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Pay vs Performance Disclosure
 12 Months Ended
Dec. 31, 2023
USD ($)
$ / shares
Dec. 31, 2022
USD ($)
$ / shares
Dec. 31, 2021
USD ($)
$ / shares
Dec. 31, 2020
USD ($)
$ / shares
Dec. 29, 2023
$ / shares
Dec. 30, 2022
$ / shares
Dec. 31, 2019
$ / shares
Pay vs Performance Disclosure [Table]              
Pay vs Performance [Table Text Block]

Pay Versus Performance Table

 

              Value of Initial Fixed $100    
              Investment Based On:    
                    Core Funds
  Summary   Summary   Average Average       From
  Compensation Compensation Compensation Compensation Summary Compensation   Peer   Operations
  Table Total Actually Paid Table Total for Actually Paid Compensation Actually Paid Total Group Total   per Share
Fiscal for Benjamin to Benjamin W. Timothy J. to Timothy J. Table Total for to Non-PEO Shareholder Shareholder Net (Core
Year W. Schall(1)  Schall(2)  Naughton(3)  Naughton(2) Non-PEO NEOs NEOs(2) Return(4)  Return(5)  Income(6)  FFO)(7) 
2023 9,479,687 17,461,680 NA NA 4,108,271(8)  6,556,935(8)  $103 $100 928,438 $10.63
2022 9,393,208 3,772,678 9,814,142 (1,308,884) 4,187,942 (8)  1,457,095(8)  $85 $94 1,136,438 $9.79
2021     14,371,460 26,154,241 7,495,804(9)  10,290,484(9)  $129 $139 1,004,356 $8.26
2020     11,294,333 (3,579,035) 3,530,628(10)  426,406(10)  $80 $85 827,706 $8.69
(1) Mr. Schall joined AvalonBay as President and a director in January 2021 and became Chief Executive Officer effective January 3, 2022. Mr. Schall’s compensation for 2021 is included in the non-PEO averages.

 

(2) The amounts reported represent the “compensation actually paid” to each of Mr. Schall and Mr. Naughton and the average “compensation actually paid” to each of the other NEOs as a group, each computed in accordance with Item 402(v) of Regulation S-K, but do not reflect the actual amount of compensation earned by or paid to such NEOs. In accordance with Item 402(v) of Regulation S-K, the following adjustments were made to the amounts reported in the “Total” column of the Summary Compensation Table to calculate “compensation actually paid.”

 

 

 

