AvalonBay Communities, Inc. Financial Ratios — AVB Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	612.67	359.5	246.97	402.02	543.4	311.94	192.26	201.82	217.83
Return on Assets (%)	5.42	4.32	2.67	4.34	4.49	5.94	4.83	5.3	4.19	4.32	5.14	5.63	4.52	5.19	4.87
Return on Capital (%)	16.97	15.67	11.03	14.08	14.67	18.23	14.69	- -	13.04	- -	14.93	15.61	12.89	14.99	- -
Return on Invested Capital (%)	4.02	3.91	2.77	3.98	4.34	4.68	4.57	- -	4.56	- -	3.23	3.98	4.42	4.56	- -
Gross Margin (%)	62.69	64.33	65.07	65.03	65.4	66.59	66.54	66.45	66.96	64.23	62.79	64.56	64.3	63.16	63.14
EBITDA Margin (%)	59.43	60.92	62.36	62.57	63.09	64.35	64.05	63.8	64.46	61.61	59.76	61.7	61.54	60.49	60.29
Operating Margin (%)	34.24	36.57	24.07	36.3	37.34	38.37	36.99	36.17	36	30.87	26.7	30.28	32.02	31.43	30.25
Incremental Operating Margin (%)	81.83	57.48	-2.99	116.83	47.63	48.46	12.09	22.18	26.16	541.04	1,525.25	57.8	57.89	20.21	3.16
Pretax Margin (%)	15.58	25.03	3.95	39.67	40.04	50.56	40.62	42.64	34.38	35.83	44.02	44.38	33.91	37.16	34.71
Profit Margin (%)	49.06	42.36	24.14	40.57	39.98	50.56	40.62	42.66	33.81	35.96	43.76	43.83	33.56	37.13	34.57
Net Income to Common Margin (%)	49.06	42.36	24.14	40.57	39.98	50.56	40.62	42.66	33.81	35.96	43.76	43.83	33.56	37.13	34.57
Effective Tax Rate (%)	- -	- -	- -	1.4	0.2	0.03	0.02	- -	1.63	- -	0.57	1.27	1.08	0.04	- -
Dvd Payout Ratio (%)	227.52	146.29	916.16	88.26	88.43	70.37	88.22	82.74	106.86	106.75	88.44	78.3	99.42	88.87	93.45
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	72.2	62.06	-16.93	-27.13	62.79	67.68	1.12	22.46	14.27

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	3,599	3,851	6,134	6,490	6,457	7,031	7,329	7,040	7,437	7,746	8,270	8,479	8,135	8,251	9,494
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	740
LT Debt	3,599	3,851	6,134	6,490	6,457	7,031	7,329	7,040	7,437	7,746	8,270	8,479	8,135	8,251	8,754
Total Debt/EBITDA	6.73	6.32	6.72	6.16	5.51	5.34	5.3	4.83	4.96	5.46	6.03	5.3	4.78	4.68	5.18
Net Debt/EBITDA	5.58	1.83	6.42	5.67	5.17	5.18	5.25	4.77	4.84	5.18	5.6	4.81	4.45	4.52	4.99
Total Debt/EBIT	11.68	10.52	17.42	10.61	9.32	8.96	9.18	8.52	8.89	10.9	13.5	10.8	9.18	9.01	10.32
Net Debt/EBIT	9.68	3.05	16.62	9.78	8.74	8.69	9.1	8.41	8.67	10.34	12.54	9.81	8.56	8.7	9.94
EBITDA to Interest Expense	3.19	4.45	5.29	5.84	6.67	7.02	6.92	6.6	7.36	6.62	6.22	6.96	8.27	7.78	7.07
EBITDA-CapEx/Interest Expense	-0.62	4.45	5.29	5.84	6.67	7.02	6.92	6.6	7.36	6.62	6.22	6.96	8.27	7.78	7.07
EBIT to Interest Expense	1.84	2.67	2.04	3.39	3.95	4.19	4	3.74	4.11	3.32	2.78	3.41	4.3	4.04	3.55
Interest Expense	168	137	172	181	176	188	200	221	204	214	220	230	206	227	259
Common Equity/Total Assets	-2.01	-1.27	-2.24	-1.65	-1.16	0.54	1.03	1.92	1.49	0.66	1.22	2.38	2.32	2.82	1.68
Long-Term Debt/Equity (%)	81.63	56.24	71.19	71.64	65.55	69.07	70.52	66.19	67.65	72.02	75.62	75.32	69.03	69.09	73.97
