AvalonBay Communities Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>AvalonBay Communities Inc. filed its Q1 2024 10-Q report, detailing financial performance and operational status.</b>

AI Summary

AVALONBAY COMMUNITIES INC (AVB) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. Filed a 10-Q report for the period ending March 31, 2024. The company's fiscal year ends on December 31st. Incorporated in Maryland (MD). Business and mailing address located at 4040 Wilson Boulevard, Suite 1000, Arlington, VA 22203. Contact phone number is 703-329-6300.

Why It Matters

For investors and stakeholders tracking AVALONBAY COMMUNITIES INC, this filing contains several important signals. This filing provides investors with the latest quarterly financial data, including revenue, net income, and balance sheet information, crucial for assessing the company's current financial health and investment potential. As a Real Estate Investment Trust (REIT), AvalonBay's performance is closely tied to the real estate market, making this report essential for understanding its position within the sector and its ability to generate rental income and property value appreciation.

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 sensitive to interest rate changes and economic downturns, as indicated by its SIC code 6798 (Real Estate Investment Trusts).

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-Q to assess AvalonBay's performance and outlook in the current real estate market.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-05-03 — Filing Date (Filed as of date)
• 6798 — SIC Code (Standard Industrial Classification)
• MD — State of Incorporation (State of incorporation)
• 1231 — Fiscal Year End (Fiscal year end)

Key Players & Entities

• AVALONBAY COMMUNITIES INC (company) — Filer name
• AVB (company) — Ticker symbol
• 2024-03-31 (date) — Period of report
• 2024-05-03 (date) — Filing date
• 4040 WILSON BOULEVARD (address) — Business street address
• ARLINGTON (location) — Business city
• VA (location) — Business state
• 703-329-6300 (phone) — Business phone

FAQ

Risk Factors

• Market Risks [medium — market]: The company's operations are subject to various market risks, including changes in economic conditions, interest rates, and the supply and demand for rental housing.
• Financial Risks [medium — financial]: Risks related to the company's financial structure, including its ability to access capital markets and manage debt levels.
• Operational Risks [medium — operational]: Risks associated with the day-to-day management of properties, including tenant relations, property maintenance, and regulatory compliance.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-03: Filing Date — Date the 10-Q report was officially filed with the SEC.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share AVB New York Stock Exchange

Filing Documents

• avb-20240331.htm (10-Q) — 1600KB
• q1202410-qex311.htm (EX-31.1) — 11KB
• q1202410-qex312.htm (EX-31.2) — 11KB
• q1202410-qex32.htm (EX-32) — 8KB
• 0000915912-24-000011.txt (&nbsp;) — 8086KB
• avb-20240331.xsd (EX-101.SCH) — 55KB
• avb-20240331_cal.xml (EX-101.CAL) — 76KB
• avb-20240331_def.xml (EX-101.DEF) — 306KB
• avb-20240331_lab.xml (EX-101.LAB) — 727KB
• avb-20240331_pre.xml (EX-101.PRE) — 515KB
• avb-20240331_htm.xml (XML) — 1170KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS CONDENSED CONSOLIDATED BALANCE SHEETS AS OF M ARCH 3 1 , 202 4 (UNAUDITED) AND DECEMBER 31, 20 23 1 CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 3 1 , 202 4 AND 20 23 2 CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023 3 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 3 1 , 202 4 AND 202 3 4 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 6

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

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 23

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 42

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 42

- OTHER INFORMATION

PART II - OTHER INFORMATION

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 42

RISK FACTORS

ITEM 1A. RISK FACTORS 42

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 43

DEFAULTS UPON SENIOR SECURITIES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES 43

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 43

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 43

EXHIBITS

ITEM 6. EXHIBITS 44

SIGNATURES

SIGNATURES 45 Table of Contents AVALONBAY COMMUNITIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except per share data) March 31, 2024 December 31, 2023 (unaudited) ASSETS Real estate: Land and improvements $ 4,742,140 $ 4,720,331 Buildings and improvements 19,643,649 19,438,195 Furniture, fixtures and equipment 1,275,563 1,238,330 25,661,352 25,396,856 Less accumulated depreciation ( 7,720,513 ) ( 7,521,962 ) Net operating real estate 17,940,839 17,874,894 Construction in progress, including land 1,210,773 1,268,915 Land held for development 211,546 199,062 Real estate assets held for sale, net 9,629 — Total real estate, net 19,372,787 19,342,871 Cash and cash equivalents 287,892 397,890 Restricted cash 135,658 133,070 Unconsolidated investments 220,384 220,145 Deferred development costs 54,038 53,122 Prepaid expenses and other assets 437,664 396,442 Right of use lease assets 132,474 134,674 Total assets $ 20,640,897 $ 20,678,214 LIABILITIES AND EQUITY Unsecured notes, net $ 7,257,806 $ 7,256,152 Variable rate unsecured credit facility and commercial paper, net — — Mortgage notes payable, net 725,465 725,670 Dividends payable 243,604 238,072 Payables for construction 87,167 87,703 Accrued expenses and other liabilities 323,819 310,868 Lease liabilities 150,926 153,232 Accrued interest payable 71,966 57,911 Resident security deposits 64,437 63,815 Total liabilities 8,925,190 8,893,423 Commitments and contingencies Redeemable noncontrolling interests 1,473 1,473 Equity: Preferred stock, $ 0.01 par value; $ 25 liquidation preference; 50,000,000 shares authorized at March 31, 2024 and December 31, 2023; zero shares issued and outstanding at March 31, 2024 and December 31, 2023 — — Common stock, $ 0.01 par value; 280,000,000 shares authorized at March 31, 2024 and December 31, 2023; 142,184,758 and 142,025,456 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 1,

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View this 10-Q filing on SEC EDGAR