AvalonBay Communities, Inc(NYSE:AVB) 
As of December 31, 2020, the Company owned or held a direct or indirect ownership interest in 291 apartment communities containing 86,025 apartment homes in 11 states and the District of Columbia, of which 18 communities were under development and one community was under redevelopment. The Company i...
Website: http://www.avalonbay.com
Founded: 1978
Full Time Employees: 3,122
Sector: Real Estate
Industry: REIT-Residential
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At a glance:
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| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 | 2018-12-31 | 2018-09-30 | 2018-06-30 | 2018-03-31 | 2017-12-31 | 2017-09-30 | 2017-06-30 | 2017-03-31 | 2016-12-31 | 2016-09-30 | 2016-06-30 | 2016-03-31 | 2015-12-31 | 2015-09-30 | 2015-06-30 | 2015-03-31 | 2014-09-30 | 2014-06-30 | 2014-03-31 | 2013-09-30 | 2013-06-30 | 2013-03-31 | 2012-09-30 | 2012-06-30 | 2012-03-31 | 2011-12-31 | 2011-09-30 | 2011-06-30 | 2011-03-31 | 2010-09-30 | 2010-06-30 | 2010-03-31 | 2009-12-31 | 2009-09-30 | 2009-06-30 | 2009-03-31 | 2008-12-31 | 2008-09-30 | 2008-06-30 | 2008-03-31 | 2007-12-31 | 2007-09-30 | 2007-06-30 | 2007-03-31 | 2006-12-31 | 2006-09-30 | 2006-06-30 | 2006-03-31 | 2005-12-31 | 2005-09-30 | 2005-06-30 | 2005-03-31 | 2004-12-31 | 2004-09-30 | 2004-06-30 | 2004-03-31 | 2003-12-31 | 2003-09-30 | 2003-06-30 | 2003-03-31 | 2002-12-31 | 2002-09-30 | 2002-06-30 | 2002-03-31 | 2001-09-30 |
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revenue: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
rental and other income | 768,446,000 | 766,018,000 | 764,926,000 | 758,601,000 | 744,138,000 | 738,810,000 | 732,591,000 | 724,211,000 | 711,064,000 | 702,695,000 | 695,701,000 | 688,148,000 | 673,642,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
management, development and other fees | 1,833,000 | 1,838,000 | 1,870,000 | 1,594,000 | 1,742,000 | 1,739,000 | 1,716,000 | 1,830,000 | 1,795,000 | 2,010,000 | 1,934,000 | 2,712,000 | 1,066,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
total revenue | 770,279,000 | 767,856,000 | 766,796,000 | 760,195,000 | 745,880,000 | 740,549,000 | 734,307,000 | 726,041,000 | 712,859,000 | 704,705,000 | 697,635,000 | 690,860,000 | 674,708,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
yoy | 3.27% | 3.69% | 4.42% | 4.70% | 4.63% | 5.09% | 5.26% | 5.09% | 5.65% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
qoq | 0.32% | 0.14% | 0.87% | 1.92% | 0.72% | 0.85% | 1.14% | 1.85% | 1.16% | 1.01% | 0.98% | 2.39% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
operating expenses, excluding property taxes | 198,419,000 | 196,725,000 | 203,478,000 | 190,940,000 | 187,030,000 | 197,293,000 | 193,041,000 | 179,595,000 | 175,916,000 | 171,467,000 | 175,191,000 | 169,848,000 | 164,832,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
property taxes | 90,109,000 | 85,132,000 | 89,749,000 | 86,031,000 | 81,831,000 | 84,356,000 | 82,419,000 | 81,056,000 | 79,780,000 | 78,912,000 | 78,399,000 | 74,987,000 | 74,495,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
expensed transaction, development and other pursuit costs, net of recoveries | 3,416,000 | 2,217,000 | 1,392,000 | 2,493,000 | 4,744,000 | 11,106,000 | 1,573,000 | 1,417,000 | 4,245,000 | 10,267,000 | 18,959,000 | 1,261,000 | 2,992,000 | 10,782,000 | 5,783,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
interest expense | 71,489,000 | 69,106,000 | 65,410,000 | 64,801,000 | 59,864,000 | 58,976,000 | 55,769,000 | 57,078,000 | 54,766,000 | 49,471,000 | 48,115,000 | 51,585,000 | 56,821,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
depreciation expense | 233,104,000 | 233,387,000 | 230,371,000 | 231,730,000 | 217,888,000 | 215,539,000 | 212,122,000 | 206,923,000 | 212,269,000 | 210,694,000 | 200,982,000 | 200,546,000 | 204,743,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
general and administrative expense | 22,077,000 | 21,874,000 | 22,028,000 | 22,997,000 | 19,780,000 | 17,691,000 | 20,089,000 | 19,586,000 | 20,331,000 | 17,992,000 | 20,466,000 | 17,676,000 | 20,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
casualty and impairment loss | 4,619,000 | 418,000 | 858,000 | 2,935,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
total expenses | 623,233,000 | 608,859,000 | 612,428,000 | 599,850,000 | 571,137,000 | 584,961,000 | 565,013,000 | 545,655,000 | 550,242,000 | 539,371,000 | 545,761,000 | 515,903,000 | 529,334,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
loss from unconsolidated investments | -6,527,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
structured investment program interest income | 7,481,000 | 7,594,000 | 6,832,000 | 6,937,000 | 6,113,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
gain on sale of communities | 179,912,000 | -368,000 | 180,155,000 | 99,457,000 | 56,469,000 | 121,841,000 | 172,973,000 | 68,556,000 | 77,994,000 | 22,121,000 | 187,322,000 | -13,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
