AvalonBay Communities, Inc.

NYSE-AVB

Basic

Market Cap
$28.8B
EV
$36.64B
Shares Out
141.99M
Revenue
$2,825.52M
Employees
3,009

Margins

Gross
64.45%
EBITDA
61.74%
Operating
32.56%
Pre-Tax
34.04%
Net
33.81%
FCF
55.21%

Returns (5Yr Avg)

ROA
4.86%
ROTA
8.68%
ROE
8.68%
ROCE
4.09%
ROIC
4.01%

Valuation (TTM)

P/E
—
P/B
—
P/FFO
—
P/Adjusted FFO
—
EV/Sales
—
EV/EBITDA
—
P/FCF
—
EV/Gross Profit
—

Valuation (NTM)

Price Target
$211
P/E
—
PEG
—
P/FFO
—
P/Adjusted FFO
—
EV/Sales
—
EV/EBITDA
—
P/FCF
—

Financial Health

Cash
$300.28M
Net Debt
$7,833.92M
Debt/Equity
0.69
EBIT/Interest
4.51

Growth (CAGR)

Rev 3Yr
7.9%
Rev 5Yr
4.27%
Rev 10Yr
6.12%
Dil EPS 3Yr
5.5%
Dil EPS 5Yr
-1.5%
Dil EPS 10Yr
7.57%
Rev Fwd 2Yr
4.39%
EBITDA Fwd 2Yr
3.88%
EPS Fwd 2Yr
-7.83%
EPS LT Growth Est
6.71%

Dividends

Yield
—
Payout
98.91%
DPS
$6.65
DPS Growth 3Yr
1.5%
DPS Growth 5Yr
2.32%
DPS Growth 10Yr
4.29%
DPS Growth Fwd 2Yr
3.61%

Metric	Dec '14	Dec '15	Dec '16	Dec '17	Dec '18	Dec '19	Dec '20	Dec '21	Dec '22	Dec '23	LTM
Operating Revenues						2,324.6	2,301.3	2,294.9	2,593.4	2,767.9	2,806.1
Other Revenues, Total						2.9	1.3	38.6	15.3	13.5	19.5
Total Revenues						2,327.5	2,302.5	2,333.4	2,608.7	2,781.4	2,825.5
Total Revenues % Chg.						1.7%	-1.1%	1.3%	11.8%	6.6%	5.7%
Cost of Goods Sold, Total						768.2	823.2	853.9	919.1	988.1	1,004.5
Gross Profit						1,559.3	1,479.3	1,479.5	1,689.6	1,793.2	1,821
Selling General & Admin Expenses, Total						67.2	57.8	69.6	80.1	76.5	76.5
Depreciation & Amortization						661.6	707.3	758.6	815	817	824.5
Other Operating Expenses, Total						728.8	765.1	828.2	895	893.5	901
Operating Income						830.5	714.2	651.3	794.5	899.7	920.1
Interest Expense, Total						-203.6	-214.2	-220.4	-230.1	-206	-203.9
Net Interest Expenses						-203.6	-214.2	-220.4	-230.1	-206	-203.9
Other Non Operating Income (Expenses)	—	—	—	—	—	—	—	1.1	5.1	0.2	0.1
EBT, Excl. Unusual Items						626.9	500.1	432	569.6	693.9	716.3
Merger & Related Restructuring Charges	—			—	—	—	—	—	—	—	—
Gain (Loss) On Sale Of Investments						5.8	5.2	—	38.1	—	—
Gain (Loss) On Sale Of Assets						166.5	340.9	602.2	555.6	287.4	287.4
Asset Writedown						-4.9	-12.3	-3.2	-16.6	-33.5	-34.7
Insurance Settlements	—				—	—	—	—	—	—	—
Legal Settlements		—	—			5.4	—	—	6	—	—
Other Unusual Items						-0.6	-9.3	-20.9	-1.6	-9.3	-7.2
EBT, Incl. Unusual Items						799.1	824.5	1,010.1	1,151.1	938.6	961.8
Income Tax Expense						13	-3.2	5.7	14.6	10.2	6.6
Earnings From Continuing Operations						786.1	827.7	1,004.4	1,136.4	928.4	955.2
Earnings Of Discontinued Operations		—	—	—	—	—	—	—	—	—	—
Minority Interest						-0.1	-0.1	-0.1	0.3	0.4	0.2
Net Income						786	827.6	1,004.3	1,136.8	928.8	955.4
Preferred Dividend and Other Adjustments						2.1	2	2.1	2.1	1.7	1.7
Net Income to Common Incl Extra Items						783.9	825.7	1,002.2	1,134.7	927.2	953.6
Net Income to Common Excl. Extra Items						783.9	825.7	1,002.2	1,134.7	927.2	953.6
Total Shares Outstanding						140.3	139.2	139.5	139.7	141.9	142
Weighted Avg. Shares Outstanding						139.1	140.1	139.4	139.6	141.3	141.8
Weighted Avg. Shares Outstanding Dil						139.6	140.4	139.7	140	141.6	142.2
EPS						5.6	5.9	7.2	8.1	6.6	6.7
EPS Diluted						5.6	5.9	7.2	8.1	6.6	6.7
EBITDA						1,492.1	1,421.6	1,409.9	1,609.5	1,716.7	1,744.6
Effective Tax Rate						1.6%	-0.4%	0.6%	1.3%	1.1%	0.7%