Long-Term Debt/Capital (%)	104.55	103.51	105.56	104.06	102.98	98.54	97.39	95.19	96.27	98.34	97.11	94.54	94.42	93.3	86.77
Long-Term Debt/Total Assets (%)	42.43	34.51	40.02	40.21	38.14	39.35	39.8	38.3	38.89	40.34	41.55	41.44	39.34	39.29	39.45
Total Debt/Equity (%)	81.63	56.24	71.19	71.64	65.55	69.07	70.52	66.19	67.65	72.02	75.62	75.32	69.03	69.09	80.22
Total Debt/Capital (%)	104.55	103.51	105.56	104.06	102.98	98.54	97.39	95.19	96.27	98.34	97.11	94.54	94.42	93.3	94.1
Total Debt/Total Assets (%)	42.43	34.51	40.02	40.21	38.14	39.35	39.8	38.3	38.89	40.34	41.55	41.44	39.34	39.29	42.78
Net Debt to Equity	67.64	16.32	67.92	66.01	61.48	66.96	69.87	65.33	66.01	68.32	70.25	68.43	64.35	66.73	77.24
Net Debt/Capital (%)	105.54	113.23	105.84	104.42	103.18	98.5	97.37	95.13	94.42	95.92	94.9	92.2	92.28	91.23	92.32
EBITDA	535	610	912	1,054	1,171	1,316	1,383	1,458	1,498	1,418	1,371	1,600	1,703	1,763	1,833
EBITDA-CapEx	-104	610	912	1,054	1,171	1,316	1,383	1,458	1,498	1,418	1,371	1,600	1,703	1,763	1,833
Operating Income (Loss)	308	366	352	612	693	785	798	826	837	710	613	785	886	916	920

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	1.41	6.44	0.53	0.94	0.7	0.36	0.11	0.14	0.06	0.34	0.66	0.93	0.57	0.15	0.12
Current Ratio	1.63	6.62	0.76	1.17	0.94	0.6	0.37	0.39	0.26	0.54	0.91	1.11	0.76	0.36	0.23
Quick Ratio	1.41	6.44	0.53	0.94	0.7	0.36	0.11	0.14	0.06	0.34	0.66	0.93	0.57	0.15	0.12
CFO/Avg Current Liab	1.21	1.25	1.51	1.65	1.93	1.98	2.04	2.04	2.07	1.92	1.88	2.2	2.3	2.23	1.46
Common Equity/Total Assets	-2.01	-1.27	-2.24	-1.65	-1.16	0.54	1.03	1.92	1.49	0.66	1.22	2.38	2.32	2.82	1.68
Long-Term Debt/Equity (%)	81.63	56.24	71.19	71.64	65.55	69.07	70.52	66.19	67.65	72.02	75.62	75.32	69.03	69.09	73.97
Long-Term Debt/Capital (%)	104.55	103.51	105.56	104.06	102.98	98.54	97.39	95.19	96.27	98.34	97.11	94.54	94.42	93.3	86.77
Long-Term Debt/Total Assets (%)	42.43	34.51	40.02	40.21	38.14	39.35	39.8	38.3	38.89	40.34	41.55	41.44	39.34	39.29	39.45
Total Debt/Equity (%)	81.63	56.24	71.19	71.64	65.55	69.07	70.52	66.19	67.65	72.02	75.62	75.32	69.03	69.09	80.22
Total Debt/Capital (%)	104.55	103.51	105.56	104.06	102.98	98.54	97.39	95.19	96.27	98.34	97.11	94.54	94.42	93.3	94.1
Total Debt/Total Assets (%)	42.43	34.51	40.02	40.21	38.14	39.35	39.8	38.3	38.89	40.34	41.55	41.44	39.34	39.29	42.78
CFO/Total Liabilities	10.54	12.54	10.79	12.52	15.18	15.09	15.66	16.8	16.26	14.44	13.42	15.45	17.54	17.75	16.13
CFO/CapEx	0.67	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	1.97	2.27	1.47	2.02	2.31	2.15	2.09	2.14	2.42	1.83	2.59	1.76	2.09	2.37	1.72

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Sales Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	9.42	7.95	6.93	6	6.4	6.84	7.75	8.41	8.12	8.86	10.86	13.46	12.31	12.36	12.58
Accounts Payable Turnover Days	38.73	45.89	52.69	60.87	57.04	53.37	47.09	43.42	44.93	41.18	33.62	27.11	29.64	29.52	29.02
Cash Conversion Cycle	-38.73	-45.89	-52.69	-60.87	-57.04	-53.37	-47.09	-43.42	-44.93	-41.18	-33.62	-27.11	-29.64	-29.52	-29.02
