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AVALONBAY COMMUNITIES INCAVB

Sector
Financial Services
Industry
Real Estate Investment Trusts
Exchange
NYSE

Stock Price $AVB

Latest filings

You are hereReal Estate · no market cap on file, so not ranked

Filing record · 2016–202610-K1210-Q328-K115

AVB filed 12 annual reports (10-K), 32 quarterly reports (10-Q) and 115 current reports (8-K) between 2016 and 2026.

  1. FY2015 annual report10-K · Feb ’16Feb ’16
  2. Leadership change8-K · Feb ’19Feb ’19
  3. Leadership change8-K · Feb ’21Feb ’21
  4. Material agreement8-K · Apr ’25Apr ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $3.04B
YoY changeLargest recent move+13.0%in FY22Latest +4.4%

1 older move runs past ±20% (largest +46.2%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All AVB Financial Metrics38 metrics

Income Statement12

Balance Sheet12

Cash Flow9

Per Share5

02—Overview

AVALONBAY COMMUNITIES INC Financial Overview 2021–2025

Updated Aug 8, 2026

AvalonBay Communities recently agreed to an all-stock merger with Equity Residential, a transaction that will convert each of its shares into 2.793 shares of a new combined entity in H2 2026. This final milestone validates the company’s core investment thesis: a disciplined strategy of recycling older assets to fund high-barrier urban and suburban developments drives compounding shareholder value ahead of industry consolidation.

The company’s underlying rental operations demonstrate this steady execution across a volatile economic cycle. Same Store Net Operating Income (NOI) reversed from a 4.6% decline in FY2021 to reach a record $1,860.4 milliona in FY2025. This profitability was fueled by consistent rent hikes, including a 3.0% residential revenue increase during Q2 2025. AvalonBay continuously refreshed its portfolio over this period, sustaining a massive pipeline of 27 communities under construction in FY2025, which represented 9,692 new homes and a projected capitalized cost of $3.3 billion. To fund this capital-intensive growth, the company expanded its revolving credit facility to $2.5 billion in 2025.

The market rewarded this portfolio growth and steady rental income by the close of FY2025. AvalonBay ended the fiscal year trading at $181.31b per share, commanding a 24.5x price-to-earnings multiple and a $25.4 billion market capitalization. The impending transition to Vivmark Residential will ultimately absorb these premium valuation metrics, capping off a multi-year run of standalone asset expansion.

Recent Developments (Q1 and Q2 2026)

AvalonBay navigated a transitional first half of 2026, highlighted by stark contrasts in bottom-line performance. Net income jumped 37.7% to $325.7 millionc during Q1 2026 alongside total revenue of $770.3 million. Conversely, net income plummeted 42.0% year-over-year to $155.7 million in Q2 2026. This decline stemmed from lower asset sales and a surge in pursuit costs to $19.9 million, heavily driven by $12.3 million in merger-related expenses.

Ahead of the combination, Benjamin W. Schall was appointed CEO alongside Stephen E. Sterrett as Chairman of a new 14-member board. Bulls highlight steady core operations, with Q2 2026 Same Store Net Operating Income rising 1.0% to $488.5 milliond. Bears warn that rising property operating expenses are offsetting revenue gains, leaving shares richly valued at 25.4x earnings as of the July 30, 2026 reporting date.

What to watch: shareholder approval votes for the pending corporate combination; same-store operating expense trends.

