NYSE: AVB
$144.44
CHANGE: $12.22 | 9.24%
VOLUME: 576,499

Financial Information

Avalon Mission Bay
Beltown Towers
Ossining Garden
Financial Highlights
2019 FQ4
12/31/2019
2019 FQ3
9/30/2019
2019 FQ2
6/30/2019
2019 FQ1
3/31/2019
2018 FQ4
12/31/2018
Balance Sheet ($000)
Gross Depreciable Property 21,921,861 21,358,475 21,005,846 20,711,419 20,424,325
Net Property Investment 16,757,463 16,355,082 16,132,950 15,962,841 15,822,878
Finance Leases 0 0 0 0 0
Property Held for Sale: Nondepreciable 496,736 453,686 40,461 76,362 55,208
Construction in Progress 1,303,751 1,411,823 1,939,808 1,856,294 1,768,132
Mortgage Loans 10,650 NA 12,272 11,925 12,819
Senior Secured Debt 937,642 1,004,389 997,085 1,132,740 1,134,270
Obligations Under Leases 140,468 136,705 138,163 140,436 20,243
Senior Unsecured Debt 6,358,648 6,356,890 6,355,132 5,907,327 5,905,993
Total Subordinated Debt 0 0 0 0 0
Total Debt 7,436,758 7,497,984 7,490,380 7,180,503 7,060,506
Total Liabilities 8,127,601 8,242,039 8,178,707 7,902,588 7,744,350
Equity Attributable to Parent Company 10,989,549 10,814,425 10,750,000 10,733,999 10,632,606
Noncontrolling Interests 649 648 530 0 0
Total Equity 10,990,198 10,815,073 10,750,530 10,733,999 10,632,606
Market Capitalization($M) 29,493 30,073.10 28,375.40 27,982.40 24,107.40
Implied Market Cap($M) 29,494.60 30,074.70 28,376.90 27,983.90 24,108.70
Total Capitalization($M) 36,932 37,573.30 35,867.90 35,164.40 31,169.20
Total Enterprise Value($M) 36,892.30 37,326.90 35,624.30 35,101.40 31,077.50
Total Enterprise Value Plus JV Debt($M) 37,069 37,518.10 35,815.90 35,293.50 31,270.10
Income Statement ($000)
Rental Revenue 591,562 586,075 575,714 564,873 577,676
Rental Net Operating Income 422,742 409,698 404,750 400,958 409,251
NOI 422,742 409,698 404,750 400,958 409,251
Gain on Sale of Real Estate 6,109 130,557 20,564 15,102 244,560
Interest Expense 54,190 51,493 50,010 47,892 55,180
Revenue 597,871 592,349 577,422 566,140 579,067
Expense 434,484 432,013 429,681 410,830 438,238
Extraordinary Items 0 0 0 0 0
Net Income 167,671 279,709 168,305 170,418 385,636
Net Income Attributable to Noncontrolling Int 21 32 24 52 (98)
Net Income Attributable to Parent 167,650 279,677 168,281 170,366 385,734
Net Income Avail to Common 167,242 278,973 167,846 169,865 384,617
FFO 332,932 314,877 312,593 320,288 300,032
Operating Funds from Operations, as Reported 339,906 326,903 316,522 319,876 319,521
Adjusted FFO NA NA NA NA NA
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) 3.51 5.89 3.58 3.68 8.33
ROAE(%) 6.15 10.38 6.27 6.38 14.67
Implied Capitalization Rate(%) 4.96 5.13 5.30 5.48 5.51
Dividend Payout Ratio(%) 126.67 76 125.62 123.58 52.69
Dividend Yield(%) 2.90 2.82 2.99 3.03 3.38
FFO Payout(%) 63.87 67.56 67.86 63.64 67.74
FFO/ Total Revenue(%) 55.69 53.16 54.14 56.57 51.81
Price/ LTM FFO(x) 22.80 24 22.60 22.40 19.80
Price/ LTM AFFO(x) NA NA NA NA NA
Price/ Last-twelve-months EPS(x) 37.20 29.80 30.70 27.70 24.70
Recurring EBITDA/ Interest Expense(x) 7.17 7.26 7.23 7.61 6.72
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 7.17 7.26 7.23 7.61 6.72
Debt and Preferred/ TEV(%) 20.54 20.49 21.45 20.89 23.19
Total Debt/ Gross Properties(%) 33.92 35.11 35.66 34.67 34.57
Loans/ Assets(%) 0.06 NA 0.06 0.06 0.07
Credit Lines Drawn/ Available(%) 0 0 0 0 0
Changes and Trends (%)
Same-store NOI: Change 2.50 2.10 2.80 4.90 2.70
Same-store Revenue: Change from Prior 2.50 2.70 3.20 3.50 2.70
FFO Growth 10.97 0.66 2.23 6.71 (0.39)
FFO/Share Growth 9.70 (0.40) 1.40 6.50 (0.50)
EPS Growth, before Extraordinary (57) 43.90 (34.20) 19.40 62.20
Real Estate Investment Growth 6.21 2.08 2.80 5.88 (3.46)
Per Share Information ($)
Common Shares Outstanding 140,643,962 139,660,299 139,656,557 139,403,222 138,508,424
Closing Price 209.70 215.33 203.18 200.73 174.05
Basic EPS before Extra 1.20 2 1.21 1.23 2.79
Diluted EPS before Extra 1.20 2 1.21 1.23 2.79
FFO/ Share 2.38 2.25 2.24 2.31 2.17
Operating FFO per Share, as Reported 2.43 2.34 2.27 2.30 2.31
AFFO per Share NA NA NA NA NA
Modified FFO per Share NA NA NA NA NA
Common Dividends Declared per Share 1.52 1.52 1.52 1.52 1.47
NAV per Share, as Reported NA NA NA NA NA
Debt Maturity Schedule ($000)
Debt Maturing: Current FY 518,729 65,886 66,285 114,003 114,722
Debt Maturing: Next FY 578,435 519,050 541,064 541,376 541,694
Debt Maturing: FY2 550,000 578,580 578,719 578,855 578,999
Debt Maturing: FY3 600,000 550,000 550,000 550,000 550,000
Debt Maturing: FY4 450,000 600,000 600,000 600,000 600,000
Debt Maturing: Thereafter 4,658,207 5,108,716 5,078,821 4,716,451 4,737,183
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 527,511 66,861 68,216 116,877 118,546
Debt Due during Next Fiscal Year 587,148 527,511 549,211 543,112 543,112
Debt Due during Second Fiscal Year 559,918 587,148 587,148 580,047 580,048
Debt Due during Third Fiscal Year 610,739 559,918 559,918 552,318 552,318
Debt Due during Fourth Fiscal Year 461,577 610,739 610,739 602,439 602,439
Debt Due Thereafter 4,608,478 5,070,055 5,039,657 4,705,892 4,705,892
Adjustments to Debt Principal Schedule (59,081) (60,953) (62,672) (60,618) (62,092)
Data shown on this page is extracted directly from the company’s documents. S&P makes every effort to line up fields, captions and headers that represent the same data over time, despite variations in how the company may report these items in different documents. In certain instances the variation in the company’s presentation over time may be too significant, potentially resulting in repeating and/or disordered items. Despite possible issues with the presentation, S&P, as always, stands by its commitment to the quality of the data.
To view a reconciliation of FFO to net income please click here.