AvalonBay Communities (AVB) Financials

$194.60 +0.48 (+0.25%)

Closing price 03:59 PM Eastern

Extended Trading

$194.61 +0.01 (+0.00%)

As of 06:06 PM 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	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	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	684	742	1,034	877	975	786	828	1,004	1,137	929	1,082
Consolidated Net Income / (Loss)	697	742	1,034	877	974	786	828	1,004	1,136	928	1,082
Net Income / (Loss) Continuing Operations	659	742	1,034	877	974	786	828	1,004	1,077	928	1,024
Total Pre-Tax Income	669	743	1,034	877	974	799	824	1,010	1,151	939	1,083
Total Operating Income	435	724	772	567	809	836	701	590	782	885	906
Total Gross Profit	1,685	1,856	2,045	1,658	1,760	2,325	2,301	1,721	1,957	2,469	2,161
Total Revenue	1,685	1,856	2,045	2,159	2,285	2,325	2,301	2,292	2,587	2,776	2,907
Operating Revenue	1,685	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	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	1,250	1,132	1,274	1,091	951	1,488	1,600	1,131	1,175	1,584	1,254
Selling, General & Admin Expense	41	43	46	54	60	58	60	70	74	77	78
Depreciation Expense	443	478	531	584	631	662	707	759	815	817	847
Other Operating Expenses / (Income)	770	642	683	447	242	768	823	301	291	681	328
Impairment Charge	0.00	-11	-3.94	6.25	0.22	0.00	0.00	3.12	0.00	9.12	2.94
Other Special Charges / (Income)	-0.49	-27	7.08	-	17	0.60	9.33	-1.12	-5.13	0.15	-0.75
Total Other Income / (Expense), net	234	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	85	125	385	239	371	158	331	599	539	254	345
Income Tax Expense	9.37	1.48	0.31	0.14	-0.16	13	-3.25	5.73	15	10	0.45
Net Income / (Loss) Attributable to Noncontrolling Interest	14	-0.31	-0.29	-0.26	-0.35	0.13	0.08	0.06	-0.34	-0.39	0.18
Basic Earnings per Share	$5.22	$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	132.05M	137.00M	137.33M	138.10M	138.51M	140.64M	139.53M	139.75M	139.92M	142.03M	142.25M
Diluted Earnings per Share	$5.21	$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	132.05M	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	132.05M	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	$4.64	$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	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	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	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	241	147	368	172	242	173	254	373	282	237	269
Consolidated Net Income / (Loss)	241	147	368	172	242	174	254	373	282	237	270
Net Income / (Loss) Continuing Operations	181	147	368	172	242	174	254	373	224	237	270
Total Pre-Tax Income	248	150	368	176	245	174	254	373	282	236	269
Total Operating Income	-255	205	225	219	235	217	237	225	222	235	225
Total Gross Profit	507	675	518	522	753	713	726	540	364	746	760
Total Revenue	664	675	688	698	715	713	726	733	737	746	760
Operating Revenue	664	675	688	698	715	713	726	733	737	746	760
Total Cost of Revenue	157	0.00	170	175	-38	0.00	0.00	193	373	0.00	0.00
Total Operating Expenses	762	470	293	303	518	495	489	314	141	511	535
Selling, General & Admin Expense	21	20	18	20	18	20	20	20	18	20	23
Depreciation Expense	207	205	201	201	211	212	207	212	216	218	232
Other Operating Expenses / (Income)	72	239	75	79	288	260	262	82	-92	274	279
Impairment Charge	-	5.05	0.00	3.50	0.57	2.94	0.00	0.00	-	0.00	0.86
Total Other Income / (Expense), net	444	-55	139	-43	6.56	-44	16	146	5.23	1.87	44
Interest Expense	57	57	52	48	49	55	57	56	59	60	65
Interest & Investment Income	-	4.85	4.97	1.93	-	11	73	31	-	5.11	105
Other Income / (Expense), net	548	-2.88	186	3.16	68	0.07	0.18	171	111	57	3.64
Income Tax Expense	6.68	3.56	-0.22	4.37	2.44	-0.02	-0.06	0.78	-0.25	-0.12	-0.53
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.13	-0.13	-0.12	-0.24	0.10	0.11	0.07	0.00	-	0.00	1.19
Basic Earnings per Share	$1.73	$1.05	$2.59	$1.21	$1.71	$1.22	$1.78	$2.62	$1.99	$1.66	$1.89
Weighted Average Basic Shares Outstanding	139.92M	142.00M	142.02M	142.02M	142.03M	142.19M	142.22M	142.24M	142.25M	142.37M	142.38M
Diluted Earnings per Share	$1.73	$1.05	$2.59	$1.21	$1.71	$1.22	$1.78	$2.61	$1.99	$1.66	$1.88
Weighted Average Diluted Shares Outstanding	139.92M	142.00M	142.02M	142.02M	142.03M	142.19M	142.22M	142.24M	142.25M	142.37M	142.38M
Weighted Average Basic & Diluted Shares Outstanding	139.92M	142.00M	142.02M	142.02M	142.03M	142.19M	142.22M	142.24M	142.25M	142.37M	142.38M

