AvalonBay Communities (AVB)
Market Price (3/5/2026): $178.1 | Market Cap: $25.0 BilSector: Real Estate | Industry: Multi-Family Residential REITs
AvalonBay Communities (AVB)
Market Price (3/5/2026): $178.1Market Cap: $25.0 BilSector: Real EstateIndustry: Multi-Family Residential REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.2%, FCF Yield is 5.6% | Weak multi-year price returns2Y Excs Rtn is -27%, 3Y Excs Rtn is -58% | Key risksAVB key risks include [1] heightened vulnerability to economic shifts and rent control due to its portfolio concentration in high-cost metropolitan areas, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 55%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 46% | ||
| Low stock price volatilityVol 12M is 23% | ||
| Megatrend and thematic driversMegatrends include Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include IoT for Buildings, Real Estate Data Analytics, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.2%, FCF Yield is 5.6% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 55%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 46% |
| Low stock price volatilityVol 12M is 23% |
| Megatrend and thematic driversMegatrends include Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include IoT for Buildings, Real Estate Data Analytics, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -27%, 3Y Excs Rtn is -58% |
| Key risksAVB key risks include [1] heightened vulnerability to economic shifts and rent control due to its portfolio concentration in high-cost metropolitan areas, Show more. |
Qualitative Assessment
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AvalonBay Communities (AVB) stock has remained largely at the same level since 11/30/2025 because of the following key factors:
1. Mixed Q4 2025 Earnings and Cautious 2026 Outlook. AvalonBay Communities reported a 1.8% year-over-year increase in Core FFO per share to $2.85, surpassing consensus estimates by $0.01 for Q4 2025, and a 1.3% increase in same-store residential Net Operating Income (NOI). However, full-year 2025 diluted EPS decreased to $7.40 from $7.60 in 2024, and the initial 2026 outlook projects only 0.3% same-store residential NOI growth, signaling continued pressure on profitability.
2. Strategic Capital Allocation through Share Repurchases and Dividend Increase. The company actively returned capital to shareholders by repurchasing $336.27 million of common stock in Q4 2025 and an additional $112.8 million year-to-date in 2026, accumulating over $600 million in repurchases since the second half of 2025. This was accompanied by a 1.7% increase in the quarterly dividend to $1.78 per share for Q1 2026, providing underlying support for the stock price.
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1. Mixed Q4 2025 Earnings and Cautious 2026 Outlook. AvalonBay Communities reported a 1.8% year-over-year increase in Core FFO per share to $2.85, surpassing consensus estimates by $0.01 for Q4 2025, and a 1.3% increase in same-store residential Net Operating Income (NOI). However, full-year 2025 diluted EPS decreased to $7.40 from $7.60 in 2024, and the initial 2026 outlook projects only 0.3% same-store residential NOI growth, signaling continued pressure on profitability.
2. Strategic Capital Allocation through Share Repurchases and Dividend Increase. The company actively returned capital to shareholders by repurchasing $336.27 million of common stock in Q4 2025 and an additional $112.8 million year-to-date in 2026, accumulating over $600 million in repurchases since the second half of 2025. This was accompanied by a 1.7% increase in the quarterly dividend to $1.78 per share for Q1 2026, providing underlying support for the stock price.
