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AvalonBay Communities Business Segments

Business, geographic, and product segment breakdowns

AvalonBay Communities generates $3.1B in annual revenue across 3 key segments: Development / Redevelopment ($59.5M), Other Stabilized ($176.2M), and Same Store ($2.8B). Based on the Q1 2026 filing.

Development / Redevelopment (TTM)$59.5MOther Stabilized (TTM)$176.2MSame Store (TTM)$2.8B
Latest FilingQ1 2026
Report Date2026-05-07
Market Cap$26.2B
P/E Ratio22.83
ROE9.79%

Products & Services

Management, development and other fees

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Non-lease related revenue$5.1M$3.6M$4.3M$4.1M$4.3M$4M
Management, development and other fees and other ancillary items$1.7M$1.7M$1.6M$1.9M$1.8M$1.8M

Concentration risk (as a percent)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Non-Apartment Components Of Mixed-Use Communities And Other Nonresidential Operations—2.0%1.4%1.5%—1.6%

Business Segments

Gross Real Estate

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Same Store$23.6B$24.9B$24.1B$23.9B$23.9B$25.2B
Development / Redevelopment$1.5B$1.3B$2.1B$2.3B$2.7B$2.6B
Other Stabilized$1.6B$941.9M$2.2B$2.6B$2.6B$1.7B

Management, development and other fees

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Same Store$663.4M$701M$695.2M$691.9M$674.9M$711.4M
Other Stabilized$29.8M$10M$42.5M$47.5M$52.3M$33.9M
Development/ Redevelopment$4.9M$7.9M$9.3M$13.7M$17.8M$18.8M

Operating Expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Same Store$202.8M$215.1M$213.1M$225.4M$209.6M$225.5M
Other Stabilized$9.7M$4.2M$15.3M$17.4M$18.1M$12.8M
Development / Redevelopment$2.6M$3.2M$5M$6.4M$7.9M$8.2M

Rental and other income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Same Store$659.8M$698.8M$692.6M$689.7M$672.5M$709.1M
Other Stabilized$28.3M$8.6M$40.9M$45.7M$50.6M$32.3M
Development/ Redevelopment$4.9M$7.9M$9.2M$13.6M$17.7M$18.6M

Total NOI

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Same Store$460.6M$485.9M$482.1M$466.5M$465.4M$485.9M
Other Stabilized$20M$5.8M$27.3M$30M$34.2M$21M
Development / Redevelopment$2.3M$4.7M$4.3M$7.2M$9.9M$10.6M

Total Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Same Store$663.4M$701M$695.2M$691.9M$674.9M$711.4M
Other Stabilized$29.8M$10M$42.5M$47.5M$52.3M$33.9M
Development / Redevelopment$4.9M$7.9M$9.3M$13.7M$17.8M$18.8M

Cost, Direct Labor

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Same Store$36.6M$39.8M$39.7M$40M$38.6M$40.3M

Cost of Property Repairs and Maintenance

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Same Store$34.3M$38M$38.8M$45M$39.1M$39.2M

Marketing Expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Same Store$3.7M$3.8M$4.8M$4.7M$3.8M$3.6M

Property taxes

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Same Store$75.1M$77.4M$78.1M$80.2M$72.8M$82M

Segment Reporting, Insurance

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Same Store$10M$10.5M$10.2M$10.5M$11.4M$10.4M

Segment Reporting, Office Operations

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Same Store$15.7M$16M$16M$15.3M$15.5M$16.2M

Segment Reporting, Utilities

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Same Store$27.5M$29.7M$25.4M$29.6M$28.4M$33.6M