Intrinsic value of Avalonbay Communities - AVB

Previous Close

$178.63

  Intrinsic Value

$8.84

stock screener

  Rating & Target

str. sell

-95%

Previous close

$178.63

 
Intrinsic value

$8.84

 
Up/down potential

-95%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as AVB.

We calculate the intrinsic value of AVB stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 24.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  5.50
  5.45
  5.40
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
  5.16
  5.14
  5.13
  5.11
  5.10
  5.09
  5.08
  5.08
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
Revenue, $m
  2,278
  2,402
  2,532
  2,668
  2,810
  2,958
  3,114
  3,277
  3,448
  3,627
  3,815
  4,012
  4,218
  4,434
  4,661
  4,899
  5,148
  5,410
  5,685
  5,973
  6,275
  6,592
  6,925
  7,274
  7,641
  8,026
  8,430
  8,854
  9,299
  9,766
Variable operating expenses, $m
  1,410
  1,487
  1,567
  1,651
  1,739
  1,831
  1,928
  2,029
  2,134
  2,245
  2,362
  2,483
  2,611
  2,745
  2,885
  3,032
  3,187
  3,349
  3,519
  3,697
  3,884
  4,081
  4,287
  4,503
  4,730
  4,968
  5,218
  5,480
  5,756
  6,045
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  1,410
  1,487
  1,567
  1,651
  1,739
  1,831
  1,928
  2,029
  2,134
  2,245
  2,362
  2,483
  2,611
  2,745
  2,885
  3,032
  3,187
  3,349
  3,519
  3,697
  3,884
  4,081
  4,287
  4,503
  4,730
  4,968
  5,218
  5,480
  5,756
  6,045
Operating income, $m
  868
  915
  965
  1,016
  1,070
  1,127
  1,187
  1,249
  1,314
  1,382
  1,454
  1,528
  1,607
  1,689
  1,776
  1,867
  1,962
  2,061
  2,166
  2,276
  2,391
  2,512
  2,638
  2,772
  2,911
  3,058
  3,212
  3,373
  3,543
  3,721
EBITDA, $m
  2,782
  2,934
  3,092
  3,258
  3,432
  3,613
  3,804
  4,003
  4,212
  4,430
  4,660
  4,900
  5,152
  5,416
  5,693
  5,984
  6,288
  6,608
  6,943
  7,295
  7,664
  8,052
  8,458
  8,885
  9,333
  9,803
  10,296
  10,814
  11,357
  11,928
Interest expense (income), $m
  194
  237
  193
  193
  193
  193
  193
  193
  193
  193
  193
  193
  193
  193
  193
  193
  193
  193
  193
  193
  193
  193
  193
  193
  193
  193
  193
  193
  193
  193
  193
Earnings before tax, $m
  631
  722
  772
  824
  878
  934
  994
  1,056
  1,121
  1,189
  1,261
  1,336
  1,414
  1,497
  1,583
  1,674
  1,769
  1,869
  1,973
  2,083
  2,198
  2,319
  2,446
  2,579
  2,719
  2,865
  3,019
  3,181
  3,350
  3,528
Tax expense, $m
  170
  195
  208
  222
  237
  252
  268
  285
  303
  321
  340
  361
  382
  404
  427
  452
  478
  505
  533
  562
  593
  626
  660
  696
  734
  774
  815
  859
  905
  953
Net income, $m
  461
  527
  563
  601
  641
  682
  725
  771
  818
  868
  920
  975
  1,032
  1,093
  1,156
  1,222
  1,291
  1,364
  1,440
  1,521
  1,605
  1,693
  1,785
  1,883
  1,985
  2,092
  2,204
  2,322
  2,446
  2,575

