The company maintains a disciplined financial profile with a 0.80 debt-to-equity ratio as of 2026Q1, reflecting a conservative approach to funding its $22.1 billion asset base.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Total Assets | 22.13B | 22.19B | 21B | 20.68B | 20.46B | 19.9B | 19.2B | 19.12B | 18.38B | 18.41B | 17.87B | 16.93B | 16.18B | 15.33B | 11.16B | 8.48B | 7.82B | 7.46B | 7.17B | 6.74B | 5.81B | 5.17B | 5.07B | 4.91B | 4.95B | 4.66B | 4.4B | 4.15B | 4.03B | 1.32B | 711.91M |
| Asset Growth % | 16.78% | 5.67% | 1.56% | 1.08% | 2.79% | 3.66% | 0.41% | 4.03% | -0.19% | 3.06% | 5.53% | 4.66% | 5.54% | 37.35% | 31.57% | 8.45% | 4.88% | 3.96% | 6.49% | 15.99% | 12.45% | 1.91% | 3.23% | -0.83% | 6.14% | 6.07% | 5.84% | 3.09% | 205.86% | 85.09% | 49.18% |
| Real Estate & Other Assets | 816.61M | 165.85M | 20.35B | 19.79B | 19.37B | 18.96B | 18.5B | 18.67B | 17.91B | 18.02B | 17.33B | 16.18B | 15.21B | 14.55B | 8.22B | 198.95M | 370.39M | 357.37M | 211.97M | 172.78M | 311.28M | -4.99B | -4.92B | -4.76B | -4.8B | -4.41B | -4.21B | -4.05B | -3.88B | -1.29B | -697.79M |
| PP&E (Net) | 20.83B | 20.81B | 154.65M | 134.67M | 143.33M | 146.6M | 155.27M | 124.96M | 17.59B | 17.65B | 16.93B | 15.44B | 14.58B | 13.73B | 7.36B | 7.43B | 6.96B | 6.83B | 6.65B | 6.3B | 5.48B | 4.95B | 4.88B | 4.74B | 4.79B | 4.39B | 4.2B | 4.04B | 3.89B | 1.29B | 697.79M |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 |
| Total Current Assets | 291.09M | 187.23M | 267.08M | 530.96M | 734.25M | 577.54M | 344.34M | 161.84M | 249.68M | 234.59M | 362.05M | 535.4M | 634.7M | 406.59M | 2.81B | 713.85M | 477.75M | 316.37M | 257.62M | 208.53M | 144.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash & Equivalents | 121.23M | 187.23M | 108.58M | 397.89M | 613.19M | 420.25M | 216.98M | 39.69M | 91.66M | 67.09M | 214.99M | 400.51M | 509.46M | 281.54M | 2.73B | 616.89M | 306.43M | 316.37M | 259.31M | 21.22M | 145.56M | 54.37M | 14.66M | 19.02M | 23.6M | 122.95M | 73.97M | 16.42M | 16.39M | 3.19M | 920K |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Assets | 169.86M | 0 | 158.5M | 133.07M | 84.24M | 123.54M | 96.56M | 87.93M | 126.2M | 134.82M | 114.98M | 104.82M | 95.63M | 98.56M | 49.95M | 73.4M | 173.34M | 210.68M | 192.68M | 188.26M | 81.35M | -101.6M | -66.73M | -61.91M | -55.61M | -170.13M | -113.66M | -42.65M | -41.92M | -3.19M | -920K |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 10.41B | 10.36B | 9.06B | 8.89B | 9.2B | 8.97B | 8.44B | 8.13B | 7.74B | 8.02B | 7.69B | 7.08B | 7.12B | 6.71B | 4.31B | 4.07B | 4.49B | 4.4B | 4.25B | 3.69B | 3.17B | 2.6B | 2.66B | 2.57B | 2.68B | 2.29B | 1.91B | 1.75B | 1.66B | 515.82M | 292.63M |
| Total Debt | 9.36B | 9.33B | 8.25B | 8.14B | 8.48B | 8.27B | 7.75B | 7.44B | 7.04B | 7.33B | 7.03B | 6.46B | 6.49B | 6.13B | 3.85B | 3.6B | 4.01B | 4.01B | 3.65B | 3.16B | 2.8B | 2.37B | 2.44B | 2.34B | 2.43B | 2.08B | 1.73B | 1.59B | 1.48B | 487.5M | 273.69M |
