NYSE: AVB
$153.86
CHANGE: $2.89 | 1.91%
VOLUME: 884,726

Financial Information

Avalon Mission Bay
Beltown Towers
Ossining Garden
Financial Highlights
2020 FQ2
6/30/2020
2020 FQ1
3/31/2020
2019 FQ4
12/31/2019
2019 FQ3
9/30/2019
2019 FQ2
6/30/2019
Balance Sheet ($000)
Gross Depreciable Property 22,326,470 22,193,188 21,921,861 21,358,475 21,005,846
Net Property Investment 16,836,985 16,865,463 16,757,463 16,355,082 16,132,950
Finance Leases 0 0 0 0 0
Property Held for Sale: Nondepreciable 311,236 393,416 496,736 453,686 40,461
Construction in Progress 1,272,171 1,273,989 1,303,751 1,411,823 1,939,808
Mortgage Loans NA NA 10,650 NA 12,272
Senior Secured Debt 931,772 937,025 937,642 1,004,389 997,085
Obligations Under Leases 183,507 185,025 140,468 136,705 138,163
Senior Unsecured Debt 6,698,438 7,154,432 6,358,648 6,356,890 6,355,132
Total Subordinated Debt 0 0 0 0 0
Total Debt 7,813,717 8,276,482 7,436,758 7,497,984 7,490,380
Total Liabilities 8,477,931 8,976,094 8,127,601 8,242,039 8,178,707
Equity Attributable to Parent Company 10,870,190 10,911,928 10,989,549 10,814,425 10,750,000
Noncontrolling Interests 615 614 649 648 530
Total Equity 10,870,805 10,912,542 10,990,198 10,815,073 10,750,530
Market Capitalization($M) 21,764.50 20,711.70 29,493 30,073.10 28,375.40
Implied Market Cap($M) 21,765.70 20,712.80 29,494.60 30,074.70 28,376.90
Total Capitalization($M) 29,580 28,989.90 36,932 37,573.30 35,867.90
Total Enterprise Value($M) 29,257.20 28,211.90 36,892.30 37,326.90 35,624.30
Total Enterprise Value Plus JV Debt($M) 29,433.20 28,388.30 37,069 37,518.10 35,815.90
Income Statement ($000)
Rental Revenue 575,376 600,644 591,562 586,075 575,714
Rental Net Operating Income 401,610 425,437 422,742 409,698 404,750
NOI 401,610 425,437 422,742 409,698 404,750
Gain on Sale of Real Estate 37,995 29,382 6,109 130,557 20,564
Interest Expense 53,399 55,914 54,190 51,493 50,010
Revenue 576,984 602,783 597,871 592,349 577,422
Expense 445,243 464,068 434,484 432,013 429,681
Extraordinary Items 0 0 0 0 0
Net Income 170,869 168,006 167,671 279,709 168,305
Net Income Attributable to Noncontrolling Int 41 35 21 32 24
Net Income Attributable to Parent 170,828 167,971 167,650 279,677 168,281
Net Income Avail to Common 170,438 167,544 167,242 278,973 167,846
FFO 311,103 320,975 332,932 314,877 312,593
Operating Funds from Operations, as Reported 313,259 335,757 339,906 326,903 316,522
Adjusted FFO NA NA NA NA NA
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) 3.48 3.45 3.51 5.89 3.58
ROAE(%) 6.28 6.14 6.15 10.38 6.27
Implied Capitalization Rate(%) 5.29 5.05 4.96 5.13 5.30
Dividend Payout Ratio(%) 131.40 133.61 126.67 76 125.62
Dividend Yield(%) 4.11 4.32 2.90 2.82 2.99
FFO Payout(%) 71.95 66.67 63.87 67.56 67.86
FFO/ Total Revenue(%) 53.92 53.25 55.69 53.16 54.14
Price/ LTM FFO(x) 16.96 16.08 22.84 24.01 22.63
Price/ LTM AFFO(x) NA NA NA NA NA
Price/ Last-twelve-months EPS(x) 27.61 26.28 37.25 29.78 30.69
Recurring EBITDA/ Interest Expense(x) 6.77 6.88 7.17 7.26 7.23
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 6.77 6.88 7.17 7.26 7.23
Debt and Preferred/ TEV(%) 27.15 29.78 20.54 20.49 21.45
Total Debt/ Gross Properties(%) 35 37.29 33.92 35.11 35.66
Loans/ Assets(%) NA NA 0.06 NA 0.06
Credit Lines Drawn/ Available(%) 0 42.86 0 0 0
Changes and Trends (%)
Same-store NOI: Change (3.70) 3 2.50 2.10 2.80
Same-store Revenue: Change from Prior (3) 3 2.50 2.70 3.20
FFO Growth (0.48) 0.21 10.97 0.66 2.23
FFO/Share Growth (1.30) (1.30) 9.70 (0.40) 1.40
EPS Growth, before Extraordinary 0 (3.30) (57) 43.90 (34.20)
Real Estate Investment Growth (2.31) 0.22 6.21 2.08 2.80
Per Share Information ($)
Common Shares Outstanding 140,743,120 140,733,340 140,643,962 139,660,299 139,656,557
Closing Price 154.64 147.17 209.70 215.33 203.18
Basic EPS before Extra 1.21 1.19 1.20 2 1.21
Diluted EPS before Extra 1.21 1.19 1.20 2 1.21
FFO/ Share 2.21 2.28 2.38 2.25 2.24
Operating FFO per Share, as Reported 2.23 2.39 2.43 2.34 2.27
AFFO per Share NA NA NA NA NA
Modified FFO per Share NA NA NA NA NA
Common Dividends Declared per Share 1.59 1.59 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 67,904 518,729 65,886 66,285
Debt Maturing: Next FY 28,143 328,288 578,435 519,050 541,064
Debt Maturing: FY2 550,000 550,000 550,000 578,580 578,719
Debt Maturing: FY3 600,000 600,000 600,000 550,000 550,000
Debt Maturing: FY4 450,000 1,200,000 450,000 600,000 600,000
Debt Maturing: Thereafter 6,003,473 5,408,696 4,658,207 5,108,716 5,078,821
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 70,660 76,028 527,511 66,861 68,216
Debt Due during Next Fiscal Year 37,148 337,148 587,148 527,511 549,211
Debt Due during Second Fiscal Year 559,918 559,918 559,918 587,148 587,148
Debt Due during Third Fiscal Year 610,739 610,739 610,739 559,918 559,918
Debt Due during Fourth Fiscal Year 461,577 1,211,577 461,577 610,739 610,739
Debt Due Thereafter 5,959,478 5,359,478 4,608,478 5,070,055 5,039,657
Adjustments to Debt Principal Schedule (69,310) (63,431) (59,081) (60,953) (62,672)
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.