2013 Q2 Form 10-Q Financial Statement

#000110465913059341 Filed on August 02, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q2
Revenue $378.2M $244.7M
YoY Change 54.56% 5.83%
Cost Of Revenue $128.9M $88.90M
YoY Change 44.99% 3.49%
Gross Profit $249.3M $155.5M
YoY Change 60.32% 3.87%
Gross Profit Margin 65.92% 63.55%
Selling, General & Admin $11.30M $8.300M
YoY Change 36.14% 2.47%
% of Gross Profit 4.53% 5.34%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $190.0M $65.80M
YoY Change 188.72% 8.94%
% of Gross Profit 76.2% 42.32%
Operating Expenses $377.2M $196.9M
YoY Change 91.54% -1.91%
Operating Profit $259.0M $171.3M
YoY Change 51.2% -435.57%
Interest Expense $43.17M -$31.10M
YoY Change -238.81% -29.48%
% of Operating Profit 16.67% -18.16%
Other Income/Expense, Net
YoY Change
Pretax Income $300.0K $55.50M
YoY Change -99.46% 57.67%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0% 0.0%
Net Earnings $36.10M $156.8M
YoY Change -76.98% 261.34%
Net Earnings / Revenue 9.54% 64.09%
Basic Earnings Per Share $0.28 $1.64
Diluted Earnings Per Share $0.28 $1.63
COMMON SHARES
Basic Shares Outstanding 129.2M shares 95.31M shares
Diluted Shares Outstanding 129.6M shares 95.99M shares

Balance Sheet

Concept 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $111.0M $358.0M
YoY Change -68.99% 23.45%
Cash & Equivalents $111.1M $358.3M
Short-Term Investments
Other Short-Term Assets $184.0M $146.0M
YoY Change 26.03% 2.82%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $295.0M $504.0M
YoY Change -41.47% 16.67%
LONG-TERM ASSETS
Property, Plant & Equipment $14.12B $7.606B
YoY Change 85.59% 6.1%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $366.0M $145.0M
YoY Change 152.41% 21.85%
Other Assets $167.0M $131.0M
YoY Change 27.48% -34.17%
Total Long-Term Assets $14.68B $7.908B
YoY Change 85.6% 5.29%
TOTAL ASSETS
Total Short-Term Assets $295.0M $504.0M
Total Long-Term Assets $14.68B $7.908B
Total Assets $14.97B $8.412B
YoY Change 77.99% 5.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $85.00M $43.00M
YoY Change 97.67% 26.47%
Accrued Expenses $264.0M $283.0M
YoY Change -6.71% -11.56%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $536.0M $459.0M
YoY Change 16.78% -2.34%
LONG-TERM LIABILITIES
Long-Term Debt $5.853B $3.362B
YoY Change 74.09% -15.65%
Other Long-Term Liabilities $0.00 $0.00
YoY Change
Total Long-Term Liabilities $5.853B $3.362B
YoY Change 74.09% -15.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $536.0M $459.0M
Total Long-Term Liabilities $5.853B $3.362B
Total Liabilities $6.389B $3.822B
YoY Change 67.14% -14.45%
SHAREHOLDERS EQUITY
Retained Earnings -$308.9M -$145.9M
YoY Change 111.72%
Common Stock $1.294M $966.0K
YoY Change 33.95%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.560B $4.579B
YoY Change
Total Liabilities & Shareholders Equity $14.97B $8.412B
YoY Change 77.99% 5.91%

