10-QPeriod: Q1 FY2009

AVALONBAY COMMUNITIES INC Quarterly Report for Q1 Ended Mar 31, 2009

Filed May 11, 2009For Securities:AVB

Summary

AvalonBay Communities, Inc. (AVB) filed its 10-Q for the quarter ended March 31, 2009, providing a snapshot of its financial condition and operational performance amidst the ongoing economic challenges of early 2009. The report details the company's real estate investment trust (REIT) operations, focusing on its portfolio of apartment communities. Investors should note the financial statements and Management's Discussion and Analysis (MD&A) for insights into revenue generation, operating expenses, and the overall health of their property portfolio. The company's performance in the first quarter of 2009 reflects the broader real estate and economic environment. The MD&A section is crucial for understanding management's perspective on current market conditions, potential risks, and strategic initiatives undertaken to navigate the economic downturn. Investors should pay close attention to changes in occupancy rates, rental revenue, property development pipelines, and any commentary on access to capital and financing.

Financial Highlights

17 data points
Beta

Revenue

$209.62M

Net Income

$47.42M

22.6% Net Margin

EPS (Diluted)

$0.59

Cash & Equivalents

$90.33M

Free Cash Flow

$90.82M

Financial Statements
Beta
Revenue$209.62M
Operating Expenses$170.05M
Net Income$47.42M
EPS (Basic)$0.60
EPS (Diluted)$0.59

Key Highlights

  • 1The report contains unaudited condensed consolidated financial statements for the three months ended March 31, 2009, and comparative periods, detailing the company's financial position and performance.
  • 2Management's Discussion and Analysis (MD&A) provides critical insights into the company's financial condition, results of operations, and forward-looking statements, essential for understanding operational trends and strategic outlook.
  • 3The filing includes disclosures on market risk, outlining potential impacts from interest rate changes, foreign currency fluctuations, and other market-sensitive factors.
  • 4Legal proceedings are disclosed, offering transparency on any significant ongoing litigation that could materially impact the company's financial standing.
  • 5Risk factors are detailed, providing investors with an understanding of the potential challenges and uncertainties the company faces, including economic conditions and real estate market dynamics.
  • 6Information regarding unregistered sales of equity securities and the use of proceeds, if any, is presented, relevant for understanding share dilution and capital raising activities.

Frequently Asked Questions

The 10-Q provides unaudited financial statements for the period ending March 31, 2009. Investors should review the Condensed Consolidated Balance Sheets for asset and liability figures, and the Statements of Operations for revenue and expense trends. The MD&A offers management's perspective on financial condition, which is key to a comprehensive understanding beyond the raw numbers.

The 'Risk Factors' section (Item 1a) is the primary source for understanding risks. Given the filing date of May 11, 2009, investors should anticipate risks related to the broader economic recession, potential declines in rental demand and property values, challenges in accessing capital markets for financing and refinancing, and any specific operational or development-related risks mentioned by management.

Item 1 'Legal Proceedings' will detail any significant ongoing litigation. Investors should examine this section for any pending lawsuits or legal matters that could have a material adverse effect on the company's financial position or operations.

The 'Condensed Consolidated Statements of Operations' and the 'Management's Discussion and Analysis' are the key sections to assess revenue and profitability. Look for trends in rental income, occupancy rates, operating expenses, and net income or loss compared to prior periods to gauge performance in the prevailing economic conditions.