AVALONBAY COMMUNITIES INC
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Income Statement
| Metric | Q2 2025 | Q2 2024 | YoY |
|---|---|---|---|
| Revenue | 760,195 | 726,041 | +4.7% |
Show Business Segments breakouts |
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| 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 |
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| Corporate Non Segment · Segment Continuing Operations | 1,594 | 1,830 | -12.9% |
Show Statement Operating Activities Segment breakouts |
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| Segment Continuing Operations | 748,573 | 696,465 | +7.5% |
| Revenue | -1,594 | -1,830 | +12.9% |
Show Product Lines breakouts |
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| 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 |
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| 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 |
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| Corporate Non Segment · Segment Continuing Operations | -1,594 | -1,830 | +12.9% |
Show Statement Operating Activities Segment breakouts |
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| Segment Continuing Operations | -5,938 | -5,794 | -2.5% |
| Total Costs & Expenses | 599,850 | 545,655 | +9.9% |
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| 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 |
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| Segment Continuing Operations | 233,322 | 211,376 | +10.4% |
| General & Administrative | 22,997 | 19,586 | +17.4% |
| Operating Expenses (Q) | — | — | — |
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| 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 |
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| 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 |
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| 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 |
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| 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% |
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| 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 |
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| 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 |
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| Segment Continuing Operations | 742,635 | 690,671 | +7.5% |
| Interest Expense | 64,801 | 57,078 | +13.5% |
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 |
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| 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 |
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| 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 |
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| 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
| 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 |
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| 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 |
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| 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 |
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| 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.