AvalonBay Communities

Real Estate Multi-Family Residential REITs Arlington, Virginia Last filing Feb 27, 2026 · FY2025

                    Revenue
                    FY2025
                
$3.0B
                    3y CAGR +5.4%
                    
                    P34
                    
                    +4.4%
                    
                    Net income
                    FY2025
                
$1.1B
                    Net margin +34.7%
                    
                    P76
                    
                    -2.4%
                    
                    Total assets
                    FY2025
                
$22.2B
                    ROA +4.8%
                    
                    P77
                    
                    +5.7%
                    
                    Operating cash flow
                    FY2025
                
$1.7B
                    FCF margin -15.9%
                    
                    P14
                    
                    +3.9%

19 yrs · FY2007–FY2025 8 filed · 0 derived · 1 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

15 accounts · 10 years

Total assets $22.2B

Total liabilities $10.4B

Shareholders equity $11.6B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	0.8%	0.5%	1.9%	3.0%	2.1%	1.1%	0.2%	0.5%	0.4%	1.2%
Real Estate	93.8%	94.1%	93.5%	92.8%	94.0%	95.0%	96.4%	95.7%	95.8%	94.7%
Other Noncurrent Assets	5.4%	5.4%	4.5%	4.2%	3.9%	3.9%	3.4%	3.8%	3.8%	4.1%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Long Term Debt	42.0%	38.5%	38.6%	40.6%	40.7%	39.4%	38.2%	38.3%	39.8%	39.4%
Other Noncurrent Liabilities	4.6%	4.7%	4.4%	4.3%	4.3%	4.6%	4.3%	3.8%	3.8%	3.7%
Total Liabilities	46.7%	43.1%	43.0%	45.0%	45.0%	44.0%	42.5%	42.1%	43.6%	43.0%
Equity
Total Stockholders Equity	52.3%	56.9%	57.0%	55.0%	54.9%	56.0%	57.5%	57.8%	56.4%	56.9%
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	50.5%	53.9%	54.6%	52.6%	53.8%	55.5%	56.2%	56.1%	55.6%	56.6%
Retained Earnings	1.7%	2.8%	2.3%	2.4%	1.2%	0.7%	1.5%	1.9%	1.0%	0.5%
Accumulated Other Comprehensive Income	0.1%	0.2%	0.1%	0.0%	-0.1%	-0.2%	-0.2%	-0.1%	-0.2%	-0.2%
Noncontrolling Interest	1.0%	0.0%	—	0.0%	0.0%	0.0%	0.0%	0.0%	—	—
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

12 accounts · 10 years

Revenue $3.0B

Operating income Not reported

Net income $1.1B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	13.7%	13.9%	13.4%	12.7%	11.5%	12.0%	12.2%	12.4%	11.7%	11.4%
Expenses Property Operating Expenses	3.5%	3.6%	3.3%	3.1%	2.9%	2.9%	2.7%	2.9%	2.7%	2.7%
Expenses Depreciation and Amortization	4.1%	4.0%	4.0%	4.0%	3.8%	3.7%	3.5%	3.4%	3.2%	—
Expenses Selling,General and Administrative	0.4%	0.4%	0.4%	0.4%	0.3%	0.3%	0.3%	0.3%	0.3%	0.3%
Other Income Expense Interest Expense	1.2%	1.1%	1.0%	1.1%	1.1%	1.1%	1.1%	1.2%	1.1%	1.0%
Other Income Expense Other Income/expense	-1.5%	-1.6%	-1.5%	-1.4%	-1.4%	0.4%	-0.5%	0.7%	1.4%	2.1%
Other Income Expense Income Before Tax	4.8%	5.2%	4.5%	5.6%	5.1%	4.3%	4.2%	5.3%	4.8%	5.8%
Income Tax Income Tax Expense	-0.0%	0.0%	0.0%	0.1%	0.0%	-0.0%	0.1%	-0.0%	0.0%	0.0%
net Income Other Items Below Tax	1.8%	1.9%	1.3%	2.9%	3.1%	-0.1%	-0.0%	0.0%	0.1%	0.3%
net Income net Income	4.8%	5.2%	4.5%	5.6%	5.0%	4.3%	4.1%	5.3%	4.8%	5.8%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Cash Flow Statement

