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Organization, Basis of Presentation and Significant Accounting Policies (Policies) | 6 Months Ended
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Jun. 30, 2022
Accounting Policies [Abstract] |
Organization and Basis of Presentation | Organization and Basis of Presentation AvalonBay Communities, Inc. (the "Company," which term, unless the context otherwise requires, refers to AvalonBay Communities, Inc. together with its subsidiaries) is a Maryland corporation that has elected to be treated as a real estate investment trust ("REIT") for federal income tax purposes under the Internal Revenue Code of 1986, as amended (the "Code"). The Company focuses on the development, redevelopment, acquisition, ownership and operation of multifamily communities in New England, the New York/New Jersey metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California, as well as in the Company's expansion markets of Raleigh-Durham and Charlotte, North Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver, Colorado. At June 30, 2022, the Company owned or held a direct or indirect ownership interest in 299 operating apartment communities containing 89,037 apartment homes in 12 states and the District of Columbia, of which 17 communities were under development and two were under redevelopment. The Company also has an ownership interest in The Park Loggia. The Park Loggia contains 172 for-sale residential condominiums and 66,000 square feet of commercial space, of which 151 condominiums have been sold and the leasing of the commercial space has been completed as of June 30, 2022. The Company also owned or held a direct or indirect ownership interest in land or rights to land on which the Company expects to develop an additional 32 communities that, if developed as expected, will contain an estimated 10,913 apartment homes. The interim unaudited financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures normally included in financial statements required by GAAP have been condensed or omitted pursuant to such rules and regulations. These unaudited financial statements should be read in conjunction with the financial statements and notes included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021. The results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of the operating results for the full year. Management believes the disclosures are adequate to ensure the information presented is not misleading. In the opinion of management, all adjustments and eliminations, consisting only of normal, recurring adjustments necessary for a fair presentation of the financial statements for the interim periods, have been included. Capitalized terms used without definition have meanings provided elsewhere in this Form 10-Q.
Earnings per Common Share | Earnings per Common Share Basic earnings per share is computed by dividing net income attributable to common stockholders by the weighted average number of shares outstanding during the period. All outstanding unvested restricted share awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common shareholders and, accordingly, are considered participating securities that are included in the two-class method of computing basic earnings per share ("EPS"). Both the unvested restricted shares and other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. The Company's earnings per common share are determined as follows (dollars in thousands, except per share data):
| For the three months ended |  | For the six months ended
| 6/30/2022 |  | 6/30/2021 |  | 6/30/2022 |  | 6/30/2021
Basic and diluted shares outstanding |  |  |  |  |  |  |
Weighted average common shares - basic | 139,630,291 |  |  | 139,373,963 |  |  | 139,595,098 |  |  | 139,332,575 |
Weighted average DownREIT units outstanding | 7,500 |  |  | 7,500 |  |  | 7,500 |  |  | 7,500 |
Effect of dilutive securities | 296,687 |  |  | 269,176 |  |  | 352,682 |  |  | 261,451 |
Weighted average common shares - diluted | 139,934,478 |  |  | 139,650,639 |  |  | 139,955,280 |  |  | 139,601,526 |
Calculation of Earnings per Share - basic |  |  |  |  |  |  |
Net income attributable to common stockholders | $ | 138,691 |  |  | $ | 447,953 |  |  | $ | 400,735 |  |  | $ | 590,176 |
Net income allocated to unvested restricted shares | (247) |  |  | (902) |  |  | (756) |  |  | (1,267) |
Net income attributable to common stockholders, adjusted | $ | 138,444 |  |  | $ | 447,051 |  |  | $ | 399,979 |  |  | $ | 588,909 |
Weighted average common shares - basic | 139,630,291 |  |  | 139,373,963 |  |  | 139,595,098 |  |  | 139,332,575 |
Earnings per common share - basic | $ | 0.99 |  |  | $ | 3.21 |  |  | $ | 2.87 |  |  | $ | 4.23 |
Calculation of Earnings per Share - diluted |  |  |  |  |  |  |
Net income attributable to common stockholders | $ | 138,691 |  |  | $ | 447,953 |  |  | $ | 400,735 |  |  | $ | 590,176 |
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations | 12 |  |  | 12 |  |  | 24 |  |  | 24 |
Adjusted net income attributable to common stockholders | $ | 138,703 |  |  | $ | 447,965 |  |  | $ | 400,759 |  |  | $ | 590,200 |
Weighted average common shares - diluted | 139,934,478 |  |  | 139,650,639 |  |  | 139,955,280 |  |  | 139,601,526 |
Earnings per common share - diluted | $ | 0.99 |  |  | $ | 3.21 |  |  | $ | 2.86 |  |  | $ | 4.23 |
Certain options to purchase shares of common stock in the amount of 8,222 and 292,544 were outstanding as of June 30, 2022 and 2021, respectively, but were not included in the computation of diluted earnings per share because such options were anti-dilutive for the period.
