AVALONBAY COMMUNITIES INC
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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CONDENSED CONSOLIDATED BALANCE SHEETS AS OF SEPTEMBER 30, 2025 (UNAUDITED) AND DECEMBER 31, 2024
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except per share data)
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| (unaudited) | ||
| ASSETS | ||
| Real estate: | ||
| Land and improvements | $4,924,925 | $4,888,146 |
| Buildings and improvements | 21,027,361 | 20,454,276 |
| Furniture, fixtures and equipment | 1,505,473 | 1,387,506 |
| 27,457,759 | 26,729,928 | |
| Less accumulated depreciation | (8,555,747) | (8,164,411) |
| Net operating real estate | 18,902,012 | 18,565,517 |
| Construction in progress, including land | 1,428,609 | 1,042,673 |
| Land held for development | 126,050 | 151,922 |
| Real estate assets held for sale, net | 69,578 | 6,950 |
| Total real estate, net | 20,526,249 | 19,767,062 |
| Cash and cash equivalents | 123,313 | 108,576 |
| Restricted cash | 198,578 | 158,500 |
| Unconsolidated investments | 206,185 | 227,320 |
| Deferred development costs | 101,523 | 43,675 |
| Prepaid expenses and other assets | 643,790 | 540,950 |
| Right of use lease assets | 149,594 | 154,654 |
| Total assets | $21,949,232 | $21,000,737 |
| LIABILITIES AND EQUITY | ||
| Unsecured notes, net | $7,780,713 | $7,358,784 |
| Variable rate unsecured credit facility and commercial paper, net | 234,981 | — |
| Mortgage notes payable, net | 709,942 | 718,465 |
| Dividends payable | 252,757 | 244,967 |
| Payables for construction | 97,905 | 85,954 |
| Accrued expenses and other liabilities | 406,542 | 356,987 |
| Lease liabilities | 167,826 | 173,282 |
| Accrued interest payable | 75,834 | 58,377 |
| Resident security deposits | 61,237 | 62,829 |
| Total liabilities | 9,787,737 | 9,059,645 |
| Commitments and contingencies | ||
| Equity: | ||
| Preferred stock, $0.01 par value; $25 liquidation preference; 50,000,000 shares authorized at September 30, 2025 and December 31, 2024; zero shares issued and outstanding at September 30, 2025 and December 31, 2024 | — | — |
| Common stock, $0.01 par value; 280,000,000 shares authorized at September 30, 2025 and December 31, 2024; 141,594,313 and 142,254,022 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively | 1,415 | 1,422 |
| Additional paid-in capital | 11,271,388 | 11,314,116 |
| Accumulated earnings less dividends | 638,898 | 591,250 |
| Accumulated other comprehensive income | 26,214 | 34,304 |
| Total stockholders' equity | 11,937,915 | 11,941,092 |
| Noncontrolling interests | 223,580 | — |
| Total equity | 12,161,495 | 11,941,092 |
| Total liabilities and equity | $21,949,232 | $21,000,737 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in thousands, except per share data)
| For the three months ended September 30, | For the nine months ended September 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Revenue: | ||||
| Rental and other income | $764,926 | $732,591 | $2,267,665 | $2,167,866 |
| Management, development and other fees | 1,870 | 1,716 | 5,204 | 5,342 |
| Total revenue | 766,796 | 734,307 | 2,272,869 | 2,173,208 |
| Expenses: | ||||
| Operating expenses, excluding property taxes | 203,478 | 193,041 | 581,446 | 548,553 |
| Property taxes | 89,749 | 82,419 | 257,611 | 243,255 |
| Expensed transaction, development and other pursuit costs, net of recoveries | 1,392 | 1,573 | 8,629 | 7,235 |
| Interest expense, net | 65,410 | 55,769 | 190,075 | 167,613 |
| Depreciation expense | 230,371 | 212,122 | 679,989 | 631,314 |
| General and administrative expense | 22,028 | 20,089 | 64,805 | 60,006 |
| Casualty and impairment loss | — | — | 858 | 2,935 |
| Total expenses | 612,428 | 565,013 | 1,783,413 | 1,660,911 |
| Income from unconsolidated investments | 42,487 | 25,250 | 40,436 | 33,845 |
| Structured Investment Program interest income | 6,832 | 5,470 | 19,882 | 12,544 |
| Gain on sale of communities, net | 180,155 | 172,973 | 336,081 | 241,459 |
| Other real estate activity | 127 | 314 | 3,919 | 636 |
| Income before income taxes | 383,969 | 373,301 | 889,774 | 800,781 |
| Income tax benefit (expense) | 193 | (782) | 840 | (698) |
| Net income | 384,162 | 372,519 | 890,614 | 800,083 |
| Net income attributable to noncontrolling interests | (2,856) | — | (4,046) | (181) |
| Net income attributable to common stockholders | $381,306 | $372,519 | $886,568 | $799,902 |
| Other comprehensive income: | ||||
| Gain (loss) on cash flow hedges | 36 | 470 | (5,824) | 12,308 |
| Cash flow hedge gains reclassified to earnings | (1,423) | (274) | (2,266) | (197) |
| Comprehensive income | $379,919 | $372,715 | $878,478 | $812,013 |
| Earnings per common share - basic: | ||||
| Net income attributable to common stockholders | $2.68 | $2.62 | $6.23 | $5.62 |
| Earnings per common share - diluted: | ||||
| Net income attributable to common stockholders | $2.68 | $2.61 | $6.22 | $5.62 |
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