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Stock Movement Drivers
Fundamental Drivers
The -1.2% change in AVB stock from 11/30/2025 to 3/4/2026 was primarily driven by a -10.9% change in the company's Net Income Margin (%).| (LTM values as of) | 11302025 | 3042026 | Change |
|---|---|---|---|
| Stock Price ($) | 180.22 | 178.10 | -1.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,013 | 3,041 | 0.9% |
| Net Income Margin (%) | 38.8% | 34.6% | -10.9% |
| P/E Multiple | 21.9 | 23.8 | 8.7% |
| Shares Outstanding (Mil) | 142 | 141 | 1.1% |
| Cumulative Contribution | -1.2% |
Market Drivers
11/30/2025 to 3/4/2026| Return | Correlation | |
|---|---|---|
| AVB | -1.2% | |
| Market (SPY) | 0.3% | 28.9% |
| Sector (XLRE) | 5.0% | 60.0% |
Fundamental Drivers
The -7.4% change in AVB stock from 8/31/2025 to 3/4/2026 was primarily driven by a -11.1% change in the company's Net Income Margin (%).| (LTM values as of) | 8312025 | 3042026 | Change |
|---|---|---|---|
| Stock Price ($) | 192.24 | 178.10 | -7.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,981 | 3,041 | 2.0% |
| Net Income Margin (%) | 38.9% | 34.6% | -11.1% |
| P/E Multiple | 23.6 | 23.8 | 1.0% |
| Shares Outstanding (Mil) | 142 | 141 | 1.2% |
| Cumulative Contribution | -7.4% |
Market Drivers
8/31/2025 to 3/4/2026| Return | Correlation | |
|---|---|---|
| AVB | -7.4% | |
| Market (SPY) | 6.5% | 23.0% |
| Sector (XLRE) | 4.2% | 66.4% |
Fundamental Drivers
The -18.4% change in AVB stock from 2/28/2025 to 3/4/2026 was primarily driven by a -16.9% change in the company's P/E Multiple.| (LTM values as of) | 2282025 | 3042026 | Change |
|---|---|---|---|
| Stock Price ($) | 218.31 | 178.10 | -18.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,914 | 3,041 | 4.4% |
| Net Income Margin (%) | 37.1% | 34.6% | -6.9% |
| P/E Multiple | 28.7 | 23.8 | -16.9% |
| Shares Outstanding (Mil) | 142 | 141 | 1.1% |
| Cumulative Contribution | -18.4% |
Market Drivers
2/28/2025 to 3/4/2026| Return | Correlation | |
|---|---|---|
| AVB | -18.4% | |
| Market (SPY) | 16.3% | 54.1% |
| Sector (XLRE) | 3.8% | 80.0% |
Fundamental Drivers
The 14.8% change in AVB stock from 2/28/2023 to 3/4/2026 was primarily driven by a 24.9% change in the company's P/E Multiple.| (LTM values as of) | 2282023 | 3042026 | Change |
|---|---|---|---|
| Stock Price ($) | 155.18 | 178.10 | 14.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,593 | 3,041 | 17.2% |
| Net Income Margin (%) | 43.8% | 34.6% | -21.1% |
| P/E Multiple | 19.1 | 23.8 | 24.9% |
| Shares Outstanding (Mil) | 140 | 141 | -0.6% |
| Cumulative Contribution | 14.8% |
Market Drivers
2/28/2023 to 3/4/2026| Return | Correlation | |
|---|---|---|
| AVB | 14.8% | |
| Market (SPY) | 79.3% | 46.5% |
| Sector (XLRE) | 25.7% | 80.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AVB Return | 62% | -34% | 20% | 21% | -15% | -2% | 31% |
| Peers Return | 59% | -34% | 3% | 24% | 2% | 4% | 42% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -0% | 81% |
Monthly Win Rates [3] | |||||||
| AVB Win Rate | 92% | 17% | 42% | 58% | 42% | 33% | |
| Peers Win Rate | 78% | 28% | 47% | 58% | 45% | 47% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| AVB Max Drawdown | -3% | -36% | -5% | -9% | -19% | -6% | |
| Peers Max Drawdown | -6% | -37% | -20% | -8% | -17% | -3% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: EQR, ESS, MAA, UDR, OUT. See AVB Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/4/2026 (YTD)
How Low Can It Go
| Event | AVB | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -40.3% | -25.4% |
| % Gain to Breakeven | 67.6% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -46.9% | -33.9% |
| % Gain to Breakeven | 88.4% | 51.3% |
| Time to Breakeven | 484 days | 148 days |
| 2018 Correction | ||
| % Loss | -22.7% | -19.8% |
| % Gain to Breakeven | 29.4% | 24.7% |
| Time to Breakeven | 376 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -73.0% | -56.8% |
| % Gain to Breakeven | 270.3% | 131.3% |
| Time to Breakeven | 1,229 days | 1,480 days |
Compare to EQR, ESS, MAA, UDR, OUT
In The Past
AvalonBay Communities's stock fell -40.3% during the 2022 Inflation Shock from a high on 3/29/2022. A -40.3% loss requires a 67.6% gain to breakeven.
