Avalonbay Communities Inc.
AVB - Insider Information
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+ FollowMarket Cap$26.28B
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Earnings Call Q1 2026
April 28, 2026 - AI Summary
First Quarter Performance: AvalonBay Communities exceeded expectations in Q1 2026, with same-store residential revenue growth of 1.6% year-over-year and occupancy slightly up to 96.1%. The company achieved a notable $0.02 outperformance in core funds from operations (FFO) per share, attributed to revenue growth and lower operating expenses, enhancing overall financial health.
Development Outlook: AvalonBay commenced $190 million in new development in Q1 and is on track for $800 million in planned development starts throughout 2026, with anticipated initial stabilized yields between 6.5% to 7%. The development NOI is projected to ramp up to $120 million by 2027, providing significant future earnings potential.
Leasing and Pricing Power: The company reported strong leasing activity, particularly in its lease-up portfolio, with a leasing velocity of 32 units per month versus a historical average of 23. Despite ongoing challenges in some markets (Los Angeles, Boston), the overall occupancy trends and declining turnover (now at 31%) bolster pricing power, allowing for increased asking rents in the low 5% range.
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$268.18
45.7% upside
Current Fair Value
45.7% upsideUndervalued by 45.7% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $26.28 Billion |
|---|---|
| Enterprise Value | $26.20 Billion |
| Annual dividend | $7.06 |
| Dividend yield | 3.27% |
| Earnings per Share | $7.4 |
| Beta | 0.77 |
| Outstanding Shares | 140,850,668 |
Return
| Return on Equity | 8.56% |
|---|---|
| Return on Assets | 4.61% |
| Return on Invested Capital | 3.22% |
Valuation & Multiples
| P/E Ratio | 25.25 |
|---|---|
| PEG | -60.06 |
| Price to Sales | 8.76 |
| Price to Book Ratio | 2.14 |
| Enterprise Value to Revenue | 8.51 |
| Enterprise Value to EBIT | 36.49 |
| Enterprise Value to Net Income | 25 |
| Total Debt to Enterprise | 0 |
| Debt to Equity | 0 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 4, 2026
EPS Estimate
$1.22
Consensus analyst estimateRevenue Estimate
$780.49 M
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.99, calls and puts are about even.
| Put/Call Ratio | 0.9862▼ 15.54% |
|---|---|
| Total Calls | 217,600▼ 12.72% |
| Total Puts | 214,600▼ 24.60% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 96.17%▲ 7.03% |
|---|---|
| Total Invested | $25.58B▲ 24.72% |
| Investors Holding | 774▲ 12.00% |