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Company enters into interest rate swap and interest rate cap agreements (collectively, "Hedging Derivatives") for interest rate risk management purposes and in conjunction with certain variable rate secured debt to satisfy lender requirements. The Company does not enter into Hedging Derivatives for trading or other speculative purposes. The Company assesses the effectiveness of qualifying cash flow and fair value hedges, both at inception and on an on-going basis. Hedge ineffectiveness is reported as a component of interest expense, net. The fair values of Hedging Derivatives that are in an asset position are recorded in prepaid expenses and other assets. The fair values of Hedging Derivatives that are in a liability position are included in accrued expenses and other liabilities. The Company does not present or disclose the fair value of Hedging Derivatives on a net basis. Fair value changes for derivatives that are not in qualifying hedge relationships are reported as a component of interest expense, net. For the Hedging Derivatives that qualify as effective cash flow hedges, the Company has recorded the cumulative changes in the fair value of Hedging Derivatives in accumulated other comprehensive loss. Amounts recorded in accumulated other comprehensive loss will be reclassified into earnings in the periods in which earnings are affected by the hedged cash flow. The effective portion of the change in fair value of the Hedging Derivatives that qualify as effective fair value hedges is reported as an adjustment to the carrying amount of the corresponding hedged item. See Note 11, “Fair Value,” for further discussion of derivative financial instruments.
Legal and Other Contingencies | Legal and Other Contingencies The Company is involved in various claims and/or administrative proceedings that arise in the ordinary course of its business. While no assurances can be given, the Company does not currently believe that any of these outstanding litigation matters, individually or in the aggregate, will have a material adverse effect on its financial condition or results of operations.
Acquisitions of Investments in Real Estate | Acquisitions of Investments in Real Estate The Company accounts for acquisitions of real estate in accordance with the authoritative guidance for the initial measurement, which first requires that the Company determine if the real estate investment is the acquisition of an asset or a business combination. Under either model, the Company must identify and determine the fair value of any assets acquired, liabilities assumed and any noncontrolling interest in the acquiree. Typical assets acquired and liabilities assumed include land, building, furniture, fixtures and equipment, debt and identified intangible assets and liabilities, consisting of the value of above or below market leases and in-place leases. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes various sources, including its own analysis of recently acquired and existing comparable properties in its portfolio and other market data. Consideration for acquisitions is typically in the form of cash unless otherwise disclosed. For a business combination, the Company records the assets acquired and liabilities assumed based on the fair value of each respective item. For an asset acquisition, the allocation of the purchase price is based on the relative fair value of the net assets. The Company expenses all applicable acquisition costs for a business combination and capitalizes all applicable acquisition costs for an asset acquisition. The Company expects that acquisitions of individual operating communities will generally be asset acquisitions.
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.
Reclassifications | ReclassificationsCertain reclassifications have been made to amounts in prior years' notes to financial statements to conform to current year presentations as a result of changes in held for sale classification, disposition activity and segment classification.
For-Sale Condominium Inventory | For-Sale Condominium Inventory The Company presents for-sale condominium inventory at historical cost and evaluates the condominiums for impairment when potential indicators exist, as further discussed in Note 5, "Investments."
