AvalonBay Communities, Inc. (AVB) 10-Year Financial Performance & Capital Metrics

AVB • • REIT / Real Estate

Real EstateResidential REITsMultifamily ApartmentsNational Multifamily Operators

AboutAs of December 31, 2020, the Company owned or held a direct or indirect ownership interest in 291 apartment communities containing 86,025 apartment homes in 11 states and the District of Columbia, of which 18 communities were under development and one community was under redevelopment. The Company is an equity REIT in the business of developing, redeveloping, acquiring and managing apartment communities in leading metropolitan areas in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California, as well as in the Company's expansion markets consisting of Southeast Florida and Denver, Colorado (the Expansion Markets).Show more

Revenue $2.91B +5.3%
FFO $1.93B +10.5%
FFO/Share 13.54 +9.9%
FFO Payout 49.87% -5.6%
FFO per Share 13.54 +9.9%
NOI Margin 63.16% -1.8%
FFO Margin 66.2% +5.0%
ROE 9.12% +13.1%
ROA 5.19% +15.0%
Debt/Assets 39.29% -0.1%
Net Debt/EBITDA 4.62 +1.7%
Book Value/Share 83.82 +0.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FFO growing 9.6% TTM
✓Sustainable FFO payout ratio of 49.9%
✓High NOI margin of 63.2%
✓Healthy dividend yield of 3.7%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.63%

5Y4.62%

3Y8.28%

TTM4.64%

Profit (Net Income) CAGR

10Y4.7%

5Y6.6%

3Y2.51%

TTM12.17%

EPS CAGR

10Y3.85%

5Y6.18%

3Y1.96%

TTM12.18%

ROCE

10Y Avg4.29%

5Y Avg4.02%

3Y Avg4.34%

Latest4.55%

Peer Comparison

National Multifamily Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
UDRUDR, Inc.	12.25B	37.08	142.62	2.72%	8.8%	3.61%	4.94%	1.35
CPTCamden Property Trust	11.53B	108.35	72.23	0.12%	17.15%	5.84%	3.31%	0.73
MAAMid-America Apartment Communities, Inc.	15.86B	135.44	30.16	1.98%	25.23%	9.24%	4.89%	0.81
AVBAvalonBay Communities, Inc.	25.6B	180.80	23.79	5.27%	38.81%	9.61%	5.51%	0.69
EQREquity Residential	23.27B	61.17	22.49	3.69%	37.58%	10.09%	5.39%	0.73
AIVApartment Investment and Management Company	854.37M	5.93	-8.01	11.6%	125.34%	95.46%		3.82