other real estate activity | 84,000 | 212,000 | 127,000 | 3,637,000 | 155,000 | 117,000 | 314,000 | 181,000 | 71,000 | -533,000 | 237,000 | 341,000 | 129,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
income before income taxes | 327,996,000 | 165,690,000 | 383,969,000 | 269,324,000 | 236,481,000 | 281,839,000 | 373,301,000 | 253,945,000 | 173,535,000 | 244,504,000 | 176,162,000 | 367,590,000 | 150,335,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
income tax benefit | 294,000 | 295,000 | 193,000 | 531,000 | 116,000 | 62,000 | 22,000 | 217,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
net income | 328,290,000 | 165,985,000 | 384,162,000 | 269,855,000 | 236,597,000 | 282,092,000 | 372,519,000 | 254,007,000 | 173,557,000 | 242,066,000 | 171,790,000 | 367,807,000 | 146,775,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
yoy | 38.75% | -41.16% | 3.13% | 6.24% | 36.32% | 16.54% | 116.85% | -30.94% | 18.25% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
qoq | 97.78% | -56.79% | 42.36% | 14.06% | -16.13% | -24.27% | 46.66% | 46.35% | -28.30% | 40.91% | -53.29% | 150.59% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
net income margin % | 42.62% | 21.62% | 50.10% | 35.50% | 31.72% | 38.09% | 50.73% | 34.99% | 24.35% | 34.35% | 24.62% | 53.24% | 21.75% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% |
net income attributable to noncontrolling interests | -2,560,000 | -1,011,500 | -2,856,000 | -1,190,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
net income attributable to common stockholders | 325,730,000 | 164,733,000 | 381,306,000 | 268,665,000 | 236,597,000 | 282,092,000 | 372,519,000 | 253,934,000 | 173,449,000 | 241,969,000 | 172,031,000 | 367,923,000 | 146,902,000 | 642,028,000 | 494,747,000 | 138,691,000 | 262,044,000 | 925,385,000 | 78,914,000 | 447,953,000 | 142,223,000 | 36,925,750 | 147,703,000 | 167,971,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
earnings per common share - basic: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
earnings per common share - diluted: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
income from unconsolidated investments | -745,000 | 42,487,000 | -1,052,000 | -999,000 | 4,293,000 | 30,720,000 | 4,822,000 | 10,847,000 | 1,709,000 | 1,930,000 | 4,970,000 | 4,845,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
other comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
gain on cash flow hedges | 1,336,000 | 36,000 | -2,263,000 | -3,597,000 | 6,351,000 | 470,000 | 4,499,000 | 7,339,000 | -10,656,000 | 15,502,000 | 8,826,000 | -340,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
cash flow hedge gains reclassified to earnings | -566,500 | -1,423,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
comprehensive income | 165,005,000 | 379,919,000 | 265,832,000 | 232,727,000 | 288,169,000 | 372,715,000 | 258,364,000 | 180,934,000 | 231,611,000 | 187,887,000 | 377,103,000 | 146,916,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
cash flow hedge losses reclassified to earnings | -570,000 | -273,000 | -274,000 | -274,000 | -69,000 | 146,000 | 298,000 | 354,000 | 354,000 | 354,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
loss on extinguishment of debt | 150,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
income tax expense | 253,000 | -782,000 | -2,438,000 | -4,372,000 | -3,560,000 | 1,412,750 | 5,651,000 | -159,000 | 2,471,000 | 3,554,000 | 2,179,000 | 10,000 | -755,000 | -6,750 | -27,000 | 91,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
net loss attributable to noncontrolling interests | -73,000 | -108,000 | -97,000 | 241,000 | 116,000 | 127,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
casualty loss | 568,000 | 3,499,000 | 5,051,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
new england | 63,425,000 | 253,700,000 | 167,440,000 | 81,748,000 | 78,161,000 | 224,173,000 | 147,377,000 | 73,359,000 | 59,905,750 | 239,623,000 | 81,741,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
metro ny/nj | 85,077,250 | 340,309,000 | 221,385,000 | 114,004,000 | 105,158,000 | 315,285,000 | 207,603,000 | 103,266,000 | 86,047,750 | 344,191,000 | 120,646,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
mid-atlantic | 61,392,750 | 245,571,000 | 165,773,000 | 81,390,000 | 85,177,000 | 249,693,000 | 161,813,000 | 82,250,000 | 64,707,500 | 258,830,000 | 91,638,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
southeast florida | 7,031,000 | 28,124,000 | 18,481,000 | 9,056,000 | 8,589,000 | 23,055,000 | 14,918,000 | 7,227,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
denver, co | 4,966,750 | 19,867,000 | 12,975,000 | 6,314,000 | 6,166,000 | 17,573,000 | 11,503,000 | 5,652,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
pacific northwest | 26,107,750 | 104,431,000 | 68,199,000 | 32,981,000 | 27,320,000 | 78,513,000 | 51,875,000 | 29,741,000 | 20,806,000 | 83,224,000 | 28,608,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
