Skip to main content

AvalonBay Communities - Fundamentalanalyse - Jahresbericht / Bilanz / Geschäftsbericht

AvalonBay Communities (ISIN: US0534841012, WKN: 914867) Kursdatum: 27.07.2017 Kurs: 190,550 USD
Beschreibung Daten
Symbol AVB
Marktkapitalisierung 26.193.383.424,00 USD
Land Vereinigte Staaten von Amerika
Indizes S&P 500
Sektor Immobilien
Rohdaten nach US GAAP in Millionen USD
Aktiensplits
Internet
Letztes Bilanz Update 24.02.2017

Fundamentaldaten

Fundamental Verhältnisse errechnet am: 27.07.2017
KFCV KCV DIV Rendite GKR EKQ KGV KUV KBV
-200,68 22,91 2,83% 5,79 56,93 25,34 12,81 2,58

Firmenbeschreibung

Quarterly Financial InformationThe following summary represents the unaudited quarterly results of operations for the years ended December 31, 2015 and 2014 (dollars in thousands, except per share amounts): For the three months ended (1) 3/31/15 6/30/15 9/30/15 12/31/15Total revenue$442,367 $457,459 $475,360 $480,840Income from continuing operations$208,053 $172,253 $206,076 $155,352Total discontinued operations$— $— $— $—Net income$208,053 $172,253 $206,076 $155,352Net income attributable to common stockholders$208,144 $172,324 $206,142 $155,428Net income per common share - basic$1.57 $1.30 $1.54 $1.13Net income per common share - diluted$1.56 $1.29 $1.53 $1.13 For the three months ended (1) 3/31/14 6/30/14 9/30/14 12/31/14Total revenue$400,075 $413,806 $430,525 $440,656Income from continuing operations$103,420 $172,197 $241,001 $142,530Total discontinued operations$38,179 $— $— $—Net income$141,599 $172,197 $241,001 $142,530Net income attributable to common stockholders$141,739 $158,086 $241,100 $142,642Net income per common share - basic$1.09 $1.22 $1.83 $1.08Net income per common share - diluted$1.09 $1.21 $1.83 $1.08_________________________________(1) Amounts may not equal full year results due to rounding.

Firmenstrategie

Principles of ConsolidationThe accompanying Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries, certain joint venture partnerships, subsidiary partnerships structured as DownREITs and any variable interest entities that qualify for consolidation. All significant intercompany balances and transactions have been eliminated in consolidation.As of December 31, 2015, the Company has adopted ASU 2015-02, Consolidation: Amendments to the Consolidation Analysis. See discussion under "Recently Issued and Adopted Accounting Standards" for further details.The Company accounts for joint venture entities and subsidiary partnerships in accordance with the consolidation guidance. The Company evaluates the partnership of each joint venture entity and determines first whether to follow the variable interest (“VIE”) or the voting interest (“VOE”) model. Once the appropriate consolidation model is identified, the Company then evaluates whether it should consolidate the venture. Under the VIE model, the Company consolidates an investment when it has control to direct the activities of the venture and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the VOE model, the Company consolidates an investment when 1) it controls the investment through ownership of a majority voting interest if the investment is not a limited partnership or 2) it controls the investment through its ability to remove the other partners in the investment, at its discretion, when the investment is a limited partnership.The Company generally uses the equity method of accounting for its investment in joint ventures, under all other potential scenarios, including where the Company holds a noncontrolling limited partner interest in a joint venture. Any investment in excess of the Company's cost basis at acquisition or formation of an equity method venture, will be recorded as a component of the Company's investment in the joint venture and recognized over the life of the underlying fixed assets of the venture as a reduction to its equity in income (loss) from the venture. Investments in which the Company has little or no influence are accounted for using the cost method.

RevenueRecognitionPolicyTextBlock

Revenue and Gain Recognition

Rental income related to leases is recognized on an accrual basis when due from residents as required by the accounting guidance applicable to leases, which provides guidance on classification and recognition. In accordance with the Company's standard lease terms, rental payments are generally due on a monthly basis. Any cash concessions given at the inception of the lease are amortized over the approximate life of the lease, which is generally one year. The Company records a charge to income for outstanding receivables greater than 90 days past due as a component of operating expenses, excluding property taxes on the accompanying Consolidated Statements of Comprehensive Income.