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	11,744	13,209	14,998	21,384	24,652	24,318	24,605	24,062	29,236	22,529	35,282	22,595	26,503	31,296	25,747
- Cash & Cash Equivalents	617	2,734	281	509	401	215	67	92	40	217	420	613	398	109	187
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	14	11	21	13	10	8	6	3	4	3	4	3	1	- -	223
+ Total Debt	3,599	3,851	6,134	6,490	6,457	7,031	7,329	7,040	7,437	7,746	8,270	8,479	8,135	8,251	9,494
Enterprise Value	14,740	14,337	20,872	27,377	30,719	31,142	31,873	31,014	36,637	30,061	43,136	30,464	34,242	39,438	35,277
Total Capital	3,443	3,720	5,811	6,237	6,270	7,135	7,526	7,396	7,725	7,877	8,516	8,968	8,616	8,843	10,089
Total Debt/Capital (%)	104.55	103.51	105.56	104.06	102.98	98.54	97.39	95.19	96.27	98.34	97.11	94.54	94.42	93.3	94.1
Total Debt / EV	0.24	0.27	0.29	0.24	0.21	0.23	0.23	0.23	0.2	0.26	0.19	0.28	0.24	0.21	0.27
EV/Sales	16.38	14.33	14.27	16.25	16.55	15.23	14.77	13.58	15.76	13.06	18.8	11.75	12.37	13.54	11.6
EV/EBITDA	27.56	23.52	22.88	25.97	26.23	23.66	23.05	21.28	24.45	21.2	31.46	19.04	20.1	22.37	19.24
EV/EBIT	47.83	39.18	59.28	44.76	44.32	39.68	39.92	37.53	43.78	42.31	70.4	38.79	38.64	43.07	38.35
EV/Cash Flow to Firm	24.68	21.15	23.28	25.71	24.58	23.11	21.89	20.38	24.07	20.95	30.33	18.47	19.41	21.5	18.27
EV/Free Cash Flow to Firm	11.93	21.15	23.28	25.71	24.58	23.11	21.89	20.38	24.07	20.95	30.33	18.47	19.41	21.5	18.27
Diluted Market Cap	11,856	13,291	15,047	21,443	24,783	24,351	24,632	24,069	29,268	22,530	35,291	22,609	26,519	31,337	25,896
Diluted Enterprise Value	14,852	14,419	20,921	27,436	30,849	31,175	31,901	31,021	36,669	30,062	43,145	30,477	34,257	39,479	35,425
EV per Share	163.92	147.17	164.53	209.18	229.44	226.86	231.11	224.34	262.78	214.07	308.82	217.77	241.89	277.2	248.42
TTM Sales	900	1,001	1,463	1,685	1,856	2,045	2,159	2,285	2,325	2,301	2,295	2,593	2,768	2,914	3,041
TTM EBITDA	535	610	912	1,054	1,171	1,316	1,383	1,458	1,498	1,418	1,371	1,600	1,703	1,763	1,833
TTM Operating Income	308	366	352	612	693	785	798	826	837	710	613	785	886	916	920
TTM Cash Flow to Firm	597	678	897	1,065	1,250	1,348	1,456	1,522	1,522	1,435	1,422	1,649	1,764	1,834	1,931
TTM Free Cash Flow to Firm	1,236	678	897	1,065	1,250	1,348	1,456	1,522	1,522	1,435	1,422	1,649	1,764	1,834	1,931

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	11.1	24.58	20.77	24.18	23.06	20.99	19.61	18.5	22.14	18.47	29.33	15.9	17	19.49	15.5
EV/EBIT	47.83	39.18	59.28	44.76	44.32	39.68	39.92	37.53	43.78	42.31	70.4	38.79	38.64	43.07	38.35
Enterprise Value	14,740	14,337	20,872	27,377	30,719	31,142	31,873	31,014	36,637	30,061	43,136	30,464	34,242	39,438	35,277
Low Price	107.54	123.71	116.03	114.16	158.72	158.32	169.5	152.65	168.34	118.17	154.84	158.35	153.07	169.37	166.73
EV/Sales	16.38	14.33	14.27	16.25	16.55	15.23	14.77	13.58	15.76	13.06	18.8	11.75	12.37	13.54	11.6