| Net Debt | 9.24B | 9.14B | 8.14B | 7.74B | 7.87B | 7.85B | 7.53B | 7.4B | 6.95B | 7.26B | 6.82B | 6.06B | 5.98B | 5.85B | 1.12B | 2.98B | 3.7B | 3.9B | 3.59B | 3.14B | 2.79B | 2.31B | 2.43B | 2.32B | 2.41B | 1.96B | 1.66B | 1.58B | 1.47B | 484.31M | 272.77M |
| Long-Term Debt | 8.59B | 8.59B | 8.08B | 7.98B | 8.32B | 8.1B | 7.56B | 7.3B | 7.04B | 7.33B | 7.03B | 6.46B | 6.49B | 6.13B | 3.85B | 3.6B | 4.01B | 4.01B | 3.65B | 3.16B | 2.8B | 2.37B | 2.44B | 2.34B | 2.43B | 2.08B | 1.73B | 1.42B | 1.16B | 487.5M | 273.69M |
| Short-Term Borrowings | 769.72M | 739.61M | 0 | 162K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 178.6M | 329M | 0 | 0 |
| Capital Lease Obligations | 337.14M | 0 | 173.28M | 153.23M | 162.67M | 166.5M | 181.48M | 140.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 830.9M | 739.61M | 746.28M | 694.55M | 659.11M | 635.72M | 642.55M | 629.09M | 645.67M | 632.78M | 600.19M | 570.7M | 542.88M | 532.15M | 424.18M | 438.27M | 273.88M | 390.43M | 523.5M | 431.01M | 348.86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Payable | 0 | 0 | 85.95M | 87.7M | 72.8M | 63.72M | 93.61M | 92.14M | 96.98M | 85.38M | 101M | 98.8M | 101.92M | 94.63M | 52.9M | 36.84M | 34.43M | 49.62M | 64.36M | 91.28M | 59.23M | 62.85M | 23M | 26.91M | 29.77M | 43.66M | 52.83M | 47.01M | 68.81M | 7.73M | 5.45M |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 61.75M | 58.41M | 58.47M | 57.02M | 53.13M | 48.83M | 44.59M | 37.05M | 35.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 990.94M | 0 | 62.83M | 63.81M | 63.7M | 59.79M | 55.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 211.1M | 2.73M | 69.78M | 97.6M | 106.75M | -2.37B | -2.44B | -2.34B | -2.43B | -2.08B | -1.73B | -1.42B | -1.16B | -487.5M | -273.69M |
| Total Equity | 11.71B | 11.83B | 11.94B | 11.78B | 11.26B | 10.94B | 10.75B | 10.99B | 10.64B | 10.39B | 10.18B | 9.85B | 9.06B | 8.62B | 6.85B | 4.41B | 3.33B | 3.06B | 2.93B | 3.05B | 2.64B | 2.56B | 2.41B | 2.34B | 2.27B | 2.37B | 2.49B | 2.41B | 2.37B | 801.83M | 419.28M |
| Equity Growth % | 3.39% | -0.89% | 1.33% | 4.7% | 2.92% | 1.69% | -2.17% | 3.36% | 2.33% | 2.11% | 3.34% | 8.74% | 5.13% | 25.84% | 55.32% | 32.41% | 8.96% | 4.46% | -4.08% | 15.67% | 2.95% | 6.41% | 3.03% | 2.82% | -4.13% | -4.91% | 3.59% | 1.43% | 195.78% | 91.24% | 76.46% |
| Shareholders Equity | 11.49B | 11.61B | 11.94B | 11.78B | 11.25B | 10.93B | 10.75B | 10.99B | 10.63B | 10.39B | 10.17B | 9.84B | 9.05B | 8.6B | 6.84B | 4.39B | 3.31B | 3.05B | 2.92B | 3.03B | 2.57B | 2.54B | 2.39B | 2.31B | 2.19B | 2.31B | 2.44B | 2.37B | 2.31B | 792.7M | 412.28M |
| Minority Interest | 223.7M | 222.98M | 0 | 1.47M | 2.76M | 3.93M | 3.27M | 3.9M | 3.24M | 6.06M | 7.77M | 10M | 12.77M | 20.91M | 10.61M | 14.21M | 19.23M | 5.8M | 10.23M | 23.15M | 18.31M | 19.46M | 21.52M | 24.75M | 39.19M | 55.19M | 49.5M | 35.38M | 32.21M | 9.1M | 7M |