northern california | 74,207,000 | 296,828,000 | 195,183,000 | 95,581,000 | 90,644,000 | 267,709,000 | 178,360,000 | 89,647,000 | 75,113,500 | 300,454,000 | 104,227,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
southern california | 90,866,750 | 363,467,000 | 247,042,000 | 119,315,000 | 117,954,000 | 328,242,000 | 213,560,000 | 105,965,000 | 81,895,000 | 327,580,000 | 114,721,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
total same store | 413,074,250 | 1,652,297,000 | 1,096,478,000 | 540,389,000 | 519,169,000 | 1,504,243,000 | 987,009,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
residential rental revenue | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
lease rates | 2,375 | 9,500 | -25 | -100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
concessions and other discounts | 600 | 2,400 | -225 | -900 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
economic occupancy | -50 | -200 | -675 | -2,700 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
other rental revenue | 225 | 900 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
uncollectible lease revenue | 150 | 600 | -525 | -2,100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
rent relief | -350 | -1,400 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
total residential rental revenue | 2,950 | 11,800 | -1,450 | -5,800 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
depreciation - real estate assets, including joint venture adjustments | 51,372,250 | 205,489,000 | 198,493,000 | 200,652,000 | 561,320,000 | 192,435,000 | 183,257,000 | 182,314,000 | 43,626,250 | 174,505,000 | 177,428,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
distributions to noncontrolling interests | 3,000 | 12,000 | 12,000 | 12,000 | 36,000 | 12,000 | 12,000 | 12,000 | 3,000 | 12,000 | 12,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
gain on sale of unconsolidated entities holding previously depreciated real estate | -9,515,500 | -38,062,000 | -23,305,000 | -1,289,250 | -5,157,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
gain on sale of previously depreciated real estate | -79,572,250 | -318,289,000 | -404,000 | -148,800,000 | -602,177,000 | -58,000 | -334,569,000 | -53,727,000 | -7,901,750 | -31,607,000 | -24,436,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
casualty and impairment loss on real estate | 1,179,000 | 1,940,000 | 1,177,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ffo attributable to common stockholders | 85,974,250 | 343,897,000 | 336,792,000 | 313,908,000 | 862,438,000 | 273,243,000 | 274,525,000 | 270,822,000 | 71,364,000 | 285,456,000 | 320,975,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
adjusting items: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
unconsolidated entity losses | 76,750 | 307,000 | -255,000 | -7,946,000 | -6,924,000 | -2,233,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
joint venture promote | -1,172,500 | -4,690,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
structured investment program loan reserve | 11,250 | 45,000 | 1,608,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
loss on extinguishment of consolidated debt | 411,500 | 1,646,000 | -103,000 | 17,890,000 | -122,000 | -26,250 | -105,000 | 9,170,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
gain on interest rate contract | -16,000 | -64,000 | -729,000 | -2,654,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
advocacy contributions | 384,000 | 150,000 | 327,000 | 1,308,000 | 301,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
executive transition compensation costs | 102,750 | 411,000 | 407,000 | 402,000 | 2,599,000 | 411,000 | 407,000 | 1,781,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
severance related costs | 143,500 | 574,000 | 24,000 | 41,000 | 29,000 | 284,000 | 102,000 | 18,750 | 75,000 | 1,951,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
gain on for-sale condominiums | -161,000 | -644,000 | -467,000 | -1,002,000 | -1,765,000 | -1,345,000 | -575,000 | -131,000 | -181,750 | -727,000 | -4,903,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
for-sale condominium marketing, operating and administrative costs | 85,000 | 340,000 | 538,000 | 766,000 | 2,900,000 | 1,187,000 | 1,222,000 | 1,044,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
for-sale condominium imputed carry cost | 100,000 | 400,000 | 716,000 | 919,000 | 5,383,000 | 1,648,000 | 1,979,000 | 2,152,000 | 645,000 | 2,580,000 | 3,609,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
gain on other real estate transactions | 5,054,000 | -15,000 | -43,000 | -37,000 | -554,000 | -1,543,000 | -32,000 | -427,000 | -32,250 | -129,000 | -43,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
legal settlements | -919,250 | -3,677,000 | 129,000 | 130,000 | 1,117,000 | 22,000 | 1,018,000 | 60,000 | 14,750 | 59,000 | 43,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
