Mar 2026 (Q1 FY26) — Apr 28, 2026
AvalonBay Q1 FY26 — Expense- and buyback-driven beat; guidance affirmed ahead of peak leasing
Read the full callAvalonBay (AVB) earnings
- Jun 2026
- Mar 2026 (Q1 FY26)
- Dec 2025
AvalonBay earnings: last reported Tue, 28 Apr 2026, for the quarter ended Mar 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 778 | +2.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 68.0 | +1.5 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 156 | −42.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
4 of 25 judged targets kept · 17 open · verdicts reflect calls analysed to Mar 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Incremental NOI from development | $75 million | Dec 2025 | we continue to expect a meaningful ramp in development NOI and are projecting $47 million of development NOI this year, increasing to $120 million in 2027. | Revised Down |
| New development starts (value) | about $1.5 billion | Sep 2024 | All in, we started $1.65 billion of projects with a projected initial stabilized yield of 6.2%. | Achieved |
| Core FFO per share | $11.39 | Dec 2024 | Ghosted |
21 of AVALONBAY COMMUNITIES INC's 42 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 39 more targets are in the full ledger.
Claimed
- Same-store residential revenue grew 1.6% YoY with occupancy up 10 bps to 96.1%, trending modestly ahead of budget
- Q1 core FFO beat the original outlook (~$0.04–$0.05/sh) on lower operating expenses, favorable development NOI and buybacks
- Completed $340M of dispositions at a 5.4% cap rate and repurchased $200M of shares at an implied low-6% cap rate
- Development platform: $3.5B underway at a 6.3% projected stabilized yield vs a 4.9% funding cost; development NOI projected to ramp from $47M (2026) to $120M (2027)
- Very low turnover (31% in Q1, down 50 bps YoY), only 8% of move-outs to buy a home, and new supply down to 80 bps in established regions
Qualified
- Full-year FFO guidance held flat despite the ~$0.05 Q1 beat — roughly $0.02 was expense timing, not a run-rate change, with peak leasing still ahead
- Boston, L.A. and Seattle modestly underperformed the revenue plan; L.A. has little-to-no job growth and no near-term demand catalyst
- New-lease (move-in) rent change assumed ~0% for 2026; the full-year blend relies on a ramp to ~2.5% rent change in the second half
- Elevated concessions persist in soft submarkets (e.g., urban Denver at 2.5–3 months free)
Price
$68.14 +2.02% · +$1.35
Performance −64.8% 1Y
1Y: $193.62 on 22 Aug 2025 → $68.14. High $196.83 (11 Sept 2025), low $64.03 (18 Aug 2026).
- Previous close
- $66.79
- 52-week range
- $64.03 – $196.83
- One year
- −64.56%
Overview
- Symbol
- AVB
- Sector
- Real Estate
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
4 of 25 judged targets kept · 17 open · verdicts reflect calls analysed to Mar 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Incremental NOI from development | $75 million | Dec 2025 | we continue to expect a meaningful ramp in development NOI and are projecting $47 million of development NOI this year, increasing to $120 million in 2027. | Revised Down |
| New development starts (value) | about $1.5 billion | Sep 2024 | All in, we started $1.65 billion of projects with a projected initial stabilized yield of 6.2%. | Achieved |
| Core FFO per share | $11.39 | Dec 2024 | Ghosted |
Claimed
- Same-store residential revenue grew 1.6% YoY with occupancy up 10 bps to 96.1%, trending modestly ahead of budget
- Q1 core FFO beat the original outlook (~$0.04–$0.05/sh) on lower operating expenses, favorable development NOI and buybacks
- Completed $340M of dispositions at a 5.4% cap rate and repurchased $200M of shares at an implied low-6% cap rate
- Development platform: $3.5B underway at a 6.3% projected stabilized yield vs a 4.9% funding cost; development NOI projected to ramp from $47M (2026) to $120M (2027)
- Very low turnover (31% in Q1, down 50 bps YoY), only 8% of move-outs to buy a home, and new supply down to 80 bps in established regions
Qualified
- Full-year FFO guidance held flat despite the ~$0.05 Q1 beat — roughly $0.02 was expense timing, not a run-rate change, with peak leasing still ahead
- Boston, L.A. and Seattle modestly underperformed the revenue plan; L.A. has little-to-no job growth and no near-term demand catalyst
- New-lease (move-in) rent change assumed ~0% for 2026; the full-year blend relies on a ramp to ~2.5% rent change in the second half
- Elevated concessions persist in soft submarkets (e.g., urban Denver at 2.5–3 months free)
The full ledger
Open AVALONBAY COMMUNITIES INC’s full ledger
A free account opens 5 company ledgers a month. All 42 tracked commitments, with each call’s wording and source.
