Avalonbay Communities Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Avalonbay Communities Inc reported revenue of $3.0B (+4.4% year on year) and net income of $1.1B (-2.4% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Rental and other income | $3.0B | $2.9B | $2.8B | $2.6B |
| Management, development and other fees | $7.0M | $7.1M | $7.7M | $6.3M |
| Total revenue | $3.0B | $2.9B | $2.8B | $2.6B |
| Operating expenses, excluding property taxes | $778.2M | $745.8M | $681.3M | $630.2M |
| Property taxes | $342.7M | $327.6M | $306.8M | $289.0M |
| Expensed transaction, development and other pursuit costs, net of recoveries | $10.8M | $18.3M | $33.5M | $16.6M |
| Interest expense, net | $259.2M | $226.6M | $206.0M | $230.1M |
| Loss on extinguishment of debt, net | $0 | $0 | $150.0K | $1.6M |
| Depreciation expense | $913.4M | $846.9M | $817.0M | $815.0M |
| General and administrative expense | $86.7M | $77.7M | $76.5M | $74.1M |
| Casualty and impairment loss | $1.3M | $2.9M | $9.1M | $0 |
| Total expenses | $2.4B | $2.2B | $2.1B | $2.1B |
| Income from unconsolidated investments | $39.7M | $50.7M | $13.5M | — |
| Structured Investment Program interest income | $27.5M | — | — | — |
| Gain on sale of communities, net | $335.7M | $363.3M | $287.4M | $555.6M |
| Other real estate activity | $4.1M | $753.0K | $174.0K | $5.0M |
| Income before income taxes | $1.1B | $1.1B | $938.6M | $1.2B |
| Income tax benefit (expense) | $1.1M | ($445.0K) | ($10.2M) | ($14.6M) |
| Net income | $1.1B | $1.1B | $928.4M | $1.1B |
| Net (income) loss attributable to noncontrolling interests | ($5.3M) | ($181.0K) | $387.0K | $337.0K |
| Net income attributable to common stockholders | $1.1B | $1.1B | $928.8M | $1.1B |
| (Loss) gain on cash flow hedges | ($4.5M) | $18.7M | $13.3M | $23.6M |
| Cash flow hedge (gains) losses reclassified to earnings | ($3.3M) | ($471.0K) | $1.4M | $3.9M |
| Comprehensive income | $1.0B | $1.1B | $943.5M | $1.2B |
| Net income per common share - basic (in dollars per share) | $7.40 | $7.61 | $6.56 | $8.13 |
| Net income per common share - diluted (in dollars per share) | $7.40 | $7.60 | $6.56 | $8.12 |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Rental and other income | $776.0M | $768.4M | $764.9M | $758.6M |
| Management, development and other fees | $1.8M | $1.8M | ($1.9M) | ($1.6M) |
| Total revenue | $777.8M | $770.3M | $766.8M | $760.2M |
| Operating expenses, excluding property taxes | $195.8M | $198.4M | $203.5M | $190.9M |
| Property taxes | $90.1M | $90.1M | $89.7M | $86.0M |
| Expensed transaction, development and other pursuit costs, net of recoveries | $20.0M | $3.4M | $1.4M | $2.5M |
| Interest expense, net | $70.1M | $71.5M | $65.4M | $64.8M |
| Depreciation expense | $233.0M | $233.1M | $230.4M | $231.7M |
| General and administrative expense | $27.1M | $22.1M | $22.0M | $23.0M |
| Casualty and impairment loss | $0 | $4.6M | $0 | $858.0K |
| Total expenses | $636.0M | $623.2M | $612.4M | $599.9M |
| Income (loss) from unconsolidated investments | $7.6M | ($6.5M) | $42.5M | ($1.1M) |
| Structured Investment Program interest income | $7.7M | $7.5M | $6.8M | $6.9M |
| (Loss) gain on sale of communities | ($338.0K) | $179.9M | $180.2M | $99.5M |
| Other real estate activity | $223.0K | $84.0K | $127.0K | $3.6M |
| Income before income taxes | $157.0M | $328.0M | $384.0M | $269.3M |
| Income tax (expense) benefit | ($70.0K) | $294.0K | $193.0K | $531.0K |
| Net income | $156.9M | $328.3M | $384.2M | $269.9M |