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	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	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	228	-100	-175	-128	16	-90	186	230	190	-203	-264
Net Cash From Operating Activities	887	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	887	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	697	742	1,034	877	974	786	828	1,004	1,136	928	1,082
Consolidated Net Income / (Loss)	697	742	1,034	877	974	786	828	1,004	1,136	928	1,082
Depreciation Expense	443	478	531	584	631	662	707	759	815	817	847
Amortization Expense	-29	-17	-11	1.74	9.64	8.94	9.33	10	11	13	13
Non-Cash Adjustments To Reconcile Net Income	-228	-170	-408	-242	-334	-124	-296	-577	-551	-216	-341
Changes in Operating Assets and Liabilities, net	3.57	42	14	36	20	-10	-28	7.34	10	18	6.76
Net Cash From Investing Activities	-817	-1,200	-1,032	-965	-597	-1,194	-179	-624	-560	-929	-997
Net Cash From Continuing Investing Activities	-817	-1,200	-1,032	-965	-597	-1,194	-179	-624	-560	-929	-997
Purchase of Property, Plant & Equipment	-100	-56	-466	-74	-84	-561	-137	-925	-712	-413	-662
Acquisitions	-5.66	-6.58	-9.75	-487	-350	-10	-36	-54	-14	-19	-14
Sale of Property, Plant & Equipment	319	282	533	503	936	425	623	977	1,055	467	712
Divestitures	204	109	112	89	36	10	11	63	51	5.47	11
Other Investing Activities, net	-1,234	-1,528	-1,201	-997	-1,135	-1,058	-641	-686	-941	-970	-1,043
Net Cash From Financing Activities	158	25	-303	-419	-689	-218	-854	-349	-671	-834	-875
Net Cash From Continuing Financing Activities	158	25	-303	-419	-689	-218	-854	-349	-671	-834	-875
Repayment of Debt	-191	-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	-594	-657	-727	-775	-807	-840	-884	-888	-890	-923	-962
Issuance of Debt	603	873	1,122	1,904	595	480	1,348	1,099	349	400	399
Issuance of Common Equity	346	690	16	111	52	410	3.46	32	20	497	11
Other Financing Activities, net	0.00	-6.08	-23	-28	0.97	-28	-40	-10	7.60	-5.29	-8.75
Cash Interest Paid	192	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	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	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	6/30/2025
Net Change in Cash & Equivalents	247	-358	571	-167	-249	-107	342	27	-525	-48	76
Net Cash From Operating Activities	341	396	346	471	346	413	380	486	329	416	378
Net Cash From Continuing Operating Activities	341	396	346	471	346	413	380	486	329	416	378
Net Income / (Loss) Continuing Operations	241	147	368	172	242	174	254	373	282	237	270
Consolidated Net Income / (Loss)	241	147	368	172	242	174	254	373	282	237	270
Depreciation Expense	207	205	201	201	211	212	207	212	216	218	232
Amortization Expense	3.12	3.23	3.12	3.10	3.28	3.28	3.33	3.39	3.29	3.23	3.05
Non-Cash Adjustments To Reconcile Net Income	-74	12	-177	7.91	-59	6.00	-59	-188	-101	-43	-88
Changes in Operating Assets and Liabilities, net	-36	29	-48	87	-51	18	-26	86	-72	1.62	-39
Net Cash From Investing Activities	-212	-267	-31	-285	-346	-266	-198	-219	-314	-428	-395
Net Cash From Continuing Investing Activities	-212	-267	-31	-285	-346	-266	-198	-219	-314	-428	-395
Purchase of Property, Plant & Equipment	554	-34	-47	-136	-195	-39	-111	-270	-243	-236	-259
Acquisitions	-2.77	-5.60	-3.33	-4.72	-5.22	-2.09	-2.85	-4.43	-4.81	-2.40	-4.16
Sale of Property, Plant & Equipment	172	3.96	249	107	108	3.92	173	326	208	64	164
Other Investing Activities, net	-950	-231	-233	-252	-254	-229	-257	-278	-279	-253	-296
Net Cash From Financing Activities	118	-487	255	-353	-249	-254	160	-240	-540	-36	94
Net Cash From Continuing Financing Activities	118	-487	255	-353	-249	-254	160	-240	-540	-36	94
Repayment of Debt	-53	-252	-6.50	-118	-425	-1.02	-11	-1.34	-301	-1.17	-549
Payment of Dividends	-222	-224	-230	-234	-234	-237	-241	-242	-242	-244	-249
Issuance of Debt	-	-	-	-	400	0.00	-	0.00	-	225	890
Issuance of Common Equity	18	0.14	495	-0.15	1.90	0.37	3.61	3.26	3.30	0.69	2.68
Other Financing Activities, net	24	-10	-2.30	-0.55	7.87	-17	8.92	-0.58	-0.80	-17	-0.75
Cash Interest Paid	67	34	60	36	57	37	65	33	78	40	90

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	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	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	16,141	16,931	17,867	18,415	18,380	19,121	19,199	19,902	20,458	20,678	21,001
Total Current Assets	893	617	493	320	92	40	441	649	1,051	927	808
Cash & Equivalents	509	401	215	67	92	40	217	420	613	398	109
Restricted Cash	-	-	-	-	-	-	-	-	121	133	159
Prepaid Expenses	205	199	257	253	-	-	208	211	317	396	541
Plant, Property, & Equipment, net	14,576	15,440	16,928	17,649	17,591	17,936	17,840	18,398	18,993	19,343	19,767
Plant, Property & Equipment, gross	17,423	18,744	20,671	21,868	22,192	23,101	23,540	24,607	25,871	26,865	27,931
Accumulated Depreciation	2,847	3,304	3,744	4,218	4,601	5,164	5,700	6,209	6,879	7,522	8,164
Total Noncurrent Assets	671	874	447	445	698	1,145	918	855	414	408	426
Long-Term Investments	298	217	175	163	217	166	203	216	212	220	227
Other Noncurrent Operating Assets	373	657	272	282	425	979	715	638	202	188	198
Total Liabilities & Shareholders' Equity	16,141	16,931	17,867	18,415	18,380	19,121	19,199	19,902	20,458	20,678	21,001
Total Liabilities	7,081	7,081	7,688	8,021	7,744	8,128	8,444	8,966	9,202	8,893	9,060
Total Current Liabilities	246	261	275	308	298	274	275	296	306	311	357
Accrued Expenses	244	260	275	308	298	274	275	296	306	311	357
Total Noncurrent Liabilities	6,835	6,820	7,413	7,713	7,447	7,854	8,170	8,670	8,895	8,583	8,703
Long-Term Debt	6,490	6,457	7,031	7,329	7,040	7,296	7,564	8,104	8,316	7,982	8,077
Other Noncurrent Operating Liabilities	346	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	0.00
Total Equity & Noncontrolling Interests	9,046	9,841	10,171	10,388	10,633	10,990	10,752	10,933	11,254	11,783	11,941
Total Preferred & Common Equity	9,046	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	0.00
Total Common Equity	9,046	9,841	10,171	10,388	10,633	10,990	10,752	10,933	11,253	11,783	11,941
Common Stock	9,356	10,070	10,107	10,237	10,308	10,738	10,666	10,718	10,767	11,289	11,316
Retained Earnings	-267	-198	95	189	351	283	126	241	485	478	591
Accumulated Other Comprehensive Income / (Loss)	-43	-31	-31	-37	-26	-32	-40	-26	1.42	16	34
Noncontrolling Interest	-	-	-	-	0.00	0.65	0.59	0.57	0.08	-	0.00

