$AVB
AVALONBAY COMMUNITIES INC

2024 Q3 Form 10-Q Financial Statement

#000091591224000015 Filed on August 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $734.3M $726.0M
YoY Change 5.26% 5.09%
Cost Of Revenue $275.5M $260.7M
YoY Change 8.62% 6.46%
Gross Profit $458.8M $465.4M
YoY Change 3.34% 4.34%
Gross Profit Margin 62.49% 64.1%
Selling, General & Admin $20.09M $19.59M
YoY Change -2.0% 10.81%
% of Gross Profit 4.38% 4.21%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $212.1M $206.9M
YoY Change 5.54% 3.18%
% of Gross Profit 46.23% 44.46%
Operating Expenses $232.2M $226.5M
YoY Change 4.84% 3.8%
Operating Profit $497.0M $496.4M
YoY Change 5.2% 5.4%
Interest Expense $55.77M $57.08M
YoY Change 15.91% 10.65%
% of Operating Profit 11.22% 11.5%
Other Income/Expense, Net -$1.573M -$1.417M
YoY Change -91.7% 12.37%
Pretax Income $373.3M $253.9M
YoY Change 111.91% -30.92%
Income Tax $782.0K -$62.00K
% Of Pretax Income 0.21% -0.02%
Net Earnings $372.5M $254.0M
YoY Change 116.85% -30.94%
Net Earnings / Revenue 50.73% 34.99%
Basic Earnings Per Share $2.62 $1.78
Diluted Earnings Per Share $2.61 $1.78
COMMON SHARES
Basic Shares Outstanding 142.2M shares 142.2M shares
Diluted Shares Outstanding 142.5M shares 142.4M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $552.4M $545.8M
YoY Change 8.52% -29.09%
Cash & Equivalents $552.4M $545.8M
Short-Term Investments
Other Short-Term Assets $511.8M $455.1M
YoY Change 41.37% 36.06%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $1.064B $1.001B
YoY Change 22.17% -9.35%
LONG-TERM ASSETS
Property, Plant & Equipment $19.73B $19.55B
YoY Change 2.32% 1.81%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $227.8M $222.1M
YoY Change 4.99% 2.55%
Other Assets $289.7M $268.3M
YoY Change -13.77% 7.85%
Total Long-Term Assets $20.24B $20.04B
YoY Change 2.08% 1.7%
TOTAL ASSETS
Total Short-Term Assets $1.064B $1.001B
Total Long-Term Assets $20.24B $20.04B
Total Assets $21.31B $21.04B
YoY Change 2.93% 1.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $81.26M $83.91M
YoY Change -15.35% -5.68%
Accrued Expenses $638.3M $508.3M
YoY Change 14.18% -1.34%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.028B $901.5M
YoY Change 7.56% -0.54%
LONG-TERM LIABILITIES
Long-Term Debt $8.395B $8.394B
YoY Change 5.38% 3.85%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $8.395B $8.394B
YoY Change 5.38% 3.85%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.028B $901.5M
Total Long-Term Liabilities $8.395B $8.394B
Total Liabilities $9.424B $9.296B
YoY Change 5.6% 3.41%
SHAREHOLDERS EQUITY
Retained Earnings $551.4M $421.1M
YoY Change 17.08% -21.18%
Common Stock $1.422M $1.422M
YoY Change 0.14% 0.14%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $11.88B $11.74B
YoY Change
Total Liabilities & Shareholders Equity $21.31B $21.04B
YoY Change 2.93% 1.11%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $372.5M $254.0M
YoY Change 116.85% -30.94%
Depreciation, Depletion And Amortization $212.1M $206.9M
YoY Change 5.54% 3.18%
Cash From Operating Activities $486.2M $380.0M
YoY Change 3.18% 9.68%
INVESTING ACTIVITIES
Capital Expenditures $522.0M $342.9M
YoY Change 39.3% 26.45%
Acquisitions
YoY Change
Other Investing Activities $303.2M $144.9M
YoY Change 237.99% -39.78%
Cash From Investing Activities -$218.8M -$198.0M
YoY Change -23.23% 548.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -240.3M 159.8M
YoY Change -31.98% -37.34%
NET CHANGE
Cash From Operating Activities 486.2M 380.0M
Cash From Investing Activities -218.8M -198.0M
Cash From Financing Activities -240.3M 159.8M
Net Change In Cash 27.12M 341.8M
YoY Change -116.24% -40.13%
FREE CASH FLOW
Cash From Operating Activities $486.2M $380.0M
Capital Expenditures $522.0M $342.9M
Free Cash Flow -$35.79M $37.12M
YoY Change -137.09% -50.71%

Facts In Submission

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us-gaap Proceeds From Sale Of Equity Method Investments
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3859000 usd
us-gaap Payments To Acquire Businesses And Interest In Affiliates
PaymentsToAcquireBusinessesAndInterestInAffiliates
4936000 usd
us-gaap Payments To Acquire Businesses And Interest In Affiliates
PaymentsToAcquireBusinessesAndInterestInAffiliates
8930000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-463803000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-297877000 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
3971000 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
494959000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1911000 usd
us-gaap Payments Of Ordinary Dividends
PaymentsOfOrdinaryDividends
478533000 usd
us-gaap Payments Of Ordinary Dividends
PaymentsOfOrdinaryDividends
454323000 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
7981000 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
7401000 usd
us-gaap Proceeds From Unsecured Notes Payable
ProceedsFromUnsecuredNotesPayable
398787000 usd
us-gaap Proceeds From Unsecured Notes Payable
ProceedsFromUnsecuredNotesPayable
0 usd