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Adjusted assets (=assets-cash), $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Revenue / Adjusted assets
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Average production assets, $m
  19,142
  20,185
  21,276
  22,418
  23,612
  24,863
  26,172
  27,543
  28,979
  30,484
  32,062
  33,715
  35,449
  37,266
  39,172
  41,171
  43,268
  45,467
  47,775
  50,196
  52,736
  55,402
  58,199
  61,135
  64,216
  67,450
  70,844
  74,407
  78,146
  82,072
Working capital, $m
  -8,464
  -8,925
  -9,408
  -9,912
  -10,441
  -10,993
  -11,572
  -12,179
  -12,814
  -13,479
  -14,177
  -14,908
  -15,674
  -16,478
  -17,321
  -18,205
  -19,132
  -20,104
  -21,125
  -22,195
  -23,318
  -24,497
  -25,734
  -27,032
  -28,394
  -29,824
  -31,325
  -32,900
  -34,554
  -36,290
Total debt, $m
  163
  163
  163
  163
  163
  163
  163
  163
  163
  163
  163
  163
  163
  163
  163
  163
  163
  163
  163
  163
  163
  163
  163
  163
  163
  163
  163
  163
  163
  163
Total liabilities, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total equity, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total liabilities and equity, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  461
  527
  563
  601
  641
  682
  725
  771
  818
  868
  920
  975
  1,032
  1,093
  1,156
  1,222
  1,291
  1,364
  1,440
  1,521
  1,605
  1,693
  1,785
  1,883
  1,985
  2,092
  2,204
  2,322
  2,446
  2,575
Depreciation, amort., depletion, $m
  1,914
  2,019
  2,128
  2,242
  2,361
  2,486
  2,617
  2,754
  2,898
  3,048
  3,206
  3,372
  3,545
  3,727
  3,917
  4,117
  4,327
  4,547
  4,777
  5,020
  5,274
  5,540
  5,820
  6,113
  6,422
  6,745
  7,084
  7,441
  7,815
  8,207
Funds from operations, $m
  2,375
  2,546
  2,691
  2,843
  3,002
  3,168
  3,343
  3,525
  3,716
  3,917
  4,127
  4,347
  4,577
  4,819
  5,073
  5,339
  5,618
  5,911
  6,218
  6,540
  6,878
  7,233
  7,605
  7,996
  8,406
  8,836
  9,288
  9,762
  10,260
  10,783
Change in working capital, $m
  -441
  -461
  -482
  -505
  -528
  -553
  -579
  -606
  -635
  -666
  -697
  -731
  -766
  -804
  -843
  -884
  -927
  -973
  -1,020
  -1,070
  -1,123
  -1,179
  -1,237
  -1,298
  -1,362
  -1,430
  -1,501
  -1,575
  -1,654
  -1,736
Cash from operations, $m
  2,816
  3,007
  3,174
  3,348
  3,530
  3,721
  3,922
  4,131
  4,351
  4,582
  4,824
  5,078
  5,344
  5,623
  5,916
  6,223
  6,545
  6,883
  7,238
  7,611
  8,001
  8,412
  8,842
  9,294
  9,768
  10,266
  10,789
  11,338
  11,914
  12,519
Maintenance CAPEX, $m
  -1,814
  -1,914
  -2,019
  -2,128
  -2,242
  -2,361
  -2,486
  -2,617
  -2,754
  -2,898
  -3,048
  -3,206
  -3,372
  -3,545
  -3,727
  -3,917
  -4,117
  -4,327
  -4,547
  -4,777
  -5,020
  -5,274
  -5,540
  -5,820
  -6,113
  -6,422
  -6,745
  -7,084
  -7,441
  -7,815
New CAPEX, $m
  -1,001
  -1,043
  -1,091
  -1,141
  -1,194
  -1,250
  -1,309
  -1,371
  -1,436
  -1,505
  -1,577
  -1,653
  -1,733
  -1,817
  -1,906
  -1,999
  -2,097
  -2,199
  -2,307
  -2,421
  -2,540
  -2,666
  -2,797
  -2,936
  -3,081
  -3,234
  -3,394
  -3,563
  -3,740
  -3,926
Cash from investing activities, $m
  -2,815
  -2,957
  -3,110
  -3,269
  -3,436
  -3,611
  -3,795
  -3,988
  -4,190
  -4,403
  -4,625
  -4,859
  -5,105
  -5,362
  -5,633
  -5,916
  -6,214
  -6,526
  -6,854
  -7,198
  -7,560
  -7,940
  -8,337
  -8,756
  -9,194
  -9,656
  -10,139
  -10,647
  -11,181
  -11,741
Free cash flow, $m
  1
  50
  64
  79
  94
  110
  126
  143
  161
  179
  198
  218
  239
  261
  283
  307
  331
  357
  384
  412
  442
  472
  505
  538
  574
  611
  650
  691
  733
  778
Issuance/(repayment) of debt, $m
  -37
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -37
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total cash flow (excl. dividends), $m
  -36
  50
  64
  79
  94
  110
  126
  143
  161
  179
  198
  218
  239
  261
  283
  307
  331
  357
  384
  412
  442
  472
  505
  538
  574
  611
  650
  691
  733
  778
Retained Cash Flow (-), $m
  -37
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Prev. year cash balance distribution, $m
  37
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  17
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
  31
  32
  34
  35
  37
  39
  41
  43
  45
  48
  50
  53
  55
  58
  61
  64
  67
  71
  74
Cash available for distribution, $m
  -37
  50
  64
  79
  94
  110
  126
  143
  161
  179
  198
  218
  239
  261
  283
  307
  331
  357
  384
  412
  442
  472
  505
  538
  574
  611
  650
  691
  733
  778
Discount rate, %
  5.60
  5.88
  6.17
  6.48
  6.81
  7.15
  7.50
  7.88
  8.27
  8.69
  9.12
  9.58
  10.06
  10.56
  11.09
  11.64
  12.22
  12.84
  13.48
  14.15
  14.86
  15.60
  16.38
  17.20
  18.06
  18.96
  19.91
  20.91
  21.95
  23.05
PV of cash for distribution, $m
  -35
  44
  53
  61
  68
  72
  76
  78
  79
  78
  76
  73
  69
  64
  58
  53
  47
  41
  35
  29
  24
  19
  15
  12
  9
  7
  5
  3
  2
  2
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

