AVALONBAY COMMUNITIES INC

AVB 10-Q · Q2 2025

AVB Q2 2025 request

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Income Statement

Income Statement
Metric Q2 2025 Q2 2024 YoY
Revenue 760,195 726,041 +4.7%
Show Business Segments breakouts
Development/ Redevelopment · Operating Segments 9,254 1,308 +607.5%
Other Stabilized · Operating Segments 42,537 17,415 +144.3%
Same Store · Operating Segments 695,188 675,912 +2.9%
Show Consolidation Items breakouts
Corporate Non Segment · Segment Continuing Operations 1,594 1,830 -12.9%
Show Statement Operating Activities Segment breakouts
Segment Continuing Operations 748,573 696,465 +7.5%
Revenue -1,594 -1,830 +12.9%
Show Product Lines breakouts
Management, development and other fees and other ancillary items · Corporate Non Segment -1,594 -1,830 +12.9%
Management, development and other fees and other ancillary items · Segment Continuing Operations -1,594 -1,830 +12.9%
Non-lease related revenue · Development/ Redevelopment -98 -35 -180.0%
Non-lease related revenue · Other Stabilized -1,611 -1,362 -18.3%
Non-lease related revenue · Same Store -2,635 -2,567 -2.6%
Non-lease related revenue · Segment Continuing Operations -4,344 -3,964 -9.6%
Show Business Segments breakouts
Development/ Redevelopment · Operating Segments -98 -35 -180.0%
Other Stabilized · Operating Segments -1,611 -1,362 -18.3%
Same Store · Operating Segments -2,635 -2,567 -2.6%
Show Consolidation Items breakouts
Corporate Non Segment · Segment Continuing Operations -1,594 -1,830 +12.9%
Show Statement Operating Activities Segment breakouts
Segment Continuing Operations -5,938 -5,794 -2.5%
Total Costs & Expenses 599,850 545,655 +9.9%
Show Business Segments breakouts
Development / Redevelopment · Operating Segments 4,970 999 +397.5%
Other Stabilized · Operating Segments 15,252 4,834 +215.5%
Same Store · Operating Segments 213,100 205,543 +3.7%
Show Statement Operating Activities Segment breakouts
Segment Continuing Operations 233,322 211,376 +10.4%
General & Administrative 22,997 19,586 +17.4%
Operating Expenses (Q)
Show Business Segments breakouts
Development / Redevelopment · Non-Same Store Operating Expense -4,970 -999 -397.5%
Other Stabilized · Non-Same Store Operating Expense -15,252 -4,834 -215.5%
Same Store · Same Store Operating Expense -213,100 -205,543 -3.7%
Show Segment Operating Expenses [Axis] breakouts
Non-Same Store Operating Expense · Segment Continuing Operations -20,222 -5,833 -246.7%
Same Store Operating Expense · Segment Continuing Operations -213,100 -205,543 -3.7%
Operating Income 513,657 483,259 +6.3%
Show Business Segments breakouts
Development / Redevelopment · Operating Segments 4,284 309 +1286.4%
Other Stabilized · Operating Segments 27,285 12,581 +116.9%
Same Store · Operating Segments 482,088 470,369 +2.5%
Show Statement Operating Activities Segment breakouts
Segment Continuing Operations 513,657 483,259 +6.3%
Other Non-Operating Income (Expense) 2,493 1,417 +75.9%
Income Before Taxes 269,324 253,945 +6.1%
Income Tax Expense (Benefit) 531 62 +756.5%
Net Income 268,665 253,934 +5.8%
Comprehensive Income 265,832 258,364 +2.9%
EPS (Basic) 1.89 1.78 +6.2%
EPS (Diluted) 1.88 1.78 +5.6%
Wtd Avg Shares (Basic) 142,195,859 142,004,857 +0.1%
Wtd Avg Shares (Diluted) 143,292,306 142,389,866 +0.6%
Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax -2,263 4,499 -150.3%
Show Equity Components breakouts
Accumulated Other Comprehensive Income -2,263 4,499 -150.3%
Parent -2,263
Net Income Loss Attributable To Noncontrolling Interest -1,190 -73 -1530.1%
Operating Lease Lease Income 758,601 724,211 +4.7%
Show Business Segments breakouts
Development/ Redevelopment · Operating Segments 9,156 1,273 +619.2%
Other Stabilized · Operating Segments 40,926 16,053 +154.9%
Same Store · Operating Segments 692,553 673,345 +2.9%
Show Statement Operating Activities Segment breakouts
Segment Continuing Operations 742,635 690,671 +7.5%
Interest Expense 64,801 57,078 +13.5%

