AVB AVALONBAY COMMUNITIES INC
Price Chart
Executive Summary
AvalonBay Communities reported Q1 2026 Core FFO per share of $2.83, flat YoY and in line with the midpoint of its February outlook, while GAAP EPS surged 40.4% to $2.33 driven by $179.7M in gains on asset sales. Same-store residential NOI grew just 0.2% YoY as expense growth (4.7%) outpaced revenue growth (1.6%), and the company reaffirmed its full-year FFO/Core FFO outlook but lowered its full-year EPS guidance range to $5.92-$6.42 on a revised disposition mix. The flat Core FFO, muted same-store NOI, and reaffirmed (not raised) guidance point to a neutral-to-slightly-negative read for the stock.
Actionable Insight
Core FFO was in line with guidance and flat YoY, while same-store NOI growth decelerated to 0.2% as expense growth accelerated. The reaffirmed (not raised) full-year FFO outlook and lowered EPS guidance suggest limited upside catalysts. Monitor the conference call for commentary on expense trends and the pace of development NOI contribution.
Key Facts
- Q1 2026 Core FFO per share of $2.83, flat vs Q1 2025 and in line with the February outlook midpoint of $2.78
- GAAP EPS of $2.33, up 40.4% YoY, largely due to $179.7M gain on sale of three communities
- Same-store residential revenue grew 1.6% YoY to $703.98M, while operating expenses rose 4.7%, resulting in NOI growth of just 0.2%
- Full-year 2026 FFO and Core FFO outlook reaffirmed; full-year EPS guidance lowered to $5.92-$6.42 from prior range due to changes in planned dispositions
- Q2 2026 Core FFO guidance midpoint of $2.77, slightly below Q1 actual of $2.83
- Company repurchased 1.13M shares for $198.5M in Q1; $914.4M remaining under new $1B buyback program
- Net Debt-to-Core EBITDAre at 4.8x; interest coverage at 6.5x; Unencumbered NOI at 95%
Financial Impact
Core FFO flat YoY at $2.83/share; same-store NOI growth near zero; full-year EPS guidance cut by ~$0.50 at midpoint
Risk Factors
- Same-store operating expense growth of 4.7% continues to outpace revenue growth of 1.6%, pressuring NOI margins
- Full-year EPS guidance cut by ~$0.50 at midpoint signals lower-than-expected gains from asset sales
- Like-term effective rent change was only +0.4% in Q1 and new move-in rents were -2.6%, indicating weak pricing power
- Denver and Mid-Atlantic markets continue to show negative rent growth
Market Snapshot
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000915912-26-000010 |
| Document: q12026ex-991.htm | 0000915912-26-000010 |
| Document: avb-20260427.htm | 0000915912-26-000010 |
| Document: 0000915912-26-000010-index-headers.html | 0000915912-26-000010 |
| Document: 0000915912-26-000010-index.html | 0000915912-26-000010 |
| Document: 0000915912-26-000010.txt | 0000915912-26-000010 |
| 8-K Data (Synthetic) | 0000915912-26-000010 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 11, 2026
3d ago
|
Institutional Cluster
| $186.63 awaiting T+5 | awaiting T+5 | — | $187.03 (+0.21%) |
|
Jun 5, 2026
9d ago
|
425
| $188.77 awaiting T+5 | awaiting T+5 | — | $187.03 (−0.92%) |
|
May 21, 2026
24d ago
|
425
| $185.70 $182.64 | ▼ −1.65% | ▼ −3.31% | $187.03 (+0.72%) |
|
May 21, 2026
24d ago
|
425
| $185.70 $182.64 | ▼ −1.65% | ▼ −3.31% | $187.03 (+0.72%) |
|
May 21, 2026
24d ago
|
425
| $185.70 $182.64 | ▼ −1.65% | ▼ −3.31% | $187.03 (+0.72%) |
|
May 21, 2026
24d ago
|
425
| $185.70 $182.64 | ▼ −1.65% | ▼ −3.31% | $187.03 (+0.72%) |
|
May 21, 2026
24d ago
|
8-K
| $183.89 $182.52 | ▼ −0.74% | ▼ −2.59% | $187.03 (+1.71%) |
|
May 11, 2026
5w ago
|
EFFECT
| $187.01 $185.12 | ▼ −1.01% | ▼ −0.93% | $187.03 (+0.01%) |
|
Apr 28, 2026
6w ago
|
8-K
| $182.81 $185.16 | ▲ +1.29% | ▼ −0.41% | $187.03 (+2.31%) |
|
Feb 28, 2026
15w ago
|
Institutional Cluster
| $178.79 $176.50 | ▼ −1.28% | ▼ −0.07% | $187.03 (+4.61%) |
US Market Status
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