| Common Stock | 1.39M | 1.4M | 1.42M | 1.42M | 1.4M | 1.4M | 1.4M | 1.41M | 1.39M | 1.38M | 1.37M | 1.37M | 1.32M | 1.29M | 1.14M | 952K | 859K | 815K | 771K | 773K | 747K | 737K | 726K | 709K | 682K | 687K | 672K | 658K | 639K | 261K | 190K |
| Additional Paid-in Capital | 11.12B | 11.21B | 11.31B | 11.29B | 10.77B | 10.72B | 10.66B | 10.74B | 10.31B | 10.24B | 10.11B | 10.07B | 9.35B | 8.99B | 7.09B | 4.65B | 3.59B | 3.2B | 2.94B | 3.03B | 2.48B | 2.44B | 2.39B | 2.32B | 2.27B | 2.33B | 2.49B | 2.44B | 2.39B | 823.52M | 435.72M |
| Retained Earnings | 339.63M | 371.16M | 591.25M | 478.16M | 485.22M | 240.82M | 126.02M | 282.91M | 350.78M | 188.61M | 94.9M | -197.99M | -267.08M | -345.25M | -142.33M | -171.65M | -282.74M | -149.99M | -21.94M | 2.5M | 151.71M | 115.79M | 10.77M | 2.02M | -51.85M | -3.5M | -47.84M | -69.51M | -80.34M | -31.17M | -23.66M |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 40K | 40K | 40K | 40K | 40K | 73K | 96K | 183K | 183K | 183K | 83K | 27K |
| Return on Assets (ROA) | 5.18% | 4.87% | 5.19% | 4.52% | 5.63% | 5.14% | 4.32% | 4.19% | 5.3% | 4.83% | 5.94% | 4.48% | 4.34% | 2.67% | 4.32% | 5.42% | 2.3% | 2.13% | 5.92% | 5.71% | 5.07% | 6.3% | 4.4% | 5.51% | 3.61% | 5.5% | 4.93% | 4.21% | 3.53% | 3.84% | 3.3% |
| Return on Equity (ROE) | 9.54% | 8.85% | 9.12% | 8.06% | 10.24% | 9.26% | 7.61% | 7.27% | 9.27% | 8.52% | 10.32% | 7.85% | 7.73% | 4.57% | 7.53% | 11.41% | 5.49% | 5.2% | 13.77% | 12.6% | 10.71% | 12.98% | 9.27% | 11.78% | 7.48% | 10.24% | 8.6% | 7.21% | 5.95% | 6.38% | 5.98% |
| Debt / Assets | 42.3% | 42.04% | 39.29% | 39.34% | 41.45% | 41.55% | 40.34% | 38.89% | 38.3% | 39.8% | 39.35% | 38.14% | 40.12% | 40.02% | 34.51% | 42.43% | 51.23% | 53.75% | 50.95% | 46.88% | 48.23% | 45.82% | 48.19% | 47.62% | 49.11% | 44.65% | 39.34% | 38.36% | 36.83% | 37% | 38.44% |
| Debt / Equity | 0.80x | 0.79x | 0.69x | 0.69x | 0.75x | 0.76x | 0.72x | 0.68x | 0.66x | 0.71x | 0.69x | 0.66x | 0.72x | 0.71x | 0.56x | 0.82x | 1.20x | 1.31x | 1.25x | 1.04x | 1.06x | 0.92x | 1.01x | 1.00x | 1.07x | 0.88x | 0.69x | 0.66x | 0.63x | 0.61x | 0.65x |
| Net Debt / EBITDA | 5.07x | 5.00x | 4.62x | 4.54x | 4.92x | 5.72x | 5.31x | 4.94x | 4.77x | 5.25x | 5.18x | 5.17x | 5.67x | 6.42x | 1.83x | 5.58x | 7.68x | 8.01x | 7.70x | 6.98x | 6.71x | 6.18x | 6.30x | 9.99x | 2.33x | 5.40x | 4.43x | 4.90x | 6.39x | 1.58x | 6.97x |
| Book Value per Share | 83.19 | 83.35 | 83.82 | 83.20 | 80.42 | 78.28 | 76.58 | 78.77 | 76.91 | 75.28 | 74.05 | 73.19 | 69.03 | 67.71 | 69.86 | 48.57 | 39.34 | 37.91 | 37.71 | 38.19 | 34.88 | 34.26 | 33.30 | 33.41 | 32.54 | 34.25 | 36.91 | 36.86 | 45.74 | 28.21 | 23.29 |
Development capital intensity
According to the provided balance sheet data, AvalonBay has grown total assets from $20.7 billion in 2023Q4 to $22.1 billion by 2026Q1, reflecting a consistent strategy of capital deployment into new residential developments rather than relying solely on existing asset appreciation.
