AvalonBay Communities Inc. Q3 2024 10-Q Filing

TL;DR

AVB's Q3 10-Q is in - check financials for REIT performance.

AI Summary

AvalonBay Communities Inc. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and operations for the third quarter and the first nine months of the year. Key financial data and operational metrics are presented, reflecting the company's real estate investment trust activities.

Why It Matters

This filing provides investors with a detailed look at AvalonBay's financial health and operational performance in the real estate sector, crucial for investment decisions.

Risk Assessment

Risk Level: medium — Real estate investment trusts are subject to market fluctuations, interest rate changes, and property-specific risks.

Key Numbers

• 2024-09-30 — Period End Date (Indicates the end of the reporting quarter.)
• 2023-12-31 — Previous Year End (Provides a comparison point to the prior fiscal year end.)
• 2024-07-01 to 2024-09-30 — Current Quarter (Defines the specific period for the Q3 financial results.)

Key Players & Entities

• AVALONBAY COMMUNITIES INC (company) — Filer
• 20240930 (date) — Period of Report
• 20241112 (date) — Filing Date

FAQ

Key Financial Figures

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

Filing Documents

• avb-20240930.htm (10-Q) — 2086KB
• q3202410-qex311.htm (EX-31.1) — 11KB
• q3202410-qex312.htm (EX-31.2) — 11KB
• q3202410-qex32.htm (EX-32) — 8KB
• 0000915912-24-000021.txt ( ) — 9983KB
• avb-20240930.xsd (EX-101.SCH) — 61KB
• avb-20240930_cal.xml (EX-101.CAL) — 81KB
• avb-20240930_def.xml (EX-101.DEF) — 340KB
• avb-20240930_lab.xml (EX-101.LAB) — 808KB
• avb-20240930_pre.xml (EX-101.PRE) — 564KB
• avb-20240930_htm.xml (XML) — 1655KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS CONDENSED CONSOLIDATED BALANCE SHEETS AS OF SEPTEMBER 30, 2024 (UNAUDITED) AND DECEMBER 31, 2023 1 CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023 2 CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023 3 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023 5 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 7

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 26

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 46

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 46

- OTHER INFORMATION

PART II - OTHER INFORMATION

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 46

RISK FACTORS

ITEM 1A. RISK FACTORS 46

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 47

DEFAULTS UPON SENIOR SECURITIES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES 47

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 47

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 47

EXHIBITS

ITEM 6. EXHIBITS 48

SIGNATURES

SIGNATURES 49 Table of Contents AVALONBAY COMMUNITIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except per share data) September 30, 2024 December 31, 2023 (unaudited) ASSETS Real estate: Land and improvements $ 4,854,683 $ 4,720,331 Buildings and improvements 20,070,553 19,438,195 Furniture, fixtures and equipment 1,354,107 1,238,330 26,279,343 25,396,856 Less accumulated depreciation ( 7,990,115 ) ( 7,521,962 ) Net operating real estate 18,289,228 17,874,894 Construction in progress, including land 1,088,496 1,268,915 Land held for development 154,906 199,062 Real estate assets held for sale, net 37,088 — Total real estate, net 19,569,718 19,342,871 Cash and cash equivalents 552,356 397,890 Restricted cash 240,121 133,070 Unconsolidated investments 227,831 220,145 Deferred development costs 49,620 53,122 Prepaid expenses and other assets 511,771 396,442 Right of use lease assets 156,994 134,674 Total assets $ 21,308,411 $ 20,678,214 LIABILITIES AND EQUITY Unsecured notes, net $ 7,656,910 $ 7,256,152 Variable rate unsecured credit facility and commercial paper, net — — Mortgage notes payable, net 718,352 725,670 Dividends payable 244,519 238,072 Payables for construction 81,263 87,703 Accrued expenses and other liabilities 402,590 310,868 Lease liabilities 175,401 153,232 Accrued interest payable 80,225 57,911 Resident security deposits 64,267 63,815 Total liabilities 9,423,527 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 September 30, 2024 and December 31, 2023; zero shares issued and outstanding at September 30, 2024 and December 31, 2023 — — Common stock, $ 0.01 par value; 280,000,000 shares authorized at September 30, 2024 and December 31, 2023; 142,236,607 and 142,025,456 shares issued and outstanding at September 30, 2024 and December 31, 2023,

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View this 10-Q filing on SEC EDGAR