us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
0 usd
us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
250000000 usd
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
3572000 usd
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
662000 usd
us-gaap Payments For Proceeds From Hedge Financing Activities
PaymentsForProceedsFromHedgeFinancingActivities
-16839000 usd
us-gaap Payments For Proceeds From Hedge Financing Activities
PaymentsForProceedsFromHedgeFinancingActivities
0 usd
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
16384000 usd
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
10509000 usd
avb Payments For Redemption Of Noncontrolling Interests Distribution To Joint Ventures And Preferred Equity Redemption And Dividends
PaymentsForRedemptionOfNoncontrollingInterestsDistributionToJointVenturesAndPreferredEquityRedemptionAndDividends
7827000 usd
avb Payments For Redemption Of Noncontrolling Interests Distribution To Joint Ventures And Preferred Equity Redemption And Dividends
PaymentsForRedemptionOfNoncontrollingInterestsDistributionToJointVenturesAndPreferredEquityRedemptionAndDividends
2102000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-94700000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-231949000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
234393000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
212753000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
530960000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
734245000 usd
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
765353000 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
946998000 usd
us-gaap Interest Paid Net
InterestPaidNet
102184000 usd
us-gaap Interest Paid Net
InterestPaidNet
94241000 usd
CY2024Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
545769000 usd
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
769622000 usd
CY2024Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
219584000 usd
CY2023Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
177376000 usd
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
765353000 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
946998000 usd
us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
StockIssuedDuringPeriodSharesDividendReinvestmentPlan
1891 shares
us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
341000 usd
us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
92333 shares
us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
16460000 usd
us-gaap Stock Issued During Period Value Share Based Compensation Forfeited
StockIssuedDuringPeriodValueShareBasedCompensationForfeited
506000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
11838000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
-77000 usd
us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
StockIssuedDuringPeriodSharesDividendReinvestmentPlan
1703 shares
us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
293000 usd
us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
62215 shares
us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
10509000 usd
us-gaap Stock Issued During Period Value Share Based Compensation Forfeited
StockIssuedDuringPeriodValueShareBasedCompensationForfeited
108000 usd
us-gaap Increase Decrease In Derivative Assets
IncreaseDecreaseInDerivativeAssets
8486000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
-708000 usd
CY2024Q2 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
300 community
CY2024Q2 us-gaap Number Of Units In Real Estate Property
NumberOfUnitsInRealEstateProperty
91399 home
CY2024Q2 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
12 state
CY2024Q2 avb Number Of Owned Communities Under Construction
NumberOfOwnedCommunitiesUnderConstruction
17 community
CY2024Q2 avb Additional Number Of Communities Expected To Be Developed
AdditionalNumberOfCommunitiesExpectedToBeDeveloped
30 community
CY2024Q2 avb Estimated Number Of Apartment Homes In Communities Expected To Be Developed
EstimatedNumberOfApartmentHomesInCommunitiesExpectedToBeDeveloped
9991 home
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
142004857 shares
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
141779951 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
141953462 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
140773339 shares
CY2024Q2 us-gaap Weighted Average Number Of Limited Partnership And General Partnership Unit Outstanding Basic And Diluted
WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted
0 shares
CY2023Q2 us-gaap Weighted Average Number Of Limited Partnership And General Partnership Unit Outstanding Basic And Diluted
WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted
6511 shares
us-gaap Weighted Average Number Of Limited Partnership And General Partnership Unit Outstanding Basic And Diluted
WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted
0 shares
us-gaap Weighted Average Number Of Limited Partnership And General Partnership Unit Outstanding Basic And Diluted
WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted
7005 shares
CY2024Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
385009 shares
CY2023Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
337655 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
352848 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
293620 shares
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
142389866 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
142124117 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
142306310 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
141073964 shares
CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
253934000 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
367923000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
427383000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
514825000 usd
CY2024Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
488000 usd
CY2023Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
645000 usd
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
827000 usd
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
919000 usd
CY2024Q2 us-gaap Undistributed Earnings
UndistributedEarnings
253446000 usd
CY2023Q2 us-gaap Undistributed Earnings
UndistributedEarnings
367278000 usd
us-gaap Undistributed Earnings
UndistributedEarnings
426556000 usd
us-gaap Undistributed Earnings
UndistributedEarnings
513906000 usd
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
142004857 shares
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
141779951 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
141953462 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
140773339 shares
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.78
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.59
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.00
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.65
CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
253934000 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
367923000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
427383000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
514825000 usd
CY2024Q2 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
0 usd
CY2023Q2 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
-13000 usd
us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
0 usd
us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
-25000 usd
CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
253934000 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
367936000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
427383000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
514850000 usd
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
142389866 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
142124117 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
142306310 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
141073964 shares
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.78
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.59
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.00
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.65
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
38231 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
303784 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of Estimates</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.</span></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Reclassifications</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain reclassifications have been made to amounts in prior years' financial statements and notes to the financial statements to conform to current year presentations as a result of changes in held for sale classification, disposition activity and segment classification.</span></div>
CY2024Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-62000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-84000 usd
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-217000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3343000 usd
us-gaap Revenue Recognition Leases
RevenueRecognitionLeases
<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Uncollectible Lease Revenue Reserves</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company assesses the collectability of its lease revenue and receivables on an ongoing basis by (i) assessing the probability of receiving all lease amounts due on a lease-by-lease basis, (ii) fully reserving for leases where collection of substantially all of the remaining lease payments is not probable and (iii) subsequently, will only recognize revenue to the extent cash is received. If the Company determines that collection of the remaining lease payments becomes probable at a future date, the Company will recognize the cumulative revenue that would have been recorded under the original lease agreement.