          For Awards      
          Outstanding      
          (Unvested) as of      
          December 31 of For Awards    
          the Applicable that Vested    
      Subtract For Awards Year, Add the During the    
      Summary Subtracted in Change in Fair Applicable Year, Add  
      Compensation Column Value Between Add the Change Dividends  
      Table Value (B), Add the Fair December 31 of in Fair Value Paid on  
      of Equity Awards Value of Such the Prior Fiscal Between Unvested  
      Granted in the Awards on Year and December 31 of Restricted  
    Summary Applicable Fiscal December 31 of December 31 of the Prior Fiscal Stock During  
    Compensation Year (Grant Date the Applicable the Applicable Year and the the Applicable Compensation
    Table Total Fair Value) (i) Year (ii) Fiscal Year (iii) Vesting Date (iv) Fiscal Year Actually Paid
  Year (A) (B) (C) (D) (E) (F) (G)
  2023 – PEO Schall 9,479,687 (6,407,807) 9,203,656 2,046,598 3,010,112 129,434 17,461,680
  2023 – Avg Other NEOs 4,108,271 (2,374,971) 3,224,566 579,192 960,183 59,694 6,556,935
  2022 – PEO Schall 9,393,208 (6,351,246) 3,705,283 (2,786,237) (342,670) 154,340 3,772,678
  2022 – PEO Naughton 9,814,142 (7,343,192) 3,696,749 (6,766,814) (924,797) 215,028 (1,308,884)
  2022 – Avg Other NEOs 4,187,942 (2,524,777) 1,453,657 (1,513,615) (212,401) 66,289 1,457,095
  2021 – PEO Naughton 14,371,460 (10,551,826) 14,011,349 4,604,039 3,373,073 346,146 26,154,241
  2021 – Avg Other NEOs 7,495,804 (5,049,488) 6,223,603 925,342 583,792 111,431 10,290,484
  2020 – PEO Naughton 11,294,333 (8,497,608) 2,412,393 (4,958,731) (4,310,055) 480,633 (3,579,035)
  2020 – Avg Other NEOs 3,530,628 (2,149,216) 798,282 (1,039,788) (831,586) 118,086 426,406
  (i) The amounts reported represent the sum of the amounts reported in the “Stock Awards” and “Option Awards” columns of the Summary Compensation Table for the applicable fiscal year.
  (ii) No awards granted during a fiscal year vested that same year.
  (iii) Represents the sum of the following for each equity award that was outstanding (unvested) as of December 31 of the applicable fiscal year and December 31 of the prior fiscal year: the difference between (x) the fair value of such award as of December 31 of the applicable fiscal year and (y) the fair value of such award as of December 31 of the prior fiscal year. For performance awards, the fair value represents the Monte Carlo valuation for the TSR portion and the payout corresponding to the interim level of achievement of the operating metrics portion. For options, fair value represents the Black-Scholes value.
  (iv) For a multi-year performance award that matured (vested) on December 31 of the reported year, the fair value was the number of units earned valued at the closing price of a share of Common Stock on the last trading day of that year, plus the cash amount in respect of accrued dividends to be paid out upon settlement.

(3) Mr. Naughton served as Chief Executive Officer from 2012 through January 2, 2022 and served as Executive Chairman throughout 2022. He served as a non-executive chairman in 2023.
(4) Company TSR and Peer Group TSR are calculated using the measurement period beginning on the last trading day of 2019, through and including the end of the fiscal year for which cumulative Company TSR or cumulative Peer Group TSR is being calculated.
(5) Represents the weighted peer group TSR, weighted according to the respective companies’ stock market capitalization at the beginning of each period. The peer group used for this purpose is the FTSE NAREIT Apartment REIT Index, a published industry index.
(6) The dollar amounts reported represent the amount of net income reflected in the Company’s audited financial statements for the applicable fiscal year.
(7) The Company Selected Measure is Core FFO per share, representing the Company’s FFO as adjusted for non-core items. By adjusting for items that are not considered by us to be part of our core business operations, Core FFO can help one compare the core operating and financial performance of the Company between periods. While we consider numerous financial and non-financial performance measures for the purpose of evaluating and determining executive compensation, we consider Core FFO per share, which is one of the measures used to determine annual cash incentive compensation for our NEOs, to be the most important performance measure used to link compensation actually paid to the NEOs for fiscal year 2023 to Company performance.

 

(8) Non-PEO NEOs for 2023 and 2022 include Messrs. O’Shea, Birenbaum, Breslin, and Schulman.
(9) Non-PEO NEOs for 2021 include Messrs. O’Shea, Schall, Birenbaum, and Breslin.
(10) Non-PEO NEOs for 2020 include Messrs. O’Shea, Birenbaum, and Breslin and William M. McLaughlin, our former Executive Vice President, Development and Construction.
            
Share Price | $ / shares     $ 252.59 $ 160.43 $ 187.22 $ 161.52 $ 209.70
Year over Year Change     0.57 (0.23) 0.16 (0.36) 0.20
Company Selected Measure Name Core FFO            
Named Executive Officers, Footnote [Text Block]

 

(2) The amounts reported represent the “compensation actually paid” to each of Mr. Schall and Mr. Naughton and the average “compensation actually paid” to each of the other NEOs as a group, each computed in accordance with Item 402(v) of Regulation S-K, but do not reflect the actual amount of compensation earned by or paid to such NEOs. In accordance with Item 402(v) of Regulation S-K, the following adjustments were made to the amounts reported in the “Total” column of the Summary Compensation Table to calculate “compensation actually paid.”

