AVALONBAY COMMUNITIES INC
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Income Statement
| Metric | Q1 2026 | Q1 2025 | YoY |
|---|---|---|---|
| Operating Lease Lease Income | 768,446 | 744,138 | +3.3% |
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| Development/ Redevelopment · Operating Segments | 18,585 | 7,874 | +136.0% |
| Other Stabilized · Operating Segments | 32,310 | 8,643 | +273.8% |
| Same Store · Operating Segments | 709,122 | 698,763 | +1.5% |
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| Segment Continuing Operations | 760,017 | 715,280 | +6.3% |
| Revenue | 1,833 | 1,742 | +5.2% |
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| Management, development and other fees and other ancillary items · Corporate Non Segment | 1,833 | 1,742 | +5.2% |
| Management, development and other fees and other ancillary items · Segment Continuing Operations | 1,833 | 1,742 | +5.2% |
| Non-lease related revenue · Development/ Redevelopment | 179 | 46 | +289.1% |
| Non-lease related revenue · Other Stabilized | 1,556 | 1,366 | +13.9% |
| Non-lease related revenue · Same Store | 2,296 | 2,203 | +4.2% |
| Non-lease related revenue · Segment Continuing Operations | 4,031 | 3,615 | +11.5% |
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| Development/ Redevelopment · Operating Segments | 179 | 46 | +289.1% |
| Other Stabilized · Operating Segments | 1,556 | 1,366 | +13.9% |
| Same Store · Operating Segments | 2,296 | 2,203 | +4.2% |
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| Corporate Non Segment · Segment Continuing Operations | 1,833 | 1,742 | +5.2% |
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| Segment Continuing Operations | 5,864 | 5,357 | +9.5% |
| Revenue | 770,279 | 745,880 | +3.3% |
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| Development/ Redevelopment · Operating Segments | 18,764 | 7,920 | +136.9% |
| Other Stabilized · Operating Segments | 33,866 | 10,009 | +238.4% |
| Same Store · Operating Segments | 711,418 | 700,966 | +1.5% |
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| Corporate Non Segment · Segment Continuing Operations | 1,833 | 1,742 | +5.2% |
Show Statement Operating Activities Segment breakouts |
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| Segment Continuing Operations | 765,881 | 720,637 | +6.3% |
| Cost Of Other Property Operating Expense | 198,419 | 187,030 | +6.1% |
| Real Estate Tax Expense | 90,109 | 81,831 | +10.1% |
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| Same Store · Operating Segments | 82,042 | 77,363 | +6.0% |
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| Segment Continuing Operations | 82,042 | 77,363 | +6.0% |
| Other Non-Operating Income (Expense) | 3,416 | 4,744 | -28.0% |
| Interest Expense | 71,489 | 59,864 | +19.4% |
| Depreciation | 233,104 | 217,888 | +7.0% |
| General & Administrative | 22,077 | 19,780 | +11.6% |
| Impairment Of Real Estate | 4,619 | — | — |
Show Liability For Catastrophe Claims By Catastrophic Event breakouts |
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| Emergency Response | 4,619,000 | — | — |
| Total Costs & Expenses | 623,233 | 571,137 | +9.1% |
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| Development / Redevelopment · Operating Segments | 8,174 | 3,211 | +154.6% |
| Other Stabilized · Operating Segments | 12,843 | 4,174 | +207.7% |
| Same Store · Operating Segments | 225,538 | 215,115 | +4.8% |
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| Segment Continuing Operations | 246,555 | 222,500 | +10.8% |
| Unconsolidated Real Estate Entities Gain Loss On Investments | -6,527 | -999 | -553.4% |
| Income Loss From Structured Investment Program Interest | 7,481 | 6,113 | +22.4% |
| Gains Losses On Sales Of Investment Real Estate | 179,912 | 56,469 | +218.6% |
| Gain Loss On Sale Of Other Assets | 84 | 155 | -45.8% |
| Income Before Taxes | 327,996 | 236,481 | +38.7% |
