Avalonbay Communities, Inc. · NYSE:AVB
Avalonbay Communities — Q1 2026 Earnings Presentation
22 slides from Avalonbay Communities's earnings presentation, Apr 28, 2026
Slide 1: Investor Teleconference Presentation First Quarter 2026
[FAVORABLE SUPPLY BACKDROP FOR ESTABLISHED REGIONS PERSISTS, WHILE THE SUNBELT CONTINUES TO DIGEST STANDING INVENTORY] [SUBURBAN COASTAL PORTFOLIO POSITIONED TO OUTPERFORM] INVESTOR TELECONFERENCE PRESENTATION FIRST QUARTER 2026 APRIL 28, 2026
Slide 2: Appendix reference and forward-looking statements notice
[FAVORABLE SUPPLY BACKDROP FOR ESTABLISHED REGIONS PERSISTS, WHILE THE SUNBELT CONTINUES TO DIGEST STANDING INVENTORY] [SUBURBAN COASTAL PORTFOLIO POSITIONED TO OUTPERFORM] See Appendix for information about forward- looking statements and definitions and reconciliations of non-GAAP financial measur
Slide 3: Participants
[FAVORABLE SUPPLY BACKDROP FOR ESTABLISHED REGIONS PERSISTS, PARTICIPANTS WHILE THE SUNBELT CONTINUES TO DIGEST STANDING INVENTORY] [SUBURBAN COASTAL PORTFOLIO POSITIONED TO OUTPERFORM] BEN SCHALL Chief Executive Officer & President KEVIN O’SHEA Chief Financial Officer MATT BIRENBAUM Chief Investmen
Slide 4: First Quarter Highlights
[FAVORABLE SUPPLY BACKDROP FOR ESTABLISHED REGIONS PERSISTS, FIRST QUARTER WHILE HIGHLIGHTS THE SUNBELT CONTINUES TO DIGEST STANDING INVENTORY] [SUBURBAN COASTAL PORTFOLIO POSITIONED TO OUTPERFORM] • 1Q26 Core FFO per share results exceeded our expectations(1) • Portfolio well-positioned heading int
Slide 5: Review of 1Q26 Results and Activity
[FAVORABLE SUPPLY REVIEW OF 1Q26 BACKDROP RESULTS ANDFOR ESTABLISHED REGIONS PERSISTS, ACTIVITY WHILE THE SUNBELT CONTINUES TO DIGEST STANDING INVENTORY] [SUBURBAN COASTAL PORTFOLIO POSITIONED TO OUTPERFORM] RESULTS & ACTIVITY 1Q26 SAME STORE RESIDENTIAL REVENUE GROWTH 1.6% YEAR-OVER-YEAR DEVELOPMEN
Slide 6: 1Q Core FFO per Share Exceeded Outlook
1Q CORE FFO [FAVORABLE PERBACKDROP SUPPLY SHARE EXCEEDED OUTLOOK FOR ESTABLISHED DRIVEN REGIONS BY LOWER PERSISTS, WHILE THE SUNBELT EXPENSES, HIGHERCONTINUES TO DIGESTNOI, DEVELOPMENT STANDING INVENTORY] AND REPURCHASE ACTIVITY [SUBURBAN COASTAL PORTFOLIO POSITIONED TO OUTPERFORM] 1Q26 Core FFO per
Slide 7: Operating Fundamentals Continue to Be Supported
OPERATING FUNDAMENTALS [FAVORABLE SUPPLY BACKDROP CONTINUE FOR ESTABLISHED TO BE SUPPORTED REGIONS BY PERSISTS, SEVERAL FACTORS, WHILE THE SUNBELT PARTICULARLY IN ESTABLISHED CONTINUESREGIONS TO DIGEST STANDING INVENTORY] [SUBURBAN COASTAL PORTFOLIO POSITIONED TO OUTPERFORM] 1 MARKET OCCUPANCY (INCL
Slide 8: Operations and Technology Leadership and Accelerating Development NOI
OPERATIONS SUPPLY [FAVORABLE & TECHNOLOGY BACKDROPLEADERSHIP FOR ESTABLISHED AND ACCELERATING REGIONS PERSISTS, DEVELOPMENT NOI WHILE TO DRIVE THEDIFFERENTIATED SUNBELT CONTINUES INTERNAL TO DIGEST AND EXTERNAL STANDINGGROWTH INVENTORY] [SUBURBAN COASTAL PORTFOLIO POSITIONED TO OUTPERFORM] Increment
Slide 9: Deploying Capital into Accretive Share Repurchases
[FAVORABLE DEPLOYINGSUPPLY BACKDROP CAPITAL FOR ESTABLISHED INTO ACCRETIVE SHARE REGIONS PERSISTS, REPURCHASES WHILE THE SUNBELT CONTINUES TO DIGEST STANDING INVENTORY] [SUBURBAN COASTAL PORTFOLIO POSITIONED TO OUTPERFORM] 1Q26 Closed Dispositions Share Repurchase Activity 2H25 and 1Q26 Actual $341M
Slide 10: YTD Asking Rent Growth
YTD ASKINGSUPPLY [FAVORABLE RENT GROWTH CONSISTENT BACKDROP WITH ORIGINAL FOR ESTABLISHED EXPECTATIONS; REGIONS PERSISTS, CLOSER TOSUNBELT WHILE THE NORMAL SEASONALITY CONTINUES IN ‘26STANDING TO DIGEST AND EASIER COMPS IN 2H INVENTORY] [SUBURBAN COASTAL PORTFOLIO POSITIONED TO OUTPERFORM] YTD Index
Slide 11: Portfolio Well Positioned into Peak Leasing Season
