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AvalonBay Communities AVB Same Store — Cost, Direct Labor

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PSAOn-site property manager payroll — Direct Costs of Leased and Rented Property or Equipment
$40.53M+2.3%

Other financials

Income statement

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Revenue$770.3M+3.3%
Operating income$509.4M+5.5%
Net income$325.7M+37.7%
EPS (diluted)$2.33+40.4%

Balance sheet

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Cash & equivalents$291.1M+32.9%
Total debt$10.3B+18.3%
Total equity$11.5B-3.6%
Total assets$22.1B+4.3%

Cash flow

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Operating cash flow$418.9M+0.7%
CapEx$59.5M+22.9%
Free cash flow$359.5M-2.2%

Valuation

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Market cap$26.77B-5.3%
Enterprise value$36.77B-1.9%
P/E23.4×-1.0×
P/S8.7×-0.8×

Profitability

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Operating margin67%+0.9pp
Net margin37.4%-1.5pp
FCF margin45.7%-2.0pp

Returns & leverage

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Return on equity9.8%+0.1pp
Debt / equity0.9×+0.2×

Where this comes from

Reported directly by AvalonBay Communities in its filing.

Tagged under the XBRL concept us-gaap:CostDirectLabor.

The official record: AvalonBay Communities’s 10-Q, filed May 7, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is AvalonBay Communities's same store — cost, direct labor?
AvalonBay Communities (AVB) reported same store — cost, direct labor of $40.31M in Q1 2026.
How has AvalonBay Communities's same store — cost, direct labor changed year-over-year?
AvalonBay Communities's same store — cost, direct labor increased by 1.2% year-over-year, from $39.83M to $40.31M.
What is the long-term trend for AvalonBay Communities's same store — cost, direct labor?
Over 3 years (2022 to 2025), AvalonBay Communities's same store — cost, direct labor has grown at a 2.1% compound annual growth rate (CAGR), from $148.46M to $158.08M.
What does same store — cost, direct labor mean?
This captures the direct payroll and benefit costs associated with on-site property staff, such as leasing agents and maintenance technicians. It is a key component of operating expenses that reflects the cost of human capital required to maintain and lease the stabilized portfolio. Changes in this metric indicate shifts in labor market conditions or staffing efficiency.