AVALONBAY COMMUNITIES INC
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Income Statement
| Metric | FY 2025 | FY 2024 | YoY |
|---|---|---|---|
| Revenue | 3,040,725 | 2,913,757 | +4.4% |
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| Development/ Redevelopment · Operating Segments | 47,538 | 9,667 | +391.8% |
| Other Stabilized · Operating Segments | 174,615 | 83,334 | +109.5% |
| Same Store · Operating Segments | 2,739,511 | 2,673,271 | +2.5% |
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| Corporate Non Segment · Segment Continuing Operations | 7,042 | 7,081 | -0.6% |
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| Segment Continuing Operations | 2,968,706 | 2,773,353 | +7.0% |
| Revenue | 7,042 | 7,081 | -0.6% |
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| Management, Development And Other · Corporate Non Segment | 7,042 | 7,081 | -0.6% |
| Management, Development And Other · Segment Continuing Operations | 7,042 | 7,081 | -0.6% |
| Rental and non-rental related income · Development/ Redevelopment | 364 | 148 | +145.9% |
| Rental and non-rental related income · Other Stabilized | 6,494 | 5,563 | +16.7% |
| Rental and non-rental related income · Same Store | 8,753 | 10,479 | -16.5% |
| Rental and non-rental related income · Segment Continuing Operations | 15,611 | 16,190 | -3.6% |
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| Development/ Redevelopment · Operating Segments | 364 | 148 | +145.9% |
| Other Stabilized · Operating Segments | 6,494 | 5,563 | +16.7% |
| Same Store · Operating Segments | 8,753 | 10,479 | -16.5% |
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| Corporate Non Segment · Segment Continuing Operations | 7,042 | 7,081 | -0.6% |
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| Segment Continuing Operations | 22,653 | 23,271 | -2.7% |
| Total Costs & Expenses | 2,392,272 | 2,245,872 | +6.5% |
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| Development / Redevelopment · Operating Segments | 23,084 | 5,859 | +294.0% |
| Other Stabilized · Operating Segments | 61,014 | 26,305 | +131.9% |
| Same Store · Operating Segments | 856,617 | 824,028 | +4.0% |
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| Segment Continuing Operations | 940,715 | 856,192 | +9.9% |
| General & Administrative | 86,679 | 77,697 | +11.6% |
| Operating Expenses (FY) | — | — | — |
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| Development / Redevelopment · Non-Same Store Operating Expense | -23,084 | -5,859 | -294.0% |
| Other Stabilized · Non-Same Store Operating Expense | -61,014 | -26,305 | -131.9% |
| Same Store · Same Store Operating Expense | -856,617 | -824,028 | -4.0% |
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| Non-Same Store Operating Expense · Segment Continuing Operations | -84,098 | -32,164 | -161.5% |
| Same Store Operating Expense · Segment Continuing Operations | -856,617 | -824,028 | -4.0% |
| Operating Income | 2,020,949 | 1,910,080 | +5.8% |
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| Development / Redevelopment · Operating Segments | 24,454 | 3,808 | +542.2% |
| Other Stabilized · Operating Segments | 113,601 | 57,029 | +99.2% |
| Same Store · Operating Segments | 1,882,894 | 1,849,243 | +1.8% |
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| Segment Continuing Operations | 2,020,949 | 1,910,080 | +5.8% |
| Other Non-Operating Income (Expense) | 10,846 | 18,341 | -40.9% |
| Income Before Taxes | 1,055,464 | 1,082,620 | -2.5% |
| Income Tax Expense (Benefit) | 1,135 | -445 | +355.1% |
| Net Income (FY) | — | — | — |
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| Retained Earnings | 1,051,301 | 1,081,994 | -2.8% |
| Comprehensive Income | 1,043,483 | 1,100,182 | -5.2% |
| EPS (Basic) | 7.4 | 7.61 | -2.8% |
| EPS (Diluted) | 7.4 | 7.6 | -2.6% |
| Wtd Avg Shares (Basic) | 141,739,349 | 142,000,934 | -0.2% |
| Wtd Avg Shares (Diluted) | 142,826,382 | 142,458,604 | +0.3% |
| Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax | -4,488 | 18,659 | -124.1% |
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| Accumulated Other Comprehensive Income | -4,488 | 18,659 | -124.1% |
| Parent | -4,488 | 18,659 | -124.1% |
| Net Income Loss Attributable To Noncontrolling Interest | -5,298 | -181 | -2827.1% |
| Net Income Loss Available To Common Stockholders Basic | 1,051,301 | 1,081,994 | -2.8% |
| Operating Lease Lease Income | 3,033,683 | 2,906,676 | +4.4% |