| Net income attributable to noncontrolling interests | ($1.2M) | ($2.6M) | ($2.9M) | ($1.2M) |
| Net income attributable to common stockholders | $155.7M | $325.7M | $381.3M | $268.7M |
| Net income attributable to common stockholders (in dollars per share) | $1.11 | $2.33 | $2.68 | $1.89 |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Land and improvements | $5.0B | $4.9B | $4.7B | $4.6B |
| Buildings and improvements | $21.3B | $20.5B | $19.4B | $18.8B |
| Furniture, fixtures and equipment | $1.5B | $1.4B | $1.3B | $1.2B |
| Gross operating real estate | $27.8B | $26.7B | $25.5B | $24.6B |
| Less accumulated depreciation | ($8.7B) | ($8.2B) | ($7.6B) | ($6.9B) |
| Net operating real estate | $19.1B | $18.6B | $17.9B | $17.7B |
| Construction in progress, including land | $1.5B | $1.0B | $1.3B | $1.1B |
| Land held for development | $123.8M | $151.9M | $199.1M | $179.2M |
| Real estate assets held for sale, net | $150.3M | $7.0M | $0 | $0 |
| Total real estate, net | $20.8B | $19.8B | $19.4B | $19.0B |
| Cash and cash equivalents | $187.2M | $108.6M | $397.9M | $613.2M |
| Restricted cash | $165.8M | $158.5M | $133.1M | $121.1M |
| Unconsolidated investments | $193.4M | $227.3M | $220.1M | $212.1M |
| Deferred development costs | $73.2M | $43.7M | $53.1M | $58.5M |
| Prepaid expenses and other assets | $618.6M | $541.0M | $366.5M | $247.5M |
| Right of use lease assets | $147.5M | $154.7M | $134.7M | $143.3M |
| Total assets | $22.2B | $21.0B | $20.7B | $20.5B |
| Unsecured debt, net | $7.9B | $7.4B | $7.3B | $7.6B |
| Variable rate unsecured credit facility and commercial paper, net | $739.6M | $0 | $0 | $0 |
| Mortgage notes payable, net | $709.6M | $718.5M | $725.7M | $713.7M |
| Dividends payable | $250.5M | $245.0M | $238.1M | $226.0M |
| Payables for construction | $92.3M | $86.0M | $87.7M | $72.8M |
| Accrued expenses and other liabilities | $392.0M | $357.0M | $310.9M | $306.2M |
| Lease liabilities | $165.2M | $173.3M | $153.2M | $162.7M |
| Accrued interest payable | $68.6M | $58.4M | $57.9M | $54.1M |
| Resident security deposits | $60.7M | $62.8M | $63.8M | $36.8M |
| Total liabilities | $10.4B | $9.1B | $8.9B | $9.2B |
| Preferred stock, $0.01 par value; $25 liquidation preference; 50,000,000 shares authorized at December 31, 2025 and December 31, 2024; zero shares issued and outstanding at December 31, 2025 and December 31, 2024 | 0 | 0 | 0 | 0 |
| Common stock, $0.01 par value; 280,000,000 shares authorized at December 31, 2025 and December 31, 2024; 140,080,657 and 142,254,022 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | 1.4M | 1.4M | 1.4M | 1.4M |
| Additional paid-in capital | $11.2B | $11.3B | $11.3B | $10.8B |
| Accumulated earnings less dividends | $371.2M | $591.3M | $478.2M | $485.2M |
| Accumulated other comprehensive income | $26.5M | $34.3M | $16.1M | $1.4M |
| Total stockholders' equity | $11.6B | — | $11.8B | $11.3B |
| Noncontrolling interests | $223.0M | — | $77.0K | $77.0K |
| Total equity | $11.8B | $11.9B | $11.8B | $11.3B |
| Total liabilities and equity | $22.2B | $21.0B | $20.7B | $20.5B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Land and improvements | $5.0B | $5.0B | $4.9B | $4.9B |
| Buildings and improvements | $21.6B | $21.4B | $21.0B | $20.7B |
| Furniture, fixtures and equipment | $1.6B | $1.6B | $1.5B | $1.5B |
| Gross operating real estate | $28.3B | $28.0B | $27.5B | $27.1B |
| Less accumulated depreciation | ($9.1B) | ($8.9B) | ($8.6B) | ($8.4B) |
| Net operating real estate | $19.2B | $19.1B | $18.9B | $18.7B |
