AvalonBay Communities(AVB) - 2024 Q2 - Quarterly Report

Financial Performance - Total revenue for the three months ended June 30, 2024, was $726,041,000, an increase of 5.4% compared to $690,860,000 for the same period in 2023[15]. - Net income attributable to common stockholders for the three months ended June 30, 2024, was $253,934,000, a decrease of 31.0% from $367,923,000 in the same period last year[15]. - Earnings per common share - diluted for the three months ended June 30, 2024, was $1.78, down from $2.59 in the same period of 2023, a decline of 31.2%[15]. - The company reported a gain on the sale of communities of $68,556,000 for the three months ended June 30, 2024, compared to $187,322,000 in the same period of 2023[15]. - Net income attributable to common stockholders for the six months ended June 30, 2024, was $427,564, compared to $514,582 for the same period in 2023, representing a decrease of approximately 16.9%[22]. - The company reported net income of $254,007,000 for the three months ended June 30, 2024, compared to $367,807,000 for the same period in 2023, indicating a decrease of 30.9%[90]. - The company reported a 3.7% increase in Same Store Residential revenue for the six months ended June 30, 2024, totaling $1,325,606,000[143]. Assets and Liabilities - Total assets as of June 30, 2024, amounted to $21,037,030,000, up from $20,678,214,000 as of December 31, 2023, reflecting a growth of 1.7%[12]. - Total liabilities increased to $9,295,536,000 as of June 30, 2024, from $8,893,423,000 at the end of 2023, indicating a growth of 4.5%[12]. - Total equity as of June 30, 2024, was $11,741,494,000, a slight decrease from $11,783,318,000 at the end of 2023[12]. - The company's total principal outstanding debt as of June 30, 2024, was $8,436,061,000, an increase from $8,044,042,000 as of December 31, 2023[55]. Cash Flow and Investments - Cash and cash equivalents increased to $545,769,000 as of June 30, 2024, compared to $397,890,000 at the end of 2023, representing a rise of 37.2%[12]. - Net cash provided by operating activities for the six months ended June 30, 2024, was $792,896, compared to $742,579 for the same period in 2023, representing an increase of approximately 6.8%[22]. - The company recorded a net cash used in investing activities of $463,803 for the six months ended June 30, 2024, compared to $297,877 for the same period in 2023, indicating an increase of about 55.5%[22]. - The company invested $439,900,000 in the development and redevelopment of communities during the six months ended June 30, 2024[164]. Operating Expenses - Operating expenses, excluding property taxes, for the three months ended June 30, 2024, were $179,595,000, an increase of 5.3% from $169,848,000 in the prior year[15]. - Direct property operating expenses, excluding property taxes, rose to $140,200,000, a 3.8% increase from $135,020,000 in the prior year[132]. - General and administrative expenses rose by $1,910,000, or 10.8%, for the three months ended June 30, 2024, primarily due to increased compensation-related expenses[152]. Development and Future Plans - The Company expects to develop an additional 30 communities, estimated to contain 9,991 apartment homes[30]. - The Company has 17 wholly-owned communities under construction, expected to contain 6,066 apartment homes with a projected total capitalized cost of $2,537,000,000[123]. - The company has a total of 901 apartment homes in its development pipeline with a total capitalized cost of $351,000,000 as of June 30, 2024[198]. Stock and Dividends - Dividends declared to common stockholders for the six months ended June 30, 2024, were $478,533, compared to $454,323 for the same period in 2023, showing an increase of about 5.3%[22]. - Common stock dividends declared but not paid totaled $242,576,000[26]. - The Company issued 248,420 shares of common stock as part of stock-based compensation plans during the six months ended June 30, 2024, with a total value of $17,505,000[25]. Risks and Forward-Looking Statements - The company acknowledges risks that could cause actual results to differ materially from forward-looking statements, including market conditions and construction costs[204]. - The company does not undertake a duty to update forward-looking statements, which may not represent future estimates and assumptions[203].