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| Development/ Redevelopment · Operating Segments | 47,174 | 9,519 | +395.6% |
| Other Stabilized · Operating Segments | 168,121 | 77,771 | +116.2% |
| Same Store · Operating Segments | 2,730,758 | 2,662,792 | +2.6% |
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| Segment Continuing Operations | 2,946,053 | 2,750,082 | +7.1% |
| Interest Expense | 259,181 | 226,589 | +14.4% |
Balance Sheet
| Metric | FY 2025 | FY 2024 | YoY |
|---|---|---|---|
| Current Assets | |||
| Assets Of Disposal Group Including Discontinued Operation Current | 150,262 | 6,950 | +2062.0% |
| Cash & Cash Equivalents | 187,234 | 108,576 | +72.4% |
| Non-Current Assets | |||
| Total Assets | 22,192,137 | 21,000,737 | +5.7% |
| Operating Lease Right-of-Use Assets | 119,888,000 | 126,572,000 | -5.3% |
| Other Assets | |||
| Investment Building And Building Improvements | 21,252,137 | 20,454,276 | +3.9% |
| Real Estate Investment Property At Cost | 27,759,518 | 26,729,928 | +3.9% |
| Real Estate Investment Property Accumulated Depreciation | -8,686,084 | -8,164,411 | -6.4% |
| Operating Real Estate Investment Property Net | 19,073,434 | 18,565,517 | +2.7% |
| Real Estate Investment Property Net | 20,806,242 | 19,767,062 | +5.3% |
Show Real Estate And Accumulated Depreciation Description Of Property breakouts |
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| AVA 55 Ninth · Current Communities | 79,165 | 82,153 | -3.6% |
| AVA Back Bay · Current Communities | 40,089 | 42,653 | -6.0% |
| AVA Balboa Park · Other Stabilized | 49,795 | 50,313 | -1.0% |
| AVA Ballston Square · Current Communities | 229,431 | 237,093 | -3.2% |
| AVA Ballston · Current Communities | 24,584 | 25,016 | -1.7% |
| AVA Brewer's Hill · Development Communities | 44,508 | 23,182 | +92.0% |
| AVA Burbank · Current Communities | 47,534 | 48,073 | -1.1% |
| AVA Capitol Hill · Current Communities | 60,429 | 62,049 | -2.6% |
| AVA DoBro · Current Communities | 214,787 | 221,044 | -2.8% |
| AVA Esterra Park · Current Communities | 72,235 | 74,188 | -2.6% |
| AVA Fort Greene · Current Communities | 190,911 | 198,019 | -3.6% |
| AVA Hollywood at La Pietra Place · Current Communities | 316,517 | 325,874 | -2.9% |
| AVA Little Tokyo · Current Communities | 74,201 | 77,050 | -3.7% |
| AVA Newport · Current Communities | 7,305 | 7,103 | +2.8% |
| AVA Nob Hill · Current Communities | 12,066 | 13,470 | -10.4% |
| AVA North Point · Current Communities | 95,529 | 96,336 | -0.8% |
| AVA Pacific Beach · Current Communities | 30,654 | 33,574 | -8.7% |
| AVA Pasadena · Current Communities | 18,804 | 19,037 | -1.2% |
| AVA Queen Anne · Current Communities | 34,878 | 36,135 | -3.5% |
| AVA RiNo · Current Communities | 76,245 | 78,529 | -2.9% |
| AVA Somerville · Current Communities | 49,870 | 50,751 | -1.7% |
| AVA South End · Current Communities | 50,454 | 50,284 | +0.3% |
| AVA Studio City I · Current Communities | 89,343 | 92,791 | -3.7% |
| AVA Studio City II · Current Communities | 21,586 | 22,327 | -3.3% |
| AVA Toluca Hills · Current Communities | 253,727 | 249,772 | +1.6% |
| AVA Van Ness · Current Communities | 72,576 | 74,131 | -2.1% |
| AVA Wheaton · Current Communities | 55,103 | 56,841 | -3.1% |
| Avalon 555 President · Current Communities | 108,255 | 113,743 | -4.8% |
| Avalon 850 Boca · Current Communities | 103,684 | 106,556 | -2.7% |
| Avalon Acton II · Current Communities | 25,375 | 26,466 | -4.1% |
| Avalon Acton · Current Communities | 36,936 | 39,493 | -6.5% |
| Avalon Addison · Current Communities | 61,652 | 63,526 | -2.9% |
| Avalon Alderwood I · Current Communities | 47,741 | 48,933 | -2.4% |
| Avalon Alderwood II · Current Communities | 19,884 | 20,377 | -2.4% |
| Avalon Alderwood Place · Other Stabilized | 119,497 | — | — |
| Avalon Amityville · Other Stabilized | 126,762 | 131,423 | -3.5% |
| Avalon Annapolis · Development Communities | 184,751 | 173,284 | +6.6% |
| Avalon Arlington North · Current Communities | 62,796 | 64,568 | -2.7% |
| Avalon Arundel Crossing II · Current Communities | 62,375 | 64,620 | -3.5% |
| Avalon Arundel Crossing · Current Communities | 96,239 | 100,962 | -4.7% |
| Avalon at Arlington Square · Current Communities | 68,262 | 68,783 | -0.8% |
| Avalon at Assembly Row · Current Communities | 45,013 | 46,552 | -3.3% |
| Avalon at Bear Creek · Current Communities | 13,272 | 13,295 | -0.2% |
| Avalon at Becker Farm · Development Communities | 150,692 | 65,048 | +131.7% |
| Avalon at Bedford Center · Current Communities | 11,484 | 12,238 | -6.2% |
