AvalonBay Q1 net income jumps 38% on asset sales; Same Store NOI growth slows to 0.2%

Filed May 7, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 8, 2025 · ~1 min read

Key Changes

• high

  Same Store NOI growth decelerated sharply to 0.2% from 2.6% prior year as revenue growth slowed to 1.6% and operating expenses accelerated 4.7%, indicating weaker pricing power and higher cost inflation.

  MD&A: Same Store Operations verify on EDGAR →
• high

  Net income rose 37.7% to $326M driven by $180M gain on sale of three communities (884 homes) vs. $56M gain on one community (102 homes) prior year, reflecting elevated disposition activity.

  MD&A: Net Income verify on EDGAR →
• high

  Development pipeline expanded 31% to 25 communities (8,673 homes, $3.4B projected cost) from 19 communities ($2.5B), signaling accelerated capital deployment into new supply.

  MD&A: Development Activity verify on EDGAR →