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AVB

AvalonBay Communities, Inc.

AVB

AvalonBay Communities, Inc. • NYSE
$181.94 ▲ 0.04% (+0.07)
Market Cap $25.86 B
52w High $234.54
52w Low $166.73
Dividend Yield 6.95%
P/E 22.16
Volume 436.98K
Outstanding Shares 142.12M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $764.926M ▲ $333.789M ▲ $381.306M ▲ 49.849% ▲ $2.68 ▲ $679.75M ▲
Q2-2025 $760.195M ▲ $254.727M ▲ $268.665M ▲ 35.342% ▲ $1.89 ▲ $565.855M ▲
Q1-2025 $745.88M ▲ $237.668M ▲ $236.597M ▼ 31.721% ▼ $1.66 ▼ $514.233M ▼
Q4-2024 $740.549M ▲ $233.23M ▲ $282.092M ▼ 38.092% ▼ $1.98 ▼ $556.354M ▼
Q3-2024 $734.307M $232.211M $372.519M 50.731% $2.62 $641.192M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $123.313M ▲ $21.949B ▲ $9.788B ▲ $11.938B ▼
Q2-2025 $102.825M ▲ $21.838B ▲ $9.668B ▲ $11.948B ▲
Q1-2025 $53.255M ▼ $21.216B ▲ $9.299B ▲ $11.916B ▼
Q4-2024 $108.576M ▼ $21.001B ▼ $9.06B ▼ $11.941B ▲
Q3-2024 $552.356M $21.308B $9.424B $11.885B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $384.162M ▲ $476.959M ▲ $-101.867M ▲ $-348.573M ▼ $26.519M ▼ $587.873M ▲
Q2-2025 $269.855M ▲ $377.812M ▼ $-395.345M ▲ $93.798M ▲ $76.265M ▲ $315.524M ▼
Q1-2025 $236.597M ▼ $415.903M ▲ $-427.865M ▼ $-36.007M ▲ $-47.969M ▲ $367.277M ▲
Q4-2024 $282.092M ▼ $328.813M ▼ $-314.275M ▼ $-539.939M ▼ $-525.401M ▼ $271.772M ▼
Q3-2024 $372.519M $486.169M $-218.786M $-240.259M $27.124M $432.22M

Revenue by Products

Product Q4-2023Q1-2024Q2-2024Q3-2024
Development Redevelopment
Development Redevelopment
 $20.00M ▲$10.00M ▼$10.00M ▲$20.00M ▲
Established Communities
Established Communities
 $0 ▲$680.00M ▲$670.00M ▼$680.00M ▲
Other Stabilized Communities
Other Stabilized Communities
 $40.00M ▲$30.00M ▼$30.00M ▲$30.00M ▲

Five-Year Company Overview

Income Statement

Income Statement AvalonBay’s income statement shows a steady, healthy climb in rental and related revenues over the past several years, with only a brief soft patch around the pandemic period. Profitability remains strong: the company consistently converts a large share of rents into operating profit, which signals good pricing power in its core markets and disciplined cost control. Earnings have been somewhat bumpy from year to year, which is typical for a REIT that buys, sells, and develops properties. Still, the overall direction is positive, with solid underlying rental performance even when headline earnings move around due to property sales, one‑off gains or higher interest costs. Overall, the business profile looks like a mature, steadily growing apartment platform with resilient margins.

Balance Sheet

Balance Sheet The balance sheet reflects a large, established real estate owner with a solid equity base and manageable leverage. Total assets have edged higher over time as the company has continued to invest in new properties and development, while shareholders’ equity has also grown, suggesting that retained earnings and property value creation are building the underlying net worth of the business. Debt levels are meaningful, as is normal for a REIT, but they have grown only modestly relative to the asset base and equity. This points to a generally balanced capital structure rather than aggressive borrowing. Cash on hand is relatively small compared with total assets, which is typical in this sector because companies rely on recurring rent cash flows and credit lines rather than large idle cash balances. The key ongoing risk is sensitivity to interest rates and refinancing conditions, but the current balance sheet profile looks disciplined rather than stretched.