| Avalon at Cahill Park · Current Communities | 17,109 | 18,071 | -5.3% |
| Avalon at Chestnut Hill · Current Communities | 42,045 | 43,107 | -2.5% |
| Avalon at Edgewater I · Current Communities | 15,946 | 16,377 | -2.6% |
| Avalon at Edgewater II · Current Communities | 52,578 | 54,071 | -2.8% |
| Avalon at Foxhall · Current Communities | 16,137 | 16,874 | -4.4% |
| Avalon at Grosvenor Station · Current Communities | 50,098 | 50,267 | -0.3% |
| Avalon at Lexington Hills · Current Communities | 45,585 | 47,461 | -4.0% |
| Avalon at Lexington · Current Communities | 9,123 | 9,397 | -2.9% |
| Avalon at Mission Bay I · Current Communities | 35,726 | 37,589 | -5.0% |
| Avalon at Mission Bay III · Current Communities | 84,187 | 86,627 | -2.8% |
| Avalon at Palisades · Other Stabilized | 69,418 | — | — |
| Avalon at Pier 121 · Other Stabilized | 58,056 | 59,372 | -2.2% |
| Avalon at Prudential Center I · Current Communities | 44,555 | 47,261 | -5.7% |
| Avalon at Prudential Center II · Current Communities | 48,949 | 52,210 | -6.2% |
| Avalon at the Hingham Shipyard · Current Communities | 33,763 | 35,185 | -4.0% |
| Avalon at The Pinehills · Current Communities | 22,560 | 23,765 | -5.1% |
| Avalon at Traville · Current Communities | 34,265 | 34,483 | -0.6% |
| Avalon Baker Ranch · Current Communities | 95,163 | 97,389 | -2.3% |
| Avalon Bear Hill · Current Communities | 96,167 | 98,288 | -2.2% |
| Avalon Bellevue · Current Communities | 13,535 | 14,705 | -8.0% |
| Avalon Belltown Towers · Current Communities | 117,287 | 121,084 | -3.1% |
| Avalon Benbrook · Other Stabilized | 57,300 | — | — |
| Avalon Billerica · Development Communities | 16,789 | — | — |
| Avalon Bloomfield Station · Current Communities | 36,593 | 36,716 | -0.3% |
| Avalon Bloomingdale · Current Communities | 20,207 | 20,930 | -3.5% |
| Avalon Bonterra · Current Communities | 69,906 | 70,979 | -1.5% |
| Avalon Boonton · Current Communities | 72,563 | 75,547 | -3.9% |
| Avalon Bothell Commons · Other Stabilized | 218,425 | 225,208 | -3.0% |
| Avalon Brea Place · Current Communities | 258,791 | 267,340 | -3.2% |
| Avalon Brier Creek · Development Communities | 33,258 | — | — |
| Avalon Brighton · Current Communities | 81,014 | 84,147 | -3.7% |
| Avalon Burbank · Current Communities | 42,583 | 44,288 | -3.8% |
| Avalon Burlington · Current Communities | 63,498 | 65,324 | -2.8% |
| Avalon Calabasas · Current Communities | 103,326 | 106,785 | -3.2% |
| Avalon Camarillo · Current Communities | 24,132 | 25,524 | -5.5% |
| Avalon Campbell · Current Communities | 24,479 | 25,118 | -2.5% |
| Avalon Carmel · Development Communities | 88,292 | 29,299 | +201.3% |
| Avalon Castle Hills · Other Stabilized | 63,556 | — | — |
| Avalon Castle Rock at the Meadows · Current Communities | 54,507 | 56,545 | -3.6% |
| Avalon Cerritos · Current Communities | 47,602 | 49,111 | -3.1% |
| Avalon Cherry Hills · Other Stabilized | 91,779 | 91,855 | -0.1% |
| Avalon Chino Hills · Current Communities | 73,890 | 75,465 | -2.1% |
| Avalon Clarendon · Current Communities | 89,116 | 91,786 | -2.9% |
| Avalon Clinton North · Current Communities | 151,246 | 154,989 | -2.4% |
| Avalon Clinton South · Current Communities | 125,456 | 128,467 | -2.3% |
| Avalon Coconut Creek · Other Stabilized | 96,098 | — | — |
| Avalon Commons · Current Communities | 16,576 | 16,197 | +2.3% |
| Avalon Courthouse Place · Current Communities | 163,899 | 169,625 | -3.4% |
| Avalon Cove · Current Communities | 26,890 | 30,246 | -11.1% |
| Avalon Denver West · Current Communities | 56,373 | 57,900 | -2.6% |
| Avalon Dogpatch · Current Communities | 153,385 | 158,894 | -3.5% |
| Avalon Doral · Current Communities | 99,354 | 102,281 | -2.9% |
| Avalon Dublin Station II · Current Communities | 60,788 | 62,213 | -2.3% |
| Avalon Dublin Station · Current Communities | 53,443 | 54,541 | -2.0% |
| Avalon Dunn Loring · Current Communities | 109,446 | 113,080 | -3.2% |
| Avalon Durham · Development Communities | 112,781 | 115,657 | -2.5% |
| Avalon Easton II · Current Communities | 12,448 | 12,975 | -4.1% |
| Avalon Easton · Current Communities | 47,635 | 48,807 | -2.4% |
| Avalon Encino · Current Communities | 35,988 | 38,011 | -5.3% |
| Avalon Esterra Park · Current Communities | 100,621 | 103,858 | -3.1% |
| Avalon Exeter · Current Communities | 69,938 | 73,163 | -4.4% |
| Avalon Fairway Hills - Meadows · Current Communities | 9,095 | 7,887 | +15.3% |
| Avalon Fairway Hills - Woods · Current Communities | 13,012 | 13,865 | -6.2% |