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	1.86B	2.05B	2.16B	2.28B	2.32B	2.3B	2.29B	2.59B	2.77B	2.91B
Revenue Growth %	0.1%	0.1%	0.06%	0.06%	0.02%	-0.01%	-0%	0.13%	0.07%	0.05%
Property Operating Expenses	642.25M	683.27M	722.3M	766.56M	768.11M	823.1M	853.94M	919.11M	988.13M	1.07B
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	520.7M	577.21M	637.85M	691.57M	719.62M	767.67M	828.21M	889.04M	893.5M	924.55M
G&A Expenses	42.77M	45.77M	53.7M	60.37M	58.04M	60.34M	69.61M	74.06M	76.53M	77.7M
EBITDA+	1.17B	1.32B	1.38B	1.46B	1.5B	1.42B	1.37B	1.6B	1.7B	1.76B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	477.92M	531.43M	584.15M	631.2M	661.58M	707.33M	758.6M	814.98M	816.97M	846.85M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	693.09M	784.78M	798.48M	826.41M	836.9M	710.49M	612.7M	785.29M	886.28M	915.75M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	175.62M	187.51M	199.66M	220.97M	203.59M	214.15M	220.41M	230.07M	205.99M	226.59M
Interest Coverage	3.95x	4.19x	4.00x	3.74x	4.11x	3.32x	2.78x	3.41x	4.30x	4.04x
Non-Operating Income	-225.75M	-436.75M	-277.98M	-368.57M	-165.79M	-328.13M	-617.8M	-595.87M	-258.31M	-393.46M
Pretax Income+	743.59M	1.03B	876.66M	974.17M	799.11M	824.46M	1.01B	1.15B	938.59M	1.08B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	1.86M	305K	141K	-160K	13M	-3.25M	5.73M	14.65M	10.15M	445K
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	742.04M	1.03B	876.92M	974.52M	785.97M	827.63M	1B	1.14B	928.83M	1.08B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.09%	0.39%	-0.15%	0.11%	-0.19%	0.05%	0.21%	0.13%	-0.18%	0.16%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	0.08%	0.28%	-0.07%	0.1%	-0.1%	0.06%	0.15%	0.11%	-0.11%	0.1%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	5.51	7.52	6.35	7.05	5.63	5.88	7.17	8.11	6.56	7.60
EPS Growth %	0.06%	0.36%	-0.16%	0.11%	-0.2%	0.04%	0.22%	0.13%	-0.19%	0.16%
EPS (Basic)	5.54	7.53	6.36	7.05	5.64	5.89	7.19	8.13	6.57	7.61
Diluted Shares Outstanding	134.59M	137.46M	138.07M	138.29M	139.57M	140.44M	139.72M	139.98M	141.64M	142.46M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	16.93B	17.87B	18.41B	18.38B	19.12B	19.2B	19.9B	20.46B	20.68B	21B
Asset Growth %	0.05%	0.06%	0.03%	-0%	0.04%	0%	0.04%	0.03%	0.01%	0.02%
Real Estate & Other Assets+	16.18B	17.33B	18.02B	17.91B	18.67B	18.5B	18.96B	19.37B	19.79B	20.35B
PP&E (Net)	15.44B	16.93B	17.65B	17.59B	124.96M	155.27M	146.6M	143.33M	134.67M	154.65M
Investment Securities	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Current Assets+	535.4M	362.05M	234.59M	249.68M	161.84M	344.34M	577.54M	734.25M	530.96M	267.08M
Cash & Equivalents	400.51M	214.99M	67.09M	91.66M	39.69M	216.98M	420.25M	613.19M	397.89M	108.58M
Receivables	0	0	0	0	0	0	0	0	0	0
Other Current Assets	104.82M	114.98M	134.82M	126.2M	87.93M	96.56M	123.54M	84.24M	133.07M	158.5M
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Total Liabilities	7.08B	7.69B	8.02B	7.74B	8.13B	8.44B	8.97B	9.2B	8.89B	9.06B
Total Debt+	6.46B	7.03B	7.33B	7.04B	7.44B	7.75B	8.27B	8.48B	8.14B	8.25B
Net Debt	6.06B	6.82B	7.26B	6.95B	7.4B	7.53B	7.85B	7.87B	7.74B	8.14B
Long-Term Debt	6.46B	7.03B	7.33B	7.04B	7.3B	7.56B	8.1B	8.32B	7.98B	8.08B
Short-Term Borrowings	0	0	0	0	0	0	0	0	162K	0
Capital Lease Obligations	0	0	0	0	140.47M	181.48M	166.5M	162.67M	153.23M	173.28M
Total Current Liabilities+	570.7M	600.19M	632.78M	645.67M	629.09M	642.55M	635.72M	659.11M	694.55M	746.28M
Accounts Payable	98.8M	101M	85.38M	96.98M	92.14M	93.61M	63.72M	72.8M	87.7M	85.95M
Deferred Revenue	0	0	0	0	0	0	0	0	0	0
Other Liabilities	0	0	0	0	0	55.93M	59.79M	63.7M	63.81M	62.83M
Total Equity+	9.85B	10.18B	10.39B	10.64B	10.99B	10.75B	10.94B	11.26B	11.78B	11.94B
Equity Growth %	0.09%	0.03%	0.02%	0.02%	0.03%	-0.02%	0.02%	0.03%	0.05%	0.01%
Shareholders Equity	9.84B	10.17B	10.39B	10.63B	10.99B	10.75B	10.93B	11.25B	11.78B	11.94B
Minority Interest	10M	7.77M	6.06M	3.24M	3.9M	3.27M	3.93M	2.76M	1.47M	0
Common Stock	1.37M	1.37M	1.38M	1.39M	1.41M	1.4M	1.4M	1.4M	1.42M	1.42M
Additional Paid-in Capital	10.07B	10.11B	10.24B	10.31B	10.74B	10.66B	10.72B	10.77B	11.29B	11.31B
Retained Earnings	-197.99M	94.9M	188.61M	350.78M	282.91M	126.02M	240.82M	485.22M	478.16M	591.25M
Preferred Stock	0	0	0	0	0	0	0	0	0	0
Return on Assets (ROA)	0.04%	0.06%	0.05%	0.05%	0.04%	0.04%	0.05%	0.06%	0.05%	0.05%
Return on Equity (ROE)	0.08%	0.1%	0.09%	0.09%	0.07%	0.08%	0.09%	0.1%	0.08%	0.09%
Debt / Assets	0.38%	0.39%	0.4%	0.38%	0.39%	0.4%	0.42%	0.41%	0.39%	0.39%
Debt / Equity	0.66x	0.69x	0.71x	0.66x	0.68x	0.72x	0.76x	0.75x	0.69x	0.69x
Net Debt / EBITDA	5.17x	5.18x	5.25x	4.77x	4.94x	5.31x	5.72x	4.92x	4.54x	4.62x
Book Value per Share	73.19	74.05	75.28	76.91	78.77	76.58	78.28	80.42	83.20	83.82

