AvalonBay Communities (AVB) Financials

$206.54 +0.52 (+0.25%)

Closing price 03:59 PM Eastern

Extended Trading

$204.07 -2.47 (-1.20%)

As of 05:21 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	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	1,082	929	1,137	1,004	828	786	975	877	1,034	742
Consolidated Net Income / (Loss)	1,082	928	1,136	1,004	828	786	974	877	1,034	742
Net Income / (Loss) Continuing Operations	1,024	928	1,077	1,004	828	786	974	877	1,034	742
Total Pre-Tax Income	1,083	939	1,151	1,010	824	799	974	877	1,034	743
Total Operating Income	906	885	782	590	701	836	809	567	772	724
Total Gross Profit	2,161	2,469	1,957	1,721	2,301	2,325	1,760	1,658	2,045	1,856
Total Revenue	2,907	2,776	2,587	2,292	2,301	2,325	2,285	2,159	2,045	1,856
Operating Revenue	2,907	2,776	2,587	2,292	2,301	2,325	2,285	2,159	2,045	1,856
Total Cost of Revenue	746	307	630	571	0.00	0.00	525	501	0.00	0.00
Operating Cost of Revenue	746	307	630	571	-	-	525	501	-	-
Total Operating Expenses	1,254	1,584	1,175	1,131	1,600	1,488	951	1,091	1,274	1,132
Selling, General & Admin Expense	78	77	74	70	60	58	60	54	46	43
Depreciation Expense	847	817	815	759	707	662	631	584	531	478
Other Operating Expenses / (Income)	328	681	291	301	823	768	242	447	683	642
Impairment Charge	2.94	9.12	0.00	3.12	0.00	0.00	0.22	6.25	-3.94	-11
Other Special Charges / (Income)	-0.75	0.15	-5.13	-1.12	9.33	0.60	17	-	7.08	-27
Total Other Income / (Expense), net	118	48	309	417	123	-37	165	310	262	20
Interest Expense	227	206	230	220	214	204	221	-	188	176
Other Income / (Expense), net	345	254	539	599	331	158	371	239	385	125
Income Tax Expense	0.45	10	15	5.73	-3.25	13	-0.16	0.14	0.31	1.48
Net Income / (Loss) Attributable to Noncontrolling Interest	0.18	-0.39	-0.34	0.06	0.08	0.13	-0.35	-0.26	-0.29	-0.31
Basic Earnings per Share	$7.61	$6.56	$8.13	$7.19	$5.89	$5.64	$7.05	$6.36	$7.53	$5.54
Weighted Average Basic Shares Outstanding	142.25M	142.03M	139.92M	139.75M	139.53M	140.64M	138.51M	138.10M	137.33M	137.00M
Diluted Earnings per Share	$7.60	$6.56	$8.12	$7.19	$5.89	$5.63	$7.05	$6.35	$7.52	$5.51
Weighted Average Diluted Shares Outstanding	142.25M	142.03M	139.92M	139.75M	139.53M	140.64M	138.51M	138.10M	137.33M	137.00M
Weighted Average Basic & Diluted Shares Outstanding	142.25M	142.03M	139.92M	139.75M	139.53M	140.64M	138.51M	138.10M	137.33M	137.00M
Cash Dividends to Common per Share	$6.80	$6.60	$6.36	$6.36	$6.36	$6.08	$5.88	$5.68	$5.40	$5.00

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

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

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

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

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

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

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

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

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

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

Frequently Asked Questions About AvalonBay Communities' Financials

When does AvalonBay Communities's fiscal year end?

According to the most recent income statement we have on file, AvalonBay Communities' financial year ends in December. Their financial 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 AvalonBay Communities' forecast for analyst expectations on what’s next for the company.

What is AvalonBay Communities's operating income?

AvalonBay Communities's 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%.

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This page (NYSE:AVB) was last updated on 5/30/2025 by MarketBeat.com Staff

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AvalonBay Communities (AVB) Financials

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AvalonBay Communities (AVB) Financials

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