AvalonBay Communities Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Rental Revenue	3,034	2,907	2,760	2,587	2,292
Property Management Fees	7.04	7.08	7.72	6.33	3.08
Other Revenue	0.46	-0.91	8.44	15.25	38.59
Total Revenue	3,041	2,913	2,776	2,609	2,333
Revenue Growth (YoY	4.41%	4.92%	6.43%	11.80%	1.34%
Property Expenses	1,121	1,073	988.13	919.11	853.94
Selling, General & Administrative	73.29	74.7	76.53	80.06	69.61
Depreciation & Amortization	913.38	846.85	816.97	814.98	758.6
Total Operating Expenses	2,108	1,995	1,882	1,814	1,682
Operating Income	933.61	917.85	894.71	794.54	651.29
Interest Expense	-259.18	-226.59	-205.99	-230.07	-220.42
Interest & Investment Income	27.48	18.45	5.02	-	-
Other Non-Operating Income	4.13	0.75	0.17	5.13	1.12
EBT Excluding Unusual Items	706.04	710.46	693.91	569.59	431.99
Gain (Loss) on Sale of Investments	39.23	33.14	-	38.14	-
Gain (Loss) on Sale of Assets	335.71	363.3	287.42	555.56	602.24
Asset Writedown	-10.85	-18.34	-33.48	-16.57	-3.23
Total Legal Settlements	-13.39	-3	-	6	-
Other Unusual Items	-1.28	-2.94	-9.27	-1.65	-20.91
Pretax Income	1,055	1,083	938.59	1,151	1,010
Income Tax Expense	-1.14	0.45	10.15	14.65	5.73
Earnings From Continuing Operations	1,057	1,082	928.44	1,136	1,004
Minority Interest in Earnings	-5.3	-0.18	0.39	0.34	-0.06
Net Income	1,051	1,082	928.83	1,137	1,004
Preferred Dividends & Other Adjustments	1.97	2.07	1.66	2.09	2.1
Net Income to Common	1,049	1,080	927.16	1,135	1,002
Net Income Growth	-2.84%	16.49%	-18.29%	13.19%	21.35%
Basic Shares Outstanding	142	142	141	140	139
Diluted Shares Outstanding	143	142	142	140	140
Shares Change (YoY)	0.26%	0.57%	1.19%	0.18%	-0.51%
EPS (Basic)	7.40	7.61	6.56	8.13	7.19
EPS (Diluted)	7.40	7.60	6.56	8.12	7.19
EPS Growth	-2.60%	15.82%	-19.26%	12.98%	21.97%
Dividend Per Share	7.000	6.800	6.600	6.360	6.360
Dividend Growth	2.94%	3.03%	3.77%	-	-
Operating Margin	30.70%	31.51%	32.23%	30.46%	27.91%
Profit Margin	34.50%	37.08%	33.40%	43.50%	42.95%
EBITDA	1,847	1,765	1,712	1,610	1,410
EBITDA Margin	60.73%	60.58%	61.65%	61.70%	60.42%
D&A For Ebitda	913.38	846.85	816.97	814.98	758.6
EBIT	933.61	917.85	894.71	794.54	651.29
EBIT Margin	30.70%	31.51%	32.23%	30.46%	27.91%
Funds From Operations (FFO)	1,628	1,565	-	-	-
FFO Per Share	11.40	10.98	-	-	-
Adjusted Funds From Operations (AFFO)	1,628	1,565	-	-	-
AFFO Per Share	11.40	10.98	-	-	-
FFO Payout Ratio	60.96%	61.47%	-	-	-
Effective Tax Rate	-	0.04%	1.08%	1.27%	0.57%
Revenue as Reported	3,041	2,914	2,768	2,593	2,295

Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.