Organization, Basis of Presentation and Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2025

The Company's earnings per common share are determined as follows (dollars in thousands, except per share data):


	For the three months ended September 30,				For the nine months ended September 30,
	2025		2024		2025		2024
Basic and diluted shares outstanding
Weighted average common shares - basic	142,089,075		142,038,838		142,132,739		141,981,920
Effect of dilutive securities	1,446,326		477,846		972,016		394,514
Weighted average common shares - diluted	143,535,401		142,516,684		143,104,755		142,376,434

Calculation of Earnings per Common Share - basic
Net income attributable to common stockholders	$	381,306	$	372,519	$	886,568	$	799,902
Net income allocated to unvested restricted shares	(719)		(706)		(1,660)		(1,537)
Net income attributable to common stockholders - basic	$	380,587	$	371,813	$	884,908	$	798,365

Weighted average common shares - basic	142,089,075		142,038,838		142,132,739		141,981,920

Earnings per common share - basic	$	2.68	$	2.62	$	6.23	$	5.62

Calculation of Earnings per Common Share - diluted
Net income attributable to common stockholders	$	381,306	$	372,519	$	886,568	$	799,902
Net income attributable to DownREIT unitholders in consolidated partnerships	2,856		—		4,046		—
Net income - diluted	$	384,162	$	372,519	$	890,614	$	799,902

Weighted average common shares - diluted	143,535,401		142,516,684		143,104,755		142,376,434

Earnings per common share - diluted	$	2.68	$	2.61	$	6.22	$	5.62

Disaggregation of revenue

The following table details the Company’s revenue disaggregated by reportable operating segment, further discussed in Note 8, “Segment Reporting,” for the three and nine months ended September 30, 2025 and 2024. Segment information for total revenue excludes real estate assets that were sold from January 1, 2024 through September 30, 2025, or otherwise qualify as held for sale as of September 30, 2025, as described in Note 6, "Real Estate Disposition Activities" (dollars in thousands):


	Same Store		Other Stabilized		Development/ Redevelopment		Non- allocated (1)		Total
For the three months ended September 30, 2025
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	1,870	$	1,870
Non-lease related revenue (2)	2,222		1,761		108		—		4,091
Total non-lease revenue	2,222		1,761		108		1,870		5,961

Lease income (3)	689,703		45,709		13,554		—		748,966

Total revenue	$	691,925	$	47,470	$	13,662	$	1,870	$	754,927

For the three months ended September 30, 2024
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	1,716	$	1,716
Non-lease related revenue (2)	1,966		1,427		51		—		3,444
Total non-lease revenue	1,966		1,427		51		1,716		5,160

Lease income (3)	674,384		24,283		2,860		—		701,527

Total revenue	$	676,350	$	25,710	$	2,911	$	1,716	$	706,687


	Same Store		Other Stabilized		Development/ Redevelopment		Non- allocated (1)		Total
For the nine months ended September 30, 2025
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	5,204	$	5,204
Non-lease related revenue (2)	6,267		4,822		252		—		11,341
Total non-lease revenue	6,267		4,822		252		5,204		16,545

Lease income (3)	2,058,298		117,508		29,470		—		2,205,276

Total revenue	$	2,064,565	$	122,330	$	29,722	$	5,204	$	2,221,821

For the nine months ended September 30, 2024
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	5,342	$	5,342
Non-lease related revenue (2)	6,881		4,115		104		—		11,100
Total non-lease revenue	6,881		4,115		104		5,342		16,442

Lease income (3)	2,002,968		49,431		4,669		—		2,057,068

Total revenue	$	2,009,849	$	53,546	$	4,773	$	5,342	$	2,073,510

______________________________

(1)Represents third-party property management, developer fees and miscellaneous income and other ancillary items which are not allocated to a reportable segment.

(2)Amounts include revenue streams related to leasing activities that are not considered components of a lease, and revenue streams not related to leasing activities including, but not limited to, application fees, renters insurance fees and vendor revenue sharing.

(3)Represents residential and commercial rental and other lease income, as discussed above, under "Leases".

AVALONBAY COMMUNITIES INC 10-Q