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.06B	1.14B	1.26B	1.3B	1.32B	1.22B	1.2B	1.42B	1.56B	1.61B
Operating CF Growth %	0.19%	0.08%	0.1%	0.04%	0.02%	-0.08%	-0.01%	0.18%	0.1%	0.03%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	741.73M	1.03B	876.66M	974.17M	786.1M	827.71M	1B	1.14B	928.44M	1.08B
Depreciation & Amortization	477.92M	531.43M	584.15M	631.2M	661.58M	707.33M	758.6M	814.98M	816.97M	846.85M
Stock-Based Compensation	15.32M	15.08M	17.92M	20.28M	25.62M	21.6M	25.5M	33.86M	27.14M	25.37M
Other Non-Cash Items	-17.39M	-9.46M	2.13M	10.14M	11.88M	18.6M	12.55M	-573.36M	-230.31M	-353.29M
Working Capital Changes	24.06M	-2.81M	35.83M	20.25M	-10.5M	-25.46M	10M	10.01M	17.8M	6.76M
Cash from Investing+	-1.2B	-1.04B	-965.38M	-596.65M	-1.19B	-179.43M	-624.05M	-560.42M	-928.96M	-996.86M
Acquisitions (Net)	282.16M	532.72M	503.04M	-11.02M	-10.18M	-68K	-53.54M	-14.27M	-18.86M	-14.18M
Purchase of Investments	0	-1.63B	-1.48B	-1.49B	-1.48B	-880.25M	-1.48B	-1.5B	0	0
Sale of Investments	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	0
Other Investing	-1.43B	-1.5B	-1.39B	-498.7M	15.79M	12.7M	86.82M	74.81M	-712.82M	-784.66M
Cash from Financing+	33.81M	-291.64M	-418.95M	-688.5M	-218.19M	-854.26M	-348.86M	-671.06M	-834.36M	-874.9M
Dividends Paid	-655.66M	-727.2M	-773.12M	-805.24M	-839.65M	-883.21M	-888.34M	-889.61M	-922.66M	-961.91M
Common Dividends	-655.25M	-726.75M	-772.66M	-805.24M	-839.65M	-883.21M	-888.34M	-889.61M	-922.66M	-961.91M
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	-1000K	1000K
Share Repurchases	0	0	0	0	0	-183.88M	0	0	-1.91M	0
Other Financing	-28.92M	-30.43M	110.52M	-15.8M	-40.75M	-34.45M	-19.32M	30.31M	-9.25M	-12.51M
Net Change in Cash+	-108.95M	-185.51M	-128.07M	15.96M	-90.25M	185.92M	230.26M	190.46M	-203.28M	-263.88M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	509.46M	400.51M	329.98M	201.91M	217.86M	127.61M	313.53M	543.79M	734.25M	530.96M
Cash at End	400.51M	214.99M	201.91M	217.86M	127.61M	313.53M	543.79M	734.25M	530.96M	267.08M
Free Cash Flow+	1B	1.07B	1.18B	1.21B	1.18B	1.08B	1.05B	1.25B	1.36B	1.41B
FCF Growth %	0.2%	0.07%	0.1%	0.03%	-0.03%	-0.08%	-0.03%	0.19%	0.09%	0.03%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	9.06	11.39	10.58	11.61	10.37	10.93	12.62	13.94	12.33	13.54
FFO Payout Ratio	53.71%	46.42%	52.88%	50.15%	58%	57.54%	50.39%	45.58%	52.85%	49.87%
NOI Margin	65.4%	66.59%	66.54%	66.45%	66.96%	64.23%	62.79%	64.56%	64.3%	63.16%
Net Debt / EBITDA	5.17x	5.18x	5.25x	4.77x	4.94x	5.31x	5.72x	4.92x	4.54x	4.62x
Debt / Assets	38.14%	39.35%	39.8%	38.3%	38.89%	40.34%	41.55%	41.45%	39.34%	39.29%
Interest Coverage	3.95x	4.19x	4.00x	3.74x	4.11x	3.32x	2.78x	3.41x	4.30x	4.04x
Book Value / Share	73.19	74.05	75.28	76.91	78.77	76.58	78.28	80.42	83.2	83.82
Revenue Growth	10.15%	10.2%	5.54%	5.83%	1.75%	-1.01%	-0.28%	13.01%	6.73%	5.27%

