As of September 30, 2024, AvalonBay Communities, Inc. reported total real estate assets of $19.57 billion, reflecting an increase from $19.34 billion at the end of 2023. The company’s land and improvements rose to $4.85 billion, while buildings and improvements increased to $20.07 billion. Cash and cash equivalents also saw a significant rise, reaching $552.36 million compared to $397.89 million at the end of 2023. Total equity increased to $11.88 billion from $11.78 billion.

For the third quarter of 2024, AvalonBay's total revenue was $734.31 million, a 5.3% increase from $697.64 million in Q3 2023. For the nine months ending September 30, 2024, total revenue reached $2.17 billion, up 5.3% from $2.06 billion in the same period last year. Net income for Q3 2024 was $372.52 million, a substantial increase of 116.8% from $171.79 million in Q3 2023. For the nine-month period, net income was $800.08 million, up 16.6% from $686.37 million in 2023.

Net income attributable to common stockholders for Q3 2024 was $372.52 million, compared to $172.03 million in Q3 2023. Earnings per share (EPS) for the third quarter was $2.62, significantly higher than $1.21 in the prior year. For the nine months, EPS increased to $5.62 from $4.86.

The company’s net operating income (NOI) for Q3 2024 was $496.96 million, up from $467.06 million in Q3 2023. The increase in revenue was driven by higher residential revenue, which rose by $20.21 million (3.1%), despite a corresponding increase in property operating expenses of $11.04 million (5.4%).

AvalonBay's investment strategy remains robust, with ownership or interest in 305 apartment communities containing 92,908 homes across 12 states and the District of Columbia. The company is actively developing 19 communities and plans to develop an additional 28 communities, adding an estimated 9,091 apartment homes.

In terms of financing, AvalonBay issued $400 million in unsecured notes in May 2024, with a 5.35% interest rate, and has a $2.25 billion revolving credit facility maturing in September 2026. The company reported compliance with all financial covenants as of September 30, 2024.

The company also recorded a gain of $172.99 million from the sale of two wholly-owned communities during Q3 2024, contributing to the overall increase in net income. Additionally, AvalonBay's investments in unconsolidated entities and structured investment programs have yielded significant returns, further enhancing its financial position.