Income taxes | Income Taxes During the six months ended June 30, 2022, the Company recognized income tax expense of $2,312,000 primarily related to the condominium dispositions at The Park Loggia.
Lessee Considerations | Lessee Considerations The Company assesses whether a contract is or contains a lease based on whether the contract conveys the right to control the use of an identified asset, including specified portions of larger assets, for a period of time in exchange for consideration. The Company’s leases include both fixed and variable lease payments. Lease payments included in the lease liability include only fixed lease payments. For leases that have options to extend the term or terminate the lease early, the Company only factored the impact of such options into the lease term if the option was considered reasonably certain to be exercised. The Company determined the discount rate associated with its ground and office leases on a lease by lease basis using the Company’s actual borrowing rates as well as indicative market pricing for longer term rates and taking into consideration the remaining term of the lease agreements.
Lessor Considerations | Lessor Considerations The Company has determined that the residential and commercial leases at its apartment communities are operating leases. For leases that include rent concessions and/or fixed and determinable rent increases, rental income is recognized on a straight-line basis over the noncancellable term of the lease, which, for residential leases, is generally one year. Some of the Company’s commercial leases have renewal options which the Company will only include in the lease term if, at the commencement of the lease, it is reasonably certain that the lessee will exercise this option. For the Company’s leases, which are comprised of a lease component and common area maintenance as a non-lease component, the Company determined that (i) the leases are operating leases, (ii) the lease component is the predominant component and (iii) all components of its operating leases share the same timing and pattern of transfer.
Revenue and Gain Recognition | Revenue and Gain Recognition Under Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers, the Company recognizes revenue for the transfer of goods and services to customers for consideration that the Company expects to receive. The majority of the Company’s revenue is derived from residential and commercial rental and other lease income, which are accounted for as discussed above, under "Leases". The Company's revenue streams that are not accounted for under ASC 842, Leases, include (i) management, development and other fees, (ii) rental and non-rental related income and (iii) gains or losses on the sale of real estate. The following table details the Company’s revenue disaggregated by reportable operating segment, further discussed in Note 8, “Segment Reporting,” for the three and six months ended June 30, 2022 and 2021. Segment information for total revenue excludes real estate assets that were sold from January 1, 2021 through June 30, 2022, or otherwise qualify as held for sale as of June 30, 2022, as described in Note 6, "Real Estate Disposition Activities" (dollars in thousands):
|  | Same Store |  | Other Stabilized |  | Development/ Redevelopment |  | Non- allocated (1) |  | Total
For the three months ended June 30, 2022 |  |  |  |  |  |  |  |  |  |
Management, development and other fees and other ancillary items |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 904 |  |  | $ | 904 |
Rental and non-rental related income (2) |  | 2,534 |  |  | 762 |  |  | 88 |  |  | — |  |  | 3,384 |
Total non-lease revenue (3) |  | 2,534 |  |  | 762 |  |  | 88 |  |  | 904 |  |  | 4,288 |
Lease income (4) |  | 565,642 |  |  | 47,946 |  |  | 20,984 |  |  | — |  |  | 634,572 |
Total revenue |  | $ | 568,176 |  |  | $ | 48,708 |  |  | $ | 21,072 |  |  | $ | 904 |  |  | $ | 638,860 |
For the three months ended June 30, 2021 |  |  |  |  |  |  |  |  |  |
Management, development and other fees and other ancillary items |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 808 |  |  | $ | 808 |
Rental and non-rental related income (2) |  | 1,954 |  |  | 427 |  |  | 66 |  |  | — |  |  | 2,447 |
Total non-lease revenue (3) |  | 1,954 |  |  | 427 |  |  | 66 |  |  | 808 |  |  | 3,255 |
Lease income (4) |  | 500,257 |  |  | 26,459 |  |  | 8,885 |  |  | — |  |  | 535,601 |
Total revenue |  | $ | 502,211 |  |  | $ | 26,886 |  |  | $ | 8,951 |  |  | $ | 808 |  |  | $ | 538,856 |