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	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	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	6/30/2025
Total Assets	20,458	20,175	20,806	20,703	20,678	20,641	21,037	21,308	21,001	21,216	21,838
Total Current Assets	1,051	563	1,281	1,142	927	861	1,220	1,304	808	778	901
Cash & Equivalents	613	254	770	509	398	288	546	552	109	53	103
Restricted Cash	121	-	177	272	133	136	220	240	159	166	193
Prepaid Expenses	317	297	334	362	396	438	455	512	541	559	606
Plant, Property, & Equipment, net	18,993	18,854	19,062	19,143	19,343	19,373	19,413	19,570	19,767	20,002	20,494
Plant, Property & Equipment, gross	25,871	25,912	26,255	26,492	26,865	27,093	27,224	27,560	27,931	28,354	28,911
Accumulated Depreciation	6,879	7,058	7,193	7,349	7,522	7,721	7,812	7,990	8,164	8,352	8,416
Total Noncurrent Assets	414	758	463	417	408	407	404	434	426	435	442
Long-Term Investments	212	219	217	217	220	220	222	228	227	227	227
Other Noncurrent Operating Assets	202	538	247	200	188	187	182	207	198	208	215
Total Liabilities & Shareholders' Equity	20,458	20,175	20,806	20,703	20,678	20,641	21,037	21,308	21,001	21,216	21,838
Total Liabilities	9,202	9,003	8,989	8,924	8,893	8,925	9,296	9,424	9,060	9,299	9,668
Total Current Liabilities	306	323	645	758	311	324	316	403	357	352	361
Accrued Expenses	306	323	319	425	311	324	316	403	357	352	361
Total Noncurrent Liabilities	8,895	8,680	8,344	8,165	8,583	8,601	8,980	9,021	8,703	8,948	9,306
Long-Term Debt	8,316	8,067	8,063	7,877	7,982	7,983	8,374	8,375	8,077	8,078	7,995
Other Noncurrent Operating Liabilities	579	613	281	288	601	618	606	646	625	869	1,311
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	11,254	11,169	11,816	11,778	11,783	11,714	11,741	11,885	11,941	11,916	12,170
Total Preferred & Common Equity	11,253	11,169	11,815	11,778	11,783	11,714	11,741	11,885	11,941	11,916	11,948
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	11,253	11,169	11,815	11,778	11,783	11,714	11,741	11,885	11,941	11,916	11,948
Common Stock	10,767	10,766	11,271	11,280	11,289	11,281	11,292	11,305	11,316	11,309	11,325
Retained Earnings	485	402	534	471	478	409	421	551	591	576	596
Accumulated Other Comprehensive Income / (Loss)	1.42	1.44	11	26	16	24	28	28	34	30	28
Noncontrolling Interest	0.08	0.08	0.08	0.08	-	-	-	-	-	-	223