03—Filings

Recent SEC Filings

  1. 8-KAVALONBAY COMMUNITIES INC 8-K Report, Acquisition Completed (Aug 17, 2026)On August 17, 2026, AvalonBay Communities (NYSE: AVB) completed its merger of equals with Equity Residential (NYSE: EQR), which had renamed itself Vivmark Residential. Under the Merger Agreement dated May 20, 2026, each AvalonBay share converted into 2.793 Vivmark common shares, and former AvalonBay holders will own roughly 51% of the combined company on a fully diluted basis, with former Equity Residential holders owning roughly 49%. Approximately 400 million Vivmark common shares were issued. AvalonBay has ceased to exist as a reporting entity. Its common stock was removed from NYSE trading before the August 17 open and will be deregistered, and ERP Operating Partnership, as successor, intends to file a Form 15 to suspend Exchange Act reporting obligations. Vivmark Residential begins trading on the NYSE as VMRK on August 18, 2026. The combined company reports an equity market capitalization of about $51 billion, an enterprise value of about $70 billion, more than 184,000 rental apartments, and about 11,100 apartments under construction across 33 communities (roughly $4.4 billion of development). It also cites a development rights pipeline of about $4.2 billion (roughly 9,900 homes), dual A3/A- credit ratings, and an expected initial annualized dividend of $2.81 per share. Management guides to more than $2 billion of annual cash flow and leverage-neutral self-funding capacity. Vivmark states it has not issued combined-company guidance and that standalone 2026 guidance is not reaffirmed. For investors, the key points are the share exchange ratio and ownership split, the transition of existing AvalonBay bonds to ERP Operating Partnership, and the lack of formal combined guidance. Holders of AVB should note that their shares no longer trade and that their position is now VMRK stock at 2.793 shares per former AVB share. The filing does not disclose synergy targets, integration costs, or pro forma financial results, so investors will need the investor presentation and subsequent filings to assess the value creation claims.
  2. 8-KAVALONBAY COMMUNITIES INC 8-K Report, Shareholder Vote Results (Aug 12, 2026)AvalonBay Communities (AVB) stockholders held a Special Meeting on August 12, 2026 and overwhelmingly approved the proposed merger with Equity Residential (EQR), with more than 99% of votes cast in favor. Of 141,875,623 outstanding shares entitled to vote, 127,281,794 (about 90%) were present virtually or by proxy. The Merger Proposal received 126,457,745 For, 51,666 Against and 772,383 Abstain. The non-binding advisory vote on merger-related executive compensation also passed (125,634,602 For, 938,901 Against), as did the adjournment proposal, which was approved with 116,027,319 For and 10,475,534 Against. The adjournment vote was the only proposal with meaningful opposition, but it was not needed to approve the merger. The same day, Equity Residential shareholders approved the issuance of EQR common shares as merger consideration, with more than 99% of votes cast in favor. The companies expect the merger to close on Monday, August 17, 2026, subject to customary closing conditions. Each AVB share will convert into 2.793 EQR common shares, and the combined company will be renamed Vivmark Residential, trading on the NYSE under the ticker VMRK starting August 18, 2026. For investors, the key remaining items are the closing itself and the exchange ratio's implied value, which will move with EQR's share price until closing. Completion depends on customary closing conditions being satisfied or waived, and the filing's forward-looking statements flag integration, litigation and market-value risks. Because the filing is dated August 12, 2026 and the press release describes the closing as upcoming, investors should confirm whether the merger has actually closed, since the current date is later than the expected closing date.
  3. 8-KAVALONBAY COMMUNITIES INC 8-K Report, Corporate Update (Jul 31, 2026)This Form 8-K filing from AvalonBay Communities, Inc. (AVB) provides supplemental disclosures related to the previously announced all-stock merger with Equity Residential, which will operate under the new name Vivmark Residential upon closing. The primary purpose of this filing is to address ongoing litigation from purported shareholders of both companies who allege disclosure deficiencies in the Definitive Joint Proxy Statement/Prospectus. AvalonBay and Equity Residential maintain that these allegations are without merit and that no supplemental disclosures are legally required. However, to mitigate the risk of the litigation causing delays and to minimize associated costs, the companies are voluntarily providing these additional disclosures. The supplemental information clarifies background details of the merger discussions and provides updated financial analyses from their respective advisors, Morgan Stanley and Goldman Sachs. These updates include details on comparable trading value analyses, discounted cash flow valuations for both standalone companies and the pro forma combined entity, and illustrative present value of future stock price analyses. While the companies assert the existing disclosures are sufficient, these additions aim to prevent the litigation from impeding the merger's progress.
  4. 8-KAVALONBAY COMMUNITIES INC 8-K Report, Financial Results (Jul 23, 2026)AvalonBay Communities (AVB) reported Q2 2026 results that were broadly in line with its own expectations, with Core FFO per share of $2.86 (up 1.4% year over year) and Same Store Residential NOI up 1.0% in the quarter. Reported EPS fell 41.0% to $1.11, driven mainly by lower real estate gains versus the prior-year period (Q2 2025 included a $99.5M gain on sale). Management raised its full-year 2026 Same Store revenue, expense, and NOI outlook ranges, with NOI now projected at 0% to +1.4% versus the original -0.7% to +1.3%. The company also suspended its EPS, FFO, and Core FFO guidance because of the pending all-stock merger with Equity Residential (EQR), announced May 21, 2026. The combined company would have roughly $53B of pro forma equity market capitalization and about $71B of enterprise value. Balance sheet metrics remained solid: annualized Net Debt-to-Core EBITDAre was 4.6x, interest coverage was 6.7x, and unencumbered NOI was 95%. The company repaid a $475M 2.95% note at maturity and settled 2024-era equity forwards for roughly $607M in Q2 and $202M in July. Investors should note that the release is silent on the merger's exchange ratio and that the company will not host an earnings call. Stockholder votes on the merger are scheduled for August 12, 2026.
  5. 8-KAVALONBAY COMMUNITIES INC 8-K Report, Corporate Update (Jun 8, 2026)AvalonBay Communities (AVB) filed this 8-K to disclose the executive leadership team for the combined company that will result from its previously announced all-stock merger of equals with Equity Residential (EQR), announced May 20-21, 2026. The filing is largely informational: the Merger Agreement terms were already public, and the new information is the post-closing management slate, with Benjamin Schall (current AvalonBay CEO) named President and CEO of the combined company and Steve Sterrett named Board Chair. The release describes a combined portfolio of more than 180,000 rental apartments and a pro forma enterprise value of roughly $69 billion, with closing expected in the second half of 2026, subject to shareholder approvals from both companies and other customary conditions. The leadership lineup is a mix of AvalonBay and Equity Residential executives. Michael Manelis (current EQR COO) will run day-to-day operations, Kevin O'Shea (current AVB CFO) takes the CFO role, Scott Fenster (current EQR General Counsel) leads the legal function, and Matthew Birenbaum (current AVB CIO) becomes Chief Development Officer. AvalonBay executives Sean Breslin, Pamela Thomas and Alaine Walsh take investment, portfolio and human capital roles, and Ted Schulman moves to a senior advisor role after the integration. Investors may read this as a sign that the combination is being structured as a true merger of equals, with leadership split across both legacy companies. The filing contains no financial results, deal pricing, exchange ratio, or synergy estimates, and it does not identify the new company name, which will be announced before closing. The forward-looking statements flag the usual risks: completion and timing, shareholder approval, integration, litigation, the market value of EQR shares to be issued, REIT status, and interest rates. Investors should look to the Form S-4 and joint proxy statement/prospectus, which have not yet been filed, for exchange-ratio terms, financial impact and governance details.
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04—See also

Related Companies

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