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AvalonBay Communities, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net income attributable to common stockholders to $372,519,000, up from $172,031,000 in the same quarter the previous year. This increase is primarily due to gains from real estate sales and higher net operating income.
Same Store net operating income (NOI) for the quarter was $456,664,000, representing a 2.0% increase over the prior year period. This was driven by a 3.1% increase in residential revenue, partially offset by a 5.4% increase in property operating expenses.
The company reported total revenues of $734,307,000 for the quarter, a 5.3% increase from $697,635,000 in the same quarter the previous year. The increase was primarily attributed to higher rental and other income.
Operating expenses, excluding property taxes, increased to $151,145,000 from $139,699,000 in the previous year, reflecting higher utility and insurance costs.
Interest expense for the quarter was $55,769,000, up from $48,115,000 in the previous year, due to increased unsecured indebtedness.
AvalonBay completed the development of two communities during the quarter, adding 629 apartment homes to its portfolio.
The company sold two communities, generating gains of $172,973,000, and acquired three communities for a total purchase price of $212,500,000.
AvalonBay's development pipeline includes 19 communities under construction, expected to add 6,855 apartment homes with a projected total cost of $2,683,000,000.
The company maintains a $2,250,000,000 credit facility, with no outstanding borrowings as of September 30, 2024.
AvalonBay's balance sheet shows total assets of $21,308,411,000 and total liabilities of $9,423,527,000 as of September 30, 2024.
The filing also discusses the company's structured investment program, with commitments to fund up to $191,585,000 in third-party multifamily development projects.
AvalonBay is involved in various legal proceedings, including a dismissed antitrust litigation in the District of Columbia, with no material adverse effect expected on its financial condition.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the AvalonBay Communities Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.