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

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	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	15.18%	10.15%	10.20%	5.54%	5.83%	1.75%	-1.01%	-0.41%	12.89%	7.29%	4.72%
EBITDA Growth	17.89%	40.21%	28.06%	-16.99%	30.79%	-8.57%	5.06%	11.93%	9.71%	-8.34%	7.27%
EBIT Growth	115.32%	63.31%	36.26%	-30.31%	46.36%	-15.74%	3.84%	15.18%	11.15%	-13.82%	9.89%
NOPAT Growth	77.79%	68.43%	6.84%	-26.50%	42.65%	1.71%	-14.44%	-16.68%	31.71%	13.29%	3.54%
Net Income Growth	97.67%	6.37%	39.36%	-15.19%	11.12%	-19.31%	5.29%	21.34%	13.15%	-18.30%	16.56%
EPS Growth	87.41%	5.76%	36.48%	-15.56%	11.02%	-20.14%	4.62%	22.07%	12.93%	-19.21%	15.85%
Operating Cash Flow Growth	22.41%	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	95.22%	-40.26%	8.15%	64.51%	885.09%	-94.95%	1,709.45%	-90.82%	541.48%	-8.91%	-18.11%
Invested Capital Growth	5.08%	7.61%	7.19%	4.13%	-1.04%	4.46%	-1.11%	2.81%	1.30%	2.09%	2.67%
Revenue Q/Q Growth	2.84%	2.21%	1.86%	1.75%	1.03%	0.65%	-1.64%	1.91%	2.62%	1.87%	1.30%
EBITDA Q/Q Growth	-4.72%	21.32%	4.23%	-10.87%	28.59%	-13.72%	11.59%	6.58%	-8.08%	0.70%	2.44%
EBIT Q/Q Growth	-9.61%	34.52%	4.52%	-19.22%	51.87%	-21.80%	20.42%	9.32%	-13.11%	0.89%	3.77%
NOPAT Q/Q Growth	-25.44%	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	-13.58%	1.76%	9.17%	-0.53%	17.94%	-21.71%	26.51%	-0.58%	-7.65%	0.10%	3.84%
EPS Q/Q Growth	-14.31%	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	-1.02%	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	-216.66%	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	0.61%	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%	100.00%	76.79%	77.02%	100.00%	100.00%	75.09%	75.64%	88.95%	74.34%
EBITDA Margin	55.42%	70.55%	81.98%	64.48%	79.69%	71.61%	76.00%	85.42%	83.01%	70.92%	72.65%
Operating Margin	25.80%	38.98%	37.73%	26.27%	35.40%	35.98%	30.47%	25.74%	30.24%	31.88%	31.19%
EBIT Margin	30.84%	45.73%	56.55%	37.34%	51.64%	42.76%	44.85%	51.87%	51.08%	41.03%	43.05%
Profit (Net Income) Margin	41.38%	39.96%	50.54%	40.61%	42.64%	33.82%	35.97%	43.82%	43.93%	33.45%	37.23%
Tax Burden Percent	104.31%	99.80%	99.97%	99.98%	100.02%	98.37%	100.39%	99.43%	98.73%	98.92%	99.96%
Interest Burden Percent	128.62%	87.56%	89.40%	108.78%	82.56%	80.39%	79.87%	84.96%	87.11%	82.42%	86.51%
Effective Tax Rate	1.40%	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)	3.02%	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)	8.01%	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)	4.87%	3.07%	5.57%	5.22%	4.62%	2.62%	3.70%	6.03%	6.07%	3.41%	4.42%
Return on Equity (ROE)	7.89%	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)	-1.94%	-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)	3.30%	5.13%	6.65%	4.44%	6.41%	5.30%	5.39%	6.08%	6.55%	5.54%	6.01%
Return on Assets (ROA)	4.43%	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)	7.88%	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)	7.71%	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)	429	722	771	567	809	823	704	586	772	875	906
NOPAT Margin	25.44%	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)	-5.00%	-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%	0.00%	23.21%	22.98%	0.00%	0.00%	24.91%	24.36%	11.05%	25.66%
SG&A Expenses to Revenue	2.46%	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%	0.00%
Operating Expenses to Revenue	74.20%	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)	520	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)	934	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)	1.74	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)	1.74	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)	9.36	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)	23.07	25.56	18.25	22.48	20.45	31.79	24.06	32.19	18.52	27.69	28.92
Dividend Yield	3.88%	3.61%	3.93%	3.98%	4.08%	3.40%	4.46%	2.75%	4.23%	3.64%	3.09%
Earnings Yield	4.34%	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)	1.47	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)	12.74	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)	22.98	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)	41.29	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)	50.06	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)	24.21	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	0.00	26.94	641.25	29.89	478.84	53.33	67.86	97.74
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.72	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	0.72	0.66	0.69	0.71	0.66	0.66	0.70	0.74	0.74	0.68	0.68
Financial Leverage	0.61	0.60	0.62	0.67	0.66	0.64	0.65	0.67	0.67	0.63	0.62
Leverage Ratio	1.78	1.75	1.74	1.76	1.75	1.73	1.76	1.80	1.82	1.79	1.76
Compound Leverage Factor	2.29	1.53	1.55	1.92	1.44	1.39	1.41	1.53	1.58	1.47	1.52
Debt to Total Capital	41.74%	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%	0.00%
Long-Term Debt to Total Capital	41.74%	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%	0.00%
Noncontrolling Interests to Total Capital	0.08%	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	58.18%	60.34%	59.10%	58.61%	60.15%	60.09%	58.69%	57.42%	57.50%	59.61%	59.65%
Debt to EBITDA	6.95	4.93	4.19	5.27	3.87	4.38	4.33	4.14	3.87	4.05	3.83