| Income Tax Expense (Benefit) | 294 | 116 | +153.4% |
| Net Income | 328,290 | 236,597 | +38.8% |
Show Equity Components breakouts |
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| Noncontrolling Interest | 2,560 | — | — |
| Parent | 325,730 | — | — |
| Retained Earnings | 325,730 | — | — |
| Net Income Loss Attributable To Noncontrolling Interest | -2,560 | — | — |
| Net Income | 325,730 | 236,597 | +37.7% |
| EPS (Basic) | 2.33 | 1.66 | +40.4% |
| EPS (Diluted) | 2.33 | 1.66 | +40.4% |
| Operating Expenses (Q) | — | — | — |
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| Development / Redevelopment · Non-Same Store Operating Expense | -8,174 | -3,211 | -154.6% |
| Other Stabilized · Non-Same Store Operating Expense | -12,843 | -4,174 | -207.7% |
| Same Store · Same Store Operating Expense | -225,538 | -215,115 | -4.8% |
Show Segment Operating Expenses [Axis] breakouts |
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| Non-Same Store Operating Expense · Segment Continuing Operations | -21,017 | -7,385 | -184.6% |
| Same Store Operating Expense · Segment Continuing Operations | -225,538 | -215,115 | -4.8% |
| Operating Income | 517,493 | 496,395 | +4.3% |
Show Business Segments breakouts |
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| Development / Redevelopment · Operating Segments | 10,590 | 4,709 | +124.9% |
| Other Stabilized · Operating Segments | 21,023 | 5,835 | +260.3% |
| Same Store · Operating Segments | 485,880 | 485,851 | 0.0% |
Show Statement Operating Activities Segment breakouts |
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| Segment Continuing Operations | 517,493 | 496,395 | +4.3% |
| Comprehensive Income | 331,697 | 232,727 | +42.5% |
| Wtd Avg Shares (Basic) | 139,549,709 | 142,113,283 | -1.8% |
| Wtd Avg Shares (Diluted) | 140,812,786 | 142,486,558 | -1.2% |
| Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax | 6,576 | -3,597 | +282.8% |
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| Accumulated Other Comprehensive Income | 6,526 | -3,597 | +281.4% |
| Noncontrolling Interest | 50 | — | — |
| Parent | 6,526 | -3,597 | +281.4% |
Balance Sheet
| Metric | Q1 2026 | Q1 2025 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents | 121,231 | 53,255 | +127.6% |
| Non-Current Assets | |||
| Total Assets | 22,126,953 | 21,215,714 | +4.3% |
| Operating Lease Right-of-Use Assets | 118,168,000 | 125,762,000 | -6.0% |
| Other Assets | |||
| Investment Building And Building Improvements | 21,444,491 | 20,625,788 | +4.0% |
| Real Estate Investment Property At Cost | 28,029,716 | 26,955,689 | +4.0% |
| Real Estate Investment Property Accumulated Depreciation | -8,914,545 | -8,351,624 | -6.7% |
| Operating Real Estate Investment Property Net | 19,115,171 | 18,604,065 | +2.7% |
| Real Estate Investment Property Net | 20,825,974 | 20,002,464 | +4.1% |
Show Pledged Status breakouts |
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| Asset Pledged As Collateral · Notes Payable Other Payables | 1,198,667,000 | 1,236,143,000 | -3.0% |
| Restricted Cash And Cash Equivalents | 169,863 | 165,852 | +2.4% |
| Investments In Affiliates Subsidiaries Associates And Joint Ventures | 193,271 | 226,622 | -14.7% |
| Other Deferred Costs Net | 68,765 | 54,454 | +26.3% |
| Prepaid Expense And Other Assets | 602,145 | 559,329 | +7.7% |
| Lease Right Of Use Asset | 145,704 | 153,738 | -5.2% |
| Current Liabilities | |||
| Commercial Paper | 770,000 | — | — |
Show Debt Instrument breakouts |
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| Line Of Credit | 770,000 | — | — |
| Non-Current Liabilities | |||
| Dividends Payable Current And Noncurrent | 251,694 | 251,378 | +0.1% |
| Construction Payable Current And Noncurrent | 107,546 | 82,554 | +30.3% |
| Accrued Liabilities Current And Noncurrent | 391,768 | 351,872 | +11.3% |
| Interest Payable Current And Noncurrent | 76,415 | 75,101 | +1.7% |
| Total Liabilities | 10,412,332 | 9,299,431 | +12.0% |