Cashflow Statement

Concept 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income $36.10M $156.8M
YoY Change -76.98% 261.34%
Depreciation, Depletion And Amortization $190.0M $65.80M
YoY Change 188.72% 8.94%
Cash From Operating Activities $185.8M $117.2M
YoY Change 58.53% -11.68%
INVESTING ACTIVITIES
Capital Expenditures -$371.7M -$223.4M
YoY Change 66.38% 5.58%
Acquisitions
YoY Change
Other Investing Activities $136.9M $197.1M
YoY Change -30.54% 356.25%
Cash From Investing Activities -$234.8M -$26.50M
YoY Change 786.04% -84.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -287.3M 19.30M
YoY Change -1588.6% -43.24%
NET CHANGE
Cash From Operating Activities 185.8M 117.2M
Cash From Investing Activities -234.8M -26.50M
Cash From Financing Activities -287.3M 19.30M
Net Change In Cash -336.3M 110.0M
YoY Change -405.73% -6975.0%
FREE CASH FLOW
Cash From Operating Activities $185.8M $117.2M
Capital Expenditures -$371.7M -$223.4M
Free Cash Flow $557.5M $340.6M
YoY Change 63.68% -1.07%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2013Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
408428 shares
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2013Q2 us-gaap Weighted Average Number Of Limited Partnership And General Partnership Unit Outstanding Basic And Diluted
WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted
7500 shares
CY2013Q2 avb Number Of Owned Communities Under Construction
NumberOfOwnedCommunitiesUnderConstruction
27 community
CY2013Q2 avb Expected Aggregate Number Of Apartment Homes To Be Constructed
ExpectedAggregateNumberOfApartmentHomesToBeConstructed
7935 home
CY2013Q2 avb Additional Number Of Communities Owned That Can Be Developed
AdditionalNumberOfCommunitiesOwnedThatCanBeDeveloped
47 community
CY2013Q2 avb Estimated Number Of Apartment Homes In Communities Expected To Be Developed
EstimatedNumberOfApartmentHomesInCommunitiesExpectedToBeDeveloped
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CY2013Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
36218000 USD
CY2013Q2 us-gaap Undistributed Earnings Allocated To Participating Securities
UndistributedEarningsAllocatedToParticipatingSecurities
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CY2013Q2 us-gaap Undistributed Earnings
UndistributedEarnings
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CY2013Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2013Q2 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
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CY2013Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2013Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2012Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2012Q2 us-gaap Weighted Average Number Of Limited Partnership And General Partnership Unit Outstanding Basic And Diluted
WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted
7500 shares
CY2012Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
677162 shares
CY2012Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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95992825 shares
CY2012Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2012Q2 us-gaap Undistributed Earnings Allocated To Participating Securities
UndistributedEarningsAllocatedToParticipatingSecurities
547000 USD
CY2012Q2 us-gaap Undistributed Earnings
UndistributedEarnings
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CY2012Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2012Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Limited Partnership And General Partnership Unit Outstanding Basic And Diluted
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
415931 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Undistributed Earnings Allocated To Participating Securities
UndistributedEarningsAllocatedToParticipatingSecurities
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us-gaap Undistributed Earnings
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us-gaap Earnings Per Share Basic
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0.90
us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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us-gaap Earnings Per Share Diluted
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us-gaap Weighted Average Number Of Limited Partnership And General Partnership Unit Outstanding Basic And Diluted
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
730531 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Undistributed Earnings Allocated To Participating Securities
UndistributedEarningsAllocatedToParticipatingSecurities
845000 USD
us-gaap Undistributed Earnings
UndistributedEarnings
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us-gaap Earnings Per Share Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Use Of Estimates
UseOfEstimates
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us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
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us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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us-gaap Earnings Per Share Diluted
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avb Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Annual Forfeiture Rate
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CY2013Q2 us-gaap Interest Costs Capitalized
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us-gaap Interest Costs Capitalized
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CY2013Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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us-gaap Net Income Loss
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us-gaap Minority Interest Change In Redemption Value
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us-gaap Minority Interest Period Increase Decrease
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us-gaap Dividends Common Stock
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us-gaap Stock Issued During Period Value New Issues
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us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
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CY2013Q2 us-gaap Equity Method Investment Summarized Financial Information Net Income Loss
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us-gaap Equity Method Investment Summarized Financial Information Net Income Loss
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CY2013Q2 avb Expensed Costs Related To Abandoned Pursuits
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avb Derivative Charges For Reversal Of Deferred Loss
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avb Derivative Settlement Of Forward Starting Interest Rate Swap Agreement
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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CY2013Q2 us-gaap Profit Loss
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us-gaap Profit Loss
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us-gaap Profit Loss
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CY2013Q2 avb Indirect Operating Expenses Net Of Corporate Income
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avb Indirect Operating Expenses Net Of Corporate Income
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CY2013Q2 us-gaap Asset Management Costs
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us-gaap Asset Management Costs
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us-gaap Asset Management Costs
AssetManagementCosts
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CY2013Q2 avb Expensed Acquisition Development And Other Pursuit Costs
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3768000 USD