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition to the specific reserves recognized under ASC 842, the Company also evaluates its lease receivables for collectability at a portfolio level under ASC 450, Contingencies – Loss Contingencies. The Company recognizes a reserve under ASC 450 when the uncollectible revenue is probable and reasonably estimable. The Company applies this reserve to the Company’s revenue and receivables not addressed as part of the specific ASC 842 reserve.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company recorded an aggregate offset to income for uncollectible lease revenue, net of amounts received from government rent relief programs, for its residential and commercial portfolios of $12,300,000 and $13,333,000 for the three months ended June 30, 2024 and 2023, respectively, and $23,782,000 and $30,304,000 for the six months ended June 30, 2024 and 2023, respectively, under ASC 842 and ASC 450.</span></div>
CY2024Q2 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
12300000 usd
CY2023Q2 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
13333000 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
23782000 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
30304000 usd
CY2024Q2 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
11207000 usd
CY2023Q2 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
11606000 usd
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
22798000 usd
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
22624000 usd
CY2024Q2 us-gaap Line Of Credit
LineOfCredit
0 usd
CY2023Q4 us-gaap Line Of Credit
LineOfCredit
0 usd
CY2024Q2 us-gaap Commercial Paper
CommercialPaper
0 usd
CY2023Q4 us-gaap Commercial Paper
CommercialPaper
0 usd
CY2024Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
8436061000 usd
CY2024Q2 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.035
CY2023Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
8044042000 usd
CY2023Q4 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.035
CY2024Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
62030000 usd
CY2023Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
62220000 usd
CY2024Q2 us-gaap Long Term Debt
LongTermDebt
8374031000 usd
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
7981822000 usd
CY2024Q2 us-gaap Line Of Credit
LineOfCredit
0 usd
CY2023Q4 us-gaap Line Of Credit
LineOfCredit
0 usd
CY2024Q2 avb Commercial Paper Maximum Borrowing Capacity
CommercialPaperMaximumBorrowingCapacity
500000000 usd
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
280000000 shares
CY2024Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
280000000 shares
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2024Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
14122 shares
us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
StockIssuedDuringPeriodSharesDividendReinvestmentPlan
1891 shares
us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
9875 shares
us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
92333 shares
CY2024Q2 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0 shares
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0 shares
CY2023Q2 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
4800 shares
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
11800 shares
CY2023Q2 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
162.93
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
161.96
CY2024Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
314237000 usd
CY2024Q2 avb Other Commitments Number Of Sip Commitments
OtherCommitmentsNumberOfSIPCommitments
7 commitment
CY2024Q2 us-gaap Other Commitment
OtherCommitment
191585000 usd
CY2024Q2 avb Other Commitments Weighted Average Rate Of Return
OtherCommitmentsWeightedAverageRateOfReturn
0.115
CY2024Q2 avb Other Commitment Outstanding Funding
OtherCommitmentOutstandingFunding
138970000 usd
CY2024Q2 avb Long Term Construction Loan Maximum Borrowing Capacity Guarantee Percentage
LongTermConstructionLoanMaximumBorrowingCapacityGuaranteePercentage
0.30
CY2024Q2 avb Long Term Construction Loan Maximum Borrowing Capacity Guarantee Percentage
LongTermConstructionLoanMaximumBorrowingCapacityGuaranteePercentage
0.30
CY2024Q2 avb Long Term Construction Loan Guarantee Payment Reimbursement By Partner Percentage
LongTermConstructionLoanGuaranteePaymentReimbursementByPartnerPercentage
0.75
CY2024Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1417000 usd
CY2023Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1261000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-5662000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-4253000 usd
CY2023Q2 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 usd
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 usd
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 usd
CY2024Q2 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 usd
us-gaap Impairment Of Investments
ImpairmentOfInvestments
0 usd
CY2023Q2 us-gaap Impairment Of Investments
ImpairmentOfInvestments
0 usd
CY2024Q2 us-gaap Impairment Of Investments