| Avalon Falls Church · Current Communities | 92,275 | 88,414 | +4.4% |
| Avalon Flatirons · Current Communities | 81,254 | 84,673 | -4.0% |
| Avalon Fort Lauderdale · Current Communities | 125,830 | 130,485 | -3.6% |
| Avalon Foundry Row · Current Communities | 81,710 | 85,280 | -4.2% |
| Avalon Framingham · Current Communities | 32,369 | 33,154 | -2.4% |
| Avalon Fremont · Current Communities | 36,584 | 37,059 | -1.3% |
| Avalon Frisco at Main · Current Communities | 75,024 | 77,462 | -3.1% |
| Avalon Frisco North · Other Stabilized | 84,170 | — | — |
| Avalon Frisco · Other Stabilized | 76,607 | — | — |
| Avalon Garden City · Current Communities | 46,683 | 47,850 | -2.4% |
| Avalon Glendale · Current Communities | 12,079 | 13,423 | -10.0% |
| Avalon Glendora · Current Communities | 60,486 | 62,586 | -3.4% |
| Avalon Governor's Park · Development Communities | 131,725 | 134,764 | -2.3% |
| Avalon Great Neck · Current Communities | 61,340 | 62,472 | -1.8% |
| Avalon Harbor Isle · Current Communities | 84,495 | 88,467 | -4.5% |
| Avalon Harrison · Current Communities | 81,095 | 83,243 | -2.6% |
| Avalon Hawk · Current Communities | 39,962 | 41,379 | -3.4% |
| Avalon Hayes Valley · Current Communities | 64,667 | 67,324 | -3.9% |
| Avalon Highland Creek · Current Communities | 65,959 | 68,671 | -3.9% |
| Avalon Hill Country · Other Stabilized | 126,423 | — | — |
| Avalon Hoboken · Current Communities | 97,398 | 99,651 | -2.3% |
| Avalon Hunt Valley West · Development Communities | 95,316 | 79,435 | +20.0% |
| Avalon Hunt Valley · Current Communities | 55,184 | 56,371 | -2.1% |
| Avalon Huntington Beach · Current Communities | 85,623 | 88,709 | -3.5% |
| Avalon Huntington Station · Current Communities | 60,224 | 61,511 | -2.1% |
| Avalon Irvine I · Current Communities | 44,921 | 47,455 | -5.3% |
| Avalon Irvine II · Current Communities | 28,565 | 29,404 | -2.9% |
| Avalon Irvine III · Current Communities | 41,145 | 42,401 | -3.0% |
| Avalon Kendall · Development Communities | 38,324 | — | — |
| Avalon La Jolla Colony · Current Communities | 36,999 | 38,110 | -2.9% |
| Avalon Lake Norman · Development Communities | 97,759 | 59,909 | +63.2% |
| Avalon Lakeside · Current Communities | 95,800 | 99,577 | -3.8% |
| Avalon Laurel · Current Communities | 57,684 | 57,552 | +0.2% |
| Avalon Lowry · Other Stabilized | 128,614 | 136,211 | -5.6% |
| Avalon Maplewood · Current Communities | 52,270 | 52,695 | -0.8% |
| Avalon Marlborough II · Current Communities | 34,390 | 35,746 | -3.8% |
| Avalon Marlborough · Current Communities | 56,378 | 58,252 | -3.2% |
| Avalon Melville · Current Communities | 27,324 | 28,680 | -4.7% |
| Avalon Merrick Park · Other Stabilized | 95,162 | 98,105 | -3.0% |
| Avalon Meydenbauer · Current Communities | 50,435 | 50,802 | -0.7% |
| Avalon Midtown West · Current Communities | 286,101 | 293,624 | -2.6% |
| Avalon Miramar Park Place · Current Communities | 248,273 | 258,233 | -3.9% |
| Avalon Miramar · Current Communities | 110,706 | 115,062 | -3.8% |
| Avalon Mission Oaks · Current Communities | 33,752 | 34,471 | -2.1% |
| Avalon Mission Valley · Development Communities | 41,869 | — | — |
| Avalon Monrovia · Current Communities | 58,694 | 60,783 | -3.4% |
| Avalon Montville · Development Communities | 117,416 | 121,183 | -3.1% |
| Avalon Mooresville · Current Communities | 47,663 | 49,488 | -3.7% |
| Avalon Morrison Park · Current Communities | 54,512 | 55,227 | -1.3% |
| Avalon Mosaic · Current Communities | 81,170 | 83,233 | -2.5% |
| Avalon Mountain View · Current Communities | 19,972 | 18,884 | +5.8% |
| Avalon Natick · Current Communities | 55,850 | 57,856 | -3.5% |
| Avalon Newcastle Commons I · Current Communities | 90,183 | 93,082 | -3.1% |
| Avalon Newcastle Commons II · Current Communities | 89,126 | 92,725 | -3.9% |
| Avalon North Andover · Current Communities | 69,478 | 71,885 | -3.3% |
| Avalon North Bergen · Current Communities | 26,841 | 27,270 | -1.6% |
| Avalon North Creek · Current Communities | 65,896 | 68,008 | -3.1% |
| Avalon North Palm Beach · Development Communities | 50,920 | — | — |
| Avalon North Station · Current Communities | 196,868 | 204,645 | -3.8% |
| Avalon Northborough · Current Communities | 37,421 | 38,547 | -2.9% |
| Avalon Northwest Hills · Development Communities | 16,368 | — | — |
| Avalon Norwood · Current Communities | 49,300 | 50,954 | -3.2% |
| Avalon Oak Creek · Current Communities | 86,380 | 88,053 | -1.9% |
| Avalon Oakridge I · Development Communities | 57,271 | 25,229 | +127.0% |