CY2012Q2 us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Net Of Tax
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3885000 USD
us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Net Of Tax
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3394000 USD
CY2012Q2 avb Expensed Acquisition Development And Other Pursuit Costs
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901000 USD
avb Expensed Acquisition Development And Other Pursuit Costs
ExpensedAcquisitionDevelopmentAndOtherPursuitCosts
43827000 USD
avb Expensed Acquisition Development And Other Pursuit Costs
ExpensedAcquisitionDevelopmentAndOtherPursuitCosts
1141000 USD
CY2013Q2 avb Interest Expense Net And Unrealized Gain Loss On Interest Rate Contracts
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43169000 USD
CY2013Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
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CY2012Q2 avb Interest Expense Net And Unrealized Gain Loss On Interest Rate Contracts
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33191000 USD
avb Interest Expense Net And Unrealized Gain Loss On Interest Rate Contracts
InterestExpenseNetAndUnrealizedGainLossOnInterestRateContracts
81342000 USD
avb Interest Expense Net And Unrealized Gain Loss On Interest Rate Contracts
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66814000 USD
CY2013Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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CY2013Q2 us-gaap General And Administrative Expense
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CY2012Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
8316000 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
21384000 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
18026000 USD
CY2013Q2 us-gaap Income Loss From Equity Method Investments
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us-gaap Income Loss From Equity Method Investments
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us-gaap Cost Of Services Depreciation
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us-gaap Cost Of Services Depreciation
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us-gaap Gain Loss On Sale Of Properties
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us-gaap Gain Loss On Sale Of Properties
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us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Net Of Tax
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us-gaap Operating Income Loss
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us-gaap Operating Income Loss
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us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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avb Percentage Change Of Net Operating Income From Prior Year
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CY2013Q2 us-gaap Real Estate Heldforsale
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us-gaap Disposal Group Including Discontinued Operation Rental Income
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us-gaap Disposal Group Including Discontinued Operation Rental Income
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us-gaap Disposal Group Including Discontinued Operation Operating Expense
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us-gaap Business Combination Acquisition Related Costs
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us-gaap Disposal Group Including Discontinued Operation Operating Expense
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us-gaap Disposal Group Including Discontinued Operation Interest Expense
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avb Disposal Group Including Discontinued Operation Gain Loss On Extinguishment Of Debt
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dei Entity Registrant Name
EntityRegistrantName
AVALONBAY COMMUNITIES INC
dei Entity Central Index Key
EntityCentralIndexKey
0000915912
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2013-06-30
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
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CY2013Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
129402894 shares
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
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113804 shares
avb Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodValue
3306000 USD
avb Unsecured Notes Basis Adjustment Qualifying As Hedges Before Tax Prepaid Expenses And Other Assets
UnsecuredNotesBasisAdjustmentQualifyingAsHedgesBeforeTaxPrepaidExpensesAndOtherAssets
-11000 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Before Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesBeforeTax
-16789000 USD
avb Common Dividends Declared But Not Paid
CommonDividendsDeclaredButNotPaid
93698000 USD
avb Minority Interest Increase Decrease From Put Option Redemption Value Adjustment
MinorityInterestIncreaseDecreaseFromPutOptionRedemptionValueAdjustment
521000 USD
avb Increase Decrease In Cash In Operating Escrows
IncreaseDecreaseInCashInOperatingEscrows
1988000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
20732000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
222468000 USD
us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
341144000 USD
us-gaap Payments To Acquire Other Real Estate
PaymentsToAcquireOtherRealEstate
37105000 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
6606000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
588000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-884350000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
175682000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
177322000 USD
avb Repayments Of Secured Debt Conventional And Tax Exempt
RepaymentsOfSecuredDebtConventionalAndTaxExempt
103621000 USD
us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
179400000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
123000 USD
CY2012Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
358263000 USD
CY2011Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
616853000 USD
CY2013Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment On Derivatives Included In Net Income Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax
1574000 USD
us-gaap Depreciation And Amortization Discontinued Operations
DepreciationAndAmortizationDiscontinuedOperations
4194000 USD
CY2012Q2 us-gaap Depreciation And Amortization Discontinued Operations
DepreciationAndAmortizationDiscontinuedOperations
1795000 USD
CY2012Q4 us-gaap Other Deferred Costs Net
OtherDeferredCostsNet
24665000 USD
CY2013Q2 us-gaap Other Deferred Costs Net
OtherDeferredCostsNet
37260000 USD
CY2013Q2 us-gaap Impairment Of Investments
ImpairmentOfInvestments
0 USD
us-gaap Impairment Of Investments
ImpairmentOfInvestments
0 USD
CY2013Q2 avb Equity Method Investment Impairment Loss
EquityMethodInvestmentImpairmentLoss
0 USD
avb Equity Method Investment Impairment Loss
EquityMethodInvestmentImpairmentLoss
0 USD
CY2012Q2 us-gaap Impairment Of Investments
ImpairmentOfInvestments
0 USD
us-gaap Impairment Of Investments
ImpairmentOfInvestments
0 USD
CY2012Q2 avb Equity Method Investment Impairment Loss
EquityMethodInvestmentImpairmentLoss
0 USD
avb Equity Method Investment Impairment Loss
EquityMethodInvestmentImpairmentLoss
0 USD
CY2013Q2 us-gaap Depreciation And Amortization Discontinued Operations
DepreciationAndAmortizationDiscontinuedOperations
220000 USD
us-gaap Depreciation And Amortization Discontinued Operations
DepreciationAndAmortizationDiscontinuedOperations
875000 USD
us-gaap Gain Loss On Disposition Of Property
GainLossOnDispositionOfProperty
280000 USD

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