AVALONBAY COMMUNITIES INC
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
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FY2023 · Filed Feb 23, 2024
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Consolidated Balance Sheets as of December 31, 202 and
(Dollars in thousands, except per share data)
| ASSETS | |||
|---|---|---|---|
| Real estate: | |||
| Land and improvements | $4,720,331 | $4,640,971 | |
| Buildings and improvements | 19,438,195 | 18,804,510 | |
| Furniture, fixtures and equipment | 1,303,959 | 1,174,135 | |
| 25,462,485 | 24,619,616 | ||
| Less accumulated depreciation | (7,557,614) | (6,878,556) | |
| Net operating real estate | 17,904,871 | 17,741,060 | |
| Construction in progress, including land | 1,268,915 | 1,072,543 | |
| Land held for development | 199,062 | 179,204 | |
| Real estate assets held for sale, net | — | — | |
| Total real estate, net | 19,372,848 | 18,992,807 | |
| Cash and cash equivalents | 397,890 | 613,189 | |
| Restricted cash | 133,070 | 121,056 | |
| Unconsolidated investments | 220,145 | 212,084 | |
| Deferred development costs | 53,122 | 58,489 | |
| Prepaid expenses and other assets | 366,465 | 316,808 | |
| Right of use lease assets | 134,674 | 143,331 | |
| Total assets | $20,678,214 | $20,457,764 | |
| LIABILITIES AND EQUITY | |||
| Unsecured notes, net | $7,256,152 | $7,602,305 | |
| Variable rate unsecured credit facility and commercial paper, net | — | — | |
| Mortgage notes payable, net | 725,670 | 713,740 | |
| Dividends payable | 238,072 | 226,022 | |
| Payables for construction | 87,703 | 72,802 | |
| Accrued expenses and other liabilities | 310,868 | 306,186 | |
| Lease liabilities | 153,232 | 162,671 | |
| Accrued interest payable | 57,911 | 54,100 | |
| Resident security deposits | 63,815 | 63,700 | |
| Total liabilities | 8,893,423 | 9,201,526 | |
| Commitments and contingencies | |||
| Redeemable noncontrolling interests | 1,473 | 2,685 | |
| Equity: | |||
| Preferred stock, $0.01 par value; $25 liquidation preference; 50,000,000 shares authorized at December 31, 2023 and December 31, 2022; zero shares issued and outstanding at December 31, 2023 and December 31, 2022 | — | — | |
| Common stock, $0.01 par value; 280,000,000 shares authorized at December 31, 2023 and December 31, 2022; 142,025,456 and 139,916,864 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively | 1,420 | 1,400 | |
| Additional paid-in capital | 11,287,549 | 10,765,431 | |
| Accumulated earnings less dividends | 478,156 | 485,221 | |
| Accumulated other comprehensive income | 16,116 | 1,424 | |
| Total stockholders' equity | 11,783,241 | 11,253,476 | |
| Noncontrolling interests | 77 | 77 | |
| Total equity | 11,783,318 | 11,253,553 | |
| Total liabilities and equity | $20,678,214 | $20,457,764 | |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.