Avalonbay communities, inc. (AVB)
Income statement / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Dec'10Sep'10Jun'10Mar'10Dec'09Sep'09Jun'09Mar'09Sep'08
Revenue:
Operating Lease, Lease Income

600,644

592,090

586,382

576,149

565,045

577,702

575,070

568,285

559,906

554,434

549,507

529,414

521,126

516,951

514,891

500,840

506,974

478,609

473,199

454,517

439,756

437,857

428,022

411,134

396,998

390,865

386,175

375,294

299,085

238,424

258,788

249,675

243,483

189,686

241,286

233,249

226,210

179,450

223,758

218,658

213,600

190,984

213,165

210,182

208,265

213,768

Management, development and other fees

1,007

1,476

1,231

1,114

1,139

820

912

954

886

856

993

1,098

1,200

1,288

1,320

1,467

1,524

2,233

2,161

2,942

2,611

2,798

2,503

2,672

3,077

3,303

3,014

2,913

2,272

2,405

2,533

2,770

2,549

2,571

2,433

2,332

2,320

2,021

1,800

1,684

1,849

1,905

1,878

2,077

1,468

1,622

Total revenue

601,651

593,566

587,613

577,263

566,184

578,522

575,982

569,239

560,792

555,290

550,500

530,512

522,326

518,239

516,211

502,307

508,498

480,842

475,360

457,459

442,367

440,655

430,525

413,806

400,075

394,168

389,189

378,207

301,357

240,829

261,321

252,445

246,032

192,257

243,719

235,581

228,530

181,471

225,558

220,342

215,449

192,889

215,043

212,259

209,733

215,390

Expenses:
Operating expenses, excluding property taxes

131,993

125,321

133,445

132,924

123,455

130,663

132,237

130,836

131,257

121,603

129,590

126,687

123,044

118,119

124,789

118,903

116,626

108,246

115,655

112,069

112,777

105,859

105,212

101,059

98,542

95,695

96,857

87,865

71,828

60,807

67,471

66,751

64,321

50,886

68,268

63,951

63,767

48,962

66,569

65,804

64,922

50,777

66,693

66,001

62,780

64,751

Property taxes

67,026

65,071

64,374

62,187

61,329

60,443

61,230

59,994

59,896

57,181

57,698

53,566

52,930

51,325

52,338

51,107

50,067

49,993

50,416

45,913

47,177

46,714

44,996

42,439

44,485

43,677

42,184

41,011

31,902

23,665

25,475

24,528

23,887

17,817

23,741

23,266

24,140

18,410

23,225

23,083

23,146

19,569

21,093

19,945

20,886

18,756

Interest expense, net

55,914

54,190

51,493

50,010

47,892

55,179

54,097

56,585

55,113

52,523

47,741

50,102

49,295

49,648

47,871

46,581

43,410

42,218

43,234

44,590

45,573

47,987

46,376

43,722

42,533

47,114

43,945

43,169

38,174

36,118

33,985

33,191

33,626

37,640

42,659

44,544

42,971

41,736

44,262

41,458

42,541

37,247

41,205

36,880

30,130

28,363

Loss on extinguishment of debt, net

-9,170

0

-93

-229

-280

-14,775

-1,678

-642

-397

-1,310

0

-24,162

0

-

0

-2,461

-

-

18,987

7,749

-

-

0

-412

-

-

0

0

-

0

0

0

-1,179

-

-

-

-

-

-

-

-

-26,972

0

0

1,062

-

Loss on interest rate contract

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-53,484

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Depreciation expense

177,911

171,365

165,463

162,693

162,057

158,914

156,538

156,685

159,059

157,100

144,990

141,439

140,621

140,020

131,729

132,469

127,216

122,259

120,184

118,627

116,853

114,084

111,836

110,395

106,367

104,806

159,873

189,977

105,559

56,135

62,750

63,224

61,571

45,349

60,893

60,836

59,650

49,348

57,926

57,317

55,972

50,247

52,987

51,174

50,073

48,698

General and administrative expense

17,320

12,602

12,769

18,965

13,706

15,985

14,744

15,209

14,431

14,887

11,655

13,947

13,206

10,428

11,928

12,011

11,404

11,507

10,464

10,335

10,468

10,679

11,290

10,220

9,236

8,311

9,878

11,345

10,039

7,703

8,372

8,316

9,710

7,847

6,087

8,145

7,292

6,871

7,039

4,041

8,895

10,361

5,750

5,390

7,247

9,318

Expensed transaction, development and other pursuit costs, net of recoveries

3,334

1,483

175

2,711

622

895

523

1,047

800

649

789

570

728

1,220

3,804

1,436

3,462

1,571

3,391

673

1,187

-6,855

406

2,017

715

-991

2,176

3,806

40,059

9,602

608

901

239

-

-

-

-

-

-

-

-

-

-

-

-

-

Casualty and impairment loss, net

-

-

0

0

-

827

-554

0

-58

-5,438

0

0

11,688

-1

0

-1,732

-2,202

126

658

-17,114

5,788

0

0

0

0

-

-

-

-

-

-

-

-

-

14,052

-

-

-

-

-

-

-

-

20,302

-

0

Total expenses

462,668

430,032

427,812

429,719

409,341

437,681

420,493

420,998

420,895

399,815

392,463

410,473

391,512

375,373