Call summaries
Dec 2025 (Q4 FY25) — Feb 5, 2026
AvalonBay Communities Q4 FY25 — Strategic Capital Allocation and Development Drive Future Growth
Read the full callJun 2025 (Q2 FY25) — Jul 31, 2025
AvalonBay Communities Q2 FY25 — Strong NOI Outperformance & Development Pipeline Growth
Read the full callEvery analysed call
AvalonBay earnings calls (AVB)
Financials
What the filings say
Net profit, year on year: −42% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 734 | 741 | 746 | 760 | 767 | 768 | 770 | 778 |
| Expenses | 565 | 585 | 571 | 600 | 612 | 609 | 623 | 636 |
| Operating profit | 481 | — | 496 | 506 | 504 | — | 517 | 529 |
| Operating margin | 65.5% | — | 66.5% | 66.5% | 65.7% | — | 67.2% | 68.0% |
| Interest | 56 | 59 | 60 | 65 | 65 | 69 | 71 | 70 |
| Profit before tax | 373 | 282 | 236 | 269 | 384 | 166 | 328 | 157 |
| Tax rate | 0.2% | −0.1% | −0.1% | −0.2% | −0.1% | −0.2% | −0.1% | 0.0% |
| Net profit | 373 | 282 | 237 | 269 | 381 | — | 326 | 156 |
| EPS ($ per share) | 2.62 | — | 1.66 | 1.89 | 2.68 | — | 2.33 | 1.11 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Reserves | 351 | 283 | 126 | 241 | 485 | 478 | 591 | 371 |
| Total liabilities | 7,744 | 8,128 | 8,444 | 8,966 | 9,202 | 8,893 | 9,060 | 10,358 |
| Total assets | 18,380 | 19,121 | 19,199 | 19,902 | 20,458 | 20,678 | 21,001 | 22,192 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,301 | 1,322 | 1,220 | 1,203 | 1,422 | 1,560 | 1,608 | 1,671 |
| Cash from investing | -597 | -1,194 | -179 | -624 | -560 | -929 | -997 | -1,392 |
| Cash from financing | -689 | -218 | -854 | -349 | -671 | -834 | -875 | -193 |
| Net cash flow | 16 | -90 | 186 | 230 | 190 | -203 | -264 | 86 |
| Capital expenditure | -87 | -141 | -109 | -143 | -160 | -178 | -193 | -262 |
| Free cash flow | 1,214 | 1,181 | 1,111 | 1,060 | 1,262 | 1,382 | 1,415 | 1,409 |
AVB revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Same Store | — | — | — | 91% | 90% | — | 92% | 92% | +3.0% |
| Other Stabilized Communities | 4% | — | 4% | 6% | 6% | 7% | 4% | 4% | -20.3% |
| Development Redevelopment Communities | 3% | 3% | 1% | 1% | 2% | 2% | 2% | 3% | +161.6% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
AVB operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Dec 2025 Q4 FY25 | Change vs prior quarter |
|---|---|---|---|---|---|
| Properties Under construction | 17So I think as we sit here today, 3 of the 17 deals under construction are DFPs.Source: earnings call transcript | 19We have 19 projects currently under construction and another 4 completed last year that are still in lease-up at an estimated total capital cost of $3 billion.Source: earnings call transcript | 21Only 3 of the 21 communities currently underway have reached that point as of the end of Q2, but we are running 30 basis points ahead of pro forma on those 3 based on modest rent outperformance of $80 per month and some hard cost savings from the initial capital budget.Source: earnings call transcript | 26And it compares to incremental funding costs of $0.33, attributable to the 26 communities that are under construction today as shown on Attachment 9 of our earnings release, and 8 communities that are expected to start construction in 2026.Source: earnings call transcript | +23.8% |
| Occupancy rate San Francisco | — | 97.2%We're currently more than 96% occupied across the region, about 50 basis points higher than last year, with San Francisco leading San Jose and the East Bay at 97.2%.Source: earnings call transcript | <97%In Northern California, San Francisco continues to lead the region with almost 97% occupancy during Q2 and strong rent change of 8%.Source: earnings call transcript | — | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q3 FY2024 · share of revenue
- Southern California 20% ↓ 1 pt
- Metro NYNJ 18% ↓ 1 pt
- Northern California 15%
- Mid Atlantic 14%
- New England 13% ↓ 1 pt
- Pacific Northwest 6%
- Southeast Florida 3%
- Denver Colorado 1%
- Other Expansion Regions 1%
As AVB cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
82 filings between Dec 1, 2025 and Aug 17, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$27.0K
1 sale by 1 insider
Compensation
not trading decisions- 51
- Award — granted as compensation