EV/EBITDA	27.56	23.52	22.88	25.97	26.23	23.66	23.05	21.28	24.45	21.2	31.46	19.04	20.1	22.37	19.24
Price/Earnings	26.59	31.16	42.47	31.28	33.22	23.52	28.06	24.69	37.2	27.22	35.13	19.88	28.53	28.92	24.49
Price/Earnings Average	25.28	31.7	46.64	27.29	31.02	23.41	29.08	24.42	36.26	28.45	29.19	25.6	27	26.83	26.9
Price/Earnings High	28.49	34.76	50.99	32.58	33.72	25.53	31.38	27.22	39.53	38.92	35.41	31.88	30.28	31.46	31.1
Price/Earnings Low	21.9	28.43	41.68	21.86	28.64	21.02	26.66	21.66	29.86	20.05	21.54	19.49	23.33	22.27	22.52
Price/Book Value	-68.8	-93.56	-43.6	-80.46	-125.38	252.6	129.51	68.33	102.83	176.81	145.66	46.43	55.26	52.8	69.11
Price/Book Value Average	-65.41	-95.17	-47.89	-70.2	-117.07	251.43	134.21	67.58	100.24	184.82	121.05	59.8	52.28	48.99	75.9
Price/Book Value High	-73.7	-104.35	-52.35	-83.79	-127.26	274.19	144.83	75.34	109.29	252.82	146.83	74.47	58.64	57.44	87.75
Price/Book Value Low	-56.65	-85.36	-42.79	-56.22	-108.08	225.75	123.04	59.93	82.55	130.24	89.29	45.52	45.18	40.66	63.55
Price/Tangible Book Value	2.66	1.93	1.74	2.36	2.5	2.39	2.37	2.26	2.66	2.09	3.23	2.01	2.25	2.62	2.18
Price/Tangible Book Value Average	2.53	1.96	1.91	2.06	2.34	2.38	2.45	2.24	2.59	2.19	2.68	2.59	2.13	2.43	2.39
Price/Tangible Book Value High	2.85	2.15	2.09	2.46	2.54	2.59	2.65	2.49	2.83	3	3.25	3.22	2.39	2.85	2.76
Price/Tangible Book Value Low	2.19	1.76	1.71	1.65	2.16	2.14	2.25	1.98	2.13	1.54	1.98	1.97	1.84	2.02	2
Price/Sales	13.05	13.2	10.25	12.69	13.28	11.89	11.4	10.53	12.58	9.79	15.37	8.71	9.58	10.74	8.47
Price/Sales Average	12.41	13.43	11.26	11.07	12.4	11.84	11.81	10.42	12.26	10.23	12.78	11.22	9.06	9.96	9.3
Price/Sales High	13.98	14.72	12.31	13.21	13.48	12.91	12.75	11.61	13.37	14	15.5	13.97	10.16	11.68	10.75
Price/Sales Low	10.74	12.04	10.06	8.87	11.45	10.63	10.83	9.24	10.1	7.21	9.42	8.54	7.83	8.27	7.79
Price/Cash Flow	27.35	24.42	20.71	24.12	22.94	20.96	19.59	18.49	22.12	18.47	29.32	15.89	16.99	19.46	15.41
Price/Cash Flow Average	26.01	24.84	22.74	21.04	21.42	20.86	20.3	18.29	21.56	19.31	24.37	20.46	16.07	18.06	16.92
Price/Cash Flow High	29.3	27.24	24.86	25.11	23.28	22.75	21.9	20.39	23.51	26.41	29.56	25.49	18.03	21.17	19.56
Price/Cash Flow Low	22.52	22.28	20.32	16.85	19.77	18.73	18.61	16.22	17.76	13.61	17.98	15.58	13.89	14.99	14.17
Price/Free Cash Flow Average	10.56	25	22.81	21.1	21.53	20.89	20.32	18.3	21.58	19.31	24.38	20.48	16.08	18.08	17.02
Price/Free Cash Flow High	11.89	27.41	24.94	25.18	23.41	22.78	21.93	20.4	23.53	26.41	29.57	25.5	18.04	21.2	19.68
Price/Free Cash Flow Low	9.14	22.42	20.39	16.9	19.88	18.76	18.63	16.22	17.78	13.61	17.98	15.59	13.9	15.01	14.25
EV/Sales Average	15.73	14.55	15.27	14.63	15.67	15.17	15.18	13.46	15.44	13.51	16.2	14.25	11.85	12.76	12.43
EV/Sales High	17.31	15.85	16.32	16.77	16.75	16.24	16.11	14.66	16.55	17.27	18.92	17.01	12.96	14.48	13.89
EV/Sales Low	14.07	13.17	14.08	12.42	14.72	13.96	14.2	12.28	13.28	10.48	12.85	11.58	10.62	11.06	10.92