| Avalon Ocean Avenue · Current Communities | 35,037 | 36,227 | -3.3% |
| Avalon Old Bridge · Current Communities | 59,899 | 61,822 | -3.1% |
| Avalon on the Alameda · Current Communities | 19,420 | 20,138 | -3.6% |
| Avalon ParcSquare · Current Communities | 9,111 | 8,682 | +4.9% |
| Avalon Parker · Development Communities | 56,148 | — | — |
| Avalon Parsippany · Development Communities | 137,901 | 61,470 | +124.3% |
| Avalon Pasadena · Current Communities | 31,619 | 32,409 | -2.4% |
| Avalon Perimeter Park · Other Stabilized | 64,312 | 64,486 | -0.3% |
| Avalon Piscataway · Current Communities | 71,314 | 73,604 | -3.1% |
| Avalon Plano · Development Communities | 19,949 | 14,502 | +37.6% |
| Avalon Playa Vista · Current Communities | 73,018 | 75,275 | -3.0% |
| Avalon Pleasanton I · Development Communities | 124,228 | 20,275 | +512.7% |
| Avalon Potomac Yard · Current Communities | 77,496 | 79,784 | -2.9% |
| Avalon Princeton Circle · Other Stabilized | 80,636 | 83,596 | -3.5% |
| Avalon Princeton on Harrison · Development Communities | 75,684 | 68,584 | +10.4% |
| Avalon Princeton · Current Communities | 74,001 | 75,869 | -2.5% |
| Avalon Public Market · Current Communities | 140,962 | 145,325 | -3.0% |
| Avalon Quincy Adams · Development Communities | 91,489 | 38,834 | +135.6% |
| Avalon Quincy · Current Communities | 70,677 | 72,608 | -2.7% |
| Avalon Red Rocks · Current Communities | 54,998 | 56,268 | -2.3% |
| Avalon Redmond Campus · Other Stabilized | 83,271 | 85,846 | -3.0% |
| Avalon Residences at the Hingham Shipyard · Current Communities | 50,611 | 52,248 | -3.1% |
| Avalon Reston Landing · Current Communities | 75,194 | 77,988 | -3.6% |
| Avalon Riverview North · Current Communities | 77,156 | 81,586 | -5.4% |
| Avalon Riverview · Current Communities | 27,367 | 29,433 | -7.0% |
| Avalon Rockville Centre I · Current Communities | 74,277 | 76,914 | -3.4% |
| Avalon Rockville Centre II · Current Communities | 43,576 | 45,126 | -3.4% |
| Avalon Russett · Current Communities | 39,022 | 40,992 | -4.8% |
| Avalon San Bruno I · Current Communities | 79,392 | 81,835 | -3.0% |
| Avalon San Bruno II · Current Communities | 50,693 | 52,125 | -2.7% |
| Avalon San Bruno III · Current Communities | 69,741 | 71,884 | -3.0% |
| Avalon San Dimas · Current Communities | 30,668 | 31,719 | -3.3% |
| Avalon San Ramon · Development Communities | 37,557 | — | — |
| Avalon Santa Monica on Main · Current Communities | 74,422 | 76,991 | -3.3% |
| Avalon Saugus · Current Communities | 73,450 | 75,704 | -3.0% |
| Avalon Silicon Valley · Current Communities | 52,688 | 56,039 | -6.0% |
| Avalon Simi Valley · Current Communities | 88,597 | 89,709 | -1.2% |
| Avalon Somers · Current Communities | 34,102 | 35,299 | -3.4% |
| Avalon Somerville Station · Current Communities | 102,699 | 106,769 | -3.8% |
| Avalon South End · Current Communities | 88,753 | 92,498 | -4.0% |
| Avalon South Miami · Development Communities | 168,166 | 126,402 | +33.0% |
| Avalon Southlands · Current Communities | 66,989 | 68,668 | -2.4% |
| Avalon Southpoint · Development Communities | 16,385 | — | — |
| Avalon Studio City · Current Communities | 66,494 | 69,461 | -4.3% |
| Avalon Sudbury · Current Communities | 69,570 | 71,743 | -3.0% |
| Avalon Sunset Towers · Other Stabilized | 12,108 | 13,002 | -6.9% |
| Avalon Teaneck · Current Communities | 58,843 | 60,513 | -2.8% |
| Avalon Tech Ridge I · Development Communities | 92,397 | 29,142 | +217.1% |
| Avalon The Albemarle · Other Stabilized | 58,375 | 58,681 | -0.5% |
| Avalon Thousand Oaks Plaza · Current Communities | 28,115 | 27,550 | +2.1% |
| Avalon Toscana · Current Communities | 47,574 | 48,957 | -2.8% |
| Avalon Towers Bellevue · Current Communities | 65,132 | 68,324 | -4.7% |
| Avalon Towers on the Peninsula · Current Communities | 30,868 | 33,201 | -7.0% |
| Avalon Townhome Collection Arundel Mills · Development Communities | 6,537 | — | — |
| Avalon Townhome Collection Bee Cave · Other Stabilized | 47,064 | 48,748 | -3.5% |
| Avalon Townhome Collection Brier Creek · Other Stabilized | 36,461 | — | — |
| Avalon Townhome Collection Florham Park · Current Communities | 21,373 | 22,179 | -3.6% |
| Avalon Townhome Collection Roseland · Current Communities | 34,361 | 35,348 | -2.8% |
| Avalon Towson · Current Communities | 90,245 | 93,746 | -3.7% |
| Avalon Tysons Corner · Current Communities | 42,128 | 33,672 | +25.1% |
| Avalon Union City · Current Communities | 65,345 | 68,623 | -4.8% |
| Avalon Union · Current Communities | 36,834 | 37,981 | -3.0% |
