AvalonBay Communities, Inc. AVB
At the close of 2020, AvalonBay Communities held a direct or indirect ownership stake in a substantial portfolio encompassing 291 apartment communities. These properties collectively contained 86,025 residential units across 11 states and the District of Columbia. Among these, 18 communities were actively under development, and one was undergoing redevelopment. As an equity REIT, AvalonBay's primary activities involve the development, redevelopment, acquisition, and management of apartment communities. The company strategically targets prominent metropolitan areas such as New England, the New York/New Jersey metro region, the Mid-Atlantic states, the Pacific Northwest, and both Northern and Southern California. Furthermore, AvalonBay is expanding its presence into key growth markets, specifically Southeast Florida and Denver, Colorado.
Snapshot
Reported FFO / AFFO / leverage are from the None earnings release (filed 2026-05-21) — 8-K, EX-99.1.
Yield uses the latest declared dividend, annualized (latest regular payout × frequency; special/liquidating distributions excluded) — an announced-but-not-yet-declared change isn't reflected until it has an ex-date. FFO, AFFO and Net debt / Adj. EBITDA are the company's reported figures from its latest earnings 8-K. Price/OCF and payout use GAAP operating cash flow. NAV premium and credit ratings have no free source yet. See Methodology.
Dividends
| Ex-date | Record | Payment | Declared | Amount | Freq. |
|---|---|---|---|---|---|
| 2026-06-30 | 2026-06-30 | 2026-07-15 | 2026-06-09 | $1.78 | Quarterly |
| 2026-03-31 | 2026-03-31 | 2026-04-15 | 2026-02-04 | $1.78 | Quarterly |
| 2025-12-31 | 2025-12-31 | 2026-01-15 | 2025-11-19 | $1.75 | Quarterly |
| 2025-09-30 | 2025-09-30 | 2025-10-15 | 2025-09-17 | $1.75 | Quarterly |
| 2025-06-30 | 2025-06-30 | 2025-07-15 | 2025-05-21 | $1.75 | Quarterly |
| 2025-03-31 | 2025-03-31 | 2025-04-15 | 2025-02-05 | $1.75 | Quarterly |
| 2024-12-31 | 2024-12-31 | 2025-01-15 | 2024-11-14 | $1.70 | Quarterly |
| 2024-09-30 | 2024-09-30 | 2024-10-15 | 2024-09-20 | $1.70 | Quarterly |
| 2024-06-28 | 2024-06-28 | 2024-07-15 | 2024-05-16 | $1.70 | Quarterly |
| 2024-03-27 | 2024-03-28 | 2024-04-15 | 2024-01-31 | $1.70 | Quarterly |
| 2023-12-28 | 2023-12-29 | 2024-01-16 | 2023-11-16 | $1.65 | Quarterly |
| 2023-09-28 | 2023-09-29 | 2023-10-16 | 2023-09-14 | $1.65 | Quarterly |
| 2023-06-29 | 2023-06-30 | 2023-07-17 | 2023-05-24 | $1.65 | Quarterly |
| 2023-03-30 | 2023-03-31 | 2023-04-17 | 2023-02-08 | $1.65 | Quarterly |
| 2022-12-29 | 2022-12-30 | 2023-01-17 | 2022-11-10 | $1.59 | Quarterly |
| 2022-09-29 | 2022-09-30 | 2022-10-17 | 2022-09-15 | $1.59 | Quarterly |
| 2022-06-29 | 2022-06-30 | 2022-07-15 | 2022-05-19 | $1.59 | Quarterly |
| 2022-03-30 | 2022-03-31 | 2022-04-15 | 2022-02-17 | $1.59 | Quarterly |
| 2021-12-30 | 2021-12-31 | 2022-01-18 | 2021-11-18 | $1.59 | Quarterly |
| 2021-10-01 | 2021-10-04 | 2021-10-15 | 2021-09-24 | $1.59 | Quarterly |
| 2021-06-29 | 2021-06-30 | 2021-07-15 | 2021-05-20 | $1.59 | Quarterly |
| 2021-03-30 | 2021-03-31 | 2021-04-15 | 2021-02-03 | $1.59 | Quarterly |
| 2020-12-30 | 2020-12-31 | 2021-01-15 | 2020-11-12 | $1.59 | Quarterly |
| 2020-09-29 | 2020-09-30 | 2020-10-15 | 2020-09-16 | $1.59 | Quarterly |
Coverage (payout of operating cash flow): 60.23%. Tax-character split (ordinary / 199A / capital gain / return of capital) — not disclosed (requires the annual allocation release).
Balance sheet (latest FY: 2025)
Debt-maturity ladder, fixed/floating split, secured/unsecured and coverage ratios come from the supplemental — not yet ingested.
Financial history
| FY | Revenue | Net income | D&A | EBITDA | Op. cash flow |
|---|---|---|---|---|---|
| 2025 | $3.04B | $1.05B | $913.38M | $2.23B | $1.68B |
| 2024 | $2.91B | $1.08B | $846.85M | $2.16B | $1.61B |
| 2023 | $2.77B | $928.83M | $816.97M | $1.96B | $1.56B |
| 2022 | $2.59B | $1.14B | $814.98M | $2.20B | $1.42B |
| 2021 | $2.29B | $1.00B | $758.60M | $1.99B | $1.20B |
| 2020 | $2.30B | $827.63M | $707.33M | $1.75B | $1.22B |
Same-store NOI, occupancy, leasing/WALT, top tenants, external-manager fees, development pipeline and (for non-traded vehicles) share-class fees, redemption/gating and NAV methodology are planned modules sourced from supplementals and prospectuses.