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Organization, Basis of Presentation and Significant Accounting Policies (Policies) | 9 Months Ended
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Sep. 30, 2023
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 regions of Raleigh-Durham and Charlotte, North Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver, Colorado. At September 30, 2023, the Company owned or held a direct or indirect ownership interest in 296 operating apartment communities containing 89,240 apartment homes in 12 states and the District of Columbia, of which 17 communities were under development and one was under redevelopment. 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 38 communities that, if developed as expected, will contain an estimated 13,449 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 year ended December 31, 2022. The results of operations for the three and nine months ended September 30, 2023 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.
Cash, Cash Equivalents and Cash in Escrow | Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents includes all cash and liquid investments with an original maturity of three months or less from the date acquired. Restricted cash includes principal reserve funds that are restricted for the repayment of specified secured financing, amounts the Company has designated for planned 1031 exchange activity and resident security deposits. The majority of the Company's cash, cash equivalents and restricted cash are held at major commercial banks.
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 September 30, |  | For the nine months ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Basic and diluted shares outstanding |  |  |  |  |  |  |
Weighted average common shares - basic | 141,838,841 |  |  | 139,640,421 |  |  | 141,128,506 |  |  | 139,610,205 |
Weighted average DownREIT units outstanding | — |  |  | 7,500 |  |  | 4,670 |  |  | 7,500 |
Effect of dilutive securities | 359,258 |  |  | 334,038 |  |  | 315,499 |  |  | 346,467 |
Weighted average common shares - diluted | 142,198,099 |  |  | 139,981,959 |  |  | 141,448,675 |  |  | 139,964,172 |
Calculation of Earnings per Share - basic |  |  |  |  |  |  |
Net income attributable to common stockholders | $ | 172,031 |  |  | $ | 494,747 |  |  | $ | 686,856 |  |  | $ | 895,482 |
Net income allocated to unvested restricted shares | (309) |  |  | (888) |  |  | (1,229) |  |  | (1,662) |
Net income attributable to common stockholders - basic | $ | 171,722 |  |  | $ | 493,859 |  |  | $ | 685,627 |  |  | $ | 893,820 |
Weighted average common shares - basic | 141,838,841 |  |  | 139,640,421 |  |  | 141,128,506 |  |  | 139,610,205 |
Earnings per common share - basic | $ | 1.21 |  |  | $ | 3.54 |  |  | $ | 4.86 |  |  | $ | 6.40 |
Calculation of Earnings per Share - diluted |  |  |  |  |  |  |
Net income attributable to common stockholders | $ | 172,031 |  |  | $ | 494,747 |  |  | $ | 686,856 |  |  | $ | 895,482 |
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations | — |  |  | 12 |  |  | 25 |  |  | 36 |
Net income attributable to common stockholders - diluted | $ | 172,031 |  |  | $ | 494,759 |  |  | $ | 686,881 |  |  | $ | 895,518 |
Weighted average common shares - diluted | 142,198,099 |  |  | 139,981,959 |  |  | 141,448,675 |  |  | 139,964,172 |
Earnings per common share - diluted | $ | 1.21 |  |  | $ | 3.53 |  |  | $ | 4.86 |  |  | $ | 6.40 |
Certain options to purchase shares of common stock in the amounts of 25,537 and 9,793 were outstanding as of September 30, 2023 and 2022, 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 ongoing basis. 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. 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 income. Amounts recorded in accumulated other comprehensive income 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 As of September 30, 2023, the Company was involved in various claims and/or administrative proceedings that arise in the ordinary course of its business. The Company recognizes a loss associated with contingent legal matters when the loss is probable and estimable. While no assurances can be given, the Company does not currently believe that any of such matters, individually or in the aggregate, will have a material adverse effect on its financial condition or results of operations. See Note 12, "Subsequent Events," for further discussion of legal and other contingencies.
Acquisitions of Investments in Real Estate | Acquisitions of Investments in Real Estate The Company accounts for real estate acquisitions by first determining if the real estate investment is the acquisition of an asset or a business combination. Under either model, the Company identifies and determines 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. The Company utilizes various sources to determine fair value, 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 purchase price is allocated 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 | Reclassifications Certain reclassifications have been made to amounts in prior years' financial statements and notes to the financial statements to conform to current year presentations as a result of changes in held for sale classification, disposition activity, segment classification and classification of for-sale condominium inventory and activity.