 

(8) Non-PEO NEOs for 2023 and 2022 include Messrs. O’Shea, Birenbaum, Breslin, and Schulman.
(9) Non-PEO NEOs for 2021 include Messrs. O’Shea, Schall, Birenbaum, and Breslin.
(10) Non-PEO NEOs for 2020 include Messrs. O’Shea, Birenbaum, and Breslin and William M. McLaughlin, our former Executive Vice President, Development and Construction.
            
Peer Group Issuers, Footnote [Text Block] Represents the weighted peer group TSR, weighted according to the respective companies’ stock market capitalization at the beginning of each period. The peer group used for this purpose is the FTSE NAREIT Apartment REIT Index, a published industry index.            
Adjustment To PEO Compensation, Footnote [Text Block]

 

          For Awards      
          Outstanding      
          (Unvested) as of      
          December 31 of For Awards    
          the Applicable that Vested    
      Subtract For Awards Year, Add the During the    
      Summary Subtracted in Change in Fair Applicable Year, Add  
      Compensation Column Value Between Add the Change Dividends  
      Table Value (B), Add the Fair December 31 of in Fair Value Paid on  
      of Equity Awards Value of Such the Prior Fiscal Between Unvested  
      Granted in the Awards on Year and December 31 of Restricted  
    Summary Applicable Fiscal December 31 of December 31 of the Prior Fiscal Stock During  
    Compensation Year (Grant Date the Applicable the Applicable Year and the the Applicable Compensation
    Table Total Fair Value) (i) Year (ii) Fiscal Year (iii) Vesting Date (iv) Fiscal Year Actually Paid
  Year (A) (B) (C) (D) (E) (F) (G)
  2023 – PEO Schall 9,479,687 (6,407,807) 9,203,656 2,046,598 3,010,112 129,434 17,461,680
  2023 – Avg Other NEOs 4,108,271 (2,374,971) 3,224,566 579,192 960,183 59,694 6,556,935
  2022 – PEO Schall 9,393,208 (6,351,246) 3,705,283 (2,786,237) (342,670) 154,340 3,772,678
  2022 – PEO Naughton 9,814,142 (7,343,192) 3,696,749 (6,766,814) (924,797) 215,028 (1,308,884)
  2022 – Avg Other NEOs 4,187,942 (2,524,777) 1,453,657 (1,513,615) (212,401) 66,289 1,457,095
  2021 – PEO Naughton 14,371,460 (10,551,826) 14,011,349 4,604,039 3,373,073 346,146 26,154,241
  2021 – Avg Other NEOs 7,495,804 (5,049,488) 6,223,603 925,342 583,792 111,431 10,290,484
  2020 – PEO Naughton 11,294,333 (8,497,608) 2,412,393 (4,958,731) (4,310,055) 480,633 (3,579,035)
  2020 – Avg Other NEOs 3,530,628 (2,149,216) 798,282 (1,039,788) (831,586) 118,086 426,406
  (i) The amounts reported represent the sum of the amounts reported in the “Stock Awards” and “Option Awards” columns of the Summary Compensation Table for the applicable fiscal year.
  (ii) No awards granted during a fiscal year vested that same year.
  (iii) Represents the sum of the following for each equity award that was outstanding (unvested) as of December 31 of the applicable fiscal year and December 31 of the prior fiscal year: the difference between (x) the fair value of such award as of December 31 of the applicable fiscal year and (y) the fair value of such award as of December 31 of the prior fiscal year. For performance awards, the fair value represents the Monte Carlo valuation for the TSR portion and the payout corresponding to the interim level of achievement of the operating metrics portion. For options, fair value represents the Black-Scholes value.
  (iv) For a multi-year performance award that matured (vested) on December 31 of the reported year, the fair value was the number of units earned valued at the closing price of a share of Common Stock on the last trading day of that year, plus the cash amount in respect of accrued dividends to be paid out upon settlement.