Net Debt to EBITDA	6.08	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	6.95	4.93	4.19	5.27	3.87	4.38	4.33	4.14	3.87	4.05	3.83
Debt to NOPAT	15.14	8.94	9.11	12.93	8.70	8.87	10.75	13.82	10.77	9.12	8.91
Net Debt to NOPAT	13.25	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	15.14	8.94	9.11	12.93	8.70	8.87	10.75	13.82	10.77	9.12	8.91
Altman Z-Score	1.57	1.89	1.82	1.75	1.89	2.14	1.73	2.51	1.79	2.12	2.47
Noncontrolling Interest Sharing Ratio	0.19%	0.12%	0.09%	0.07%	0.04%	0.03%	0.03%	0.03%	0.03%	0.02%	0.01%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.63	2.37	1.79	1.04	0.31	0.14	1.61	2.19	3.43	2.98	2.26
Quick Ratio	2.07	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)	-276	-387	-355	-126	990	50	905	83	533	486	398
Operating Cash Flow to CapEx	0.00%	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	0.00	-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	0.00	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	0.00	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	0.11	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	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	0.12	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	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	14,564	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	0.12	0.13	0.13	0.13	0.13	0.13	0.13	0.14	0.15	0.15
Increase / (Decrease) in Invested Capital	705	1,109	1,127	693	-181	773	-201	503	239	390	508
Enterprise Value (EV)	21,462	24,817	25,517	26,817	26,663	32,083	27,062	39,796	28,430	32,955	38,871
Market Capitalization	15,767	18,968	18,869	19,712	19,928	24,988	19,914	32,325	21,057	25,723	31,288
Book Value per Share	$68.53	$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	$68.53	$71.89	$74.07	$75.23	$76.92	$78.69	$77.01	$78.23	$80.44	$82.97	$83.95
Total Capital	15,549	16,307	17,210	17,724	17,676	18,290	18,319	19,040	19,572	19,767	20,018
Total Debt	6,490	6,457	7,031	7,329	7,040	7,296	7,564	8,104	8,316	7,982	8,077
Total Long-Term Debt	6,490	6,457	7,031	7,329	7,040	7,296	7,564	8,104	8,316	7,982	8,077
Net Debt	5,682	5,840	6,641	7,099	6,731	7,091	7,145	7,467	7,370	7,231	7,583
Capital Expenditures (CapEx)	-219	-226	-67	-429	-853	137	-486	-52	-344	-54	-49
Debt-free, Cash-free Net Working Capital (DFCFNWC)	138	-44	2.30	-55	-298	-274	-50	-67	11	86	184
Debt-free Net Working Capital (DFNWC)	647	357	217	12	-206	-234	167	353	745	617	451
Net Working Capital (NWC)	647	357	217	12	-206	-234	167	353	745	617	451
Net Nonoperating Expense (NNE)	-269	-20	-262	-310	-165	37	-124	-418	-364	-53	-176
Net Nonoperating Obligations (NNO)	5,505	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)	414	461	520	586	641	671	717	769	826	830	860
Debt-free, Cash-free Net Working Capital to Revenue	8.17%	-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	38.40%	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	38.40%	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	$5.22	$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	132.05M	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	$5.21	$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	132.05M	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	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	132.05M	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)	425	692	785	573	578	823	497	588	767	884	908
Normalized NOPAT Margin	25.20%	37.27%	38.36%	26.56%	25.32%	35.42%	21.61%	25.68%	29.66%	31.86%	31.25%
Pre Tax Income Margin	39.67%	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	0.00	4.83	6.17	0.00	5.34	4.88	4.82	5.39	5.74	5.53	5.52
NOPAT to Interest Expense	0.00	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	0.00	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	0.00	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	85.17%	88.54%	70.35%	88.42%	82.82%	106.81%	106.77%	88.45%	78.28%	99.38%	88.89%
Augmented Payout Ratio	85.17%	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	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	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	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	11.03%	10.04%	6.76%	4.86%	7.69%	5.65%	5.24%	5.01%	3.06%	4.63%	4.70%
EBITDA Growth	-27.27%	-21.77%	55.08%	-41.07%	2.71%	5.54%	-16.34%	43.63%	6.75%	18.32%	3.50%
EBIT Growth	-40.50%	-36.78%	111.32%	-56.77%	3.42%	7.49%	-26.03%	78.58%	9.92%	33.93%	-3.73%
NOPAT Growth	-209.34%	-36.95%	14.54%	-58.47%	193.84%	10.65%	5.20%	5.27%	-4.39%	7.96%	-5.02%
Net Income Growth	-28.07%	-44.00%	165.44%	-65.27%	0.37%	18.25%	-30.94%	116.85%	16.54%	36.32%	6.24%
EPS Growth	-27.92%	-43.85%	161.62%	-65.72%	-1.16%	16.19%	-31.27%	115.70%	16.37%	36.07%	5.62%
Operating Cash Flow Growth	17.18%	15.26%	16.90%	7.01%	1.37%	4.24%	9.68%	3.16%	-5.02%	0.73%	-0.57%
Free Cash Flow Firm Growth	-76.32%	44.77%	58.39%	133.00%	67.85%	38.50%	134.88%	-245.90%	-82.38%	-207.98%	-560.90%
Invested Capital Growth	1.30%	1.79%	2.18%	0.70%	2.09%	1.61%	0.92%	1.82%	2.67%	2.59%	2.69%
Revenue Q/Q Growth	-0.18%	1.60%	1.99%	1.38%	2.51%	1.88%	1.59%	1.16%	0.60%	1.20%	1.92%
EBITDA Q/Q Growth	-30.41%	-18.47%	49.93%	-30.72%	21.29%	-13.61%	18.85%	18.95%	-9.86%	-7.15%	-9.52%
EBIT Q/Q Growth	-42.99%	-30.93%	103.40%	-46.02%	36.39%	-24.30%	39.97%	30.31%	-16.05%	-12.54%	-21.44%