core ffo attributable to common stockholders | 87,491,000 | 349,964,000 | 340,025,000 | 316,923,000 | 866,147,000 | 287,325,000 | 276,950,000 | 271,646,000 | 72,453,500 | 289,814,000 | 335,757,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
weighted-average common shares outstanding - diluted | 139,981,959,000 | 139,934,478,000 | 139,976,082,000 | 139,717,399,000 | 139,737,725,000 | 139,650,639,000 | 139,552,413,000 | 140,603,722,000 | 140,777,873,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
eps per common share - diluted | 882.5 | 3,530 | 990 | 1,870 | 6,630 | 560 | 3,210 | 1,020 | 262.5 | 1,050 | 1,190 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ffo per common share - diluted | 615 | 2,460 | 2,410 | 2,240 | 6,170 | 1,960 | 1,970 | 1,940 | 507.5 | 2,030 | 2,280 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
core ffo per common share - diluted | 625 | 2,500 | 2,430 | 2,260 | 6,200 | 2,060 | 1,980 | 1,950 | 515 | 2,060 | 2,390 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
unconsolidated entity gains | -2,040,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
gain on extinguishment of consolidated debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
loss on interest rate contract | 297,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
development pursuit write-offs and expensed transaction costs, net of recoveries | 1,839,000 | 159,000 | 1,090,000 | 273,000 | 527,000 | -225,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
business interruption insurance proceeds | -70,500 | -282,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
lost noi from casualty losses covered by business interruption insurance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
total established | 497,107,000 | 392,831,250 | 1,571,325,000 | 547,514,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
joint venture losses | 101,000 | 21,500 | 86,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
expansion markets | 4,355,750 | 17,423,000 | 5,933,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
commercial rental revenue | -75 | -300 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
total established communities change in rental revenue | -1,525 | -6,100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
development pursuit write-offs and expensed transaction costs | 36,750 | 147,000 | 3,120,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
for-sale condominium marketing and administrative costs | 343,250 | 1,373,000 | 1,443,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2003-09-30 | 2003-06-30 | 2003-03-31 | 2002-12-31 | 2002-09-30 | 2002-06-30 | 2002-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||||||||||
real estate: | |||||||||||||||||||||
land and improvements | 4,989,148,000 | 4,960,568,000 | 4,924,925,000 | 4,893,199,000 | 4,903,886,000 | 4,888,146,000 | 4,854,683,000 | 4,784,515,000 | 4,742,140,000 | 4,720,331,000 | 4,671,252,000 | 4,647,879,000 | 4,645,240,000 | 4,640,971,000 | |||||||
buildings and improvements | 21,444,491,000 | 21,252,137,000 | 21,027,361,000 | 20,727,161,000 | 20,625,788,000 | 20,454,276,000 | 20,070,553,000 | 19,684,414,000 | 19,643,649,000 | 19,438,195,000 | 19,043,489,000 | 18,906,003,000 | 18,852,853,000 | 18,804,510,000 | |||||||
furniture, fixtures and equipment | 1,596,077,000 | 1,546,813,000 | 1,505,473,000 | 1,456,106,000 | 1,426,015,000 | 1,387,506,000 | 1,354,107,000 | 1,302,726,000 | 1,275,563,000 | 1,303,959,000 | 1,252,247,000 | 1,221,610,000 | 1,202,848,000 | 1,174,135,000 | |||||||
real estate: - sum | 28,029,716,000 | 27,759,518,000 | 27,457,759,000 | 27,076,466,000 | 26,955,689,000 | 26,729,928,000 | 26,279,343,000 | 25,771,655,000 | 25,661,352,000 | 25,462,485,000 | 24,966,988,000 | 24,775,492,000 | 24,700,941,000 | 24,619,616,000 | |||||||
less accumulated depreciation | -8,914,545,000 | -8,686,084,000 | -8,555,747,000 | -8,416,462,000 | -8,351,624,000 | -8,164,411,000 | -7,990,115,000 | -7,811,650,000 | -7,720,513,000 | -7,557,614,000 | -7,349,202,000 | -7,193,053,000 | -7,058,327,000 | -6,878,556,000 | |||||||
net operating real estate | 19,115,171,000 | 19,073,434,000 | 18,902,012,000 | 18,660,004,000 | 18,604,065,000 | 18,565,517,000 | 18,289,228,000 | 17,960,005,000 | 17,940,839,000 | 17,904,871,000 | 17,617,786,000 | 17,582,439,000 | 17,642,614,000 | 17,741,060,000 | |||||||
construction in progress, including land | 1,575,669,000 | 1,458,795,000 | 1,428,609,000 | 1,399,174,000 | 1,198,280,000 | 1,042,673,000 | 1,088,496,000 | 1,122,699,000 | 1,210,773,000 | 1,268,915,000 | 1,317,350,000 | 1,202,977,000 | 1,211,405,000 | 1,072,543,000 | |||||||
land held for development | 135,134,000 | 123,751,000 | 126,050,000 | 101,066,000 | 141,978,000 | 151,922,000 | 154,906,000 | 174,997,000 | 211,546,000 | 199,062,000 | 183,158,000 | 195,115,000 | 177,889,000 | 179,204,000 | |||||||
real estate assets held for sale | 150,262,000 | 69,578,000 | 334,245,000 | 58,141,000 | 6,950,000 | 37,088,000 | 154,887,000 | 9,629,000 | 24,731,000 | 81,047,000 | 11,832,000 | ||||||||||