            
Non-PEO NEO Average Total Compensation Amount [1] $ 4,108,271 $ 4,187,942 $ 7,495,804 $ 3,530,628      
Non-PEO NEO Average Compensation Actually Paid Amount $ 6,556,935 [1],[2] 1,457,095 [1],[2] 10,290,484 [3] 426,406 [4]      
Adjustment to Non-PEO NEO Compensation Footnote [Text Block]

 

          For Awards      
          Outstanding      
          (Unvested) as of      
          December 31 of For Awards    
          the Applicable that Vested    
      Subtract For Awards Year, Add the During the    
      Summary Subtracted in Change in Fair Applicable Year, Add  
      Compensation Column Value Between Add the Change Dividends  
      Table Value (B), Add the Fair December 31 of in Fair Value Paid on  
      of Equity Awards Value of Such the Prior Fiscal Between Unvested  
      Granted in the Awards on Year and December 31 of Restricted  
    Summary Applicable Fiscal December 31 of December 31 of the Prior Fiscal Stock During  
    Compensation Year (Grant Date the Applicable the Applicable Year and the the Applicable Compensation
    Table Total Fair Value) (i) Year (ii) Fiscal Year (iii) Vesting Date (iv) Fiscal Year Actually Paid
  Year (A) (B) (C) (D) (E) (F) (G)
  2023 – PEO Schall 9,479,687 (6,407,807) 9,203,656 2,046,598 3,010,112 129,434 17,461,680
  2023 – Avg Other NEOs 4,108,271 (2,374,971) 3,224,566 579,192 960,183 59,694 6,556,935
  2022 – PEO Schall 9,393,208 (6,351,246) 3,705,283 (2,786,237) (342,670) 154,340 3,772,678
  2022 – PEO Naughton 9,814,142 (7,343,192) 3,696,749 (6,766,814) (924,797) 215,028 (1,308,884)
  2022 – Avg Other NEOs 4,187,942 (2,524,777) 1,453,657 (1,513,615) (212,401) 66,289 1,457,095
  2021 – PEO Naughton 14,371,460 (10,551,826) 14,011,349 4,604,039 3,373,073 346,146 26,154,241
  2021 – Avg Other NEOs 7,495,804 (5,049,488) 6,223,603 925,342 583,792 111,431 10,290,484
  2020 – PEO Naughton 11,294,333 (8,497,608) 2,412,393 (4,958,731) (4,310,055) 480,633 (3,579,035)
  2020 – Avg Other NEOs 3,530,628 (2,149,216) 798,282 (1,039,788) (831,586) 118,086 426,406
  (i) The amounts reported represent the sum of the amounts reported in the “Stock Awards” and “Option Awards” columns of the Summary Compensation Table for the applicable fiscal year.
  (ii) No awards granted during a fiscal year vested that same year.
  (iii) Represents the sum of the following for each equity award that was outstanding (unvested) as of December 31 of the applicable fiscal year and December 31 of the prior fiscal year: the difference between (x) the fair value of such award as of December 31 of the applicable fiscal year and (y) the fair value of such award as of December 31 of the prior fiscal year. For performance awards, the fair value represents the Monte Carlo valuation for the TSR portion and the payout corresponding to the interim level of achievement of the operating metrics portion. For options, fair value represents the Black-Scholes value.
  (iv) For a multi-year performance award that matured (vested) on December 31 of the reported year, the fair value was the number of units earned valued at the closing price of a share of Common Stock on the last trading day of that year, plus the cash amount in respect of accrued dividends to be paid out upon settlement.
            