NOPAT Q/Q Growth	-148.26%	180.74%	12.60%	-5.34%	9.04%	13.20%	7.05%	-5.28%	-0.97%	5.45%	-3.89%
Net Income Q/Q Growth	-51.24%	-39.14%	150.59%	-53.29%	40.91%	-28.30%	46.35%	46.66%	-24.27%	-16.13%	14.06%
EPS Q/Q Growth	-50.99%	-39.31%	146.67%	-53.28%	41.32%	-28.66%	45.90%	46.63%	-23.75%	-16.58%	13.25%
Operating Cash Flow Q/Q Growth	-22.46%	16.00%	-12.54%	36.02%	-26.54%	19.27%	-7.97%	27.94%	-32.37%	26.49%	-9.16%
Free Cash Flow Firm Q/Q Growth	-97.74%	73.33%	-38.03%	145.34%	-292.65%	58.74%	178.27%	-289.68%	-140.82%	9.29%	-11.65%
Invested Capital Q/Q Growth	-0.74%	0.68%	1.07%	-0.30%	0.63%	0.21%	0.38%	0.58%	1.48%	0.13%	0.48%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	76.38%	100.00%	75.32%	74.89%	105.35%	100.00%	75.20%	73.65%	49.36%	100.00%	100.00%
EBITDA Margin	75.78%	60.81%	89.39%	61.09%	72.28%	60.74%	71.06%	83.56%	74.87%	68.69%	60.98%
Operating Margin	-38.40%	30.41%	32.76%	31.38%	32.88%	31.09%	32.76%	30.74%	30.17%	31.45%	29.62%
EBIT Margin	44.11%	29.99%	59.80%	31.84%	42.36%	30.50%	42.03%	54.14%	45.18%	39.05%	30.10%
Profit (Net Income) Margin	36.31%	21.75%	53.45%	24.62%	33.85%	24.35%	35.07%	50.85%	38.27%	31.72%	35.50%
Tax Burden Percent	97.30%	97.63%	100.06%	97.52%	99.00%	100.01%	100.02%	99.79%	100.09%	100.05%	100.20%
Interest Burden Percent	84.62%	74.31%	89.33%	79.31%	80.71%	79.80%	83.43%	94.12%	84.64%	81.20%	117.72%
Effective Tax Rate	2.70%	2.37%	-0.06%	2.48%	1.00%	-0.01%	-0.02%	0.21%	-0.09%	-0.05%	-0.20%
Return on Invested Capital (ROIC)	-5.22%	4.23%	4.71%	4.43%	4.80%	4.60%	4.88%	4.62%	4.56%	4.79%	4.55%
ROIC Less NNEP Spread (ROIC-NNEP)	1.38%	3.52%	6.63%	3.86%	4.93%	3.96%	5.11%	6.66%	5.36%	4.82%	5.15%
Return on Net Nonoperating Assets (RNNOA)	0.92%	2.39%	4.31%	2.46%	3.12%	2.58%	3.15%	4.07%	3.35%	3.05%	3.20%
Return on Equity (ROE)	-4.30%	6.62%	9.01%	6.89%	7.92%	7.18%	8.03%	8.69%	7.90%	7.85%	7.75%
Cash Return on Invested Capital (CROIC)	2.88%	1.76%	1.50%	1.36%	2.58%	3.06%	3.76%	2.93%	2.06%	2.22%	2.04%
Operating Return on Assets (OROA)	5.65%	3.97%	7.94%	4.25%	5.72%	4.18%	5.69%	7.40%	6.30%	5.48%	4.17%
Return on Assets (ROA)	4.66%	2.88%	7.09%	3.28%	4.57%	3.34%	4.75%	6.95%	5.34%	4.46%	4.92%
Return on Common Equity (ROCE)	-4.30%	6.61%	9.01%	6.89%	7.92%	7.18%	8.03%	8.69%	7.90%	7.84%	7.68%
Return on Equity Simple (ROE_SIMPLE)	0.00%	9.14%	10.58%	7.88%	0.00%	8.15%	7.17%	8.77%	0.00%	9.61%	0.00%
Net Operating Profit after Tax (NOPAT)	-248	200	226	214	233	222	237	225	223	235	226
NOPAT Margin	-37.36%	29.69%	32.78%	30.61%	32.56%	31.09%	32.77%	30.68%	30.20%	31.47%	29.68%
Net Nonoperating Expense Percent (NNEP)	-6.60%	0.71%	-1.93%	0.57%	-0.13%	0.64%	-0.23%	-2.04%	-0.80%	-0.03%	-0.60%
Return On Investment Capital (ROIC_SIMPLE)	-1.27%	-	-	-	1.18%	-	-	-	1.11%	1.17%	1.12%
Cost of Revenue to Revenue	23.62%	0.00%	24.68%	25.11%	-5.35%	0.00%	24.80%	26.35%	50.64%	0.00%	0.00%
SG&A Expenses to Revenue	3.12%	3.02%	2.57%	2.93%	2.52%	2.85%	2.70%	2.74%	2.40%	2.65%	3.03%
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	114.77%	69.59%	42.56%	43.50%	72.46%	68.91%	42.44%	42.90%	19.19%	68.55%	70.38%
Earnings before Interest and Taxes (EBIT)	293	202	411	222	303	217	304	397	333	291	229
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	503	410	615	426	517	433	515	612	552	512	464
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.87	2.01	2.19	2.00	2.18	2.23	2.51	2.70	2.62	2.56	2.42
Price to Tangible Book Value (P/TBV)	1.87	2.01	2.19	2.00	2.18	2.23	2.51	2.70	2.62	2.56	2.42
Price to Revenue (P/Rev)	8.14	8.49	9.63	8.65	9.27	9.34	10.38	11.16	10.76	10.39	9.74
Price to Earnings (P/E)	18.52	22.01	20.72	25.40	27.69	27.36	34.96	30.75	28.92	26.66	24.98
Dividend Yield	4.23%	4.00%	3.55%	3.94%	3.64%	3.61%	3.24%	3.00%	3.09%	3.19%	3.39%
Earnings Yield	5.40%	4.54%	4.83%	3.94%	3.61%	3.66%	2.86%	3.25%	3.46%	3.75%	4.00%
Enterprise Value to Invested Capital (EV/IC)	1.53	1.60	1.73	1.61	1.73	1.76	1.92	2.05	1.99	1.95	1.87
Enterprise Value to Revenue (EV/Rev)	10.99	11.36	12.19	11.18	11.87	11.96	12.98	13.73	13.37	12.98	12.33
Enterprise Value to EBITDA (EV/EBITDA)	13.24	14.79	14.58	15.58	16.74	16.94	19.63	19.11	18.41	17.42	16.62
Enterprise Value to EBIT (EV/EBIT)	21.51	24.99	23.11	26.98	28.94	29.40	35.68	32.66	31.06	28.80	27.86
Enterprise Value to NOPAT (EV/NOPAT)	36.80	45.79	47.78	78.38	37.66	38.05	41.33	43.70	42.90	41.33	40.23
Enterprise Value to Operating Cash Flow (EV/OCF)	19.99	20.40	21.53	19.58	21.12	21.23	22.85	24.24	24.18	23.69	22.79
Enterprise Value to Free Cash Flow (EV/FCFF)	53.33	92.13	116.38	118.78	67.86	57.89	51.41	70.61	97.74	88.87	92.50
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.74	0.72	0.68	0.67	0.68	0.68	0.71	0.70	0.68	0.68	0.66
Long-Term Debt to Equity	0.74	0.72	0.68	0.67	0.68	0.68	0.71	0.70	0.68	0.68	0.66
Financial Leverage	0.67	0.68	0.65	0.64	0.63	0.65	0.62	0.61	0.62	0.63	0.62
Leverage Ratio	1.82	1.81	1.78	1.78	1.79	1.78	1.78	1.78	1.76	1.77	1.79
Compound Leverage Factor	1.54	1.34	1.59	1.41	1.44	1.42	1.48	1.67	1.49	1.44	2.11
Debt to Total Capital	42.49%	41.93%	40.56%	40.07%	40.38%	40.53%	41.63%	41.34%	40.35%	40.40%	39.65%
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	42.49%	41.93%	40.56%	40.07%	40.38%	40.53%	41.63%	41.34%	40.35%	40.40%	39.65%