372,459

363,236

349,983

335,920

325,015

307,344

339,823

318,468

320,116

310,264

301,878

311,049

408,397

377,173

297,561

195,479

198,661

196,911

194,533

164,446

215,700

200,742

197,820

165,327

199,021

191,703

195,476

196,023

187,728

199,692

170,054

169,886

Income before equity in income of unconsolidated real estate entities, gain (loss) on sale of communities and other real estate, and income taxes

-

-

-

-

-

-

-

-

-

-

158,037

120,039

130,814

-

143,752

139,071

158,515

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Equity in income (loss) of unconsolidated real estate entities

1,175

7,872

1,643

197

-1,060

2,710

10,031

789

1,740

358

52,568

1,146

16,672

10,184

-342

27,151

27,969

1,092

20,554

13,806

34,566

5,241

130,592

7,710

5,223

5,090

3,260

-940

-18,564

11,113

5,553

2,073

2,175

1,607

2,615

395

503

397

-325

463

227

-2,698

190

492

3,457

495

Gain on sale of communities

24,436

256

130,484

20,530

14,835

242,532

27,243

105,201

0

92,845

27,738

44,067

87,949

90,040

202,163

30,990

51,430

9,473

35,216

0

70,936

23,980

0

60,945

0

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

183,711

Gain on other real estate transactions, net

43

65

73

34

267

10

12

370

-47

-11,153

-120

0

366

-697

10,778

143

0

0

0

9,625

22

490

0

0

0

-

0

240

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Gain (Loss) on Sale of Other Investments

3,460

-

-

-

-473

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other Selling, General and Administrative Expense

-

-

1,108

-

-

-

339

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Gain on sale of land

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

280

-

-

13,716

-

-

-

-

-

-

-

241

-

-

0

Gain on acquisition of unconsolidated entity

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

14,194

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Income before income taxes

168,097

169,496

290,893

168,305

170,412

385,388

192,436

254,601

141,590

237,525

238,223

165,252

235,801

242,393

356,351

197,355

237,914

155,487

206,115

173,546

208,068

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Income Tax Expense (Benefit)

91

1,825

11,184

0

-6

-247

29

58

0

39

24

58

20

210

22

36

37

136

39

1,293

15

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Income from continuing operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

142,530

241,001

172,197

103,420

88,209

-15,948

334

-14,768

56,463

82,407

57,887

53,674

29,418

44,350

35,234

31,213

16,541

26,212

29,102

20,200

-1,243

27,746

13,059

43,136

45,999

Discontinued operations:
Income from discontinued operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

310

3,823

5,063

2,081

5,746

14,660

4,340

3,885

3,935

20,131

327

283

-676

-

-

-

-

-

-

-

-

-

Gain on sale of discontinued operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

37,869

160,058

0

33,682

84,491

-

-

95,049

-

-

-

7,675

-

74,396

-2,232

35

1,875

-

3,685

3,664

3,965

3,176

Gain on sale of real estate assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

21,929

50,291

-

26,670

-

-

-

Total discontinued operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

38,179

163,881

5,063

35,763

90,237

65,922

4,340

98,934

3,935

293,546

327

7,958

-676

10,126

-2,232

21,964

52,166

33,592

30,355

3,664

3,965

186,887

Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

168,006

167,671

279,709

168,305

170,418

385,635

192,407

254,543

141,590

237,486

238,199

165,194

235,781

242,183

356,329

197,319

237,877

155,351

206,076

172,253

208,053

142,530

241,001

172,197

141,599

252,090

-10,885

36,097

75,469

122,385

86,747

156,821

57,609

322,964

44,677

43,192

30,537

26,667

23,980

51,066

72,366

32,349

58,101

16,723

47,101

232,886

Net income attributable to noncontrolling interests

35

21

32

24

52

-99

-79

-119

-53

-87

-49

-31

-94

-52

-63

-125

-54

-77

-66

-71

-91

-112

-99

14,111

-140

-121

-170

-121

42

27

-97

-88

-149

-120

-147

-181

196

-362

-674

-59

-157

-45

-53

-951

-324

-695

Net income attributable to the Company

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

58,154

17,674

47,425

233,581

Dividends attributable to preferred stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-2,175