Compensation Actually Paid vs. Total Shareholder Return [Text Block]

 

 

 

            
Compensation Actually Paid vs. Net Income [Text Block]

 

            
Compensation Actually Paid vs. Company Selected Measure [Text Block]

 

            
Total Shareholder Return Vs Peer Group [Text Block]

 

            
Tabular List [Table Text Block]

Tabular List of Performance Measures

 

The following table includes financial performance measures that the Company determined are its most important financial measures for 2023 and they are reflected in our multi-year performance awards or annual bonus program.

 

Financial Measure
Total Shareholder Return
Core FFO per Share
Three-year Compounded Annual Growth Rate of Core FFO per Share Relative to Apartment REIT Companies
Same Store Residential Revenue
Development Yield
            
Total Shareholder Return Amount $ 103 [5] 85 [5] 129 [5] 80 [6]      
Peer Group Total Shareholder Return Amount [6] 100 94 139 85      
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest [7] $ 928,438,000 $ 1,136,438,000 $ 1,004,356,000 $ 827,706,000      
Company Selected Measure Amount | $ / shares [8] 10.63 9.79 8.26 8.69      
Additional 402(v) Disclosure [Text Block]

For AvalonBay, the “compensation actually paid” to our NEOs for a given year, as calculated in accordance with Item 402(v) of Regulation S-K, includes cash amounts paid for service, the value of other items included in “all other compensation” in the Summary Compensation Table, the change in the fair value of unvested equity awards during the year (through year end or at any earlier vesting date) and the year-end fair value of equity awards granted during the year that remain unvested at year end. In this way, “compensation actually paid” takes into account changes in the fair value of equity awards using closing stock prices and Monte Carlo values. Our equity awards consisted of restricted shares of Common Stock, stock options, and multi-year performance awards that are earned based upon the achievement of TSR and operating metrics. Accordingly, the “compensation actually paid” to our NEOs as reported in the table below was greatly influenced by the value of our Common Stock price, which varied over the measurement period as illustrated in the following table:

 

Fiscal Year End

Closing Stock Price

Year over Year Change
December 29, 2023 $187.22 16%
December 30, 2022 $161.52 -36%
December 31, 2021 $252.59 57%
December 31, 2020 $160.43 -23%
December 31, 2019 $209.70 20%
            