Cash Flow

Cash Flow Cash flow from operations has trended upward, showing that the core apartment portfolio is generating more cash each year. Importantly, this operating cash flow comfortably covers the company’s regular spending on maintaining and improving properties, leaving room for dividends and growth investments. Free cash flow has strengthened over time even as the company continues to invest in its communities. Capital spending has been steady rather than explosive, which implies a measured development pipeline and a focus on projects that fit within internally generated cash and existing financing capacity. Overall, the cash flow picture supports the idea of a durable, cash‑generative platform, with the main uncertainties tied to rent growth, occupancy, and future borrowing costs.

Competitive Edge

Competitive Edge AvalonBay holds a strong position in the high‑quality apartment market, especially in coastal, high‑barrier metros where it is hard and expensive to build new supply. Its long operating history, recognizable brands, and reputation for well‑run, well‑located communities help attract and retain residents even when competition is intense. The company’s integrated model—handling development, construction, and property management in‑house—gives it tighter control over quality and costs than many peers that outsource more functions. A disciplined approach to recycling capital (selling less strategic assets to fund better opportunities) further supports its portfolio quality. On the flip side, the focus on expensive, regulation‑heavy markets exposes AvalonBay to risks from rent regulation, local politics, and economic slowdowns in these gateway cities. Competition from other institutional landlords and newer build‑to‑rent single‑family offerings is another ongoing pressure point, though the company’s scale and brand strength give it meaningful defensive advantages.

Innovation and R&D

Innovation and R&D AvalonBay stands out among apartment REITs for its sustained investment in technology and new product formats, even though it doesn’t do “R&D” in the traditional sense. Its centralized digital platform—covering leasing, renewals, customer support, and back‑office functions—has been refined over many years and now meaningfully reduces staffing needs and overhead, while also improving consistency of service. On the resident side, the company is leaning into smart living: self‑guided tours, smartphone‑based access, AI‑driven customer service, managed property‑wide WiFi, and connected devices like smart thermostats. These tools not only enhance convenience for residents but also support more efficient property operations. Strategically, the multi‑brand approach (Avalon, AVA, eaves, and Kanso) lets the company serve different price points and lifestyles, while newer initiatives—such as amenity‑light, tech‑forward Kanso communities and build‑to‑rent townhome projects—target emerging demand segments, especially the “missing middle” renter. A strong sustainability agenda and ambitions around data‑driven “hyper‑personalization” round out a forward‑looking innovation strategy. The main risks are execution: integrating technology smoothly, managing cybersecurity, and ensuring new formats like build‑to‑rent and Kanso scale profitably without diluting brand quality.

Summary

Taken together, AvalonBay looks like a mature, well‑run multifamily REIT with steady top‑line growth, solid profitability, and a disciplined balance sheet. Its cash flows are robust and trending positively, comfortably funding ongoing investments while supporting the REIT’s income‑oriented structure. Competitively, the company benefits from scale, strong brands, and concentration in desirable, supply‑constrained markets, offset by exposure to regulatory and economic risks in those same regions. A notable differentiator is the depth of its technology and product innovation—ranging from digital operations and smart living features to a multi‑brand portfolio and expansion into build‑to‑rent and more affordable formats. Overall, AvalonBay appears positioned as a resilient, steadily evolving platform in high‑end rental housing, with its future shaped largely by how well it navigates interest rates, regulation, evolving renter preferences, and the execution of its tech‑enabled growth initiatives.

NEWS

November 19, 2025 · 4:15 PM UTC

AvalonBay Communities, Inc. Declares Fourth Quarter 2025 Dividends

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November 10, 2025 · 4:15 PM UTC

AvalonBay Communities, Inc. Announces Appointment of Conor C. Flynn to Board of Directors

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November 4, 2025 · 4:15 PM UTC

AvalonBay Communities, Inc. Named 2025 Regional Sector Leader by GRESB

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October 29, 2025 · 4:15 PM UTC

AvalonBay Communities, Inc. Provides Q3 2025 Results and Updates Full Year 2025 Outlook

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October 2, 2025 · 4:15 PM UTC

AvalonBay Communities, Inc. Announces Third Quarter 2025 Earnings Release Date

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