total real estate | 20,825,974,000 | 20,806,242,000 | 20,526,249,000 | 20,494,489,000 | 20,002,464,000 | 19,767,062,000 | 19,569,718,000 | 19,412,588,000 | 19,372,787,000 | 19,372,848,000 | 19,143,025,000 | 19,061,578,000 | 19,043,740,000 | 19,025,339,000 | |||||||
cash and cash equivalents | 121,231,000 | 187,234,000 | 123,313,000 | 102,825,000 | 53,255,000 | 108,576,000 | 552,356,000 | 545,769,000 | 287,892,000 | 397,890,000 | 508,571,000 | 769,622,000 | 254,466,000 | 613,189,000 | |||||||
restricted cash | 169,863,000 | 165,849,000 | 198,578,000 | 192,547,000 | 165,852,000 | 158,500,000 | 240,121,000 | 219,584,000 | 135,658,000 | 133,070,000 | 271,535,000 | ||||||||||
unconsolidated investments | 193,271,000 | 193,441,000 | 206,185,000 | 227,207,000 | 226,622,000 | 227,320,000 | 227,831,000 | 222,065,000 | 220,384,000 | 220,145,000 | 217,449,000 | 216,533,000 | 219,143,000 | ||||||||
deferred development costs | 68,765,000 | 73,237,000 | 101,523,000 | 64,221,000 | 54,454,000 | 43,675,000 | 49,620,000 | 48,747,000 | 54,038,000 | 53,122,000 | 64,147,000 | 71,421,000 | 64,348,000 | 58,489,000 | |||||||
prepaid expenses and other assets | 602,145,000 | 618,597,000 | 643,790,000 | 605,741,000 | 559,329,000 | 540,950,000 | 511,771,000 | 455,081,000 | 437,664,000 | 366,465,000 | 362,332,000 | 334,460,000 | 296,995,000 | 247,461,000 | |||||||
right of use lease assets | 145,704,000 | 147,537,000 | 149,594,000 | 150,915,000 | 153,738,000 | 154,654,000 | 156,994,000 | 133,196,000 | 132,474,000 | 134,674,000 | 135,779,000 | 136,180,000 | 138,258,000 | 143,331,000 | |||||||
total assets | 22,126,953,000 | 22,192,137,000 | 21,949,232,000 | 21,837,945,000 | 21,215,714,000 | 21,000,737,000 | 21,308,411,000 | 21,037,030,000 | 20,640,897,000 | 20,678,214,000 | 20,702,838,000 | 20,806,197,000 | 20,174,895,000 | 20,457,764,000 | |||||||
liabilities and equity | |||||||||||||||||||||
unsecured debt | 7,881,320,000 | 7,879,380,000 | |||||||||||||||||||
variable rate unsecured credit facility and commercial paper | 769,722,000 | 739,608,000 | 234,981,000 | 664,637,000 | 224,942,000 | 69,989,000 | |||||||||||||||
mortgage notes payable | 709,176,000 | 709,564,000 | 709,942,000 | 710,223,000 | 717,888,000 | 718,465,000 | 718,352,000 | 718,879,000 | 725,465,000 | 725,670,000 | 669,212,000 | 707,006,000 | 713,174,000 | 713,740,000 | |||||||
dividends payable | 251,694,000 | 250,548,000 | 252,757,000 | 253,107,000 | 251,378,000 | 244,967,000 | 244,519,000 | 244,082,000 | 243,604,000 | 238,072,000 | 237,599,000 | 237,147,000 | 233,375,000 | 226,022,000 | |||||||
payables for construction | 107,546,000 | 92,267,000 | 97,905,000 | 101,619,000 | 82,554,000 | 85,954,000 | 81,263,000 | 83,912,000 | 87,167,000 | 87,703,000 | 95,758,000 | 88,961,000 | 84,978,000 | 72,802,000 | |||||||
accrued expenses and other liabilities | 391,768,000 | 391,973,000 | 406,542,000 | 361,219,000 | 351,872,000 | 356,987,000 | 402,590,000 | 315,880,000 | 323,819,000 | 310,868,000 | 355,676,000 | 319,271,000 | 322,851,000 | 306,186,000 | |||||||
lease liabilities | 163,517,000 | 165,200,000 | 167,826,000 | 169,319,000 | 172,226,000 | 173,282,000 | 175,401,000 | 151,587,000 | 150,926,000 | 153,232,000 | 154,451,000 | 154,957,000 | 157,414,000 | 162,671,000 | |||||||
accrued interest payable | 76,415,000 | 68,591,000 | 75,834,000 | 58,667,000 | 75,101,000 | 58,377,000 | 80,225,000 | 60,830,000 | 71,966,000 | 57,911,000 | 69,174,000 | 61,014,000 | 73,295,000 | 54,100,000 | |||||||
resident security deposits | 61,174,000 | 60,689,000 | 61,237,000 | 63,621,000 | 62,863,000 | 62,829,000 | 64,267,000 | 65,214,000 | 64,437,000 | 63,815,000 | 63,856,000 | 39,027,000 | 36,347,000 | 36,815,000 | |||||||
total liabilities | 10,412,332,000 | 10,357,820,000 | 9,787,737,000 | 9,667,647,000 | 9,299,431,000 | 9,059,645,000 | 9,423,527,000 | 9,295,536,000 | 8,925,190,000 | 8,893,423,000 | 8,923,508,000 | 8,989,119,000 | 9,002,905,000 | 9,201,526,000 | |||||||
commitments and contingencies | |||||||||||||||||||||
equity: | |||||||||||||||||||||
preferred stock, 0.01 par value... | |||||||||||||||||||||
common stock, 0.01 par value... | 1,391,000 | 1,401,000 | 1,415,000 | 1,423,000 | 1,423,000 | 1,422,000 | 1,422,000 | 1,422,000 | 1,422,000 | 1,420,000 | 1,420,000 | 1,420,000 | 1,401,000 | 1,400,000 | |||||||
additional paid-in capital | 11,117,451,000 | 11,212,296,000 | 11,271,388,000 | 11,323,160,000 | 11,307,940,000 | 11,314,116,000 | 11,303,799,000 | 11,290,907,000 | 11,279,840,000 | 11,287,549,000 | 11,278,650,000 | 11,269,159,000 | 10,764,461,000 | 10,765,431,000 | |||||||
accumulated earnings less dividends | 339,630,000 | 371,157,000 | 638,898,000 | 595,535,000 | 576,486,000 | 591,250,000 | 551,436,000 | 421,134,000 | 409,371,000 | 478,156,000 | 470,980,000 | 534,291,000 | 401,879,000 | 485,221,000 | |||||||