AvalonBay Communities, Inc. is a real estate investment trust (REIT). The Company is focused on the development, redevelopment, acquisition, ownership and operation of multifamily communities primarily in New England, the New York/New Jersey metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California. Its segments include Established Communities, Other Stabilized Communities and Development/Redevelopment Communities. As of June 30, 2017, the Company owned or held a direct or indirect ownership interest in 287 apartment communities containing 83,123 apartment homes in 10 states and the District of Columbia, of which 23 communities were under development and nine communities were under redevelopment. It operates its apartment communities under three core brands: Avalon, AVA and Eaves by Avalon. Its real estate investments consist of operating apartment communities, communities in various stages of development (Development Communities) and Development Rights.

FINANCIAL RATIOS  of  Avalonbay Communities (AVB)

Valuation Ratios
P/E Ratio 23.7
Price to Sales 12
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 21.5
Price to Free Cash Flow -187.3
Growth Rates
Sales Growth Rate 10.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -21.6%
Cap. Spend. - 3 Yr. Gr. Rate -0.6%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 69.1%
Total Debt to Equity 69.1%
Interest Coverage 6
Management Effectiveness
Return On Assets 7.1%
Ret/ On Assets - 3 Yr. Avg. 6.1%
Return On Total Capital 6.2%
Ret/ On T. Cap. - 3 Yr. Avg. 5.1%
Return On Equity 10.3%
Return On Equity - 3 Yr. Avg. 8.6%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 66.6%
Gross Margin - 3 Yr. Avg. 65.7%
EBITDA Margin 86%
EBITDA Margin - 3 Yr. Avg. 79.8%
Operating Margin 28.6%
Oper. Margin - 3 Yr. Avg. 27.9%
Pre-Tax Margin 50.6%
Pre-Tax Margin - 3 Yr. Avg. 43.5%
Net Profit Margin 50.6%
Net Profit Margin - 3 Yr. Avg. 43.7%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0.6%
Payout Ratio 70.3%

