AVALONBAY COMMUNITIES INC Earnings Summary — Q1 FY2026

• Net income attributable to common stockholders reached $325.7 million for the quarter, a significant increase from $236.6 million in the prior year period.
• Driven by a substantial gain on sale of communities totaling $179.9 million, compared to only $56.5 million in Q1 2025.
• Total revenue grew to $770.3 million, up 3.3% YoY, primarily supported by rental income increases from stabilized communities.
• The company demonstrated significant capital activity, repurchasing $198.5 million of common stock during the quarter.
• Operating expenses and property taxes grew faster than revenue, rising approximately 5.8% and 10.1% respectively.
• AvalonBay continues its strategic shift towards suburban and expansion markets to mitigate regulatory risks in coastal urban cores.

Management remains focused on portfolio diversification into high-growth suburban and 'sunbelt' regions while divesting slower-growth legacy assets to drive long-term NOI growth.

Improving

Earnings performance surpassed the prior year's quarterly result significantly due to successful asset dispositions and stable occupancy.

The company expects value creation through internal NOI growth and its robust development pipeline, while maintaining a fortress balance sheet with fixed-rate debt structures.