The steady increase in total assets suggests that the company is successfully executing its internal development pipeline to drive long-term NAV growth. This trajectory appears to be supported by a disciplined capital recycling program that keeps the portfolio age profile competitive against coastal peers.
Based on reported financial statements, AvalonBay maintains a debt-to-equity ratio of 0.80 as of 2026Q1, which, when compared to industry peers like Essex Property Trust at 1.20, suggests a notably conservative approach to financing its extensive development and construction activities.
This lower leverage profile provides the company with significant balance sheet flexibility to navigate potential interest rate volatility or construction cost spikes. Investors should monitor whether this conservative posture is maintained as the company continues to scale its footprint in newer expansion markets.
As reported in the quarterly filings, cash reserves fluctuated from a high of $552.4 million in 2024Q3 to $121.2 million in 2026Q1, indicating that the company actively utilizes its cash balances to fund ongoing development projects and manage short-term liquidity requirements.
The variability in cash levels appears to be a function of the timing of development project completions and capital recycling events. While the current cash position is lower than historical peaks, it remains consistent with a business model that prioritizes reinvestment over holding idle capital.
Based on the provided figures, equity has remained relatively stable, moving from $11.8 billion in 2023Q4 to $11.5 billion in 2026Q1, which suggests that the company is effectively balancing dividend distributions with the retention of earnings to support its capital-intensive development platform.
The stability of the equity base indicates that the company has not needed to rely on dilutive secondary equity offerings to fund its growth, which is a positive signal for existing shareholders. This suggests that the internal cash generation from the stabilized portfolio is sufficient to cover a meaningful portion of the development pipeline.
Quick answers to the most common questions about buying AVB stock.
As of 2025, AvalonBay Communities, Inc. (AVB) had total assets of $22.19B including $187.2M in current assets.
AvalonBay Communities, Inc. (AVB) carries total debt of $9.33B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
AvalonBay Communities, Inc. (AVB) has total shareholders' equity (book value) of $11.61B ($83.35 book value per share). Book value represents the net worth of the company belonging to common stock holders.
AvalonBay Communities, Inc. (AVB) reported a current ratio of 0.25x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.