- 9
- Tax withheld — shares kept back by the company to cover tax
Also filed: 20 dispositions to the issuer, 1 gift.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Willson Sean Thomas | — | $27.0K | Dec 2, 2025 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 17, 2026 | Willson Sean Thomas Senior Vice President | Disposition to issuer | 5,903 | $0 |
| Aug 17, 2026 | Willson Sean Thomas Senior Vice President | Award | 1,430 | $0 |
| Aug 17, 2026 | HAVNER RONALD L JR Director | Disposition to issuer | 21,150 | — |
| Aug 17, 2026 | Lieb Richard J Director | Disposition to issuer | 9,929 | — |
| Aug 17, 2026 | Breslin Sean J. Chief Operating Officer | Award | 27,735 | $0 |
| Aug 17, 2026 | Schall Benjamin CEO & President | Award | 78,257 | $0 |
| Aug 17, 2026 | Flynn Conor C Director | Disposition to issuer | 2,022 | — |
| Aug 17, 2026 | SCHULMAN EDWARD M EVP-General Counsel | Disposition to issuer | 36,178 | $0 |
| Aug 17, 2026 | Hills Stephen P. Director | Disposition to issuer | 10,275 | — |
| Aug 17, 2026 | Walsh Alaine Susan Executive Vice President | Award | 3,590 | $0 |
| Aug 17, 2026 | Birenbaum Matthew H. Chief Investment Officer | Award | 27,735 | $0 |
| Aug 17, 2026 | Howard Christopher B. Director | Disposition to issuer | 7,596 | — |
| Aug 17, 2026 | Lynch Nnenna Director | Disposition to issuer | 7,052 | — |
| Aug 17, 2026 | Aeppel Glyn Director | Disposition to issuer | 15,659 | — |
| Aug 17, 2026 | NAUGHTON TIMOTHY J Director | Disposition to issuer | 111,594 | — |
| Aug 17, 2026 | Thomas Pamela Rogers Executive Vice President | Award | 13,561 | $0 |
| Aug 17, 2026 | Birenbaum Matthew H. Chief Investment Officer | Disposition to issuer | 113,021 | $0 |
| Aug 17, 2026 | Brown Terry S. Director | Disposition to issuer | 20,856 | — |
| Aug 17, 2026 | NAUGHTON TIMOTHY J Director | Disposition to issuer | 14,024 | — |
| Aug 17, 2026 | SCHULMAN EDWARD M EVP-General Counsel | Award | 12,770 | $0 |
| Aug 17, 2026 | Walsh Alaine Susan Executive Vice President | Disposition to issuer | 13,019 | $0 |
| Aug 17, 2026 | Swanezy Susan Director | Disposition to issuer | 15,981 | — |
| Aug 17, 2026 | MUELLER CHARLES E JR Director | Disposition to issuer | 8,624 | — |
| Aug 17, 2026 | Breslin Sean J. Chief Operating Officer | Disposition to issuer | 106,920 | $0 |
| Aug 17, 2026 | Thomas Pamela Rogers Executive Vice President | Disposition to issuer | 23,879 | $0 |
| Aug 17, 2026 | O'Shea Kevin P. Chief Financial Officer | Award | 24,467 | $0 |
| Aug 17, 2026 | O'Shea Kevin P. Chief Financial Officer | Disposition to issuer | 57,693 | $0 |
| Aug 17, 2026 | Schall Benjamin CEO & President | Disposition to issuer | 178,820 | $0 |
| Aug 1, 2026 | Thomas Pamela Rogers Executive Vice President | Tax withheld | 480 | $89.1K |
| May 28, 2026 | Swanezy Susan Director | Award | 1,082 | $0 |
| May 28, 2026 | MUELLER CHARLES E JR Director | Award | 1,082 | $0 |
| May 28, 2026 | Lieb Richard J Director | Award | 1,082 | $0 |
| May 28, 2026 | Aeppel Glyn Director | Award | 1,082 | $0 |
| May 28, 2026 | Howard Christopher B. Director | Award | 1,082 | $0 |
| May 28, 2026 | Lynch Nnenna Director | Award | 1,082 | $0 |
| May 28, 2026 | Hills Stephen P. Director | Award | 1,082 | $0 |
| May 28, 2026 | HAVNER RONALD L JR Director | Award | 1,082 | $0 |
| May 28, 2026 | Brown Terry S. Director | Award | 1,082 | $0 |
| May 28, 2026 | Flynn Conor C Director | Award | 1,082 | $0 |
| May 28, 2026 | NAUGHTON TIMOTHY J Director | Award | 1,082 | $0 |
| May 19, 2026 | HAVNER RONALD L JR Director | Award | 135 | $0 |
| May 19, 2026 | MUELLER CHARLES E JR Director | Award | 176 | $0 |
| May 19, 2026 | Brown Terry S. Director | Award | 203 | $0 |
| May 19, 2026 | Flynn Conor C Director | Award | 135 | $0 |
| May 19, 2026 | Howard Christopher B. Director | Award | 135 | $0 |
| Mar 2, 2026 | Brown Terry S. Director | Award | 209 | $0 |
| Mar 2, 2026 | Howard Christopher B. Director | Award | 140 | $0 |
| Mar 2, 2026 | HAVNER RONALD L JR Director | Award | 140 | $0 |
| Mar 2, 2026 | MUELLER CHARLES E JR Director | Award | 182 | $0 |
| Mar 2, 2026 | Flynn Conor C Director | Award | 140 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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