The Company accounts for the sale of real estate assets and any related gain recognition in accordance with the accounting guidance applicable to sales of real estate, which establishes standards for recognition of profit on all real estate sales transactions, other than retail land sales. The Company recognizes the sale, and associated gain or loss from the disposition, provided that the earnings process is complete and the Company does not have significant continuing involvement.

SegmentReportingDisclosureTextBlock

Segment Reporting

The Company's reportable operating segments include Established Communities, Other Stabilized Communities and Development/Redevelopment Communities. Annually as of January 1, the Company determines which of its communities fall into each of these categories and generally maintains that classification throughout the year for the purpose of reporting segment operations, unless disposition or redevelopment plans regarding a community change. 

Established Communities (also known as Same Store Communities) are consolidated communities where a comparison of operating results from the prior year to the current year is meaningful, as these communities were owned and had stabilized occupancy and operating expenses as of the beginning of the prior year. The Established Communities for the year ended December 31, 2015, are communities that are consolidated for financial reporting purposes, had stabilized occupancy as of January 1, 2014, are not conducting or planning to conduct substantial redevelopment activities and are not held for sale or planned for disposition within the current year period. A community is considered to have stabilized occupancy at the earlier of (i) attainment of 95% physical occupancy or (ii) the one-year anniversary of completion of development or redevelopment.
Other Stabilized Communities includes all other completed communities that have stabilized occupancy, as defined above. Other Stabilized Communities do not include communities that are conducting or planning to conduct substantial redevelopment activities within the current year.
Development/Redevelopment Communities consists of communities that are under construction and have not received a certificate of occupancy for the entire community, and where substantial redevelopment is in progress or is planned to begin during the current year and communities under lease-up that had not reached stabilized occupancy, as defined above, as of January 1, 2015.

In addition, the Company owns land for future development and has other corporate assets that are not allocated to an operating segment.

The Company's segment disclosures present the measure(s) used by the chief operating decision maker for purposes of assessing each segment's performance. The Company's chief operating decision maker is comprised of several members of its executive management team who use net operating income ("NOI") as the primary financial measure for Established Communities and Other Stabilized Communities. NOI is defined by the Company as total property revenue less direct property operating expenses, including property taxes, and excluding corporate-level income (including management, development and other fees), corporate-level property management and other indirect operating expenses, investments and investment management expenses, expensed acquisition, development and other pursuit costs, net interest expense, gain (loss) on extinguishment of debt, loss on interest rate contract, general and administrative expense, joint venture income (loss), depreciation expense, corporate income tax expense, casualty (gain) loss and impairment loss, net, gain on sale of real estate assets, gain on sale of discontinued operations, income from discontinued operations and net operating income from real estate assets sold or held for sale, not classified as discontinued operations. Although the Company considers NOI a useful measure of a community's or communities' operating performance, NOI should not be considered an alternative to net income or net cash flow from operating activities, as determined in accordance with GAAP. NOI excludes a number of income and expense categories as detailed in the reconciliation of NOI to net income.

A reconciliation of NOI to net income for years ended December 31, 2015, 2014 and 2013 is as follows (dollars in thousands):

 
For the year ended
 
12/31/15
 
12/31/14
 
12/31/13
Net income
$
741,733

 
$
697,327

 
$
352,771

Indirect operating expenses, net of corporate income
56,973

 
49,055

 
41,554

Investments and investment management expense
4,370

 
4,485

 
3,990

Expensed acquisition, development and other pursuit costs, net of recoveries
6,822

 
(3,717
)
 
45,050

Interest expense, net (1)
175,615

 
180,618

 
172,402

(Gain) loss on extinguishment of debt, net
(26,736
)
 
412

 
14,921

Loss on interest rate contract

 

 
51,000

General and administrative expense
42,396

 
41,425

 
39,573

Equity in (income) loss of unconsolidated entities
(70,018
)
 
(148,766
)
 