Balance Sheet

Balance Sheet
Metric Q2 2025 Q2 2024 YoY
Current Assets
Assets Of Disposal Group Including Discontinued Operation Current 334,245 154,887 +115.8%
Cash & Cash Equivalents 102,825 545,769 -81.2%
Non-Current Assets
Total Assets 21,837,945 21,037,030 +3.8%
Operating Lease Right-of-Use Assets 123,053,000 104,891,000 +17.3%
Other Assets
Investment Building And Building Improvements 20,727,161 19,684,414 +5.3%
Real Estate Investment Property At Cost 27,076,466 25,771,655 +5.1%
Real Estate Investment Property Accumulated Depreciation -8,416,462 -7,811,650 -7.7%
Operating Real Estate Investment Property Net 18,660,004 17,960,005 +3.9%
Real Estate Investment Property Net 20,494,489 19,412,588 +5.6%
Show Pledged Status breakouts
Asset Pledged As Collateral · Notes Payable Other Payables 1,227,306,000 1,262,256,000 -2.8%
Restricted Cash And Cash Equivalents 192,547 219,584 -12.3%
Investments In Affiliates Subsidiaries Associates And Joint Ventures 227,207 222,065 +2.3%
Other Deferred Costs Net 64,221 48,747 +31.7%
Prepaid Expense And Other Assets 605,741 455,081 +33.1%
Lease Right Of Use Asset 150,915 133,196 +13.3%
Current Liabilities
Commercial Paper 665,000
Show Debt Instrument breakouts
Line Of Credit 665,000
Non-Current Liabilities
Dividends Payable Current And Noncurrent 253,107 244,082 +3.7%
Construction Payable Current And Noncurrent 101,619 83,912 +21.1%
Accrued Liabilities Current And Noncurrent 361,219 315,880 +14.4%
Interest Payable Current And Noncurrent 58,667 60,830 -3.6%
Total Liabilities 9,667,647 9,295,536 +4.0%
Long-Term Debt 8,660,095 8,374,031 +3.4%
Other Liabilities
Unsecured Debt 7,285,235 7,655,152 -4.8%
Long Term Line Of Credit And Commercial Paper 664,637
Secured Debt 710,223 718,879 -1.2%
Lease Liability 169,319 151,587 +11.7%
Security Deposit Liability 63,621 65,214 -2.4%
Stockholders' Equity
Common Stock 1,423 1,422 +0.1%
Additional Paid-In Capital 11,323,160 11,290,907 +0.3%
Retained Earnings 595,535 421,134 +41.4%
Accumulated Other Comprehensive Income 27,601 28,031 -1.5%
Total Stockholders' Equity 11,947,719
Minority Interest 222,579
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 12,170,298 11,741,494 +3.7%
Show Equity Components breakouts
Accumulated Other Comprehensive Income 27,601 28,031 -1.5%
Additional Paid In Capital 11,323,160 11,290,907 +0.3%
Common Stock 1,423 1,422 +0.1%
Noncontrolling Interest 222,579
Parent 11,947,719
Retained Earnings 595,535 421,134 +41.4%
Total Liabilities & Equity 21,837,945 21,037,030 +3.8%
Land And Land Improvements 4,893,199 4,784,515 +2.3%
Fixtures And Equipment Gross 1,456,106 1,302,726 +11.8%
Construction In Progress Gross 1,399,174 1,122,699 +24.6%
Land Available For Development 101,066 174,997 -42.2%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q2 2025 YTD Q2 2024 YoY
Operating Activities
Net Income 506,452 427,564 +18.5%