accumulated other comprehensive income | 32,453,000 | 26,486,000 | 26,214,000 | 27,601,000 | 30,434,000 | 34,304,000 | 28,227,000 | 28,031,000 | 23,601,000 | 16,116,000 | 26,474,000 | 10,618,000 | 1,438,000 | 1,424,000 | |||||||
total stockholders' equity | 11,490,925,000 | 11,611,340,000 | 11,937,915,000 | 11,947,719,000 | 11,783,241,000 | 11,777,524,000 | 11,815,488,000 | 11,169,179,000 | 11,253,476,000 | ||||||||||||
noncontrolling interests | 223,696,000 | 222,977,000 | 223,580,000 | 222,579,000 | 77,000 | 77,000 | 77,000 | 77,000 | 77,000 | ||||||||||||
total equity | 11,714,621,000 | 11,834,317,000 | 12,161,495,000 | 12,170,298,000 | 11,916,283,000 | 11,941,092,000 | 11,884,884,000 | 11,741,494,000 | 11,714,234,000 | 11,783,318,000 | 11,777,601,000 | 11,815,565,000 | 11,169,256,000 | 11,253,553,000 | |||||||
total liabilities and equity | 22,126,953,000 | 22,192,137,000 | 21,949,232,000 | 21,837,945,000 | 21,215,714,000 | 21,000,737,000 | 21,308,411,000 | 21,037,030,000 | 20,640,897,000 | 20,678,214,000 | 20,702,838,000 | 20,806,197,000 | 20,174,895,000 | 20,457,764,000 | |||||||
unsecured notes | 7,780,713,000 | 7,285,235,000 | 7,360,607,000 | 7,358,784,000 | 7,656,910,000 | 7,655,152,000 | 7,257,806,000 | 7,256,152,000 | 7,207,793,000 | 7,355,693,000 | 7,353,721,000 | 7,602,305,000 | |||||||||
redeemable noncontrolling interests | 1,473,000 | 1,473,000 | 1,729,000 | 1,513,000 | 2,734,000 | 2,685,000 | |||||||||||||||
cash in escrow | 177,376,000 | 121,598,000 | 121,056,000 | ||||||||||||||||||
for-sale condominium inventory | 32,532,000 | ||||||||||||||||||||
investments in unconsolidated entities | 212,084,000 | ||||||||||||||||||||
liabilities related to real estate assets held for sale |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 | 2005-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | |||||||||||||||||
net income | 328,290,000 | 165,985,000 | 384,162,000 | 269,855,000 | 236,597,000 | 282,092,000 | 372,519,000 | 254,007,000 | 173,557,000 | 242,066,000 | 171,790,000 | 367,807,000 | 146,775,000 | ||||
adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||
depreciation expense | 233,104,000 | 233,387,000 | 230,371,000 | 231,730,000 | 217,888,000 | 215,539,000 | 212,122,000 | 206,923,000 | 212,269,000 | 210,694,000 | 200,982,000 | 200,546,000 | 204,743,000 | ||||
amortization of deferred financing costs and debt discount | 3,634,000 | 3,512,000 | 3,893,000 | 3,047,000 | 3,233,000 | 3,285,000 | 3,387,000 | 3,325,000 | 3,283,000 | 3,282,000 | 3,098,000 | 3,121,000 | 3,231,000 | ||||
amortization of stock-based compensation | 5,699,000 | 5,190,000 | 7,149,000 | 8,457,000 | 5,662,000 | 5,132,000 | 6,747,000 | 7,624,000 | 5,870,000 | 5,293,000 | 6,734,000 | 7,194,000 | 7,921,000 | ||||
equity in loss of, and return on, unconsolidated investments and noncontrolling interests, net of eliminations | 9,851,000 | 3,573,000 | 3,093,000 | 5,597,000 | -22,718,000 | 2,437,000 | 2,273,000 | 2,079,000 | -1,457,000 | ||||||||
casualty and impairment loss | 2,007,000 | 418,000 | 0 | ||||||||||||||
expensed transaction, development and other pursuit costs, net of recoveries | 3,416,000 | 2,217,000 | 1,392,000 | 2,493,000 | 4,744,000 | ||||||||||||
cash flow hedge gains reclassified to earnings | -388,000 | ||||||||||||||||
gain on sale of real estate assets | -179,996,000 | 196,000 | -180,364,000 | -122,127,000 | -173,327,000 | -68,767,000 | 62,000 | -77,578,000 | -22,331,000 | -187,760,000 | -318,000 | ||||||
increase in accrued interest receivable | -7,186,000 | ||||||||||||||||
decrease in prepaid expenses and other assets | 13,111,000 | -3,753,000 | |||||||||||||||
increase in accrued expenses, other liabilities, accrued interest payable and resident security deposits | 7,391,000 | -25,537,000 | 69,581,000 | -11,599,000 | 10,582,000 | ||||||||||||
net cash from operating activities | 418,933,000 | 400,431,000 | 476,959,000 | 377,812,000 | 415,903,000 | 328,813,000 | 486,169,000 | 379,991,000 | 412,905,000 | 346,187,000 | 471,263,000 | 346,461,000 | 396,118,000 | ||||
capital expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
free cash flows | 418,933,000 | 400,431,000 | 476,959,000 | 377,812,000 | 415,903,000 | 328,813,000 | 486,169,000 | 379,991,000 | 412,905,000 | 346,187,000 | 471,263,000 | 346,461,000 | 396,118,000 | ||||
cash flows from investing activities: | |||||||||||||||||
development/redevelopment of real estate assets including land acquisitions and deferred development costs | -336,820,000 | -359,655,000 | -300,433,000 | -312,084,000 | -237,282,000 | -259,357,000 | -251,844,000 | -232,332,000 | -207,568,000 | -210,304,000 | -238,404,000 | -223,778,000 | -229,361,000 | ||||
acquisition of real estate assets, including partnership interest | -38,188,000 | ||||||||||||||||
capital expenditures - existing real estate assets | -59,453,000 | -77,960,000 | -74,770,000 | -60,669,000 | -48,370,000 | -56,917,000 | -51,931,000 | -47,010,000 | -37,490,000 | -56,668,000 | -47,898,000 | -42,465,000 | -31,281,000 | ||||