| Long-Term Debt | 9,360,218 | 8,303,437 | +12.7% |
| Other Liabilities | |||
| Unsecured Debt | 7,881,320 | 7,360,607 | +7.1% |
| Long Term Line Of Credit And Commercial Paper | 769,722 | 224,942 | +242.2% |
| Secured Debt | 709,176 | 717,888 | -1.2% |
| Lease Liability | 163,517 | 172,226 | -5.1% |
| Security Deposit Liability | 61,174 | 62,863 | -2.7% |
| Stockholders' Equity | |||
| Common Stock | 1,391 | 1,423 | -2.2% |
| Additional Paid-In Capital | 11,117,451 | 11,307,940 | -1.7% |
| Retained Earnings | 339,630 | 576,486 | -41.1% |
| Accumulated Other Comprehensive Income | 32,453 | 30,434 | +6.6% |
| Total Stockholders' Equity | 11,490,925 | — | — |
| Minority Interest | 223,696 | — | — |
| Stockholders Equity Including Portion Attributable To Noncontrolling Interest | 11,714,621 | 11,916,283 | -1.7% |
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| Accumulated Other Comprehensive Income | 32,453 | 30,434 | +6.6% |
| Additional Paid In Capital | 11,117,451 | 11,307,940 | -1.7% |
| Common Stock | 1,391 | 1,423 | -2.2% |
| Noncontrolling Interest | 223,696 | — | — |
| Parent | 11,490,925 | 11,916,283 | -3.6% |
| Retained Earnings | 339,630 | 576,486 | -41.1% |
| Total Liabilities & Equity | 22,126,953 | 21,215,714 | +4.3% |
| Land And Land Improvements | 4,989,148 | 4,903,886 | +1.7% |
| Fixtures And Equipment Gross | 1,596,077 | 1,426,015 | +11.9% |
| Construction In Progress Gross | 1,575,669 | 1,198,280 | +31.5% |
| Land Available For Development | 135,134 | 141,978 | -4.8% |
Cash Flow Statement
| Metric | YTD Q1 2026 | YTD Q1 2025 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Amortization Of Financing Costs And Discounts | 3,634 | 3,233 | +12.4% |
| Stock-Based Compensation | 5,699 | 5,662 | +0.7% |
| Gain Loss Unconsolidated Real Estate Entities Net Of Dividends Or Distributions | 9,851 | 3,093 | +218.5% |
| Casualty Gain And Impairment Loss Net Operating Activities | 2,007 | — | — |
| Noncash Project Abandonment Costs | 3,416 | 4,744 | -28.0% |
| Interest Rate Cash Flow Hedge Gain Loss Reclassified To Earnings Net | -388 | -273 | -42.1% |
| Gain Loss On Sale Of Properties | -179,996 | -56,660 | -217.7% |
| Increase Decrease In Accrued Interest Receivable Net | -7,186 | -5,806 | -23.8% |
| Change in Prepaid & Other Assets | 13,111 | -3,157 | +515.3% |
| Increase Decrease In Accrued Liabilities | 7,391 | 10,582 | -30.2% |
| Net Cash from Operations | 418,933 | 415,903 | +0.7% |
| Investing Activities | |||
| Payments To Develop Real Estate Assets | -336,820 | -237,282 | -41.9% |
| Payments For Capital Improvements | -59,453 | -48,370 | -22.9% |
| Payments For Capital Improvements Non Real Estate | -514 | -256 | -100.8% |
| Proceeds From Payments To Construction Payables | 15,279 | -3,400 | +549.4% |
| Proceeds From Sale Of Real Estate Heldforinvestment | 330,378 | 63,651 | +419.0% |
| Payments To Acquire Notes Receivable | -11,999 | -12,560 | +4.5% |
| Proceeds From Collection Of Notes Receivable | 17,580 | 109 | +16028.4% |
| Distributions From Equity Method Investees | 180 | — | — |
| Payments To Acquire Businesses And Interest In Affiliates | -3,611 | -2,395 | -50.8% |
| Net Cash from Investing | -48,980 | -427,865 | +88.6% |
| Financing Activities | |||
| Share Repurchases | -198,480 | — | — |
| Payments Of Ordinary Dividends | -249,300 | -243,678 | -2.3% |
| Proceeds From Repayments Of Long Term Line Of Credit And Commercial Paper | 30,114 | 224,942 | -86.6% |
| Repayments Of Notes Payable | -982 | -1,171 | +16.1% |
| Payments Of Financing Costs | -224 | — | — |
| Tax Withholding for Share Compensation | -13,070 | -16,353 | +20.1% |
| Net Cash from Financing | -431,942 | -36,007 | -1099.6% |
| Supplemental | |||
| Interest Paid | 60,407 | 40,160 | +50.4% |
| Other Cash Flow | |||
| Net Change in Cash | -61,989 | -47,969 | -29.2% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 291,094 | 219,107 | +32.9% |
Values in thousands USD. Source: SEC EDGAR 10-Q filing.