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AvalonBay Communities, Inc. (the "Company," "we," "our" and "us" which terms, unless the context otherwise requires, refer 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. We develop, redevelop, acquire, own and operate apartment communities in New …
66.46% operating margin is above average. ROIC at 7.60%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue grew 4.4%, steady but not accelerating.
Net debt of $10.05B represents 7.1x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$3.07B
▲ +4.4% YoY
Net Income (TTM)
$1.14B
▼ -2.8% YoY
Op. Margin
66.62%
▲ +0.9pp YoY
ROIC
7.49%
▼ -1.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$1.40B
▼ -0.4% YoY
Op. Cash Flow (TTM)
$1.67B
▲ +3.9% YoY
Net Debt
$10.17B
Cash & Equiv.
$121M
5Y CAGR: +5.7%
5Y CAGR: +4.9%
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