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About AvalonBay Communities (AVB)
As of December 31, 2020, the Company owned or held a direct or indirect ownership interest in 291 apartment communities containing 86,025 apartment homes in 11 states and the District of Columbia, of which 18 communities were under development and one community was under redevelopment. The Company is an equity REIT in the business of developing, redeveloping, acquiring and managing apartment communities in leading metropolitan areas in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California, as well as in the Company's expansion markets consisting of Southeast Florida and Denver, Colorado (the "Expansion Markets").
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- The Marriott or Hilton of apartment complexes. (Like these well-known hotel chains, AvalonBay develops, owns, and professionally manages a portfolio of branded properties, but for long-term residential rentals instead of short-term hotel stays.)
- The Enterprise Rent-A-Car for apartments. (Similar to how Enterprise owns and manages a large fleet of vehicles for rent, AvalonBay owns and manages a vast portfolio of apartment units available for lease.)
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- Residential Apartment Leasing: Providing apartment homes for lease to individuals and families across various markets.
- Multifamily Property Development: Engaging in the acquisition, design, and construction of new apartment communities.
- Property Management: Overseeing the day-to-day operations, maintenance, and resident services for its portfolio of apartment properties.
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AvalonBay Communities (symbol: AVB) is a Real Estate Investment Trust (REIT) that develops, acquires, owns, and operates apartment communities. As such, it sells primarily to individuals who rent apartments directly from the company. It does not have major corporate customers in the traditional sense.
The company serves the following categories of individual customers:
- Young Professionals and Millennials: This segment includes individuals and couples, typically in their 20s and 30s, who are often early-to-mid career professionals. They seek modern, amenity-rich apartment living in prime urban or desirable suburban locations with convenient access to employment centers, transportation, and entertainment. They value flexibility, convenience, and a vibrant community atmosphere, often prioritizing renting over homeownership for lifestyle or financial reasons.
- Established Professionals and Small Families: This category encompasses individuals and couples in their late 30s through 50s, including those with young children. They typically have more established careers and stable incomes. They rent high-quality apartments or townhomes, often seeking excellent school districts, spacious layouts, and premium amenities in well-located communities that offer a desirable lifestyle without the burdens of homeownership.
- Empty Nesters and Lifestyle Renters: This group consists of older adults, often in their 50s and beyond, including those who have sold larger homes or are downsizing. They seek a maintenance-free, convenient, and amenity-rich living experience. They are often drawn to communities that offer social opportunities, easy access to services, and a lock-and-leave lifestyle in desirable urban or suburban settings.
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Benjamin W. Schall, Chief Executive Officer and President
Mr. Schall joined AvalonBay Communities as President and a director in January 2021, and became Chief Executive Officer effective January 3, 2022. Before joining AvalonBay, Mr. Schall served as the Chief Executive Officer and President and a trustee of Seritage Growth Properties, a publicly traded REIT. Earlier in his career, he was the Chief Operating Officer of Rouse Properties, Inc., a publicly traded mall and retail REIT that was subsequently acquired. He also held the position of Senior Vice President at Vornado Realty Trust, another publicly traded REIT.
Kevin P. O'Shea, Chief Financial Officer
Mr. O'Shea has served as AvalonBay's Chief Financial Officer since June 2014. His prior roles at AvalonBay include Executive Vice President—Capital Markets from January 2013 to May 2014 and Senior Vice President—Investment Management from July 2003 until January 2013. Before joining the company, Mr. O'Shea was an Executive Director at UBS Investment Bank, where he gained experience in real estate investment banking. Earlier in his career, he practiced commercial real estate and banking law as an attorney. Mr. O'Shea is also a Trustee of Urban Edge Properties, a publicly traded REIT.
Sean J. Breslin, Chief Operating Officer
Mr. Breslin has been the Chief Operating Officer of AvalonBay Communities since January 2015, with responsibility for the company's operating platform. He joined AvalonBay in 2002, holding various roles including Executive Vice President—Investments and Asset Management, and Senior Vice President—Redevelopment and Asset Management. Prior to joining AvalonBay, Mr. Breslin was the Chief Operating Officer of CWS Capital Partners.
Matthew H. Birenbaum, Chief Investment Officer
Mr. Birenbaum has been AvalonBay's Chief Investment Officer since January 2015, overseeing the company's investment strategy, development, construction, investments, and market research functions. Before re-joining AvalonBay in October 2011, he was the founding principal of Abbey Road Property Group, LLC, a multifamily development and investment firm. He also served as a Senior Vice President at EYA. Earlier in his career, Mr. Birenbaum was a Regional Vice President of Development with AvalonBay.
