NYSE: AVB
$160.41
CHANGE: $6.74 | 4.39%
VOLUME: 973,956

Financial Information

Avalon Mission Bay
Beltown Towers
Ossining Garden
Financial Highlights
2020 FQ1
3/31/2020
2019 FQ4
12/31/2019
2019 FQ3
9/30/2019
2019 FQ2
6/30/2019
2019 FQ1
3/31/2019
Balance Sheet ($000)
Gross Depreciable Property 22,193,188 21,921,861 21,358,475 21,005,846 20,711,419
Net Property Investment 16,865,463 16,757,463 16,355,082 16,132,950 15,962,841
Finance Leases 0 0 0 0 0
Property Held for Sale: Nondepreciable 393,416 496,736 453,686 40,461 76,362
Construction in Progress 1,273,989 1,303,751 1,411,823 1,939,808 1,856,294
Mortgage Loans NA 10,650 NA 12,272 11,925
Senior Secured Debt 937,025 937,642 1,004,389 997,085 1,132,740
Obligations Under Leases 185,025 140,468 136,705 138,163 140,436
Senior Unsecured Debt 7,154,432 6,358,648 6,356,890 6,355,132 5,907,327
Total Subordinated Debt 0 0 0 0 0
Total Debt 8,276,482 7,436,758 7,497,984 7,490,380 7,180,503
Total Liabilities 8,976,094 8,127,601 8,242,039 8,178,707 7,902,588
Equity Attributable to Parent Company 10,911,928 10,989,549 10,814,425 10,750,000 10,733,999
Noncontrolling Interests 614 649 648 530 0
Total Equity 10,912,542 10,990,198 10,815,073 10,750,530 10,733,999
Market Capitalization($M) 20,711.70 29,493 30,073.10 28,375.40 27,982.40
Implied Market Cap($M) 20,712.80 29,494.60 30,074.70 28,376.90 27,983.90
Total Capitalization($M) 28,989.90 36,932 37,573.30 35,867.90 35,164.40
Total Enterprise Value($M) 28,211.90 36,892.30 37,326.90 35,624.30 35,101.40
Total Enterprise Value Plus JV Debt($M) 28,388.30 37,069 37,518.10 35,815.90 35,293.50
Income Statement ($000)
Rental Revenue 600,644 591,562 586,075 575,714 564,873
Rental Net Operating Income 425,437 422,742 409,698 404,750 400,958
NOI 425,437 422,742 409,698 404,750 400,958
Gain on Sale of Real Estate 29,382 6,109 130,557 20,564 15,102
Interest Expense 55,914 54,190 51,493 50,010 47,892
Revenue 602,783 597,871 592,349 577,422 566,140
Expense 464,068 434,484 432,013 429,681 410,830
Extraordinary Items 0 0 0 0 0
Net Income 168,006 167,671 279,709 168,305 170,418
Net Income Attributable to Noncontrolling Int 35 21 32 24 52
Net Income Attributable to Parent 167,971 167,650 279,677 168,281 170,366
Net Income Avail to Common 167,544 167,242 278,973 167,846 169,865
FFO 320,975 332,932 314,877 312,593 320,288
Operating Funds from Operations, as Reported 335,757 339,906 326,903 316,522 319,876
Adjusted FFO NA NA NA NA NA
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) 3.45 3.51 5.89 3.58 3.68
ROAE(%) 6.14 6.15 10.38 6.27 6.38
Implied Capitalization Rate(%) 5.05 4.96 5.13 5.30 5.48
Dividend Payout Ratio(%) 133.61 126.67 76 125.62 123.58
Dividend Yield(%) 4.32 2.90 2.82 2.99 3.03
FFO Payout(%) 66.67 63.87 67.56 67.86 63.64
FFO/ Total Revenue(%) 53.25 55.69 53.16 54.14 56.57
Price/ LTM FFO(x) 16.08 22.84 24.01 22.63 22.43
Price/ LTM AFFO(x) NA NA NA NA NA
Price/ Last-twelve-months EPS(x) 26.28 37.25 29.78 30.69 27.69
Recurring EBITDA/ Interest Expense(x) 6.88 7.17 7.26 7.23 7.61
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 6.88 7.17 7.26 7.23 7.61
Debt and Preferred/ TEV(%) 29.78 20.54 20.49 21.45 20.89
Total Debt/ Gross Properties(%) 37.29 33.92 35.11 35.66 34.67
Loans/ Assets(%) NA 0.06 NA 0.06 0.06
Credit Lines Drawn/ Available(%) 42.86 0 0 0 0
Changes and Trends (%)
Same-store NOI: Change 3 2.50 2.10 2.80 4.90
Same-store Revenue: Change from Prior 3 2.50 2.70 3.20 3.50
FFO Growth 0.21 10.97 0.66 2.23 6.71
FFO/Share Growth (1.30) 9.70 (0.40) 1.40 6.50
EPS Growth, before Extraordinary (3.30) (57) 43.90 (34.20) 19.40
Real Estate Investment Growth 0.22 6.21 2.08 2.80 5.88
Per Share Information ($)
Common Shares Outstanding 140,733,340 140,643,962 139,660,299 139,656,557 139,403,222
Closing Price 147.17 209.70 215.33 203.18 200.73
Basic EPS before Extra 1.19 1.20 2 1.21 1.23
Diluted EPS before Extra 1.19 1.20 2 1.21 1.23
FFO/ Share 2.28 2.38 2.25 2.24 2.31
Operating FFO per Share, as Reported 2.39 2.43 2.34 2.27 2.30
AFFO per Share NA NA NA NA NA
Modified FFO per Share NA NA NA NA NA
Common Dividends Declared per Share 1.59 1.52 1.52 1.52 1.52
NAV per Share, as Reported NA NA NA NA NA
Debt Maturity Schedule ($000)
Debt Maturing: Current FY 67,904 518,729 65,886 66,285 114,003
Debt Maturing: Next FY 328,288 578,435 519,050 541,064 541,376
Debt Maturing: FY2 550,000 550,000 578,580 578,719 578,855
Debt Maturing: FY3 600,000 600,000 550,000 550,000 550,000
Debt Maturing: FY4 1,200,000 450,000 600,000 600,000 600,000
Debt Maturing: Thereafter 5,408,696 4,658,207 5,108,716 5,078,821 4,716,451
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 76,028 527,511 66,861 68,216 116,877
Debt Due during Next Fiscal Year 337,148 587,148 527,511 549,211 543,112
Debt Due during Second Fiscal Year 559,918 559,918 587,148 587,148 580,047
Debt Due during Third Fiscal Year 610,739 610,739 559,918 559,918 552,318
Debt Due during Fourth Fiscal Year 1,211,577 461,577 610,739 610,739 602,439
Debt Due Thereafter 5,359,478 4,608,478 5,070,055 5,039,657 4,705,892
Adjustments to Debt Principal Schedule (63,431) (59,081) (60,953) (62,672) (60,618)
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.