Measure [Axis]: 1              
Pay vs Performance Disclosure [Table]              
Measure Name Total Shareholder Return            
Measure [Axis]: 2              
Pay vs Performance Disclosure [Table]              
Measure Name Core FFO per Share            
Measure [Axis]: 3              
Pay vs Performance Disclosure [Table]              
Measure Name Three-year Compounded Annual Growth Rate of Core FFO per Share Relative to Apartment REIT Companies            
Measure [Axis]: 4              
Pay vs Performance Disclosure [Table]              
Measure Name Same Store Residential Revenue            
Measure [Axis]: 5              
Pay vs Performance Disclosure [Table]              
Measure Name Development Yield            
Non-PEO NEO [Member] | Subtract Summary Compensation Table Value of Equity Awards Granted in the Applicable Fiscal Year (Grant Date Fair Value)              
Pay vs Performance Disclosure [Table]              
Adjustment to Compensation Amount [9]   $ (2,524,777) $ (5,049,488) $ (2,149,216)      
Non-PEO NEO [Member] | For Awards Subtracted in Column (B), Add the Fair Value of Such Awards on December 31 of the Applicable Year              
Pay vs Performance Disclosure [Table]              
Adjustment to Compensation Amount [10]   1,453,657 6,223,603 798,282      
Non-PEO NEO [Member] | For Awards Outstanding (Unvested) as of December 31 of the Applicable Year, Add the Change in Fair Value Between December 31 of the Prior Fiscal Year and December 31 of the Applicable Fiscal Year              
Pay vs Performance Disclosure [Table]              
Adjustment to Compensation Amount [11]   (1,513,615) 925,342 (1,039,788)      
Non-PEO NEO [Member] | For Awards that Vested During the Applicable Year, Add the Change in Fair Value Between December 31 of the Prior Fiscal Year and the Vesting Date              
Pay vs Performance Disclosure [Table]              
Adjustment to Compensation Amount [12]   (212,401) 583,792 (831,586)      
Non-PEO NEO [Member] | Add Dividends Paid on Unvested Restricted Stock During the Applicable Fiscal Year              
Pay vs Performance Disclosure [Table]              
Adjustment to Compensation Amount   66,289 111,431 118,086      
Benjamin W Schall              
Pay vs Performance Disclosure [Table]              
PEO Total Compensation Amount [13] $ 9,479,687 9,393,208          
PEO Actually Paid Compensation Amount [2] $ 17,461,680 $ 3,772,678          
PEO Name Mr. Schall Mr. Schall          
Benjamin W Schall | PEO [Member] | Subtract Summary Compensation Table Value of Equity Awards Granted in the Applicable Fiscal Year (Grant Date Fair Value)              
Pay vs Performance Disclosure [Table]              
Adjustment to Compensation Amount [9] $ (6,407,807) $ (6,351,246)          
Benjamin W Schall | PEO [Member] | For Awards Subtracted in Column (B), Add the Fair Value of Such Awards on December 31 of the Applicable Year              
Pay vs Performance Disclosure [Table]              
Adjustment to Compensation Amount [10] 9,203,656 3,705,283          
Benjamin W Schall | PEO [Member] | For Awards Outstanding (Unvested) as of December 31 of the Applicable Year, Add the Change in Fair Value Between December 31 of the Prior Fiscal Year and December 31 of the Applicable Fiscal Year              
Pay vs Performance Disclosure [Table]              
Adjustment to Compensation Amount [11] 2,046,598 (2,786,237)          
Benjamin W Schall | PEO [Member] | For Awards that Vested During the Applicable Year, Add the Change in Fair Value Between December 31 of the Prior Fiscal Year and the Vesting Date              
Pay vs Performance Disclosure [Table]              
Adjustment to Compensation Amount [12] 3,010,112 (342,670)          
Benjamin W Schall | PEO [Member] | Add Dividends Paid on Unvested Restricted Stock During the Applicable Fiscal Year              
Pay vs Performance Disclosure [Table]              
Adjustment to Compensation Amount 129,434 154,340          
Timothy J Naughton              
Pay vs Performance Disclosure [Table]              
PEO Total Compensation Amount 4,108,271 9,814,142 [14] 14,371,460 [14] 11,294,333 [14]      
PEO Actually Paid Compensation Amount 6,556,935 $ (1,308,884) [2] $ 26,154,241 [2] $ (3,579,035) [2]      
PEO Name   Mr. Naughton Mr. Naughton Mr. Naughton      
Timothy J Naughton | PEO [Member] | Subtract Summary Compensation Table Value of Equity Awards Granted in the Applicable Fiscal Year (Grant Date Fair Value)              
Pay vs Performance Disclosure [Table]              
Adjustment to Compensation Amount [9] (2,374,971) $ (7,343,192) $ (10,551,826) $ (8,497,608)      
Timothy J Naughton | PEO [Member] | For Awards Subtracted in Column (B), Add the Fair Value of Such Awards on December 31 of the Applicable Year              
Pay vs Performance Disclosure [Table]              
Adjustment to Compensation Amount [10] 3,224,566 3,696,749 14,011,349 2,412,393      