Net Income (Q)
Show Equity Components breakouts
Noncontrolling Interest 1,190
Parent 268,665
Retained Earnings 268,665
Depreciation 449,618 419,192 +7.3%
Amortization Of Financing Costs And Discounts 6,280 6,608 -5.0%
Stock-Based Compensation 14,119 13,494 +4.6%
Gain Loss Unconsolidated Real Estate Entities Net Of Dividends Or Distributions 6,666 -4,572 +245.8%
Casualty Gain And Impairment Loss Net Operating Activities 858 1,415 -39.4%
Noncash Project Abandonment Costs 7,237 5,662 +27.8%
Interest Rate Cash Flow Hedge Gain Loss Reclassified To Earnings Net -843 77 -1194.8%
Gain Loss On Sale Of Properties -159,786 -68,705 -132.6%
Change in Prepaid & Other Assets -35,869 -12,171 -194.7%
Increase Decrease In Accrued Liabilities -1,017 4,332 -123.5%
Net Cash from Operations 793,715 792,896 +0.1%
Investing Activities
Payments To Develop Real Estate Assets -549,366 -439,900 -24.9%
Payments To Acquire Other Real Estate -384,495 -62,192 -518.2%
Show Real Estate And Accumulated Depreciation Description Of Property breakouts
2025 Acquisition -602,579
DownREIT Partnership -193,000,000
Payments To Acquire Other Real Estate (Q)
Show Real Estate And Accumulated Depreciation Description Of Property breakouts
Avalon Benbrook -60,194
Avalon Castle Hills -65,491
Avalon Frisco -80,419
Avalon Frisco North -88,606
eaves North Dallas -76,085
eaves Twin Creeks -44,784
Payments For Capital Improvements -109,039 -84,500 -29.0%
Payments For Capital Improvements Non Real Estate -1,875 -2,536 +26.1%
Proceeds From Payments To Construction Payables 15,665 -3,791 +513.2%
Proceeds From Sale Of Real Estate Heldforinvestment 228,058 176,325 +29.3%
Payments To Acquire Notes Receivable -15,630 -42,510 +63.2%
Proceeds From Sale And Collection Of Notes Receivable 25 237 -89.5%
Payments To Acquire Businesses And Interest In Affiliates -6,553 -4,936 -32.8%
Net Cash from Investing -823,210 -463,803 -77.5%
Financing Activities
Proceeds From Issuance Of Common Stock 3,377 3,971 -15.0%
Payments Of Ordinary Dividends -492,646 -478,533 -2.9%
Proceeds From Repayments Of Long Term Line Of Credit And Commercial Paper 665,000
Repayments Of Notes Payable -9,430 -7,981 -18.2%
Proceeds From Unsecured Notes Payable 450,000 398,787 +12.8%
Repayments Of Unsecured Debt -525,000
Payments Of Financing Costs -15,966 -3,572 -347.0%
Tax Withholding for Share Compensation -16,544 -16,384 -1.0%
Payments For Redemption Of Noncontrolling Interests Distribution To Joint Ventures And Preferred Equity Redemption And Dividends -1,000 -7,827 +87.2%
Net Cash from Financing 57,791 -94,700 +161.0%
Supplemental
Interest Paid 130,414 102,184 +27.6%
Other Cash Flow
Net Change in Cash 28,296 234,393 -87.9%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 295,372 765,353 -61.4%

Values in thousands USD. Source: SEC EDGAR 10-Q filing.

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