| Avalon Vista · Current Communities | 40,871 | 41,783 | -2.2% |
| Avalon W Squared at Princeton Junction · Development Communities | 195,172 | 118,103 | +65.3% |
| Avalon Walnut Creek II · Current Communities | 90,523 | 94,760 | -4.5% |
| Avalon Walnut Creek · Current Communities | 75,540 | 79,649 | -5.2% |
| Avalon Walnut Ridge I · Current Communities | 23,693 | 24,541 | -3.5% |
| Avalon Walnut Ridge II · Current Communities | 64,242 | 66,282 | -3.1% |
| Avalon Warner Place · Current Communities | 27,953 | 29,533 | -5.3% |
| Avalon Wayne · Development Communities | 150,483 | 73,596 | +104.5% |
| Avalon West Dublin · Other Stabilized | 247,370 | 253,859 | -2.6% |
| Avalon West Hollywood · Current Communities | 119,675 | 122,819 | -2.6% |
| Avalon West Palm Beach · Current Communities | 79,077 | 82,000 | -3.6% |
| Avalon West Plano · Current Communities | 120,143 | 124,700 | -3.7% |
| Avalon Westbury · Current Communities | 99,029 | 99,962 | -0.9% |
| Avalon Westminster Promenade · Development Communities | 106,220 | 112,719 | -5.8% |
| Avalon Wharton · Current Communities | 33,574 | 34,831 | -3.6% |
| Avalon White Plains · Other Stabilized | 79,778 | 82,287 | -3.0% |
| Avalon Willoughby Square · Current Communities | 142,405 | 146,091 | -2.5% |
| Avalon Willow Glen · Current Communities | 89,674 | 92,429 | -3.0% |
| Avalon Wilshire · Current Communities | 22,834 | 24,271 | -5.9% |
| Avalon Woburn · Current Communities | 104,315 | 108,276 | -3.7% |
| Avalon Wolf Ranch · Other Stabilized | 48,775 | — | — |
| Avalon Woodland Hills · Current Communities | 78,364 | 80,697 | -2.9% |
| Avalon Yonkers · Current Communities | 158,246 | 172,597 | -8.3% |
| eaves Burlington · Current Communities | 31,440 | 32,237 | -2.5% |
| eaves Cerritos · Current Communities | 21,722 | 22,361 | -2.9% |
| eaves Columbia Town Center I · Current Communities | 27,803 | 28,175 | -1.3% |
| eaves Creekside · Current Communities | 18,019 | 18,512 | -2.7% |
| eaves Dublin · Current Communities | 25,848 | 26,621 | -2.9% |
| eaves Fair Lakes · Current Communities | 12,480 | 13,628 | -8.4% |
| eaves Fairfax City · Current Communities | 5,356 | 5,486 | -2.4% |
| eaves Fairfax Towers · Current Communities | 65,484 | 67,222 | -2.6% |
| eaves Foster City · Current Communities | 18,388 | 19,045 | -3.4% |
| eaves Fremont · Current Communities | 13,874 | 14,359 | -3.4% |
| eaves Glover Park · Current Communities | 26,033 | 25,405 | +2.5% |
| eaves Huntington Beach · Current Communities | 9,388 | 9,785 | -4.1% |
| eaves La Mesa · Current Communities | 24,541 | 25,900 | -5.2% |
| eaves Lake Forest · Current Communities | 19,608 | 20,489 | -4.3% |
| eaves Los Feliz · Current Communities | 50,605 | 51,172 | -1.1% |
| eaves Mission Ridge · Current Communities | 7,979 | 8,435 | -5.4% |
| eaves Mission Viejo · Current Communities | 5,714 | 5,713 | 0.0% |
| eaves Mountain View at Middlefield · Current Communities | 103,857 | 106,151 | -2.2% |
| eaves North Dallas · Other Stabilized | 72,150 | — | — |
| eaves Old Town Pasadena · Current Communities | 21,631 | 22,089 | -2.1% |
| eaves Pacifica · Current Communities | 11,189 | 10,359 | +8.0% |
| eaves Peabody · Current Communities | 18,064 | 17,782 | +1.6% |
| eaves Phillips Ranch · Current Communities | 41,926 | 42,283 | -0.8% |
| eaves Pleasanton · Current Communities | 52,791 | 53,818 | -1.9% |
| eaves Quincy · Current Communities | 8,879 | 10,307 | -13.9% |
| eaves Rancho Penasquitos · Current Communities | 26,268 | 27,835 | -5.6% |
| eaves Redmond Campus II · Other Stabilized | 15,840 | — | — |
| eaves Redmond Campus · Current Communities | 75,533 | 79,094 | -4.5% |
| eaves RockMeadow · Current Communities | 12,572 | 11,265 | +11.6% |
| eaves San Dimas Canyon · Current Communities | 10,715 | 10,705 | +0.1% |
| eaves San Dimas · Current Communities | 7,338 | 7,532 | -2.6% |
| eaves San Jose · Current Communities | 31,865 | 33,399 | -4.6% |
| eaves San Marcos · Current Communities | 16,865 | 17,013 | -0.9% |
| eaves Santa Margarita · Current Communities | 14,866 | 13,001 | +14.3% |
| eaves Seal Beach · Current Communities | 124,295 | 128,808 | -3.5% |
| eaves South Coast · Current Communities | 12,251 | 12,099 | +1.3% |
| eaves Thousand Oaks · Current Communities | 25,792 | 26,085 | -1.1% |
| eaves Tunlaw Gardens · Current Communities | 30,128 | 30,788 | -2.1% |
| eaves Twin Creeks · Other Stabilized | 43,606 | — | — |
| eaves Tysons Corner · Current Communities | 42,228 | 42,016 | +0.5% |
| eaves Union City · Current Communities | 7,912 | 7,717 | +2.5% |