EV/EBITDA Average	26.48	23.89	24.49	23.38	24.84	23.58	23.7	21.1	23.96	21.92	27.11	23.1	19.26	21.09	20.62
EV/EBITDA High	29.12	26.02	26.18	26.8	26.55	25.24	25.16	22.97	25.68	28.03	31.66	27.56	21.05	23.93	23.03
EV/EBITDA Low	23.68	21.62	22.57	19.86	23.33	21.7	22.16	19.25	20.6	17.02	21.5	18.76	17.27	18.29	18.11
EV/EBIT Average	45.96	39.8	63.46	40.3	41.97	39.54	41.04	37.21	42.9	43.75	60.67	47.08	37.02	40.59	41.1
EV/EBIT High	50.55	43.34	67.82	46.2	44.86	42.33	43.56	40.52	45.97	55.94	70.86	56.17	40.46	46.07	45.9
EV/EBIT Low	41.11	36.02	58.48	34.23	39.41	36.39	38.38	33.95	36.89	33.96	48.12	38.23	33.18	35.2	36.1
Last Price	130.6	135.59	118.23	163.39	184.13	177.15	178.41	174.05	209.7	160.43	252.59	161.52	187.22	219.97	181.31
High Price	139.91	151.23	141.95	170.14	186.89	192.29	199.52	191.91	222.87	229.4	254.61	259.05	198.66	239.29	230.21
Enterprise Value Average	14,162	14,564	22,345	24,651	29,085	31,030	32,766	30,751	35,900	31,081	37,174	36,968	32,813	37,174	37,806
Enterprise Value High	15,578	15,860	23,881	28,261	31,088	33,220	34,784	33,483	38,474	39,746	43,418	44,107	35,861	42,186	42,221
Enterprise Value Low	12,667	13,179	20,593	20,934	27,317	28,557	30,644	28,055	30,871	24,126	29,482	30,020	29,407	32,239	33,206

Shares Outstanding	95	114	129	132	137	137	138	139	141	140	140	140	142	142	140
Diluted Weighted Avg Shares	91	98	127	131	135	137	138	138	140	140	140	140	142	142	143
Basic Weighted Avg Shares	90	97	127	131	134	137	138	138	139	140	140	140	142	142	142
Revenue per Share	10.01	10.27	11.53	12.88	13.86	14.9	15.65	16.52	16.67	16.39	16.43	18.54	19.55	20.48	21.41
EBITDA per Share	5.95	6.26	7.19	8.06	8.75	9.59	10.03	10.54	10.75	10.1	9.82	11.44	12.03	12.39	12.91
Operating Income per Share	3.43	3.76	2.78	4.67	5.18	5.72	5.79	5.98	6	5.06	4.39	5.61	6.26	6.44	6.48
Basic EPS, GAAP	4.91	4.35	2.78	5.22	5.54	7.53	6.36	7.05	5.64	5.89	7.19	8.13	6.56	7.61	7.4
Basic EPS from Cont Ops	1.56	2.57	0.46	5.04	5.54	7.53	6.36	7.05	5.64	5.89	7.19	8.12	6.56	7.61	7.44
Diluted EPS, GAAP	4.86	4.32	2.77	5.21	5.51	7.52	6.35	7.05	5.63	5.89	7.19	8.12	6.56	7.6	7.36
Diluted EPS from Cont Ops	1.54	2.55	0.45	5.02	5.51	7.52	6.35	7.04	5.63	5.89	7.19	8.12	6.55	7.6	7.4
Dividend per Share	3.54	3.76	4.15	4.54	4.9	5.3	5.61	5.83	6.03	6.29	6.36	6.36	6.52	6.76	6.99
Cash Flow per Share	4.77	5.55	5.71	6.77	8.03	8.45	9.11	9.41	9.48	8.69	8.61	10.16	11.02	11.3	11.77
Free Cash Flow per Basic Share	-2.33	5.55	5.71	6.77	8.03	8.45	9.11	9.41	9.48	8.69	8.61	10.16	11.02	11.3	11.77
Cash & Equivalents per Share	6.86	28.06	2.22	3.89	2.99	1.57	0.49	0.66	0.28	1.55	3.01	4.38	2.81	0.76	1.32
Book Value per Share	-1.9	-1.45	-2.71	-2.03	-1.47	0.7	1.38	2.55	2.04	0.91	1.73	3.48	3.39	4.17	2.62
Tangible Book Value per Share	49.03	70.29	67.93	69.22	73.57	74.15	75.37	76.93	78.85	76.59	78.3	80.46	83.25	83.93	83.34

AvalonBay Communities, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)