Net Income (Loss) Available to Common Stockholders, Basic

167,971

167,650

279,677

168,281

170,366

385,734

192,486

254,662

141,643

237,573

238,248

165,225

235,875

242,235

356,392

197,444

237,931

155,428

206,142

172,324

208,144

142,642

241,100

158,086

141,739

252,211

-10,715

36,218

75,427

122,358

86,844

156,909

57,758

323,084

44,824

43,373

30,341

27,029

24,654

51,125

72,523

-

-

-

-

231,406

Other comprehensive income (loss):
Loss on cash flow hedges

-17,603

11,833

-13,644

-2,888

-7,231

-6,369

0

0

11,501

1,675

359

-16,158

145

68,270

719

-26,788

-47,757

5,421

-31

-6

-30

-

-

-

-

-

-

-

-

891

-6,977

-27,798

11,008

-6,155

-60,270

-19,336

-84

341

-314

-677

542

547

521

421

376

506

Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax

-1,949

-1,746

-1,746

-1,611

-1,468

-1,466

-1,466

-1,455

-1,756

-1,770

-1,767

-1,781

-1,752

-1,750

-1,748

-1,561

-1,374

-1,373

-1,373

-1,433

-1,595

-1,680

-1,546

-1,438

-1,573

-1,463

-54,948

-1,574

-1,391

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Comprehensive income

152,317

181,229

267,779

167,004

164,603

380,831

193,952

256,117

154,900

241,018

240,374

150,848

237,772

312,255

358,859

172,217

191,548

162,222

207,484

173,751

209,709

144,201

242,646

159,524

143,312

253,674

44,233

37,792

76,818

125,138

79,867

129,111

68,766

316,929

-15,446

24,037

30,257

27,370

24,340

50,448

73,065

32,941

58,675

18,095

47,801

231,912

Earnings Per Share, Basic [Abstract]
Income from continuing operations attributable to common stockholders

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1.08

1.83

1.22

0.80

0.70

-0.12

0.00

-0.12

0.54

0.85

0.61

0.57

0.29

0.49

0.41

0.36

0.18

0.32

0.35

0.25

-0.01

0.34

0.17

0.55

0.58

Discontinued operations attributable to common stockholders

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0.00

0.00

0.00

0.29

1.25

0.04

0.28

0.75

0.66

0.04

1.03

0.04

3.25

0.01

0.09

-0.01

0.11

-0.03

0.26

0.64

0.41

0.38

0.05

0.05

2.42

Earnings Per Share, Basic

1.19

1.20

2.00

1.21

1.23

2.79

1.39

1.84

1.03

1.71

1.73

1.20

1.72

1.76

2.60

1.44

1.73

-

1.54

1.30

-

1.08

1.83

1.22

1.09

1.95

-0.08

0.28

0.63

1.20

0.89

1.64

0.61

3.55

0.49

0.50

0.35

0.29

0.29

0.61

0.89

0.40

0.72

0.22

0.60

3.00

Earnings Per Share, Diluted [Abstract]
Income (loss) from continuing operations attributable to common stockholders (in dollars per share)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1.08

1.83

1.21

0.80

0.70

-0.12

0.00

-0.12

0.54

0.85

0.60

0.56

0.30

0.49

0.40

0.36

0.18

0.32

0.35

0.25

-0.01

0.34

0.17

0.54

0.58

Discontinued operations attributable to common stockholders (in dollars per share)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0.00

0.00

0.00

0.29

1.25

0.04

0.28

0.75

0.66

0.04

1.03

0.04

3.23

0.01

0.09

-0.01

0.11

-0.03

0.26

0.63

0.41

0.38

0.05

0.05

2.40

Earnings Per Share, Diluted

1.19

1.19

2.00

1.21

1.23

2.79

1.39

1.84

1.03

1.71

1.72

1.20

1.72

1.76

2.59

1.44

1.73

-

1.53

1.29

-

1.08

1.83

1.21

1.09

1.95

-0.08

0.28

0.63

1.20

0.89

1.63

0.60

3.54

0.49

0.49

0.35

0.29

0.29

0.61

0.88

0.40

0.72

0.22

0.59

2.98

Dividends per common share (in dollars per share)

-

-

-

-

-

-

-

-

-

-

1.42

1.42

1.42

-

1.35

1.35

1.35

-

1.25

1.25

1.25

-

1.16

1.16

1.16

-

1.07

1.07

1.07

-

0.97

0.97

0.97

-

0.89

0.89

0.89

-

0.89

0.89

0.89

-

0.89

0.89

0.89

0.89