| Construction in progress, including land | $1.7B | $1.6B | $1.4B | $1.4B |
| Land held for development | $101.5M | $135.1M | $126.0M | $101.1M |
| Real estate assets held for sale, net | $41.9M | $0 | $69.6M | $334.2M |
| Total real estate, net | $21.0B | $20.8B | $20.5B | $20.5B |
| Cash and cash equivalents | $80.7M | $121.2M | $123.3M | $102.8M |
| Restricted cash | $165.4M | $169.9M | $198.6M | $192.5M |
| Unconsolidated investments | $199.0M | $193.3M | $206.2M | $227.2M |
| Deferred development costs | $75.4M | $68.8M | $101.5M | $64.2M |
| Prepaid expenses and other assets | $660.7M | $602.1M | $643.8M | $605.7M |
| Right of use lease assets | $144.1M | $145.7M | $149.6M | $150.9M |
| Total assets | $22.3B | $22.1B | $21.9B | $21.8B |
| Unsecured debt, net | $7.4B | $7.9B | $7.8B | $7.3B |
| Variable rate unsecured credit facility and commercial paper, net | $915.8M | $769.7M | $235.0M | $664.6M |
| Mortgage notes payable, net | $700.6M | $709.2M | $709.9M | $710.2M |
| Dividends payable | $257.0M | $251.7M | $252.8M | $253.1M |
| Payables for construction | $113.6M | $107.5M | $97.9M | $101.6M |
| Accrued expenses and other liabilities | $385.9M | $391.8M | $406.5M | $361.2M |
| Lease liabilities | $162.4M | $163.5M | $167.8M | $169.3M |
| Accrued interest payable | $65.8M | $76.4M | $75.8M | $58.7M |
| Resident security deposits | $62.2M | $61.2M | $61.2M | $63.6M |
| Total liabilities | $10.1B | $10.4B | $9.8B | $9.7B |
| Preferred stock, $0.01 par value; $25 liquidation preference; 50,000,000 shares authorized at June 30, 2026 and December 31, 2025; zero shares issued and outstanding at June 30, 2026 and December 31, 2025 | 0 | 0 | 0 | 0 |
| Common stock, $0.01 par value; 280,000,000 shares authorized at June 30, 2026 and December 31, 2025; 141,875,567 and 140,080,657 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively | 1.4M | 1.4M | 1.4M | 1.4M |
| Additional paid-in capital | $11.7B | $11.1B | $11.3B | $11.3B |
| Accumulated earnings less dividends | $242.2M | $339.6M | $638.9M | $595.5M |
| Accumulated other comprehensive income | $38.9M | $32.5M | $26.2M | $27.6M |
| Total stockholders' equity | $12.0B | $11.5B | $11.9B | $11.9B |
| Noncontrolling interests | $206.2M | $223.7M | $223.6M | $222.6M |
| Total equity | $12.2B | $11.7B | $12.2B | $12.2B |
| Total liabilities and equity | $22.3B | $22.1B | $21.9B | $21.8B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $1.1B | $1.1B | $928.4M | $1.1B |
| Depreciation expense | $913.4M | $846.9M | $817.0M | $815.0M |
| Amortization of deferred financing costs and debt discount | $13.7M | $13.3M | $12.7M | — |
| Loss on extinguishment of debt, net | $0 | $0 | $150.0K | $1.6M |
| Amortization of stock-based compensation | $26.5M | $25.4M | $27.1M | $33.9M |
| Equity in (income) loss of, and return on, unconsolidated investments and noncontrolling interests, net of eliminations | ($23.6M) | ($21.7M) | — | — |
| Casualty and impairment loss | $1.3M | $1.4M | $4.6M | $0 |
| Expensed transaction, development and other pursuit costs, net of recoveries | $10.8M | $18.3M | $33.5M | $5.6M |
| Cash flow hedge (gains) losses reclassified to earnings | ($1.3M) | ($471.0K) | $1.4M | $3.9M |
| Gain on sale of real estate assets, net | ($340.0M) | ($364.2M) | ($288.0M) | ($598.7M) |
| Increase in accrued interest receivable | ($26.1M) | — | — | — |
| (Increase) decrease in prepaid expenses and other assets | ($3.2M) | ($31.2M) | $5.8M | ($7.2M) |