|  | Same Store |  | Other Stabilized |  | Development/ Redevelopment |  | Non- allocated (1) |  | Total
For the six months ended June 30, 2022 |  |  |  |  |  |  |  |  |  |
Management, development and other fees and other ancillary items |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,656 |  |  | $ | 1,656 |
Rental and non-rental related income (2) |  | 4,588 |  |  | 1,348 |  |  | 145 |  |  | — |  |  | 6,081 |
Total non-lease revenue (3) |  | 4,588 |  |  | 1,348 |  |  | 145 |  |  | 1,656 |  |  | 7,737 |
Lease income (4) |  | 1,104,835 |  |  | 92,960 |  |  | 38,444 |  |  | — |  |  | 1,236,239 |
Total revenue |  | $ | 1,109,423 |  |  | $ | 94,308 |  |  | $ | 38,589 |  |  | $ | 1,656 |  |  | $ | 1,243,976 |
For the six months ended June 30, 2021 |  |  |  |  |  |  |  |  |  |
Management, development and other fees and other ancillary items |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,685 |  |  | $ | 1,685 |
Rental and non-rental related income (2) |  | 3,630 |  |  | 874 |  |  | 112 |  |  | — |  |  | 4,616 |
Total non-lease revenue (3) |  | 3,630 |  |  | 874 |  |  | 112 |  |  | 1,685 |  |  | 6,301 |
Lease income (4) |  | 996,531 |  |  | 46,970 |  |  | 15,912 |  |  | — |  |  | 1,059,413 |
Total revenue |  | $ | 1,000,161 |  |  | $ | 47,844 |  |  | $ | 16,024 |  |  | $ | 1,685 |  |  | $ | 1,065,714 |
__________________________________ (1)Revenue represents third-party property management, developer fees and miscellaneous income and other ancillary items which are not allocated to a reportable segment. (2)Amounts include revenue streams related to leasing activities that are not considered components of a lease, including but not limited to, apartment hold fees and application fees, as well as revenue streams not related to leasing activities, including but not limited to, vendor revenue sharing, building advertising, vending and dry cleaning revenue. (3)Represents revenue accounted for under ASC 606. (4)Represents residential and commercial rental and other lease income, accounted for under ASC 842. Due to the nature and timing of the Company’s identified revenue streams, there were no material amounts of outstanding or unsatisfied performance obligations as of June 30, 2022.
Uncollectible Lease Revenue Reserves | Uncollectible Lease Revenue Reserves The Company assesses the collectability of its lease revenue and receivables on an on-going basis, (i) assessing the probability of receiving all lease amounts due on a lease by lease basis, (ii) reserving all amounts for those leases where collection of substantially all of the remaining lease payments is not probable and (iii) subsequently, will only recognize revenue to the extent cash is received. If the Company determines that collection of the remaining lease payments becomes probable at a future date, the Company will recognize the cumulative revenue that would have been recorded under the original lease agreement. In addition to the specific reserves recognized under ASC 842, the Company also evaluates its lease receivables for collectability at a portfolio level under ASC 450, Contingencies – Loss Contingencies. The Company recognizes a reserve under ASC 450 when the uncollectible revenue is probable and reasonably estimable. The Company applies this reserve to the population of the Company’s revenue and receivables not specifically addressed as part of the specific ASC 842 reserve. The Company recorded an aggregate offset to income for uncollectible lease revenue for its residential and commercial portfolios of $7,061,000 and $15,065,000 for the three months ended June 30, 2022 and 2021, respectively, and $20,660,000 and $33,710,000 for the six months ended June 30, 2022 and 2021, respectively, under ASC 842 and ASC 450.
COVID-19 Pandemic | COVID-19 Pandemic In March 2020, the World Health Organization designated COVID-19 as a pandemic (the "Pandemic"). The ultimate impact of the Pandemic on the Company's consolidated results of operations, cash flows, financial condition and liquidity will depend on, among other factors, (i) the effect of the Pandemic on the multifamily industry and the general economy, including from measures taken by businesses and the government, such as governmental limitations on multifamily owners' ability to evict residents who are delinquent in the payment of their rent and (ii) consumer and business preferences for living and working arrangements.

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