AvalonBay Communities

AvalonBay’s revenue is predominantly recurring rent from a diversified, Class A portfolio with historically high occupancy. Economic occupancy of ~96% and stable same‑store growth underpin visibility into cash flows. The company’s development pipeline introduces some timing variability but also seeds future NOI.

Macro cycles, interest rates and local supply spurts can cause near‑term volatility in blended lease rates, yet the portfolio’s geographic mix and operating discipline have historically delivered steady multi‑year compounding.

Overall, we consider AVB’s cash generation predictability to be high relative to most sectors outside payment networks and regulated infrastructure.