capital expenditures - non-real estate assets | -514,000 | -664,000 | -634,000 | -1,619,000 | -256,000 | -124,000 | -2,018,000 | -1,336,000 | -1,200,000 | -5,846,000 | -5,010,000 | -4,905,000 | -3,201,000 | ||||
increase in payables for construction | 15,279,000 | -5,638,000 | -3,714,000 | 4,691,000 | -2,649,000 | -3,255,000 | -536,000 | -8,055,000 | 6,797,000 | 3,983,000 | 12,176,000 | ||||||
proceeds from sale of real estate, net of selling costs | 330,378,000 | 172,000 | 571,189,000 | 164,407,000 | 63,651,000 | ||||||||||||
note receivable lending | -11,999,000 | -3,752,000 | -4,697,000 | -3,070,000 | -12,560,000 | -24,175,000 | -23,403,000 | -21,649,000 | -20,861,000 | -35,186,000 | -20,508,000 | -13,074,000 | -14,034,000 | ||||
note receivable repayments | 17,580,000 | ||||||||||||||||
distributions from unconsolidated entities and investment sale proceeds | 180,000 | 4,000,000 | |||||||||||||||
unconsolidated investments | -3,611,000 | -4,128,000 | -29,328,000 | -4,158,000 | -2,395,000 | -4,808,000 | -4,431,000 | -2,851,000 | -2,085,000 | -5,216,000 | -4,715,000 | -3,328,000 | -5,602,000 | ||||
net cash from investing activities | -48,980,000 | -467,290,000 | -101,867,000 | -395,345,000 | -427,865,000 | -314,275,000 | -218,786,000 | -197,985,000 | -265,818,000 | -346,091,000 | -284,987,000 | -30,538,000 | -267,339,000 | ||||
cash flows from financing activities: | |||||||||||||||||
issuance of common stock | 83,268,000 | 0 | 2,684,000 | 693,000 | 3,303,000 | 3,261,000 | 3,606,000 | 365,000 | 1,896,000 | -149,000 | 494,824,000 | 135,000 | |||||
repurchase of common stock | -198,480,000 | -336,269,000 | 0 | 0 | -782,000 | -1,129,000 | |||||||||||
dividends paid | -249,300,000 | -249,454,000 | -250,233,000 | -248,968,000 | -243,678,000 | -241,778,000 | -241,603,000 | -241,528,000 | -237,005,000 | -234,171,000 | -234,163,000 | -230,858,000 | -223,465,000 | ||||
net borrowings under unsecured credit facility and commercial paper | 30,114,000 | 504,627,000 | -430,019,000 | 440,058,000 | 224,942,000 | ||||||||||||
repayments of mortgage notes payable, including prepayment penalties | -982,000 | -973,000 | -1,062,000 | -8,259,000 | -1,171,000 | -662,000 | -1,150,000 | -7,181,000 | -800,000 | -1,300,000 | -38,299,000 | -6,502,000 | -899,000 | ||||
payment of deferred financing costs | -224,000 | -3,144,000 | -4,037,000 | -1,000 | -190,000 | -3,354,000 | -218,000 | -3,302,000 | 0 | 0 | -662,000 | ||||||
payments related to tax withholding for share-based compensation | -13,070,000 | -70,000 | -99,000 | -191,000 | -16,353,000 | -281,000 | -218,000 | -93,000 | -16,291,000 | -110,000 | -20,000 | -199,000 | -10,310,000 | ||||
noncontrolling interests, joint venture and preferred equity transactions | 0 | -12,864,000 | -560,000 | -440,000 | -360,000 | -7,279,000 | -548,000 | ||||||||||
net cash from financing activities | -431,942,000 | 98,051,000 | -348,573,000 | 93,798,000 | -36,007,000 | -539,939,000 | -240,259,000 | 159,797,000 | -254,497,000 | -249,242,000 | -353,168,000 | 255,011,000 | -486,960,000 | ||||
net decrease in cash, cash equivalents and restricted cash | -61,989,000 | -47,969,000 | -107,410,000 | ||||||||||||||
cash, cash equivalents and restricted cash, beginning of period | 353,083,000 | 0 | 0 | 267,076,000 | 0 | 0 | 530,960,000 | ||||||||||
cash, cash equivalents and restricted cash, end of period | 291,094,000 | 26,519,000 | 76,265,000 | 219,107,000 | 27,124,000 | 341,803,000 | 423,550,000 | ||||||||||
cash paid during the period for interest, net of amount capitalized | 60,407,000 | 32,918,000 | 90,254,000 | 40,160,000 | 33,236,000 | 64,942,000 | 37,242,000 | 36,439,000 | 60,427,000 | 33,814,000 | |||||||
loss on extinguishment of debt | 0 | ||||||||||||||||
cash flow hedge losses reclassified to earnings | -570,000 | -273,000 | -274,000 | -274,000 | -69,000 | 146,000 | 298,000 | 354,000 | 354,000 | 354,000 | |||||||
note receivable payments | 15,023,000 | 0 | -84,000 | 109,000 | 0 | 0 | 180,000 | 57,000 | 23,000 | 0 | |||||||
issuance of unsecured debt | |||||||||||||||||
repayment of unsecured debt | |||||||||||||||||
receipt for termination of forward interest rate swaps | 242,000 | 0 | 0 | ||||||||||||||
net increase in cash, cash equivalents and restricted cash | 31,192,000 | 26,519,000 | -525,401,000 | 27,124,000 | -249,146,000 | ||||||||||||
cash, cash equivalents and restricted cash, beginning of year | |||||||||||||||||
cash, cash equivalents and restricted cash, end of year | |||||||||||||||||
cash paid during the year for interest, net of amount capitalized | |||||||||||||||||
equity in income of, and return on, unconsolidated investments and noncontrolling interests, net of eliminations | -5,742,000 | ||||||||||||||||
increase in prepaid expenses and other assets | 504,000 | -26,906,000 | -8,963,000 | 1,807,000 | -20,794,000 | ||||||||||||
issuance of unsecured notes | 497,488,000 | 0 | 1,000 | ||||||||||||||
repayment of unsecured notes | 0 | -350,000,000 | -150,000,000 | 0 | -250,000,000 | ||||||||||||