Operating, investing, and financing flows

14 accounts · 10 years

Operating cash flow $1.7B

Investing cash flow $-1.4B

Financing cash flow $-192.7M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Cash From Operating Activities	7.5%	7.7%	7.5%	7.0%	6.0%	6.4%	6.9%	7.1%	6.8%	6.4%
Operating Activities net Income	4.8%	5.2%	4.5%	5.6%	5.0%	4.3%	4.1%	5.3%	4.8%	5.8%
Operating Activities Stock Based Compensation	0.1%	0.1%	0.1%	0.2%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%
Operating Activities Other Non Cash Items	-1.5%	-1.7%	-1.0%	-2.8%	-2.9%	-1.8%	-0.8%	-1.8%	-1.3%	-2.5%
Investing Activities Capital Expenditures	-9.7%	-7.7%	-6.3%	-7.9%	-7.9%	-5.0%	-8.4%	-8.5%	-8.2%	-9.3%
Investing Activities Other Investing Activities	3.4%	2.9%	1.8%	5.2%	4.7%	4.0%	2.2%	5.3%	3.0%	3.5%
Investing Activities net Cash From Investing Activities	-6.3%	-4.7%	-4.5%	-2.7%	-3.1%	-0.9%	-6.2%	-3.2%	-5.2%	-5.8%
Financing Activities Proceeds From Debt	9.4%	1.9%	1.9%	1.7%	5.5%	7.0%	2.5%	3.2%	10.3%	6.3%
Financing Activities Repayment of Debt	-3.8%	-1.5%	-3.9%	-0.7%	-2.9%	-5.7%	-1.2%	-2.8%	-8.9%	-3.7%
Financing Activities Dividends Paid	-4.5%	-4.6%	-4.5%	-4.4%	-4.5%	-4.6%	-4.4%	-4.4%	-4.2%	-4.1%
Financing Activities Repurchase of Common Stock	-2.2%	0.0%	-0.0%	0.0%	0.0%	-1.0%	0.0%	—	—	—
Financing Activities Other Financing Activities	0.2%	-0.0%	2.4%	0.1%	0.1%	-0.3%	1.9%	0.2%	0.5%	-0.1%
Financing Activities net Cash From Financing Activities	-0.9%	-4.2%	-4.0%	-3.3%	-1.8%	-4.4%	-1.1%	-3.7%	-2.3%	-1.6%
Cash Reconciliation net Change In Cash	0.4%	-1.3%	-1.0%	0.9%	1.2%	1.0%	-0.5%	0.1%	-0.7%	-1.0%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Net margin	+34.7%	+37.1%	+33.5%	+43.8%	+43.8%	+36.0%	+33.8%	+42.6%	+40.6%	+50.5%
FCF margin	-15.9%	-0.0%	+9.5%	-7.6%	-16.0%	+11.6%	-12.3%	-11.4%	-12.0%	-25.6%
Growth
Revenue CAGR (3y)	+5.4%	+8.3%	+6.3%	+3.7%	+0.2%	+2.2%	+4.4%	+7.2%	+8.6%	+11.8%
Returns
ROE	+9.1%	+9.1%	+7.9%	+10.1%	+9.2%	+7.7%	+7.2%	+9.2%	+8.4%	+10.2%
ROA	+4.8%	+5.2%	+4.5%	+5.6%	+5.0%	+4.3%	+4.1%	+5.3%	+4.8%	+5.8%
ROIC	—	—	—	—	—	—	—	—	—	—
Liquidity
Current ratio	—	—	—	—	—	—	—	—	—	—
Quick ratio	—	—	—	—	—	—	—	—	—	—
Leverage
D/E	0.89x	0.76x	0.75x	0.82x	0.82x	0.79x	0.74x	0.73x	0.77x	0.76x
Interest coverage	—	—	—	—	—	—	—	—	—	—
Efficiency
Asset turnover	0.14x	0.14x	0.13x	0.13x	0.12x	0.12x	0.12x	0.12x	0.12x	0.11x
Cash conversion cycle	—	—	—	—	—	—	—	—	—	—

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AvalonBay Communities

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