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AvalonBay Communities, Inc., a member of the S&P 500, is an equity REIT. The firm develops, redevelops, acquires and manages communities in leading metropolitan areas in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California, as well as in the Company's expansion regions of Raleigh-Durham and Charlotte, North Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver, Colorado. As of December 31, 2025, the Company owned or held a direct or indirect ownership interest in 320 communities containing 98,694 apartment homes in 11 states and the District of Columbia, of which 24 communities were under development. AvalonBay Communities, Inc. was incorporated in 1978 in Maryland, USA.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $3.0B | $2.2B | $1.1B | $1.4B | 9.1% | 4.4% | -2.8% |
| 2024 | $2.9B | $2.2B | $1.1B | $1.4B | 9.1% | 5.3% | 16.5% |
| 2023 | $2.8B | $2.0B | $929M | $1.4B | 7.9% | 6.7% | -18.3% |
| 2022 | $2.6B | $2.2B | $1.1B | $1.2B | 10.1% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 2,593.45 | 2,767.91 | 2,913.76 | 3,040.72 |
| Cost Of Revenue | - | 919.11 | 988.13 | 1,073.46 | 1,120.91 |
| Gross Profit | - | 1,674.33 | 1,779.78 | 1,840.30 | 1,919.81 |
| Operating Expense | - | 889.04 | 893.50 | 924.55 | 1,000.06 |
| Operating Income | - | 785.29 | 886.28 | 915.75 | 919.76 |
| EBITDA | - | 2,196.14 | 1,961.55 | 2,156.06 | 2,228.02 |
| EBIT | - | 1,381.16 | 1,144.58 | 1,309.21 | 1,314.64 |
| Pretax Income | - | 1,151.08 | 938.59 | 1,082.62 | 1,055.46 |
| Tax Provision | - | 14.65 | 10.15 | 0.44 | -1.14 |
| Net Income | - | 1,136.78 | 928.82 | 1,081.99 | 1,051.30 |
| Net Income Common Stockholders | - | 1,134.68 | 927.16 | 1,079.92 | 1,049.33 |
| Total Expenses | - | 1,808.16 | 1,881.63 | 1,998.01 | 2,120.97 |
| Interest Expense | - | 230.07 | 205.99 | 226.59 | 259.18 |
| Interest Income | - | - | 5.02 | 18.45 | 27.48 |
| Research And Development | 3.23 | 16.57 | - | - | - |
| Selling General And Administration | - | 74.06 | 76.53 | 77.70 | 86.68 |
| Normalized EBITDA | - | 1,642.22 | 1,683.39 | 1,795.70 | 1,893.58 |
| Normalized Income | - | 589.91 | 653.68 | 721.78 | 787.10 |
| Market Cap | 23,980 | 23,980 | 23,980 | 23,980 | 23,980 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| AvalonBay Communities, Inc.this co. | AVB | - | 22.81↓ discount | 2.07 | 9.1% | 14.94 |
| Essex Property Trust, Inc. | ESS | $16.4B | 24.59 | 2.97 | 12.1% | 14.82 |
| Regency Centers Corporation | REG | $15.0B | 28.42 | 2.24 | 7.9% | 17.55 |
| Mid-America Apartment Communities, Inc. | MAA | $14.8B | 32.71 | 2.57 | 7.9% | 15.77 |
| Host Hotels & Resorts, Inc. |
| - |
| - |
| - |
| - |
| - |
| - |
| HST |
| $14.4B |
| 18.78 |
| 2.19 |
| 11.7% |
| 10.41 |
| CoStar Group, Inc. | CSGP | $12.7B | 2206.30 | 1.85 | 0.1% | 78.51 |
| Healthpeak Properties, Inc. | DOC | $11.7B | 160.11 | 1.52 | 1.0% | 12.80 |
| UDR, Inc. | UDR | $11.6B | 34.66 | 4.03 | 11.6% | 14.90 |
| Camden Property Trust | CPT | $11.1B | 27.72 | 2.44 | 8.8% | 12.66 |
| Peer Median | - | 30.57 | 2.34 | 8.4% | 14.86 | |