| Increase in accrued expenses, other liabilities, accrued interest payable and resident security deposits | $43.0M | $37.9M | $12.0M | $17.2M |
| Net cash provided by operating activities | $1.7B | $1.6B | $1.6B | $1.4B |
| Development/redevelopment of real estate assets including land acquisitions and deferred development costs | ($1.2B) | ($951.1M) | ($901.8M) | ($921.2M) |
| Acquisition of real estate assets, including partnership interest | ($682.2M) | ($464.4M) | ($215.9M) | ($536.8M) |
| Capital expenditures - existing real estate assets | ($261.8M) | ($193.3M) | ($178.3M) | ($160.3M) |
| Capital expenditures - non-real estate assets | ($3.2M) | ($4.7M) | ($19.0M) | ($14.4M) |
| Increase (decrease) in payables for construction | $6.3M | ($1.7M) | $14.9M | $9.1M |
| Proceeds from sale of real estate, net of selling costs | $799.4M | $711.3M | $467.1M | $934.1M |
| Note receivable lending | ($24.1M) | ($90.1M) | ($82.8M) | ($29.4M) |
| Note receivable payments | $15.0M | $237.0K | $253.0K | $4.0M |
| Distributions from unconsolidated entities and investment sale proceeds | $7.5M | $11.2M | — | — |
| Unconsolidated investments | ($40.0M) | ($14.2M) | ($18.9M) | ($14.3M) |
| Net cash used in investing activities | ($1.4B) | ($996.9M) | ($929.0M) | ($560.4M) |
| Issuance of common stock, net | $86.6M | $10.5M | $496.7M | $20.0M |
| Repurchase of common stock, net | ($488.1M) | $0 | ($1.9M) | $0 |
| Dividends paid | ($992.3M) | ($961.9M) | ($922.7M) | ($889.6M) |
| Net borrowings under unsecured credit facility and commercial paper | $739.6M | — | — | — |
| Repayments of mortgage notes payable, including prepayment penalties | ($11.5M) | ($9.8M) | ($47.0M) | ($43.3M) |
| Issuance of unsecured debt | $1.3B | $398.8M | $399.8M | $348.6M |
| Repayment of unsecured debt | ($825.0M) | ($300.0M) | ($750.0M) | ($100.0M) |
| Payment of deferred financing costs | ($23.1M) | ($3.8M) | ($4.0M) | ($14.3M) |
| Receipt for termination of forward interest rate swaps | $4.3M | $16.8M | $8.3M | $26.9M |
| Payments related to tax withholding for share-based compensation | ($16.7M) | ($16.9M) | ($10.6M) | ($17.0M) |
| Noncontrolling interests, joint venture and preferred equity transactions | ($13.9M) | ($8.7M) | ($3.0M) | — |
| Net cash used in financing activities | ($192.7M) | ($874.9M) | ($834.4M) | ($671.1M) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | $86.0M | ($263.9M) | ($203.3M) | $190.5M |
| Cash, cash equivalents and restricted cash, beginning of year | $267.1M | $531.0M | $734.2M | $543.8M |
| Cash, cash equivalents and restricted cash, end of year | $353.1M | $267.1M | $531.0M | — |
| Cash paid during the year for interest, net of amount capitalized | $236.5M | $213.3M | $187.5M | $212.2M |
| Cash and cash equivalents | $187.2M | $108.6M | $397.9M | $613.2M |
| Restricted cash | $165.8M | $158.5M | $133.1M | $121.1M |
| Cash, cash equivalents and restricted cash reported in the Consolidated Statements of Cash Flows | $353.1M | $267.1M | $531.0M | — |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income | $485.2M | $328.3M | $890.6M | $506.5M |
| Depreciation expense | $466.1M | $233.1M | $680.0M | $449.6M |
| Amortization of deferred financing costs and debt discount | $7.2M | $3.6M | $10.2M | $6.3M |
| Amortization of stock-based compensation | $13.7M | $5.7M | $21.3M | $14.1M |
| Equity in loss of, and return on, unconsolidated investments and noncontrolling interests, net of eliminations | $7.2M | $9.9M | ($33.0M) | $6.7M |
| Casualty and impairment loss | $2.0M | $2.0M | $858.0K | $858.0K |