ImpairmentOfInvestments
0 usd
us-gaap Impairment Of Investments
ImpairmentOfInvestments
0 usd
CY2024Q2 avb Number Of Communities Held For Sale
NumberOfCommunitiesHeldForSale
2 community
CY2023Q4 avb Loss Contingency Number Of Other Defendants
LossContingencyNumberOfOtherDefendants
14 defendant
CY2024Q2 avb Number Of Office Leases
NumberOfOfficeLeases
15 lease
CY2024Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
104891000 usd
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
106146000 usd
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
131606000 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
133220000 usd
CY2024Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
4206000 usd
CY2023Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
4081000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
8377000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
8086000 usd
CY2024Q2 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
28305000 usd
CY2023Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
28528000 usd
CY2024Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
19981000 usd
CY2023Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
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CY2023Q2 avb Other Operating Expenses Additional Shared Services
OtherOperatingExpensesAdditionalSharedServices
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avb Other Operating Expenses Additional Shared Services
OtherOperatingExpensesAdditionalSharedServices
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CY2024Q2 us-gaap Profit Loss
ProfitLoss
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CY2023Q2 us-gaap Profit Loss
ProfitLoss
367807000 usd
us-gaap Profit Loss
ProfitLoss
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us-gaap Profit Loss
ProfitLoss
514582000 usd
CY2024Q2 avb Indirect Operating Expenses Net Of Corporate Income
IndirectOperatingExpensesNetOfCorporateIncome
37553000 usd
CY2023Q2 avb Indirect Operating Expenses Net Of Corporate Income
IndirectOperatingExpensesNetOfCorporateIncome
32115000 usd
avb Indirect Operating Expenses Net Of Corporate Income
IndirectOperatingExpensesNetOfCorporateIncome
72757000 usd
avb Indirect Operating Expenses Net Of Corporate Income
IndirectOperatingExpensesNetOfCorporateIncome
66051000 usd
CY2024Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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CY2023Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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CY2024Q2 us-gaap Interest Expense
InterestExpense
57078000 usd
CY2023Q2 us-gaap Interest Expense
InterestExpense
51585000 usd
us-gaap Interest Expense
InterestExpense
111844000 usd
us-gaap Interest Expense
InterestExpense
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CY2024Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
19586000 usd
CY2023Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
17676000 usd
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
39917000 usd
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
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CY2024Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
4822000 usd
CY2023Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
4970000 usd
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
15669000 usd
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
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CY2024Q2 us-gaap Depreciation
Depreciation
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CY2023Q2 us-gaap Depreciation
Depreciation
200546000 usd
us-gaap Depreciation
Depreciation
419192000 usd
us-gaap Depreciation
Depreciation
405289000 usd
CY2024Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-84000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3343000 usd
CY2024Q2 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0 usd
CY2023Q2 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0 usd
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
2935000 usd
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
5051000 usd
CY2024Q2 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
68556000 usd
CY2023Q2 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
187322000 usd
us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
68486000 usd
us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
187309000 usd
CY2024Q2 us-gaap Gain Loss On Sale Of Other Assets
GainLossOnSaleOfOtherAssets
181000 usd
CY2023Q2 us-gaap Gain Loss On Sale Of Other Assets
GainLossOnSaleOfOtherAssets
341000 usd
us-gaap Gain Loss On Sale Of Other Assets
GainLossOnSaleOfOtherAssets
322000 usd
us-gaap Gain Loss On Sale Of Other Assets
GainLossOnSaleOfOtherAssets
470000 usd
CY2024Q2 avb Disposal Group Not Discontinued Operation Net Operating Income From Assets Held For Sale Not Classified As Discontinued Operations
DisposalGroupNotDiscontinuedOperationNetOperatingIncomeFromAssetsHeldForSaleNotClassifiedAsDiscontinuedOperations
6511000 usd
