Revenue: As of FY2026 Q1, the actual value is USD 770.28 M.EPS: As of FY2026 Q1, the actual value is USD 2.33, beating the estimate of USD 1.192.EBIT: As of FY2026 Q1, the actual value is USD 399.49 M.<h4>Segment Revenue</h4><ul><li>Total revenue for AvalonBay Communities, Inc. was $770,279,000 for the three months ended March 31, 2026, an increase from $745,880,000 in the prior year period.</li><li>By Segment (excluding Non-allocated Revenue) for the three months ended March 31:<ul><li>Same Store: $711,418,000 in 2026 compared to $700,966,000 in 2025.</li><li>Other Stabilized: $33,866,000 in 2026 compared to $10,009,000 in 2025.</li><li>Development/Redevelopment: $18,764,000 in 2026 compared to $7,920,000 in 2025.</li><li>Non-allocated (Management, development and other fees and other ancillary items): $1,833,000 in 2026 compared to $1,742,000 in 2025.</li></ul></li></ul><h4>Operational Metrics (Overall)</h4><ul><li>Net income attributable to common stockholders increased by $89,133,000, or 37.7%, to $325,730,000 for the three months ended March 31, 2026, compared to $236,597,000 in the prior year period, primarily due to higher gains from real estate sales and Net Operating Income (NOI) from communities, partially offset by increased depreciation expense and net interest expense.</li><li>Total Community Operating Expenses were - $248,595,000 for the three months ended March 31, 2026, compared to - $231,018,000 in the prior year period.</li><li>Property Management and Other Indirect Operating Expenses were - $39,933,000 for the three months ended March 31, 2026, compared to - $37,843,000 in the prior year period.</li><li>Expensed Transaction, Development and Other Pursuit Costs, net of recoveries, were - $3,416,000 for the three months ended March 31, 2026, down from - $4,744,000 in the prior year period, which included a - $3,668,000 write-off.</li><li>Interest Expense, net, was - $71,489,000 for the three months ended March 31, 2026, an increase from - $59,864,000 in the prior year period, mainly due to higher effective interest rates and increased commercial paper outstanding.</li><li>Depreciation Expense was - $233,104,000 for the three months ended March 31, 2026, compared to - $217,888,000 in the prior year period, primarily due to new developments and acquisitions.</li><li>General and Administrative Expense was - $22,077,000 for the three months ended March 31, 2026, an increase from - $19,780,000 in the prior year period, mainly due to increased legal costs, settlements, and severance costs.</li><li>Casualty and Impairment Loss was - $4,619,000 for the three months ended March 31, 2026, related to property damage, with no comparable loss in the prior year period.</li><li>Loss from Unconsolidated Investments was - $6,527,000 for the three months ended March 31, 2026, compared to - $999,000 in the prior year period, primarily due to a non-cash write-down.</li><li>Structured Investment Program Interest Income was $7,481,000 for the three months ended March 31, 2026, up from $6,113,000 in the prior year period, reflecting increased principal funded.</li><li>Gain on Sale of Communities was $179,912,000 for the three months ended March 31, 2026, significantly higher than $56,469,000 in the prior year period, driven by the sale of three communities in 2026 versus one in 2025.</li></ul><h4>Net Operating Income (NOI) by Segment</h4><ul><li>Total NOI was $517,493,000 for the three months ended March 31, 2026, compared to $496,395,000 in the prior year period.</li><li>Residential NOI was $509,176,000 for the three months ended March 31, 2026, compared to $486,503,000 in the prior year period.<ul><li>Same Store Residential NOI increased by $1,087,000 (0.2%) to $479,937,000 for the three months ended March 31, 2026, from $478,850,000 in the prior year period, due to a 1.6% increase in Residential revenue, partially offset by a 4.7% increase in Residential property operating expenses.</li><li>Other Stabilized Residential NOI increased by $15,713,000 to $19,014,000 for the three months ended March 31, 2026, from $3,301,000 in the prior year period, attributed to newly acquired and recently completed Development communities.</li><li>Development/Redevelopment Residential NOI increased by $5,873,000 to $10,225,000 for the three months ended March 31, 2026, from $4,352,000 in the prior year period.</li></ul></li></ul><h4>Cash Flow</h4><ul><li>Net cash provided by operating activities was $418,933,000 for the three months ended March 31, 2026, compared to $415,903,000 in the prior year period, primarily due to increased NOI from stabilized and Development communities.</li><li>Net cash used in investing activities was - $48,980,000 for the three months ended March 31, 2026, a decrease from - $427,865,000 in the prior year period, driven by increased net proceeds from real estate dispositions and fewer acquisitions, partially offset by higher investment in development and redevelopment.</li><li>Net cash used in financing activities was - $431,942,000 for the three months ended March 31, 2026, compared to - $36,007,000 in the prior year period, mainly due to the repurchase of 1,130,336 shares of common stock for - $198,480,000 and decreased net borrowings under the Commercial Paper Program.</li></ul><h4>Unique Metrics</h4><ul><li>The weighted average number of occupied apartment homes (consolidated communities) increased to 84,277 for the three months ended March 31, 2026, from 80,703 in the prior year period.</li><li>The weighted average monthly Residential revenue per occupied apartment home was $2,991 for the three months ended March 31, 2026, compared to $3,020 in the prior year period.</li><li>Same Store Economic Occupancy was 96.1% for the three months ended March 31, 2026, a slight increase from 96.0% in the prior year period.</li><li>As of March 31, 2026, AvalonBay Communities, Inc. had 25 wholly-owned communities under construction, totaling 8,673 apartment homes and 69,000 square feet of commercial space, with a projected total capitalized cost of $3,390,000,000. One community, Avalon Lake Norman, was completed during the quarter, adding 345 apartment homes at a total capitalized cost of $102,000,000.</li><li>AvalonBay Communities, Inc. owned or held direct interests in land for 30 additional communities, estimated to contain 9,866 apartment homes, with $135,134,000 in capitalized land acquisition costs and $68,765,000 in capitalized pre-development costs.</li><li>As of May 5, 2026, the Structured Investment Program (SIP) had nine commitments to fund up to $241,785,000, with $221,459,000 already funded, exhibiting a weighted average rate of return of 11.8% and a weighted average final maturity date of November 2028.</li></ul><h4>Outlook and Strategy</h4>AvalonBay Communities, Inc. expects to meet its 2026 liquidity needs through internal and external sources, including equity forward contract settlements, real estate dispositions, cash from operations, and borrowing capacity from its Credit Facility and Commercial Paper Program. Additional capital may come from common and preferred equity issuances, such as through its Continuous Equity Program (CEP), which has $623,997,000 remaining authorized for issuance as of May 5, 2026. The company’s ability to secure financing depends on market conditions, credit availability, credit ratings, and lender perceptions of its financial prospects.

AvalonBay Communities | 10-Q: FY2026 Q1 Revenue: USD 770.28 M