| Abandonment of development pursuits, net of recoveries | $11.0M | $3.4M | $8.6M | $7.2M |
| Cash flow hedge gains reclassified to earnings | ($961.0K) | ($388.0K) | ($912.0K) | ($843.0K) |
| Gain on sale of real estate assets | ($179.9M) | ($180.0M) | ($340.1M) | ($159.8M) |
| Increase in accrued interest receivable | ($14.6M) | ($7.2M) | — | — |
| Increase in prepaid expenses and other assets | ($7.9M) | $13.1M | ($35.4M) | ($35.9M) |
| Decrease in accrued expenses, other liabilities, accrued interest payable and resident security deposits | ($6.1M) | $7.4M | $68.6M | ($1.0M) |
| Net cash provided by operating activities | $783.1M | $418.9M | $1.3B | $793.7M |
| Development/redevelopment of real estate assets including land acquisitions and deferred development costs | ($650.9M) | ($336.8M) | ($849.8M) | ($549.4M) |
| Acquisition of real estate assets, including partnership interest | $0 | $0 | ($644.0M) | ($384.5M) |
| Capital expenditures - existing real estate assets | ($134.3M) | ($59.5M) | ($183.8M) | ($109.0M) |
| Capital expenditures - non-real estate assets | ($3.3M) | ($514.0K) | ($2.5M) | ($1.9M) |
| Increase in payables for construction | $21.3M | $15.3M | $12.0M | $15.7M |
| Proceeds from sale of real estate, net of selling costs | $330.4M | $330.4M | $799.2M | $228.1M |
| Note receivable lending | ($39.9M) | ($12.0M) | ($20.3M) | ($15.6M) |
| Note receivable repayments | $17.6M | $17.6M | — | — |
| Distributions from unconsolidated entities and investment sale proceeds | $180.0K | $180.0K | $0 | — |
| Unconsolidated investments | ($7.0M) | ($3.6M) | ($35.9M) | ($6.6M) |
| Net cash used in investing activities | ($465.9M) | ($49.0M) | ($925.1M) | ($823.2M) |
| Issuance of common stock, net | $609.8M | $0 | $3.4M | $3.4M |
| Repurchase of common stock, net | ($198.5M) | ($198.5M) | ($151.8M) | — |
| Dividends paid | ($498.8M) | ($249.3M) | ($742.9M) | ($492.6M) |
| Net borrowings under unsecured credit facility and commercial paper | $176.2M | $30.1M | $235.0M | $665.0M |
| Repayments of mortgage notes payable, including prepayment penalties | ($10.2M) | ($982.0K) | ($10.5M) | ($9.4M) |
| Issuance of unsecured debt | $0 | — | $947.5M | $450.0M |
| Repayment of unsecured debt | ($475.0M) | — | ($525.0M) | ($525.0M) |
| Payment of deferred financing costs | ($225.0K) | ($224.0K) | ($20.0M) | ($16.0M) |
| Payments related to tax withholding for share-based compensation | ($13.2M) | ($13.1M) | ($16.6M) | ($16.5M) |
| Noncontrolling interests, joint venture and preferred equity transactions | ($14.3M) | $0 | ($13.9M) | ($1.0M) |
| Net cash (used in) provided by financing activities | ($424.2M) | ($431.9M) | ($290.8M) | $57.8M |
| Net (decrease) increase in cash, cash equivalents and restricted cash | ($107.0M) | ($62.0M) | $54.8M | $28.3M |
| Cash, cash equivalents and restricted cash, beginning of period | $353.1M | $353.1M | $267.1M | $267.1M |
| Cash, cash equivalents and restricted cash, end of period | $246.1M | $291.1M | $321.9M | $295.4M |
| Cash paid during the period for interest, net of amount capitalized | $138.1M | $60.4M | $163.3M | $130.4M |
| Cash and cash equivalents | $80.7M | $121.2M | $123.3M | $102.8M |
| Restricted cash | $165.4M | $169.9M | $198.6M | $192.5M |
| Cash, cash equivalents and restricted cash reported in the Condensed Consolidated Statements of Cash Flows | $246.1M | $291.1M | $321.9M | $295.4M |
Avalonbay Communities Inc score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.