Timothy J Naughton | PEO [Member] | For Awards Outstanding (Unvested) as of December 31 of the Applicable Year, Add the Change in Fair Value Between December 31 of the Prior Fiscal Year and December 31 of the Applicable Fiscal Year              
Pay vs Performance Disclosure [Table]              
Adjustment to Compensation Amount [11] 579,192 (6,766,814) 4,604,039 (4,958,731)      
Timothy J Naughton | PEO [Member] | For Awards that Vested During the Applicable Year, Add the Change in Fair Value Between December 31 of the Prior Fiscal Year and the Vesting Date              
Pay vs Performance Disclosure [Table]              
Adjustment to Compensation Amount [12] 960,183 (924,797) 3,373,073 (4,310,055)      
Timothy J Naughton | PEO [Member] | Add Dividends Paid on Unvested Restricted Stock During the Applicable Fiscal Year              
Pay vs Performance Disclosure [Table]              
Adjustment to Compensation Amount $ 59,694 $ 215,028 $ 346,146 $ 480,633      
[1] Non-PEO NEOs for 2023 and 2022 include Messrs. O’Shea, Birenbaum, Breslin, and Schulman.
[2] The amounts reported represent the “compensation actually paid” to each of Mr. Schall and Mr. Naughton and the average “compensation actually paid” to each of the other NEOs as a group, each computed in accordance with Item 402(v) of Regulation S-K, but do not reflect the actual amount of compensation earned by or paid to such NEOs. In accordance with Item 402(v) of Regulation S-K, the following adjustments were made to the amounts reported in the “Total” column of the Summary Compensation Table to calculate “compensation actually paid.”
[3] Non-PEO NEOs for 2021 include Messrs. O’Shea, Schall, Birenbaum, and Breslin.
[4] Non-PEO NEOs for 2020 include Messrs. O’Shea, Birenbaum, and Breslin and William M. McLaughlin, our former Executive Vice President, Development and Construction.
[5] Company TSR and Peer Group TSR are calculated using the measurement period beginning on the last trading day of 2019, through and including the end of the fiscal year for which cumulative Company TSR or cumulative Peer Group TSR is being calculated.
[6] Represents the weighted peer group TSR, weighted according to the respective companies’ stock market capitalization at the beginning of each period. The peer group used for this purpose is the FTSE NAREIT Apartment REIT Index, a published industry index.
[7] The dollar amounts reported represent the amount of net income reflected in the Company’s audited financial statements for the applicable fiscal year.
[8] The Company Selected Measure is Core FFO per share, representing the Company’s FFO as adjusted for non-core items. By adjusting for items that are not considered by us to be part of our core business operations, Core FFO can help one compare the core operating and financial performance of the Company between periods. While we consider numerous financial and non-financial performance measures for the purpose of evaluating and determining executive compensation, we consider Core FFO per share, which is one of the measures used to determine annual cash incentive compensation for our NEOs, to be the most important performance measure used to link compensation actually paid to the NEOs for fiscal year 2023 to Company performance.
[9] The amounts reported represent the sum of the amounts reported in the “Stock Awards” and “Option Awards” columns of the Summary Compensation Table for the applicable fiscal year.
[10] No awards granted during a fiscal year vested that same year.
[11] Represents the sum of the following for each equity award that was outstanding (unvested) as of December 31 of the applicable fiscal year and December 31 of the prior fiscal year: the difference between (x) the fair value of such award as of December 31 of the applicable fiscal year and (y) the fair value of such award as of December 31 of the prior fiscal year. For performance awards, the fair value represents the Monte Carlo valuation for the TSR portion and the payout corresponding to the interim level of achievement of the operating metrics portion. For options, fair value represents the Black-Scholes value.
[12] For a multi-year performance award that matured (vested) on December 31 of the reported year, the fair value was the number of units earned valued at the closing price of a share of Common Stock on the last trading day of that year, plus the cash amount in respect of accrued dividends to be paid out upon settlement.
[13] Mr. Schall joined AvalonBay as President and a director in January 2021 and became Chief Executive Officer effective January 3, 2022. Mr. Schall’s compensation for 2021 is included in the non-PEO averages.
[14] Mr. Naughton served as Chief Executive Officer from 2012 through January 2, 2022 and served as Executive Chairman throughout 2022. He served as a non-executive chairman in 2023.