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	0.01%	0.01%	0.00%	0.01%	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	1.10%
Common Equity to Total Capital	57.50%	58.06%	59.44%	59.92%	59.61%	59.47%	58.37%	58.66%	59.65%	59.60%	59.25%
Debt to EBITDA	3.87	3.97	3.58	4.03	4.05	4.04	4.47	4.06	3.83	3.69	3.62
Net Debt to EBITDA	3.43	3.73	3.06	3.52	3.67	3.71	3.94	3.57	3.59	3.48	3.39
Long-Term Debt to EBITDA	3.87	3.97	3.58	4.03	4.05	4.04	4.47	4.06	3.83	3.69	3.62
Debt to NOPAT	10.77	12.28	11.74	20.27	9.12	9.07	9.40	9.29	8.91	8.75	8.77
Net Debt to NOPAT	9.54	11.56	10.04	17.71	8.26	8.34	8.29	8.16	8.37	8.27	8.20
Long-Term Debt to NOPAT	10.77	12.28	11.74	20.27	9.12	9.07	9.40	9.29	8.91	8.75	8.77
Altman Z-Score	1.62	1.70	2.00	1.81	1.99	1.99	2.16	2.32	2.33	2.22	2.04
Noncontrolling Interest Sharing Ratio	0.03%	0.03%	0.02%	0.02%	0.02%	0.02%	0.00%	0.01%	0.01%	0.01%	0.93%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.43	1.74	1.99	1.51	2.98	2.66	3.86	3.24	2.26	2.21	2.49
Quick Ratio	2.00	0.79	1.19	0.67	1.28	0.89	1.73	1.37	0.30	0.15	0.28
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-487	-130	-179	81	-157	-80	63	-119	-286	-259	-289
Operating Cash Flow to CapEx	0.00%	1,297.98%	0.00%	1,587.65%	396.04%	1,187.60%	0.00%	0.00%	949.61%	241.48%	397.29%
Free Cash Flow to Firm to Interest Expense	-8.48	-2.29	-3.48	1.69	-3.17	-1.46	1.10	-2.13	-4.85	-4.33	-4.47
Operating Cash Flow to Interest Expense	5.94	6.97	6.72	9.79	7.00	7.54	6.66	8.72	5.58	6.95	5.83
Operating Cash Flow Less CapEx to Interest Expense	18.56	6.43	10.63	9.18	5.23	6.90	7.75	9.73	4.99	4.07	4.36
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.13	0.13	0.13	0.13	0.13	0.14	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	0.15	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	18,626	18,753	18,953	18,896	19,016	19,055	19,128	19,240	19,524	19,549	19,643
Invested Capital Turnover	0.14	0.14	0.14	0.14	0.15	0.15	0.15	0.15	0.15	0.15	0.15
Increase / (Decrease) in Invested Capital	239	330	405	132	390	302	175	343	508	494	515
Enterprise Value (EV)	28,430	30,077	32,823	30,455	32,955	33,476	36,803	39,389	38,871	38,163	36,667
Market Capitalization	21,057	22,481	25,924	23,573	25,723	26,135	29,417	32,034	31,288	30,531	28,972
Book Value per Share	$80.44	$79.83	$83.21	$82.93	$82.97	$82.39	$82.58	$83.57	$83.95	$83.77	$83.92
Tangible Book Value per Share	$80.44	$79.83	$83.21	$82.93	$82.97	$82.39	$82.58	$83.57	$83.95	$83.77	$83.92
Total Capital	19,572	19,239	19,878	19,656	19,767	19,699	20,116	20,260	20,018	19,995	20,166
Total Debt	8,316	8,067	8,063	7,877	7,982	7,983	8,374	8,375	8,077	8,078	7,995
Total Long-Term Debt	8,316	8,067	8,063	7,877	7,982	7,983	8,374	8,375	8,077	8,078	7,995
Net Debt	7,370	7,593	6,899	6,879	7,231	7,339	7,387	7,355	7,583	7,633	7,473
Capital Expenditures (CapEx)	-725	31	-202	30	87	35	-62	-56	35	172	95
Debt-free, Cash-free Net Working Capital (DFCFNWC)	11	-14	-311	-396	86	114	139	109	184	207	245
Debt-free Net Working Capital (DFNWC)	745	240	636	384	617	537	905	902	451	427	540
Net Working Capital (NWC)	745	240	636	384	617	537	905	902	451	427	540
Net Nonoperating Expense (NNE)	-489	54	-142	42	-9.25	48	-17	-148	-59	-1.87	-44
Net Nonoperating Obligations (NNO)	7,370	7,581	7,138	7,117	7,231	7,339	7,387	7,355	7,583	7,633	7,473
Total Depreciation and Amortization (D&A)	210	208	204	204	214	216	210	216	219	221	235
Debt-free, Cash-free Net Working Capital to Revenue	0.41%	-0.53%	-11.55%	-14.53%	3.08%	4.07%	4.91%	3.81%	6.33%	7.06%	8.22%
Debt-free Net Working Capital to Revenue	28.79%	9.08%	23.63%	14.10%	22.21%	19.20%	31.91%	31.42%	15.52%	14.51%	18.15%
Net Working Capital to Revenue	28.79%	9.08%	23.63%	14.10%	22.21%	19.20%	31.91%	31.42%	15.52%	14.51%	18.15%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.73	$1.05	$2.59	$1.21	$1.71	$1.22	$1.78	$2.62	$1.99	$1.66	$1.89
Adjusted Weighted Average Basic Shares Outstanding	139.92M	142.00M	142.02M	142.02M	142.03M	142.19M	142.22M	142.24M	142.25M	142.37M	142.38M
Adjusted Diluted Earnings per Share	$1.73	$1.05	$2.59	$1.21	$1.71	$1.22	$1.78	$2.61	$1.99	$1.66	$1.88
Adjusted Weighted Average Diluted Shares Outstanding	139.92M	142.00M	142.02M	142.02M	142.03M	142.19M	142.22M	142.24M	142.25M	142.37M	142.38M
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	139.92M	142.00M	142.02M	142.02M	142.03M	142.19M	142.22M	142.24M	142.25M	142.37M	142.38M
Normalized Net Operating Profit after Tax (NOPAT)	-248	205	158	217	233	157	166	224	156	164	158
Normalized NOPAT Margin	-37.36%	30.42%	22.90%	31.09%	32.63%	22.05%	22.91%	30.64%	21.12%	22.02%	20.81%
Pre Tax Income Margin	37.32%	22.28%	53.42%	25.25%	34.19%	24.34%	35.07%	50.96%	38.24%	31.71%	35.43%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.10	3.56	7.98	4.62	6.12	3.97	5.33	7.11	5.65	4.86	3.53
NOPAT to Interest Expense	-4.32	3.53	4.37	4.44	4.71	4.05	4.16	4.03	3.77	3.92	3.48
EBIT Less CapEx to Interest Expense	17.72	3.02	11.89	4.00	4.36	3.34	6.42	8.12	5.06	1.99	2.06
NOPAT Less CapEx to Interest Expense	8.30	2.99	8.28	3.82	2.94	3.41	5.25	5.04	3.19	1.04	2.01
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	78.28%	87.21%	71.86%	98.15%	99.38%	98.00%	112.53%	91.57%	88.89%	84.58%	84.06%
Augmented Payout Ratio	78.28%	87.32%	72.01%	98.35%	99.58%	98.08%	112.53%	91.57%	88.89%	84.58%	84.06%