| eaves Walnut Creek · Current Communities | 84,482 | 87,164 | -3.1% |
| eaves Warner Center · Current Communities | 16,710 | 14,823 | +12.7% |
| eaves Washingtonian Center · Current Communities | 8,449 | 8,817 | -4.2% |
| eaves West Valley · Current Communities | 166,561 | 169,311 | -1.6% |
| eaves West Windsor · Current Communities | 22,949 | 23,263 | -1.3% |
| eaves Wilmington West · Current Communities | 8,002 | 8,631 | -7.3% |
| eaves Wilmington · Current Communities | 8,929 | 8,956 | -0.3% |
| eaves Woodland Hills · Current Communities | 126,948 | 129,746 | -2.2% |
| Kanso Hillcrest · Development Communities | 40,774 | 15,807 | +157.9% |
| Kanso Milford · Other Stabilized | 60,373 | 60,710 | -0.6% |
| Kanso Parsippany · Development Communities | 30,552 | — | — |
| Kanso Silver Spring · Current Communities | 36,155 | 37,413 | -3.4% |
| Kanso Twinbrook · Current Communities | 55,411 | 57,613 | -3.8% |
| The Park Loggia Commercial · Other Stabilized | 146,421 | 148,167 | -1.2% |
| The Statesman · Current Communities | 59,075 | 60,389 | -2.2% |
Show Pledged Status breakouts |
|||
| Asset Pledged As Collateral · Notes Payable Other Payables | 1,208,731,000 | — | — |
Show Real Estate Properties breakouts |
|||
| Corporate Overhead | 71,131 | 80,458 | -11.6% |
| Current Communities | 17,975,016 | 17,572,851 | +2.3% |
| Denver, CO | 390,366 | 402,583 | -3.0% |
| Development Communities | 2,627,681 | 1,506,424 | +74.4% |
| Expansion Regions | 645,410 | 667,585 | -3.3% |
| Land Held for Development | 132,414 | 151,922 | -12.8% |
| Los Angeles, CA | 2,365,770 | 2,420,654 | -2.3% |
| Metro NY/NJ | 2,919,529 | 3,017,253 | -3.2% |
| Mid Atlantic | 2,325,399 | 2,377,608 | -2.2% |
| NC | 292,791 | 302,320 | -3.2% |
| New England | 1,897,567 | 1,965,110 | -3.4% |
| New York - Suburban | 786,967 | 818,318 | -3.8% |
| New York City, NY | 1,215,429 | 1,253,253 | -3.0% |
| NJ | 917,133 | 945,682 | -3.0% |
| Northern California | 2,118,687 | 2,186,684 | -3.1% |
| Oakland - East Bay, CA | 796,027 | 822,672 | -3.2% |
| Orange County, CA | 747,635 | 769,696 | -2.9% |
| Other Stabilized | 2,558,202 | 1,691,869 | +51.2% |
| Pacific Northwest | 937,870 | 966,606 | -3.0% |
| Same Store | 15,416,814 | 15,880,982 | -2.9% |
| San Diego, CA | 184,177 | 192,650 | -4.4% |
| San Francisco, CA | 693,636 | 717,532 | -3.3% |
| San Jose, CA | 629,024 | 646,480 | -2.7% |
| Southeast Florida | 884,404 | 914,553 | -3.3% |
| Southern California | 3,297,582 | 3,383,000 | -2.5% |
| TX | 352,619 | 365,265 | -3.5% |
| Restricted Cash And Cash Equivalents | 165,849 | 158,500 | +4.6% |
| Investments In Affiliates Subsidiaries Associates And Joint Ventures | 193,441 | 227,320 | -14.9% |
| Other Deferred Costs Net | 73,237 | 43,675 | +67.7% |
| Prepaid Expense And Other Assets | 618,597 | 540,950 | +14.4% |
| Lease Right Of Use Asset | 147,537 | 154,654 | -4.6% |
| Current Liabilities | |||
| Commercial Paper | 740,000 | — | — |
Show Debt Instrument breakouts |
|||
| Line Of Credit | 740,000 | — | — |
| Non-Current Liabilities | |||
| Dividends Payable Current And Noncurrent | 250,548 | 244,967 | +2.3% |
| Construction Payable Current And Noncurrent | 92,267 | 85,954 | +7.3% |
| Accrued Liabilities Current And Noncurrent | 391,973 | 356,987 | +9.8% |
| Interest Payable Current And Noncurrent | 68,591 | 58,377 | +17.5% |
| Total Liabilities | 10,357,820 | 9,059,645 | +14.3% |
| Long-Term Debt | 9,328,552 | 8,077,249 | +15.5% |
| Other Liabilities | |||
| Unsecured Debt | 7,879,380 | 7,358,784 | +7.1% |
| Long Term Line Of Credit And Commercial Paper | 739,608 | — | — |
| Secured Debt | 709,564 | 718,465 | -1.2% |
| Lease Liability | 165,200 | 173,282 | -4.7% |
| Security Deposit Liability | 60,689 | 62,829 | -3.4% |
| Stockholders' Equity | |||
| Common Stock | 1,401 | 1,422 | -1.5% |
| Additional Paid-In Capital | 11,212,296 | 11,314,116 | -0.9% |
| Retained Earnings | 371,157 | 591,250 | -37.2% |
| Accumulated Other Comprehensive Income | 26,486 | 34,304 | -22.8% |
| Total Stockholders' Equity | 11,611,340 | 11,941,092 | -2.8% |
| Minority Interest | 222,977 | — | — |
| Stockholders Equity Including Portion Attributable To Noncontrolling Interest | 11,834,317 | 11,941,092 | -0.9% |
Show Equity Components breakouts |
|||
| Accumulated Other Comprehensive Income | 26,486 | 34,304 | -22.8% |
| Additional Paid In Capital | 11,212,296 | 11,314,116 | -0.9% |
| Common Stock | 1,401 | 1,422 | -1.5% |
| Noncontrolling Interest | 222,977 | — | — |
| Parent | 11,611,340 | 11,941,092 | -2.8% |