acquisition of real estate assets | -197,133,000 | -187,362,000 | -186,056,000 | -216,171,000 | -132,541,000 | ||||||||||||
loss on sale of real estate assets | -56,660,000 | ||||||||||||||||
decrease in payables for construction | -3,400,000 | ||||||||||||||||
proceeds from sale of real estate and for-sale condominiums, net of selling costs | 208,471,000 | 326,483,000 | 172,460,000 | 3,865,000 | 107,619,000 | 106,573,000 | 248,940,000 | 3,964,000 | |||||||||
noncontrolling interests and joint venture transactions | |||||||||||||||||
impairment loss | 0 | 0 | 1,415,000 | ||||||||||||||
abandonment of development pursuits | 1,573,000 | 1,417,000 | 4,245,000 | 10,267,000 | 18,959,000 | 1,261,000 | 2,992,000 | ||||||||||
increase in accrued expenses, other liabilities and accrued interest payable | 106,934,000 | -17,221,000 | 21,553,000 | -60,004,000 | 62,238,000 | -21,124,000 | 30,909,000 | ||||||||||
distributions from unconsolidated entities | 83,000 | 1,526,000 | |||||||||||||||
casualty loss | 449,000 | 1,766,000 | 0 | 2,407,000 | |||||||||||||
unrealized gain on terminated cash flow hedges | |||||||||||||||||
redemption of noncontrolling interest and units for cash by minority partners | 0 | ||||||||||||||||
payments to noncontrolling interest | |||||||||||||||||
distributions to downreit partnership unitholders | 0 | -13,000 | -12,000 | ||||||||||||||
distributions to joint venture and profit-sharing partners | -106,000 | -104,000 | -98,000 | ||||||||||||||
preferred interest obligation redemption and dividends | -420,000 | 0 | -520,000 | ||||||||||||||
decrease in resident security deposits, prepaid expenses and other assets | -27,017,000 | -1,439,000 | |||||||||||||||
net increase in cash, cash equivalents and cash in escrow | |||||||||||||||||
cash, cash equivalents and cash in escrow, beginning of period | 0 | 734,245,000 | |||||||||||||||
cash, cash equivalents and cash in escrow, end of period | 570,934,000 | 376,064,000 | |||||||||||||||
acquisition of/payments to noncontrolling interest | |||||||||||||||||
net decrease in cash, cash equivalents and cash in escrow | -358,181,000 | ||||||||||||||||
amortization of deferred financing costs | |||||||||||||||||
amortization of debt discount | |||||||||||||||||
equity in loss of, and return on, unconsolidated entities and noncontrolling interests, net of eliminations | |||||||||||||||||
real estate casualty loss | |||||||||||||||||
gain on sale of for-sale condominiums | |||||||||||||||||
increase in resident security deposits, prepaid expenses and other assets | |||||||||||||||||
proceeds from the sale of for-sale condominiums, net of selling costs | |||||||||||||||||
investments in unconsolidated entities | |||||||||||||||||
issuance of mortgage notes payable | |||||||||||||||||
receipt (payment) for termination of forward interest rate swaps | |||||||||||||||||
cash, cash equivalents and cash in escrow, beginning of year | |||||||||||||||||
cash, cash equivalents and cash in escrow, end of year | |||||||||||||||||
quarter ended march 31 | 105.98 | 149.94 | 110.45 | 75.59 | |||||||||||||
quarter ended june 30 | 107.37 | 134.62 | 112 | 81.8 | |||||||||||||
quarter ended september 30 | 109.45 | 128.46 | 125.21 | 88.23 | |||||||||||||
quarter ended december 31 | 96.68 | 125.48 | 134.6 | 92.99 | |||||||||||||
revenue: | |||||||||||||||||
rental and other income | |||||||||||||||||
management, development and other fees | |||||||||||||||||
total revenue | |||||||||||||||||
expenses: | |||||||||||||||||
operating expenses, excluding property taxes | |||||||||||||||||
property taxes | |||||||||||||||||
interest expense | |||||||||||||||||
general and administrative expense | |||||||||||||||||
total expenses | |||||||||||||||||
equity in income of unconsolidated entities | |||||||||||||||||
interest income | |||||||||||||||||
venture partner interest in profit-sharing | |||||||||||||||||
minority interest in consolidated partnerships | |||||||||||||||||
income before gain on sale of real estate assets | |||||||||||||||||
income from continuing operations before cumulative effect of change in accounting principle | |||||||||||||||||
discontinued operations: | |||||||||||||||||
income from discontinued operations | |||||||||||||||||
total discontinued operations | |||||||||||||||||
income before cumulative effect of change in accounting principle | |||||||||||||||||
cumulative effect of change in accounting principle | |||||||||||||||||
dividends attributable to preferred stock | |||||||||||||||||
net income available to common stockholders | |||||||||||||||||
per common share and share information: | |||||||||||||||||
earnings per common share — basic | |||||||||||||||||
income from continuing operations | |||||||||||||||||
discontinued operations | |||||||||||||||||
weighted-average common shares outstanding — basic | |||||||||||||||||
earnings per common share — diluted | |||||||||||||||||
weighted-average common shares outstanding — diluted | |||||||||||||||||
cash dividends declared |