11,154

Depreciation expense (1)
477,923

 
442,682

 
560,215

Income tax expense
1,861

 
9,368

 

Casualty (gain) loss and impairment loss, net
(10,542
)
 

 

Gain on sale of real estate assets
(125,272
)
 
(85,415
)
 
(240
)
Gain on sale of discontinued operations

 
(37,869
)
 
(278,231
)
Income from discontinued operations

 
(310
)
 
(16,713
)
Net operating income from real estate assets sold or held for sale, not classified as discontinued operations
(10,920
)
 
(27,357
)
 
(31,388
)
Net operating income
$
1,264,205

 
$
1,121,938

 
$
966,058

_________________________________

(1)
Includes amounts associated with assets sold or held for sale, not classified as discontinued operations.

The following is a summary of NOI from real estate assets sold or held for sale, not classified as discontinued operations, for the periods presented (dollars in thousands):

 
For the year ended
 
12/31/2015
 
12/31/2014
 
12/31/2013
 
 
 
 
 
 
 Rental income from real estate assets sold or held for sale, not classified as discontinued operations
$
17,973

 
$
44,645

 
$
50,638

 Operating expenses real estate assets sold or held for sale, not classified as discontinued operations
(7,053
)
 
(17,288
)
 
(19,250
)
Net operating income from real estate assets sold or held for sale, not classified as discontinued operations
$
10,920

 
$
27,357

 
$
31,388


The primary performance measure for communities under development or redevelopment depends on the stage of completion. While under development, management monitors actual construction costs against budgeted costs as well as lease-up pace and rent levels compared to budget.

EarningsPerSharePolicyTextBlock

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 year ended
 
12/31/15
 
12/31/14
 
12/31/13
Basic and diluted shares outstanding
 

 
 

 
 

Weighted average common shares—basic
133,565,711

 
130,586,718

 
126,855,754

Weighted average DownREIT units outstanding
7,500

 
7,500

 
7,500

Effect of dilutive securities
1,019,966

 
643,284

 
402,649

Weighted average common shares—diluted
134,593,177

 
131,237,502

 
127,265,903

 
 
 
 
 
 
Calculation of Earnings per Share—basic
 

 
 

 
 

Net income attributable to common stockholders
$
742,038

 
$
683,567

 
$
353,141

Net income allocated to unvested restricted shares
(1,774
)
 
(1,523
)
 
(563
)
Net income attributable to common stockholders, adjusted
$
740,264

 
$
682,044

 
$
352,578

 
 
 
 
 
 
Weighted average common shares—basic
133,565,711

 
130,586,718

 
126,855,754

 
 
 
 
 
 
Earnings per common share—basic
$
5.54

 
$
5.22

 
$
2.78

 
 
 
 
 
 
Calculation of Earnings per Share—diluted
 

 
 

 
 

Net income attributable to common stockholders
$
742,038

 
$
683,567

 
$
353,141

Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations
38

 
35

 
32

Adjusted net income attributable to common stockholders
$
742,076

 
$
683,602

 
$
353,173

 
 
 
 
 
 
Weighted average common shares—diluted
134,593,177

 
131,237,502

 
127,265,903

 
 
 
 
 
 
Earnings per common share—diluted
$
5.51

 
$
5.21

 
$
2.78

 
 
 
 
 
 
Dividends per common share
$
5.00

 
$
4.64

 
$
4.28


Certain options to purchase shares of common stock in the amount of 605,899 were outstanding as of December 31, 2013, but were not included in the computation of diluted earnings per share because such options were anti-dilutive for the period. All options to purchase shares of common stock outstanding as of December 31, 2015 and 2014 are included in the computation of diluted earnings per share.

The Company is required to estimate the forfeiture of stock options and recognize compensation cost net of the estimated forfeitures. The estimated forfeitures included in compensation cost are adjusted to reflect actual forfeitures at the end of the vesting period. The forfeiture rate at December 31, 2015 was 1.0% and is based on the average forfeiture activity over a period equal to the estimated life of the stock options. The application of estimated forfeitures did not materially impact compensation expense for the years ended December 31, 2015, 2014 and 2013.