| Retained Earnings | 371,157 | 591,250 | -37.2% |
| Total Liabilities & Equity | 22,192,137 | 21,000,737 | +5.7% |
| Land And Land Improvements | 4,960,568 | 4,888,146 | +1.5% |
| Fixtures And Equipment Gross | 1,546,813 | 1,387,506 | +11.5% |
| Construction In Progress Gross | 1,458,795 | 1,042,673 | +39.9% |
| Land Available For Development | 123,751 | 151,922 | -18.5% |
Cash Flow Statement
| Metric | FY 2025 | FY 2024 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Net Income | 1,056,599 | 1,082,175 | -2.4% |
| Depreciation | 913,376 | 846,853 | +7.9% |
| Amortization Of Financing Costs And Discounts | 13,685 | 13,280 | +3.0% |
| Stock-Based Compensation | 26,458 | 25,373 | +4.3% |
| Gain Loss Unconsolidated Real Estate Entities Net Of Dividends Or Distributions | -23,610 | -21,693 | -8.8% |
| Casualty Gain And Impairment Loss Net Operating Activities | 1,276 | 1,415 | -9.8% |
| Noncash Project Abandonment Costs | 10,846 | 18,341 | -40.9% |
| Interest Rate Cash Flow Hedge Gain Loss Reclassified To Earnings Net | -1,292 | -471 | -174.3% |
| Gain Loss On Sale Of Properties | -339,954 | -364,159 | +6.6% |
| Increase Decrease In Accrued Interest Receivable Net | -26,124 | -14,582 | -79.2% |
| Change in Prepaid & Other Assets | -3,182 | -16,576 | +80.8% |
| Increase Decrease In Accrued Liabilities | 43,027 | 37,922 | +13.5% |
| Net Cash from Operations | 1,671,105 | 1,607,878 | +3.9% |
| Investing Activities | |||
| Payments To Develop Real Estate Assets | -1,209,454 | -951,101 | -27.2% |
| Payments To Acquire Other Real Estate | -682,163 | -464,419 | -46.9% |
Show Real Estate And Accumulated Depreciation Description Of Property breakouts |
|||
| 2025 Acquisition | -826,029 | — | — |
| Avalon Alderwood Place | -71,250,000 | — | — |
| Avalon at Palisades | -72,300 | — | — |
| Avalon Benbrook | -60,194 | — | — |
| Avalon Castle Hills | -65,491 | — | — |
| Avalon Coconut Creek | -99,000 | — | — |
| Avalon Frisco | -80,419 | — | — |
| Avalon Frisco North | -88,606 | — | — |
| Avalon Hill Country | -136,000 | — | — |
| Avalon Townhome Collection Brier Creek | -36,500 | — | — |
| Avalon Wolf Ranch | -51,000 | — | — |
| DownREIT partnership | -193,000,000 | — | — |
| eaves North Dallas | -76,085 | — | — |
| eaves Redmond Campus II | -15,650 | — | — |
| eaves Twin Creeks | -44,784 | — | — |
| Payments For Capital Improvements | -261,769 | -193,348 | -35.4% |
| Payments For Capital Improvements Non Real Estate | -3,173 | -4,678 | +32.2% |
| Proceeds From Payments To Construction Payables | 6,313 | -1,749 | +460.9% |
| Proceeds From Sale Of Real Estate Heldforinvestment | 799,419 | 711,279 | +12.4% |
| Payments To Acquire Mortgage Notes Receivable | -24,079 | -90,088 | +73.3% |
| Proceeds From Sale And Collection Of Notes Receivable | 15,048 | 237 | +6249.4% |
| Proceeds From Sale Of Equity Securities Fv Ni | 7,500 | 11,178 | -32.9% |
| Payments To Acquire Businesses And Interest In Affiliates | -40,009 | -14,175 | -182.3% |
| Net Cash from Investing | -1,392,367 | -996,864 | -39.7% |
| Financing Activities | |||
| Proceeds From Issuance Of Common Stock | 86,645 | 10,535 | +722.4% |
Show Subsidiary Sale Of Stock breakouts |
|||
| Continuous Equity Program CEP V | 81,333,000 | — | — |
| Share Repurchases | -488,115 | — | — |
| Payments Of Ordinary Dividends | -992,333 | -961,914 | -3.2% |
| Proceeds From Repayments Of Long Term Line Of Credit And Commercial Paper | 739,608 | — | — |
| Repayments Of Notes Payable | -11,465 | -9,793 | -17.1% |
| Proceeds From Unsecured Notes Payable | 1,347,312 | 398,788 | +237.9% |
| Repayments Of Unsecured Debt | -825,000 | -300,000 | -175.0% |
| Payments Of Financing Costs | -23,147 | -3,763 | -515.1% |
| Payments For Proceeds From Hedge Financing Activities | 4,341 | 16,839 | -74.2% |
Show Derivative Risk breakouts |
|||
| Interest Rate Swap December 2025 | -242,000 | — | — |
| Interest Rate Swap July 2025 | -4,099,000 | — | — |
| Tax Withholding for Share Compensation | -16,713 | -16,883 | +1.0% |
| Payments For Redemption Of Noncontrolling Interests Distribution To Joint Ventures And Preferred Equity Redemption And Dividends | -13,864 | -8,707 | -59.2% |
| Net Cash from Financing | -192,731 | -874,898 | +78.0% |
| Supplemental | |||
| Interest Paid | 236,549 | 213,253 | +10.9% |
| Other Cash Flow | |||
| Net Change in Cash | 86,007 | -263,884 | +132.6% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 353,083 | 267,076 | +32.2% |
Values in thousands USD. Source: SEC EDGAR 10-K filing.