Intrinsic value of Avalonbay Communities - AVB

Previous Close

$168.70

  Intrinsic Value

$18.40

stock screener

  Rating & Target

str. sell

-89%

Previous close

$168.70

 
Intrinsic value

$18.40

 
Up/down potential

-89%

 
Rating

str. sell

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

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  10.18
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
Revenue, $m
  2,045
  2,184
  2,329
  2,479
  2,636
  2,798
  2,968
  3,145
  3,329
  3,521
  3,722
  3,932
  4,150
  4,379
  4,618
  4,868
  5,129
  5,403
  5,689
  5,989
  6,303
  6,632
  6,977
  7,338
  7,716
  8,113
  8,529
  8,966
  9,424
  9,904
  10,407
Variable operating expenses, $m
 
  1,540
  1,642
  1,748
  1,858
  1,973
  2,092
  2,217
  2,347
  2,483
  2,624
  2,772
  2,926
  3,087
  3,256
  3,432
  3,616
  3,809
  4,011
  4,222
  4,444
  4,676
  4,919
  5,173
  5,440
  5,720
  6,013
  6,321
  6,644
  6,982
  7,337
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
  1,461
  1,540
  1,642
  1,748
  1,858
  1,973
  2,092
  2,217
  2,347
  2,483
  2,624
  2,772
  2,926
  3,087
  3,256
  3,432
  3,616
  3,809
  4,011
  4,222
  4,444
  4,676
  4,919
  5,173
  5,440
  5,720
  6,013
  6,321
  6,644
  6,982
  7,337
Operating income, $m
  584
  644
  687
  731
  777
  826
  876
  928
  982
  1,039
  1,098
  1,160
  1,224
  1,292
  1,362
  1,436
  1,513
  1,594
  1,678
  1,767
  1,859
  1,956
  2,058
  2,165
  2,276
  2,393
  2,516
  2,645
  2,780
  2,922
  3,070
EBITDA, $m
  1,115
  1,212
  1,292
  1,375
  1,462
  1,552
  1,646
  1,744
  1,847
  1,953
  2,065
  2,181
  2,302
  2,429
  2,562
  2,700
  2,845
  2,997
  3,156
  3,322
  3,496
  3,679
  3,870
  4,070
  4,280
  4,501
  4,731
  4,973
  5,227
  5,494
  5,773
Interest expense (income), $m
  194
  246
  264
  283
  303
  323
  345
  367
  390
  415
  440
  466
  494
  523
  553
  584
  617
  651
  687
  725
  765
  806
  849
  895
  942
  992
  1,044
  1,099
  1,156
  1,216
  1,280
Earnings before tax, $m
  1,034
  398
  423
  448
  475
  502
  531
  561
  592
  624
  658
  693
  730
  769
  810
  852
  896
  942
  991
  1,042
  1,095
  1,151
  1,209
  1,270
  1,334
  1,402
  1,472
  1,546
  1,624
  1,705
  1,791
Tax expense, $m
  0
  108
  114
  121
  128
  136
  143
  151
  160
  169
  178
  187
  197
  208
  219
  230
  242
  254
  268
  281
  296
  311
  326
  343
  360
  378
  397
  417
  438
  460
  483
Net income, $m
  1,034
  291
  309
  327
  346
  367
  387
  409
  432
  456
  480
  506
  533
  561
  591
  622
  654
  688
  723
  760
  799
  840
  883
  927
  974
  1,023
  1,075
  1,129
  1,185
  1,245
  1,307