CY2023Q2 avb Disposal Group Not Discontinued Operation Net Operating Income From Assets Held For Sale Not Classified As Discontinued Operations
DisposalGroupNotDiscontinuedOperationNetOperatingIncomeFromAssetsHeldForSaleNotClassifiedAsDiscontinuedOperations
12467000 usd
avb Disposal Group Not Discontinued Operation Net Operating Income From Assets Held For Sale Not Classified As Discontinued Operations
DisposalGroupNotDiscontinuedOperationNetOperatingIncomeFromAssetsHeldForSaleNotClassifiedAsDiscontinuedOperations
13571000 usd
avb Disposal Group Not Discontinued Operation Net Operating Income From Assets Held For Sale Not Classified As Discontinued Operations
DisposalGroupNotDiscontinuedOperationNetOperatingIncomeFromAssetsHeldForSaleNotClassifiedAsDiscontinuedOperations
25755000 usd
CY2024Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
496432000 usd
CY2023Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
465673000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
981739000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
921702000 usd
CY2024Q2 avb Revenue From Assets Held For Sale Not Classified As Discontinued Operations
RevenueFromAssetsHeldForSaleNotClassifiedAsDiscontinuedOperations
9959000 usd
CY2023Q2 avb Revenue From Assets Held For Sale Not Classified As Discontinued Operations
RevenueFromAssetsHeldForSaleNotClassifiedAsDiscontinuedOperations
18818000 usd
avb Revenue From Assets Held For Sale Not Classified As Discontinued Operations
RevenueFromAssetsHeldForSaleNotClassifiedAsDiscontinuedOperations
20705000 usd
avb Revenue From Assets Held For Sale Not Classified As Discontinued Operations
RevenueFromAssetsHeldForSaleNotClassifiedAsDiscontinuedOperations
38262000 usd
CY2024Q2 avb Operating Expenses From Assets Held For Sale Not Classified As Discontinued Operations
OperatingExpensesFromAssetsHeldForSaleNotClassifiedAsDiscontinuedOperations
3448000 usd
CY2023Q2 avb Operating Expenses From Assets Held For Sale Not Classified As Discontinued Operations
OperatingExpensesFromAssetsHeldForSaleNotClassifiedAsDiscontinuedOperations
6351000 usd
avb Operating Expenses From Assets Held For Sale Not Classified As Discontinued Operations
OperatingExpensesFromAssetsHeldForSaleNotClassifiedAsDiscontinuedOperations
7134000 usd
avb Operating Expenses From Assets Held For Sale Not Classified As Discontinued Operations
OperatingExpensesFromAssetsHeldForSaleNotClassifiedAsDiscontinuedOperations
12507000 usd
CY2024Q2 avb Disposal Group Not Discontinued Operation Net Operating Income From Assets Held For Sale Not Classified As Discontinued Operations
DisposalGroupNotDiscontinuedOperationNetOperatingIncomeFromAssetsHeldForSaleNotClassifiedAsDiscontinuedOperations
6511000 usd
CY2023Q2 avb Disposal Group Not Discontinued Operation Net Operating Income From Assets Held For Sale Not Classified As Discontinued Operations
DisposalGroupNotDiscontinuedOperationNetOperatingIncomeFromAssetsHeldForSaleNotClassifiedAsDiscontinuedOperations
12467000 usd
avb Disposal Group Not Discontinued Operation Net Operating Income From Assets Held For Sale Not Classified As Discontinued Operations
DisposalGroupNotDiscontinuedOperationNetOperatingIncomeFromAssetsHeldForSaleNotClassifiedAsDiscontinuedOperations
13571000 usd
avb Disposal Group Not Discontinued Operation Net Operating Income From Assets Held For Sale Not Classified As Discontinued Operations
DisposalGroupNotDiscontinuedOperationNetOperatingIncomeFromAssetsHeldForSaleNotClassifiedAsDiscontinuedOperations
25755000 usd
CY2024Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
496432000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
981739000 usd
CY2024Q2 avb Real Estate Gross At Carrying Value Excluding Gross Real Estate Assets Held For Sale
RealEstateGrossAtCarryingValueExcludingGrossRealEstateAssetsHeldForSale
27069351000 usd
CY2023Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
465673000 usd
CY2023Q2 avb Real Estate Gross At Carrying Value Excluding Gross Real Estate Assets Held For Sale
RealEstateGrossAtCarryingValueExcludingGrossRealEstateAssetsHeldForSale
25665515000 usd
CY2024Q2 avb Real Estate Held For Sale Gross
RealEstateHeldForSaleGross
233212000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
13546000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
15192000 usd
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
6292000 usd
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
6483000 usd
CY2024Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1830000 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2712000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3625000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3778000 usd
CY2024Q2 us-gaap Payments For Proceeds From Hedge Financing Activities
PaymentsForProceedsFromHedgeFinancingActivities
-16839000 usd
avb Derivative Notional Amounts Entered Into During Period
DerivativeNotionalAmountsEnteredIntoDuringPeriod
50000000 usd
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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