Revenue by Segment

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
Same Store	-	-	-	-	-	-	-	2.05B	2.25B	2.54B
Same Store Growth	-	-	-	-	-	-	-	-	9.98%	12.99%
Other Stabilized Communities	497.76M	221.06M	235.36M	278.87M	262.05M	298.42M	140.17M	104.36M	210.34M	134.8M
Other Stabilized Communities Growth	-	-55.59%	6.47%	18.49%	-6.03%	13.88%	-53.03%	-25.55%	101.56%	-35.91%
Development Redevelopment	186.85M	222.22M	233.43M	276.9M	297.62M	163.47M	84M	98.38M	91.03M	61.55M
Development Redevelopment Growth	-	18.93%	5.04%	18.62%	7.48%	-45.07%	-48.61%	17.12%	-7.47%	-32.38%
Established Communities	965.01M	1.38B	1.54B	1.58B	1.63B	1.84B	2.03B	-	-	-
Established Communities Growth	-	43.50%	11.38%	2.13%	3.63%	12.49%	10.45%	-	-	-

Frequently Asked Questions

Valuation & Price

AvalonBay Communities, Inc. (AVB) has a price-to-earnings (P/E) ratio of 23.8x. This is roughly in line with market averages.

Growth & Financials

AvalonBay Communities, Inc. (AVB) reported $3.01B in revenue for fiscal year 2024. This represents a 235% increase from $900.1M in 2011.

AvalonBay Communities, Inc. (AVB) grew revenue by 5.3% over the past year. This is steady growth.

Yes, AvalonBay Communities, Inc. (AVB) is profitable, generating $1.17B in net income for fiscal year 2024 (37.1% net margin).

Dividend & Returns

Yes, AvalonBay Communities, Inc. (AVB) pays a dividend with a yield of 3.73%. This makes it attractive for income-focused investors.

AvalonBay Communities, Inc. (AVB) has a return on equity (ROE) of 9.1%. This is below average, suggesting room for improvement.

Industry Metrics

AvalonBay Communities, Inc. (AVB) generated Funds From Operations (FFO) of $2.06B in the trailing twelve months. FFO is the primary profitability metric for REITs.

AvalonBay Communities, Inc. (AVB) offers a 3.73% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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