AVB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AVB stock intrinsic value calculation we used $2159 million for the last fiscal year's total revenue generated by Avalonbay Communities. The default revenue input number comes from 2017 income statement of Avalonbay Communities. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our AVB stock valuation model: a) initial revenue growth rate of 5.5% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.6%, whose default value for AVB is calculated based on our internal credit rating of Avalonbay Communities, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Avalonbay Communities.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of AVB stock the variable cost ratio is equal to 61.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for AVB stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 117.9% for Avalonbay Communities.

Corporate tax rate of 27% is the nominal tax rate for Avalonbay Communities. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the AVB stock is equal to 0.8%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for AVB are equal to 840.4%.

Life of production assets of 10 years is the average useful life of capital assets used in Avalonbay Communities operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for AVB is equal to -371.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $0 million for Avalonbay Communities - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 138 million for Avalonbay Communities is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Avalonbay Communities at the current share price and the inputted number of shares is $24.7 billion.

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COMPANY NEWS

▶ 3 High-Dividend Stocks I'm Watching in August   [Aug-01-18 08:56AM  Motley Fool]
▶ AvalonBay Communities, Inc. to Host Earnings Call   [Jul-31-18 09:00AM  ACCESSWIRE]
▶ AvalonBay: 2Q Earnings Snapshot   [04:57PM  Associated Press]
▶ One of Contra Costa County's tallest office towers could land at Pleasant Hill BART   [Jul-17-18 05:16PM  American City Business Journals]
▶ 4 Dividends That Make The World A Better Place   [Jun-09-18 08:36AM  Forbes]
▶ Another 500 apartments on tap amid tiny East Bay city's housing boom   [Jun-04-18 08:41AM  American City Business Journals]
▶ Terra, AvalonBay acquire redevelopment project in Doral   [07:09AM  American City Business Journals]
▶ AvalonBay: 1Q Earnings Snapshot   [Apr-25-18 04:50PM  Associated Press]
▶ 7 Retirement Stocks for the Coming Correction   [Apr-18-18 08:50AM  InvestorPlace]
▶ Best-In-Class Dividend Stocks   [08:02AM  Simply Wall St.]
▶ Stocks That Fell to 3-Year Lows in the Week of Feb. 16   [Feb-18-18 06:20PM  GuruFocus.com]
▶ AvalonBay Communities Announces 2018 Annual Meeting Details   [Feb-15-18 04:15PM  Business Wire]
▶ 52-Week Company Lows   [Feb-01-18 10:33AM  GuruFocus.com]
▶ AvalonBay reports 4Q results   [Jan-31-18 04:54PM  Associated Press]
▶ 52-Week Company Lows   [Jan-25-18 10:41AM  GuruFocus.com]
▶ 52-Week Company Lows   [Jan-18-18 10:58AM  GuruFocus.com]
▶ What Do Wall Street Analysts Think of Equity Residential?   [Jan-10-18 09:02AM  Market Realist]
▶ 3 Unknown but Amazing Dividend Stocks   [Dec-27-17 09:21AM  Motley Fool]
▶ Exclusive: Shooshan, Brandywine land anchor tenant for Ballston mixed-use building   [Dec-07-17 01:01PM  American City Business Journals]
▶ 3 REITs About To Surge On Retiring Boomers   [Dec-05-17 08:23AM  Forbes]
▶ 3 REITs That Will Soar on Rising Interest Rates   [Nov-15-17 07:00AM  InvestorPlace]
▶ 3 REITs To Get Bullish On In 2018   [02:44PM  Benzinga]
▶ NYSE Top Real Estate Dividend Paying Stocks   [Nov-06-17 10:02AM  Simply Wall St.]
▶ AvalonBay reports 3Q results   [Oct-30-17 04:29PM  Associated Press]
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