Income Taxes | Income Taxes The Company recognized income tax expense of $4,372,000 and $7,715,000 for the three and nine months ended September 30, 2023, respectively, and $5,651,000 and $7,963,000 for the three and nine months ended September 30, 2022, respectively, primarily related to 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 that are based on an index or rate such as the consumer price index (CPI) or percentage rents based on total sales. Variable lease payments that are not based on an index or rate are not included in the measurement of the lease liability, but will be recognized as variable lease expense in the period in which they are incurred. 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. For leases that are 12 months or less, the Company has elected the practical expedient to not assess these leases under Accounting Standards Codification ("ASC") 842, Leases, and recognize the lease payments on a straight line basis.
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 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) non-lease related revenue 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 nine months ended September 30, 2023 and 2022. Segment information for total revenue excludes real estate assets that were sold from January 1, 2022 through September 30, 2023, or otherwise qualify as held for sale as of September 30, 2023, 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 September 30, 2023 |  |  |  |  |  |  |  |  |  |
Management, development and other fees and other ancillary items |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,934 |  |  | $ | 1,934 |
Non-lease related revenue (2) |  | 2,917 |  |  | 1,430 |  |  | 80 |  |  | — |  |  | 4,427 |
Total non-lease revenue (3) |  | 2,917 |  |  | 1,430 |  |  | 80 |  |  | 1,934 |  |  | 6,361 |
Lease income (4) |  | 639,176 |  |  | 31,811 |  |  | 17,229 |  |  | — |  |  | 688,216 |
Total revenue |  | $ | 642,093 |  |  | $ | 33,241 |  |  | $ | 17,309 |  |  | $ | 1,934 |  |  | $ | 694,577 |
For the three months ended September 30, 2022 |  |  |  |  |  |  |  |  |  |
Management, development and other fees and other ancillary items |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,399 |  |  | $ | 1,399 |
Non-lease related revenue (2) |  | 2,477 |  |  | 811 |  |  | 32 |  |  | — |  |  | 3,320 |
Total non-lease revenue (3) |  | 2,477 |  |  | 811 |  |  | 32 |  |  | 1,399 |  |  | 4,719 |
Lease income (4) |  | 609,311 |  |  | 27,335 |  |  | 7,681 |  |  | — |  |  | 644,327 |
Total revenue |  | $ | 611,788 |  |  | $ | 28,146 |  |  | $ | 7,713 |  |  | $ | 1,399 |  |  | $ | 649,046 |
|  | Same Store |  | Other Stabilized |  | Development/ Redevelopment |  | Non- allocated (1) |  | Total
For the nine months ended September 30, 2023 |  |  |  |  |  |  |  |  |  |
Management, development and other fees and other ancillary items |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5,712 |  |  | $ | 5,712 |
Non-lease related revenue (2) |  | 8,121 |  |  | 3,830 |  |  | 195 |  |  | — |  |  | 12,146 |
Total non-lease revenue (3) |  | 8,121 |  |  | 3,830 |  |  | 195 |  |  | 5,712 |  |  | 17,858 |
Lease income (4) |  | 1,890,920 |  |  | 93,380 |  |  | 40,644 |  |  | — |  |  | 2,024,944 |
Total revenue |  | $ | 1,899,041 |  |  | $ | 97,210 |  |  | $ | 40,839 |  |  | $ | 5,712 |  |  | $ | 2,042,802 |
For the nine months ended September 30, 2022 |  |  |  |  |  |  |  |  |  |
Management, development and other fees and other ancillary items |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,054 |  |  | $ | 3,054 |
Non-lease related revenue (2) |  | 7,493 |  |  | 1,777 |  |  | 78 |  |  | — |  |  | 9,348 |
Total non-lease revenue (3) |  | 7,493 |  |  | 1,777 |  |  | 78 |  |  | 3,054 |  |  | 12,402 |
Lease income (4) |  | 1,770,815 |  |  | 60,702 |  |  | 20,193 |  |  | — |  |  | 1,851,710 |
Total revenue |  | $ | 1,778,308 |  |  | $ | 62,479 |  |  | $ | 20,271 |  |  | $ | 3,054 |  |  | $ | 1,864,112 |
__________________________________ (1)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, and revenue streams not related to leasing activities including, but not limited to, application fees, renters insurance fees and vendor revenue sharing. (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 September 30, 2023.
Uncollectible Lease Revenue Reserves | Uncollectible Lease Revenue Reserves The Company assesses the collectability of its lease revenue and receivables on an ongoing basis by (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, net of amounts received from government rent relief programs, for its residential and commercial portfolios of $13,363,000 and $10,607,000 for the three months ended September 30, 2023 and 2022, respectively, and $43,667,000 and $31,267,000 for the nine months ended September 30, 2023 and 2022, respectively, under ASC 842 and ASC 450.

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