Key Financial Trends

AvalonBay Communities (NYSE: AVB) showed steady financial performance over the last several quarters with gradual improvements in revenue and net income.

Income Statement Highlights:

Q2 2025 operating revenue increased to $760.2 million from $726.0 million in Q2 2024, indicating revenue growth.
Net income for Q2 2025 was $269.9 million, up from $254.0 million in Q2 2024, reflecting improved profitability.
Basic EPS rose from $1.78 in Q2 2024 to $1.89 in Q2 2025, signaling growth in earnings per share.
Depreciation expense rose slightly to $231.7 million in Q2 2025 from $206.9 million in Q2 2024, typical for a capital-intensive REIT.
Selling, general & administrative expenses increased modestly to $23.0 million in Q2 2025 from $19.6 million in Q2 2024.

Cash Flow Statement Highlights:

Net cash from operating activities remained strong at $377.8 million in Q2 2025, comparable to $380 million in Q2 2024.
Capital expenditures on property, plant & equipment totaled about $259.4 million in Q2 2025, up from $110.5 million a year earlier, indicating ongoing investments in the portfolio.
Net cash used in investing activities widened to -$395.3 million in Q2 2025 from -$198.0 million in Q2 2024, driven by higher capital spending.
Financing activities provided $93.8 million net cash in Q2 2025, versus $160 million in Q2 2024, with issuance of $890 million debt and repayments of $549 million.
Dividends paid totaled approximately $249.0 million in Q2 2025, stable compared to prior periods, reflecting steady shareholder returns.

Balance Sheet Highlights:

Total assets increased to $21.84 billion in Q2 2025 from $21.04 billion in Q2 2024, reflecting growth in property portfolio.
Net property, plant & equipment (PP&E) increased modestly to $20.49 billion from $19.41 billion a year ago.
Total liabilities rose to $9.67 billion in Q2 2025 from $9.30 billion in Q2 2024, consistent with increased debt issuance.
Total common equity increased to $11.95 billion in Q2 2025 from $11.74 billion a year prior, supporting financial strength.
Cash and cash equivalents increased to $103 million in Q2 2025 from $546 million in Q2 2024, due to timing of financing and investing activities.

Overall Assessment:

AvalonBay continues to exhibit stable revenue growth and increasing net income, reflecting healthy demand in the multifamily real estate market.
Strong operating cash flow supports significant capital investments and dividend payments, which are critical for a REIT.
The company is actively managing its debt profile with sizeable issuance and repayments, keeping leverage at manageable levels.
Increased capital expenditures and investing outflows could pressure free cash flow if operating growth slows.
Steady increases in equity value and earnings per share underline improving shareholder value over time.

In summary, AvalonBay is demonstrating consistent financial performance with measured growth, solid cash flows, and effective capital management, making it a resilient REIT in the current market environment.

08/28/25 07:48 PM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

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 10 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 $697.33 million in 2014. The previous period was $928.44 million in 2023. Check out AvalonBay Communities' forecast to explore projected trends and price targets.

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 10 years?

Over the last 10 years, AvalonBay Communities' total revenue changed from $1.69 billion in 2014 to $2.91 billion in 2024, a change of 72.5%.

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 2014.

How much cash does AvalonBay Communities have?

In the past 10 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 10 years?

Over the last 10 years, AvalonBay Communities' book value per share changed from 68.53 in 2014 to 83.95 in 2024, a change of 22.5%.

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This page (NYSE:AVB) was last updated on 8/28/2025 by MarketBeat.com Staff

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AvalonBay Communities (AVB) Financials

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