PORTFOLIO [FAVORABLE WELL SUPPLYPOSITIONED INTOESTABLISHED BACKDROP FOR PEAK LEASING SEASON REGIONS PERSISTS, WHILE THE SUNBELT CONTINUES TO DIGEST STANDING INVENTORY] [SUBURBAN COASTAL PORTFOLIO POSITIONED TO OUTPERFORM] 2026 SAME STORE RESIDENTIAL 2025 2026 2015 – ’19 AVG. 1 STEADY OCCUPANCY THROU
Slide 12: Lease-Up Absorption Off to Strong Start
LEASE-UP ABSORPTION [FAVORABLE OFF TOFOR SUPPLY BACKDROP STRONG START, REGIONS ESTABLISHED WITH 1Q PERSISTS, LEASING ACTIVITY WELL ABOVE WHILE LONG-TERM THE SUNBELT AVERAGE CONTINUES TO DIGEST STANDING INVENTORY] [SUBURBAN COASTAL PORTFOLIO POSITIONED TO OUTPERFORM] Current Lease-Up Communities(1) D
Slide 13: [FAVORABLE SUPPLY BACKDROP FOR ESTABLISHED REGIONS PERSISTS, WHILE THE SUNBELT CONTINUES TO DIGEST STANDING
[FAVORABLE SUPPLY BACKDROP FOR ESTABLISHED REGIONS PERSISTS, WHILE THE SUNBELT CONTINUES TO DIGEST STANDING INVENTORY] [SUBURBAN COASTAL PORTFOLIO POSITIONED TO OUTPERFORM] 13
Slide 14: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation dated April 28, 2026 is provided in connection with AvalonBay’s first quarter 2026 earnings conference call on April 28, 2026. This presentation is intended to accompany AvalonBay’s earnings release dated April 27, 2026 and should be read in conjunction w
Slide 15: Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms
DEFINITIONS AND RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER TERMS Commercial represents results attributable to the non-apartment components of the Company's mixed-use communities and other non-residential operations. Development is composed of consolidated communities that are either c
Slide 16: Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms
DEFINITIONS AND RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER TERMS FFO and Core FFO are generally considered by management to be appropriate supplemental measures of our operating and financial performance. FFO is calculated by the Company in accordance with the definition adopted by Nar
Slide 17: Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms
DEFINITIONS AND RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER TERMS 17
Slide 18: Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms
DEFINITIONS AND RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER TERMS (1) Amounts for Q1 2026 consist primarily of unrealized losses on property technology and sustainability fund investments, as well as the distribution from an unconsolidated real estate venture. Amounts for Q1 2025 consis
Slide 19: Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms
DEFINITIONS AND RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER TERMS Market Cap Rate is defined by the Company as Projected NOI of a single community for the first 12 months of operations (assuming no repositioning), less an estimate of typical capital expenditure allowance per apartment h
Slide 20: Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms
DEFINITIONS AND RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER TERMS Projected FFO and Projected Core FFO, as provided within this presentation in the Company’s outlook, are calculated on a basis consistent with historical FFO and Core FFO, and are therefore considered to be appropriate su
Slide 21: Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms
DEFINITIONS AND RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND OTHER TERMS Projected NOI, as used within this presentation for certain Development communities and in calculating the Market Cap Rate for dispositions, represents management’s estimate, as of the date of this presentation (or as of
Slide 22: AvalonBay Communities
AvalonBay COMMUNITIES
AvalonBay Communities — Q1 2026 Earnings Presentation on 6ix