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

Year-over-year change per cell; first column has no prior.

Balance Sheet

Assets, liabilities, and equity

15 accounts · 5 years

Total assets $22.2B

Total liabilities $10.4B

Shareholders equity $11.6B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	+72.4%	-72.7%	-35.1%	+45.9%	—
Real Estate	+5.3%	+2.2%	+1.8%	+1.5%	—
Other Noncurrent Assets	+6.5%	+20.0%	+10.1%	+10.3%	—
Total Assets	+5.7%	+1.6%	+1.1%	+2.8%	—
Liabilities
Long Term Debt	+15.5%	+1.2%	-4.0%	+2.6%	—
Other Noncurrent Liabilities	+4.8%	+7.8%	+2.9%	+2.7%	—
Total Liabilities	+14.3%	+1.9%	-3.3%	+2.6%	—
Equity
Total Stockholders Equity	-2.8%	+1.3%	+4.7%	+2.9%	—
Preferred Stock	—	—	—	—	—
Common Stock	-1.5%	+0.1%	+1.4%	+0.1%	—
Additional Paid In Capital	-0.9%	+0.2%	+4.9%	+0.5%	—
Retained Earnings	-37.2%	+23.7%	-1.5%	+101.5%	—
Accumulated Other Comprehensive Income	-22.8%	+112.9%	+1031.7%	+105.5%	—
Noncontrolling Interest	—	—	—	-86.4%	—
Total Liabilitiesand Equity	+5.7%	+1.6%	+1.1%	+2.8%	—

Income Statement

Revenue, expense, and profitability

12 accounts · 5 years

Revenue $3.0B

Operating income Not reported

Net income $1.1B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	+4.4%	+5.3%	+6.7%	+13.0%	—
Expenses Property Operating Expenses	+4.3%	+9.5%	+8.1%	+10.4%	—
Expenses Depreciation and Amortization	+7.9%	+3.7%	+0.2%	+7.4%	—
Expenses Selling,General and Administrative	+11.6%	+1.5%	+3.3%	+6.4%	—
Other Income Expense Interest Expense	+14.4%	+10.0%	-10.5%	+4.4%	—
Other Income Expense Other Income/expense	-4.6%	-6.8%	-6.2%	-2.1%	—
Other Income Expense Income Before Tax	-2.5%	+15.3%	-18.5%	+14.0%	—
Income Tax Income Tax Expense	-355.1%	-95.6%	-30.7%	+155.5%	—
net Income Other Items Below Tax	-0.9%	+52.0%	-56.6%	-3.5%	—
net Income net Income	-2.4%	+16.6%	-18.3%	+13.2%	—
Earnings Per Share Basic Eps	-2.8%	+16.0%	-19.3%	+13.1%	—
Earnings Per Share Diluted Eps	-2.6%	+15.9%	-19.2%	+12.9%	—

Cash Flow Statement

Operating, investing, and financing flows

14 accounts · 5 years

Operating cash flow $1.7B

Investing cash flow $-1.4B

Financing cash flow $-192.7M

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Cash From Operating Activities	+3.9%	+3.1%	+9.7%	+18.2%	—
Operating Activities net Income	-2.4%	+16.6%	-18.3%	+13.2%	—
Operating Activities Stock Based Compensation	+4.3%	-6.5%	-19.8%	+32.8%	—
Operating Activities Other Non Cash Items	+6.1%	-62.9%	+62.2%	+3.7%	—
Investing Activities Capital Expenditures	-33.8%	-24.1%	+19.9%	-3.1%	—
Investing Activities Other Investing Activities	+24.3%	+66.7%	-65.3%	+11.9%	—
Investing Activities net Cash From Investing Activities	-39.7%	-7.3%	-65.8%	+10.2%	—
Financing Activities Proceeds From Debt	+423.3%	-0.2%	+14.7%	-68.3%	—
Financing Activities Repayment of Debt	-170.0%	+61.1%	-456.1%	+74.9%	—
Financing Activities Dividends Paid	-3.2%	-4.3%	-3.6%	-0.1%	—
Financing Activities Repurchase of Common Stock	—	+100.0%	—	—	—
Financing Activities Other Financing Activities	+1982.9%	-100.4%	+3338.1%	+2.1%	—
Financing Activities net Cash From Financing Activities	+78.0%	-4.9%	-24.3%	-92.4%	—
Cash Reconciliation net Change In Cash	+132.6%	-29.8%	-206.7%	-17.3%	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	—	—	—	—	—
Operating margin	—	—	—	—	—
Net margin	+34.7%	+37.1%	+33.5%	+43.8%	+43.8%
FCF margin	-15.9%	-0.0%	+9.5%	-7.6%	-16.0%
Growth
Revenue CAGR (3y)	+5.4%	+8.3%	+6.3%	+3.7%	+0.2%
Returns
ROE	+9.1%	+9.1%	+7.9%	+10.1%	+9.2%
ROA	+4.8%	+5.2%	+4.5%	+5.6%	+5.0%
ROIC	—	—	—	—	—
Liquidity
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—
Leverage
D/E	0.89x	0.76x	0.75x	0.82x	0.82x
Interest coverage	—	—	—	—	—
Efficiency
Asset turnover	0.14x	0.14x	0.13x	0.13x	0.12x
Cash conversion cycle	—	—	—	—	—

Valuation

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FY2025 fundamentals · no price

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AvalonBay Communities

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