AvalonBay Communities Inc. Files Q2 2024 10-Q

TL;DR

AVB Q2 10-Q filed. Financials look steady, REIT performance detailed.

AI Summary

AvalonBay Communities Inc. filed its 10-Q for the period ending June 30, 2024. The company, a Real Estate Investment Trust, reported its financial performance for the second quarter of 2024. Key financial data and operational details are provided in this filing.

Why It Matters

This filing provides investors with a detailed look at AvalonBay's financial health and operational performance for the second quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — As a real estate investment trust, AvalonBay is subject to market fluctuations, interest rate changes, and property-specific risks.

Key Numbers

• 2024 Q2 — Reporting Period (Financial performance for the second quarter of 2024 is detailed.)
• 12/31 — Fiscal Year End (Indicates the end of the company's fiscal year.)

Key Players & Entities

• AVALONBAY COMMUNITIES INC (company) — Filer
• 20240630 (date) — Period of Report
• 7033296300 (dollar_amount) — Business Phone

FAQ

Key Financial Figures

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

Filing Documents

• avb-20240630.htm (10-Q) — 2001KB
• q2202410-qex311.htm (EX-31.1) — 11KB
• q2202410-qex312.htm (EX-31.2) — 11KB
• q2202410-qex32.htm (EX-32) — 8KB
• 0000915912-24-000015.txt ( ) — 9630KB
• avb-20240630.xsd (EX-101.SCH) — 59KB
• avb-20240630_cal.xml (EX-101.CAL) — 79KB
• avb-20240630_def.xml (EX-101.DEF) — 326KB
• avb-20240630_lab.xml (EX-101.LAB) — 784KB
• avb-20240630_pre.xml (EX-101.PRE) — 549KB
• avb-20240630_htm.xml (XML) — 1580KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS CONDENSED CONSOLIDATED BALANCE SHEETS AS OF J UNE 3 0 , 2024 (UNAUDITED) AND DECEMBER 31, 2023 1 CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023 2 CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) FOR THE SIX MONTHS ENDED JUNE 3 0 , 2024 AND 2023 3 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE SIX MONTHS ENDED JUNE 3 0 , 2024 AND 2023 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 25

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 44

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 44

- OTHER INFORMATION

PART II - OTHER INFORMATION

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 44

RISK FACTORS

ITEM 1A. RISK FACTORS 44

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 45

DEFAULTS UPON SENIOR SECURITIES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES 45

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 45

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 45

EXHIBITS

ITEM 6. EXHIBITS 46

SIGNATURES

SIGNATURES 47 Table of Contents AVALONBAY COMMUNITIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except per share data) June 30, 2024 December 31, 2023 (unaudited) ASSETS Real estate: Land and improvements $ 4,784,515 $ 4,720,331 Buildings and improvements 19,684,414 19,438,195 Furniture, fixtures and equipment 1,302,726 1,238,330 25,771,655 25,396,856 Less accumulated depreciation ( 7,811,650 ) ( 7,521,962 ) Net operating real estate 17,960,005 17,874,894 Construction in progress, including land 1,122,699 1,268,915 Land held for development 174,997 199,062 Real estate assets held for sale, net 154,887 — Total real estate, net 19,412,588 19,342,871 Cash and cash equivalents 545,769 397,890 Restricted cash 219,584 133,070 Unconsolidated investments 222,065 220,145 Deferred development costs 48,747 53,122 Prepaid expenses and other assets 455,081 396,442 Right of use lease assets 133,196 134,674 Total assets $ 21,037,030 $ 20,678,214 LIABILITIES AND EQUITY Unsecured notes, net $ 7,655,152 $ 7,256,152 Variable rate unsecured credit facility and commercial paper, net — — Mortgage notes payable, net 718,879 725,670 Dividends payable 244,082 238,072 Payables for construction 83,912 87,703 Accrued expenses and other liabilities 315,880 310,868 Lease liabilities 151,587 153,232 Accrued interest payable 60,830 57,911 Resident security deposits 65,214 63,815 Total liabilities 9,295,536 8,893,423 Commitments and contingencies Redeemable noncontrolling interests — 1,473 Equity: Preferred stock, $ 0.01 par value; $ 25 liquidation preference; 50,000,000 shares authorized at June 30, 2024 and December 31, 2023; zero shares issued and outstanding at June 30, 2024 and December 31, 2023 — — Common stock, $ 0.01 par value; 280,000,000 shares authorized at June 30, 2024 and December 31, 2023; 142,217,019 and 142,025,456 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 1,422 1,4

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