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  215
  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
  17,867
  18,828
  20,075
  21,371
  22,720
  24,124
  25,587
  27,111
  28,700
  30,357
  32,087
  33,893
  35,779
  37,749
  39,810
  41,964
  44,218
  46,576
  49,045
  51,630
  54,337
  57,172
  60,144
  63,257
  66,521
  69,943
  73,530
  77,292
  81,238
  85,376
  89,717
Adjusted assets (=assets-cash), $m
  17,652
  18,828
  20,075
  21,371
  22,720
  24,124
  25,587
  27,111
  28,700
  30,357
  32,087
  33,893
  35,779
  37,749
  39,810
  41,964
  44,218
  46,576
  49,045
  51,630
  54,337
  57,172
  60,144
  63,257
  66,521
  69,943
  73,530
  77,292
  81,238
  85,376
  89,717
Revenue / Adjusted assets
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
Average production assets, $m
  14,446
  15,428
  16,450
  17,512
  18,617
  19,768
  20,966
  22,215
  23,517
  24,875
  26,293
  27,772
  29,318
  30,933
  32,621
  34,386
  36,233
  38,166
  40,188
  42,306
  44,525
  46,848
  49,283
  51,835
  54,509
  57,313
  60,252
  63,335
  66,568
  69,959
  73,516
Working capital, $m
  0
  -229
  -245
  -260
  -277
  -294
  -312
  -330
  -350
  -370
  -391
  -413
  -436
  -460
  -485
  -511
  -539
  -567
  -597
  -629
  -662
  -696
  -733
  -770
  -810
  -852
  -896
  -941
  -989
  -1,040
  -1,093
Total debt, $m
  7,031
  7,544
  8,087
  8,653
  9,241
  9,853
  10,491
  11,155
  11,848
  12,571
  13,325
  14,112
  14,934
  15,794
  16,692
  17,631
  18,614
  19,642
  20,719
  21,845
  23,026
  24,262
  25,558
  26,915
  28,338
  29,830
  31,394
  33,034
  34,755
  36,559
  38,452
Total liabilities, $m
  7,696
  8,209
  8,752
  9,318
  9,906
  10,518
  11,156
  11,820
  12,513
  13,236
  13,990
  14,777
  15,599
  16,459
  17,357
  18,296
  19,279
  20,307
  21,384
  22,510
  23,691
  24,927
  26,223
  27,580
  29,003
  30,495
  32,059
  33,699
  35,420
  37,224
  39,117
Total equity, $m
  10,171
  10,619
  11,322
  12,053
  12,814
  13,606
  14,431
  15,291
  16,187
  17,122
  18,097
  19,115
  20,179
  21,291
  22,453
  23,668
  24,939
  26,269
  27,661
  29,119
  30,646
  32,245
  33,921
  35,677
  37,518
  39,448
  41,471
  43,593
  45,818
  48,152
  50,601
Total liabilities and equity, $m
  17,867
  18,828
  20,074
  21,371
  22,720
  24,124
  25,587
  27,111
  28,700
  30,358
  32,087
  33,892
  35,778
  37,750
  39,810
  41,964
  44,218
  46,576
  49,045
  51,629
  54,337
  57,172
  60,144
  63,257
  66,521
  69,943
  73,530
  77,292
  81,238
  85,376
  89,718
Debt-to-equity ratio
  0.691
  0.710
  0.710
  0.720
  0.720
  0.720
  0.730
  0.730
  0.730
  0.730
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
Adjusted equity ratio
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,034
  291
  309
  327
  346
  367
  387
  409
  432
  456
  480
  506
  533
  561
  591
  622
  654
  688
  723
  760
  799
  840
  883
  927
  974
  1,023
  1,075
  1,129
  1,185
  1,245
  1,307
Depreciation, amort., depletion, $m
  531
  567
  605
  644
  684
  727
  771
  817
  865
  915
  967
  1,021
  1,078
  1,137
  1,199
  1,264
  1,332
  1,403
  1,478
  1,555
  1,637
  1,722
  1,812
  1,906
  2,004
  2,107
  2,215
  2,328
  2,447
  2,572
  2,703
Funds from operations, $m
  1,140
  858
  913
  971
  1,031
  1,093
  1,158
  1,226
  1,297
  1,370
  1,447
  1,527
  1,611
  1,699
  1,790
  1,886
  1,986
  2,091
  2,201
  2,316
  2,436
  2,562
  2,694
  2,833
  2,978
  3,130
  3,290
  3,457
  3,633
  3,817
  4,010
Change in working capital, $m
  -3
  -15
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
Cash from operations, $m
  1,143
  873
  929
  987
  1,047
  1,110
  1,176
  1,245
  1,316
  1,390
  1,468
  1,549
  1,634
  1,723
  1,815
  1,912
  2,014
  2,120
  2,231
  2,347
  2,469
  2,597
  2,731
  2,871
  3,018
  3,172
  3,334
  3,503
  3,681
  3,867
  4,063
Maintenance CAPEX, $m
  0
  -531
  -567
  -605
  -644
  -684
  -727
  -771
  -817
  -865
  -915
  -967
  -1,021
  -1,078
  -1,137
  -1,199
  -1,264
  -1,332
  -1,403
  -1,478
  -1,555
  -1,637
  -1,722
  -1,812
  -1,906
  -2,004
  -2,107
  -2,215
  -2,328
  -2,447
  -2,572
New CAPEX, $m
  -1,274
  -982
  -1,021
  -1,062
  -1,105
  -1,151
  -1,199
  -1,249
  -1,302
  -1,358
  -1,417
  -1,480
  -1,545
  -1,615
  -1,688
  -1,765
  -1,847
  -1,933
  -2,023
  -2,118
  -2,218
  -2,324
  -2,435
  -2,552
  -2,674
  -2,804
  -2,940
  -3,083
  -3,233
  -3,391
  -3,557
Cash from investing activities, $m
  -1,037
  -1,513
  -1,588
  -1,667
  -1,749
  -1,835
  -1,926
  -2,020
  -2,119
  -2,223
  -2,332
  -2,447
  -2,566
  -2,693
  -2,825
  -2,964
  -3,111
  -3,265
  -3,426
  -3,596
  -3,773
  -3,961
  -4,157
  -4,364
  -4,580
  -4,808
  -5,047
  -5,298
  -5,561
  -5,838
  -6,129
Free cash flow, $m
  106
  -641
  -660
  -680
  -702
  -725
  -749
  -775
  -803
  -832
  -864
  -897
  -932
  -970
  -1,010
  -1,052
  -1,097
  -1,145
  -1,195
  -1,248
  -1,304
  -1,364
  -1,426
  -1,493
  -1,562
  -1,636
  -1,713
  -1,795
  -1,881
  -1,971
  -2,067
Issuance/(repayment) of debt, $m
  453
  513
  543
  565
  588
  612
  638
  665
  693
  723
  754
  787
  822
  859
  898
  939
  983
  1,028
  1,076
  1,127
  1,180
  1,236
  1,295
  1,358
  1,423
  1,492
  1,564
  1,640
  1,720
  1,804
  1,893
Issuance/(repurchase) of shares, $m
  14
  372
  394
  404
  414
  425
  437
  450
  464
  479
  495
  512
  531
  550
  571
  593
  617
  642
  669
  697
  728
  759
  793
  829
  867
  907
  949
  993
  1,040
  1,089
  1,141
Cash from financing (excl. dividends), $m  
  435
  885
  937
  969
  1,002
  1,037
  1,075
  1,115
  1,157
  1,202
  1,249
  1,299
  1,353
  1,409
  1,469
  1,532
  1,600
  1,670
  1,745
  1,824
  1,908
  1,995
  2,088
  2,187
  2,290
  2,399
  2,513
  2,633
  2,760
  2,893
  3,034
Total cash flow (excl. dividends), $m
  541
  245
  278
  289
  301
  313
  326
  340
  354
  369
  385
  402
  420
  439
  459
  480
  502
  526
  550
  576
  603
  632
  662
  694
  727
  763
  800
  838
  879
  922
  968
Retained Cash Flow (-), $m
  -330
  -663
  -703
  -731
  -761
  -792
  -825
  -860
  -896
  -935
  -975
  -1,018
  -1,064
  -1,112
  -1,162
  -1,215
  -1,271
  -1,330
  -1,392
  -1,458
  -1,527
  -1,599
  -1,676
  -1,756
  -1,841
  -1,930
  -2,023
  -2,122
  -2,225
  -2,334
  -2,448
Prev. year cash balance distribution, $m
 
