AvalonBay Communities, Inc. reported a net income attributable to common stockholders of $1.08 billion for the fiscal year ending December 31, 2024, marking a 16.5% increase from the previous year. This growth was primarily driven by a rise in net operating income (NOI) from apartment communities, which reached $1.83 billion, a 2.7% increase year-over-year. The company also saw a 5.3% increase in total revenue, amounting to $2.91 billion, largely due to higher rental income and gains from real estate sales.
In 2024, AvalonBay completed the construction of nine wholly-owned communities, adding 2,981 apartment homes to its portfolio, and acquired six communities totaling 1,441 homes for $460.1 million. The company also sold eight communities, generating $726.2 million in proceeds. As of December 31, 2024, AvalonBay owned or held interests in 306 communities with a total of 93,518 apartment homes across 12 states and the District of Columbia, including 17 communities under development.
The company’s operational metrics showed a weighted average occupancy of 79,240 apartment homes, with an average monthly revenue per occupied home increasing to $3,081. AvalonBay's Same Store Residential revenue rose by 3.4%, attributed to a combination of increased lease rates and reduced uncollectible lease revenue. However, property operating expenses also increased by 5.0%, reflecting rising costs in various operational areas.
AvalonBay's strategic focus includes geographic expansion into markets such as North Carolina and Texas, where it has identified opportunities for growth. The company is also committed to maintaining a strong capital structure, with $267.1 million in cash and cash equivalents as of December 31, 2024. Looking ahead, AvalonBay anticipates continued investment in development and redevelopment activities, while also managing its debt obligations and maintaining compliance with financial covenants.
The company remains cautious about potential risks, including market conditions, regulatory changes, and the impact of inflation on operating costs. AvalonBay's management emphasized the importance of its diversified portfolio and strategic investments in technology and sustainability initiatives to enhance operational efficiency and resident satisfaction.
About AVALONBAY COMMUNITIES INC
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