations and investments.
Continued investment in property, plant & equipment (PPE) supports growth, with over $236 million spent in Q1 2025 and regular capital expenditures in prior quarters.
Dividends to common shareholders have grown steadily, reflecting management’s commitment to returning value; for example, $1.66 per share diluted EPS and $1.70 dividends per share in Q1 2025 and prior quarters.
Total equity has risen steadily, reaching approximately $11.9 billion in Q1 2025, indicating retained earnings growth and stable shareholder equity base.
Interest income and other income sources contribute positively to overall profitability, with net other income typically positive in recent quarters.

Neutral factors to monitor:

Depreciation expense remains a significant non-cash charge, reflecting the capital-intensive nature of the multifamily housing business, consistently around $200 million per quarter.
Debt levels have been relatively stable, with long-term debt near $8.1 billion in Q1 2025, implying steady leverage but also a substantial debt burden.
Weighted average shares outstanding have remained quite stable (~142 million), showing little dilution or share buyback impact.

Challenges and negative observations:

Other Operating Expenses have increased significantly in recent quarters, reaching $273.6 million in Q1 2025 compared to some quarters reporting negative amounts, which pressures operating income margins.
Net cash used in investing activities was quite high at $428 million in Q1 2025, exceeding operating cash flow, which may pressure liquidity if sustained.
Net cash from financing activities was negative $36 million in Q1 2025, reflecting debt repayment and dividend payments, which may limit financial flexibility in the near term.
Cash and equivalents declined from $108.6 million in Q4 2024 to $53.3 million in Q1 2025, suggesting a tightening cash position.
Impairment charges have appeared sporadically, including $2.9 million in Q1 2025, signaling some asset value risks.

Summary: AvalonBay Communities has demonstrated resilient revenue growth and strong net income generation over the last several years, supported by stable occupancy and rental income typical for a leading multifamily REIT. The company maintains solid operating cash flows and continues to invest significantly in its properties to sustain growth. However, rising operating expenses and heavy investing outflows in recent quarters have compressed margins and reduced liquidity somewhat. Investors should keep an eye on how these expenses evolve, the company’s ability to manage cash from investing closely with operating cash flow, and its approach to debt and dividend management for sustainable long-term performance.

08/05/25 05:18 AMAI Generated. May Contain Errors.

Frequently Asked Questions About AvalonBay Communities' Financials

When does AvalonBay Communities' financial year end?

According to the most recent income statement we have on file, AvalonBay Communities' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has AvalonBay Communities' net income changed over the last 9 years?

AvalonBay Communities' net income appears to be on an upward trend, with a most recent value of $1.08 billion in 2024, rising from $741.73 million in 2015. The previous period was $928.44 million in 2023. See where experts think AvalonBay Communities is headed by visiting AvalonBay Communities' forecast page.

What is AvalonBay Communities' operating income?

AvalonBay Communities' total operating income in 2024 was $906.49 million, based on the following breakdown:

Total Gross Profit: $2.16 billion
Total Operating Expenses: $1.25 billion

How has AvalonBay Communities' revenue changed over the last 9 years?

Over the last 9 years, AvalonBay Communities' total revenue changed from $1.86 billion in 2015 to $2.91 billion in 2024, a change of 56.6%.

How much debt does AvalonBay Communities have?

AvalonBay Communities' total liabilities were at $9.06 billion at the end of 2024, a 1.9% increase from 2023, and a 27.9% increase since 2015.

How much cash does AvalonBay Communities have?

In the past 9 years, AvalonBay Communities' cash and equivalents has ranged from $39.69 million in 2019 to $613.19 million in 2022, and is currently $108.58 million as of their latest financial filing in 2024.

How has AvalonBay Communities' book value per share changed over the last 9 years?

Over the last 9 years, AvalonBay Communities' book value per share changed from 71.89 in 2015 to 83.95 in 2024, a change of 16.8%.

Related Companies

This page (NYSE:AVB) was last updated on 8/5/2025 by MarketBeat.com Staff

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AvalonBay Communities (AVB) Financials

Key Financial Trends

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AvalonBay Communities (AVB) Financials

Annual Income Statements for AvalonBay Communities

Quarterly Income Statements for AvalonBay Communities

Annual Cash Flow Statements for AvalonBay Communities

Quarterly Cash Flow Statements for AvalonBay Communities

Annual Balance Sheets for AvalonBay Communities

Quarterly Balance Sheets for AvalonBay Communities

Annual Metrics And Ratios for AvalonBay Communities

Quarterly Metrics And Ratios for AvalonBay Communities

Key Financial Trends

Frequently Asked Questions About AvalonBay Communities' Financials

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