AvalonBay Communities Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>AvalonBay Communities Inc. has submitted its 2023 10-K filing detailing financial performance and company information for the fiscal year ending December 31, 2023.</b>

AI Summary

AVALONBAY COMMUNITIES INC (AVB) filed a Annual Report (10-K) with the SEC on February 23, 2024. AvalonBay Communities Inc. filed its 2023 Form 10-K on February 23, 2024. The report covers the fiscal year ending December 31, 2023. The company's principal business is real estate investment trusts. The filing includes financial data for the fiscal years 2021, 2022, and 2023. Key financial statement components such as common stock, additional paid-in capital, and retained earnings are detailed for these years.

Why It Matters

For investors and stakeholders tracking AVALONBAY COMMUNITIES INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of AvalonBay's financial health and operational activities for the past fiscal year, crucial for investors assessing the company's performance and future prospects. The detailed financial statements and risk factors within the report offer insights into the company's strategies, market position, and potential challenges in the real estate investment trust sector.

Risk Assessment

Risk Level: medium — AVALONBAY COMMUNITIES INC shows moderate risk based on this filing. The company operates in the real estate investment trust sector, which is subject to market fluctuations, interest rate changes, and regulatory shifts that can impact profitability and asset values.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand AvalonBay's current financial position and outlook for the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-23 — Filing Date (Filed as of date)
• 2023 — Reporting Year (Fiscal year covered by the 10-K)
• 2022 — Previous Year (Comparative financial data year)
• 2021 — Prior Year (Comparative financial data year)

Key Players & Entities

• AVALONBAY COMMUNITIES INC (company) — Filer name
• AVB (company) — Ticker symbol
• 20231231 (date) — Conformed period of report
• 20240223 (date) — Filed as of date
• 6798 (industry_code) — Standard Industrial Classification
• MD (state) — State of incorporation
• VA (state) — Business address state
• 7033296300 (phone) — Business phone

FAQ

Industry Context

AvalonBay Communities Inc. operates as a real estate investment trust (REIT), focusing on the ownership, development, and management of apartment homes. The company is a significant player in the multifamily real estate sector.

Regulatory Implications

As a publicly traded company, AvalonBay Communities Inc. is subject to the regulations of the Securities and Exchange Commission (SEC), requiring regular filings such as the annual 10-K to ensure transparency and compliance.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management's discussion and analysis.
2. Analyze the risk factors section to understand potential challenges and their impact on the company.
3. Compare AvalonBay's 2023 performance against previous years and industry benchmarks.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K
• 2024-02-23: Filing Date — Date the 10-K was officially filed with the SEC

Year-Over-Year Comparison

This filing is the 2023 annual report (10-K), providing updated financial and operational data compared to previous filings.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share AVB New York Stock Exchange
• $44,100,000 — triggered would have been approximately $44,100,000. At the present time, we do not intend
• $2,250,000,000 — from cash on hand, borrowings under our $2,250,000,000 revolving variable rate unsecured credi
• $500,000,000 — acility (the "Credit Facility") and our $500,000,000 unsecured commercial paper note program

Filing Documents

• avb-20231231.htm (10-K) — 5811KB
• ex-482023.htm (EX-4.8) — 787KB
• ex-4102023.htm (EX-4.10) — 66KB
• ex-1042023.htm (EX-10.4) — 19KB
• ex-1072023.htm (EX-10.7) — 51KB
• ex-2112023.htm (EX-21.1) — 183KB
• ex-2312023.htm (EX-23.1) — 4KB
• ex-3112023.htm (EX-31.1) — 11KB
• ex-3122023.htm (EX-31.2) — 11KB
• ex-322023.htm (EX-32) — 7KB
• ex-972023.htm (EX-97) — 34KB
• 0000915912-24-000004.txt (&nbsp;) — 25959KB
• avb-20231231.xsd (EX-101.SCH) — 146KB
• avb-20231231_cal.xml (EX-101.CAL) — 95KB
• avb-20231231_def.xml (EX-101.DEF) — 605KB
• avb-20231231_lab.xml (EX-101.LAB) — 1489KB
• avb-20231231_pre.xml (EX-101.PRE) — 892KB
• avb-20231231_htm.xml (XML) — 5358KB

BUSINESS

BUSINESS 1 ITEM 1A.

RISK FACTORS

RISK FACTORS 9 ITEM 1B. UNRESOLVED STAFF COMMENTS 20

C

ITEM 1 C . C YBERSECURITY 20 ITEM 2.

PROPERTIES

PROPERTIES 22 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 32 ITEM 4. MINE SAFETY DISCLOSURES 32 PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 33 ITEM 6. [RESERVED] 33 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 34 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 51 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 51 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 52 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 52 ITEM 9B. OTHER INFORMATION 52 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 52 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 53 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 53 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 53 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 54 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 54 PART IV ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 55 ITEM 16. FORM 10-K SUMMARY 55

SIGNATURES

SIGNATURES 59 Table of Contents PART I This Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Our actual results could differ materially from those set forth in each forward-looking statement. Certain factors that might cause such a difference are discussed in this report, including in the section entitled "Forward-Looking Statements" included in this Form 10-K. You should also review Item 1A. "Risk Factors" for a discussion of various risks that could adversely affect us.

BUSINESS

ITEM 1. BUSINESS General AvalonBay Communities, Inc. (the "Company," "we," "our" and "us" which terms, unless the context otherwise requires, refer to AvalonBay Communities, Inc. together with its subsidiaries), is a Maryland corporation that has elected to be treated as a real estate investment trust ("REIT") for federal income tax purposes. We develop, redevelop, acquire, own and operate multifamily apartment communities in New England, the New York/New Jersey metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California, as well as in our expansion regions of Raleigh-Durham and Charlotte, North Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver, Colorado. We focus on leading metropolitan areas that we believe are generally characterized by growing employment in high wage sectors of the economy, higher cost of home ownership and a diverse and vibrant quality of life. We believe these market characteristics have offered, and will continue to offer, the opportunity for superior risk-adjusted returns over the long-term on apartment community investments relative to other markets that do not have these characteristics. At January 31, 2024, we owned or held a direct or indirect ownership interest in: 279 operating apartment communities containing 83,655 apartment homes in 12 states and the District of Columbia, of which 271 communities containing 81,408 apartment homes were consolidated for financial reporting purposes and eight communities containing 2,247 apartment homes were held by unconsolidated entities in which we hold an ownership interest. 19 wholly-owned development apartment communities that are under construction or completed and in lease-up and are expected to contain an aggregate of 6,539 apartment homes when completed and one unconsolidated investment which holds an apartment community under development and is expected to contain 475 apartment homes when completed. Rights to develop an additional 30

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View this 10-K filing on SEC EDGAR