  215
  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
 
  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 available for distribution, $m
 
  -203
  -425
  -442
  -460
  -479
  -499
  -520
  -542
  -565
  -590
  -616
  -643
  -672
  -703
  -735
  -769
  -804
  -842
  -882
  -923
  -967
  -1,014
  -1,062
  -1,113
  -1,167
  -1,224
  -1,283
  -1,346
  -1,412
  -1,481
Discount rate, %
 
  7.40
  7.77
  8.16
  8.57
  8.99
  9.44
  9.92
  10.41
  10.93
  11.48
  12.05
  12.66
  13.29
  13.95
  14.65
  15.38
  16.15
  16.96
  17.81
  18.70
  19.63
  20.62
  21.65
  22.73
  23.87
  25.06
  26.31
  27.63
  29.01
  30.46
PV of cash for distribution, $m
 
  -189
  -366
  -350
  -331
  -311
  -290
  -268
  -245
  -222
  -199
  -176
  -154
  -133
  -113
  -95
  -78
  -63
  -50
  -39
  -30
  -22
  -16
  -12
  -8
  -6
  -4
  -2
  -1
  -1
  -1
Current shareholders' claim on cash, %
  100
  98.4
  96.8
  95.3
  93.9
  92.6
  91.3
  90.1
  88.9
  87.8
  86.7
  85.6
  84.6
  83.6
  82.6
  81.7
  80.8
  79.9
  79.0
  78.1
  77.3
  76.5
  75.7
  74.9
  74.1
  73.3
  72.5
  71.8
  71.1
  70.3
  69.6

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 22.4
Price to Sales 11.3
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 20.3
Price to Free Cash Flow -176.9
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 $2045 million for the last fiscal year's total revenue generated by Avalonbay Communities. The default revenue input number comes from 2016 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 6.8% 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 7.4%, 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 70.5%.

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 3.5% 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%.

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 706.4%.

Life of production assets of 27.2 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 -10.5%. 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 - $10171 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 138.221 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 $23.3 billion.

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▶ How AvalonBay Compares after 2Q17   [07:35AM  Market Realist]
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Financial statements of AVB
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