Timothy J. Naughton, Chairman of the Board
Mr. Naughton has served as the Chairman of the Board of AvalonBay Communities since May 2013, and as Executive Chairman throughout 2022. He was the Chief Executive Officer from 2012 until January 2022, and President from 2005 until January 2021. Mr. Naughton has been with AvalonBay and its predecessors since 1989, holding positions such as Chief Operating Officer, Chief Investment Officer, and Regional Vice President – Development and Acquisitions. He is a senior advisor to Navitas Capital, a property technology early-stage venture capital firm, and Energy Impact Partners, a climate technology venture capital firm. Mr. Naughton is also a director of Park Hotels & Resorts, Inc. and previously served as a director of Welltower, Inc.
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The key risks to AvalonBay Communities (AVB) include:
- High Interest Rates and Rising Costs: AvalonBay Communities faces significant challenges from high interest rates, which increase borrowing costs for new developments and existing debt. Inflation also contributes to rising operating expenses and construction costs, putting pressure on the company's earnings and growth plans. Operational efficiency in its core portfolio is currently under pressure due to these rising costs, with operating expenses outpacing rental revenue growth in some periods.
- Economic and Political Uncertainties, and Regulatory Changes: The company is exposed to risks from economic downturns, job market fluctuations, and shifts in housing affordability, particularly in its concentrated high-cost, high-wage metropolitan areas. Furthermore, changes in government regulations, such as zoning laws, building codes, and especially rent control policies (as seen in areas like Los Angeles), can significantly impact operations and profitability. Market pressures, including elevated concessions in urban areas and political climates, also contribute to these uncertainties.
- Competitive Landscape and Oversupply in Certain Markets: The real estate market is highly competitive, with numerous well-capitalized investors and developers vying for similar assets and development opportunities. This intense competition, coupled with new entrants and alternative living arrangements, can place pressure on rental rates and occupancy levels. While new supply is projected to decrease in some core coastal regions, AvalonBay's expansion into new markets may initially face headwinds due to a high volume of new apartment deliveries and existing inventory.
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The widespread and potentially permanent adoption of remote and hybrid work models, which diminishes the necessity for professionals to reside in high-cost, high-density urban centers near traditional employment hubs. This shift could reduce demand, erode pricing power, and lessen the premium associated with AvalonBay's core markets, potentially leading to slower rental growth or decreased occupancy as residents pursue more affordable or spacious housing options in secondary cities or suburban/exurban areas.
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The main product or service of AvalonBay Communities (AVB) is multifamily apartment rentals.
The addressable market for their main product/service in the U.S. is:
- The market size of the Apartment Rental industry in the United States is estimated to be $295.3 billion in 2025.
- The United States multifamily market size was valued at USD 265 billion in 2022 and is projected to reach USD 466 billion in 2030.
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AvalonBay Communities (AVB) is anticipated to drive future revenue growth over the next two to three years through several key strategies: * Same-Store Revenue Growth: The company expects continued increases in same-store revenue, influenced by typical seasonal patterns and stronger lease rates. This growth is also supported by lower turnover and healthy demand across most of AvalonBay's portfolio. For the full year 2025, same-store revenue growth is projected at 2.5%, a slight adjustment from previous outlooks. * New Development and Lease-Up of Projects: AvalonBay is progressing with its development projects, having increased its target for new development starts to $1.7 billion for the full year 2025, up from $1.6 billion. These new investments are expected to generate incremental Net Operating Income (NOI) as they move through the lease-up phase and stabilize, contributing significantly to earnings growth. * Operating Model Transformation and Efficiencies: The company's ongoing operating model transformation, which includes expanded use of technology, artificial intelligence, and centralized services, is aimed at generating incremental revenue and enhancing operational efficiencies. By the end of 2025, AvalonBay expects to be roughly 60% towards its target of generating $80 million in annual incremental NOI from these initiatives. * Performance of Suburban Coastal Portfolio Amidst Favorable Supply Backdrop: AvalonBay's suburban coastal portfolio has consistently outperformed, benefiting from steady demand and limited new supply in these established regions. This favorable market condition, characterized by new supply declining to levels not seen in over a decade, is expected to continue supporting revenue growth.AI Analysis | Feedback
Share Repurchases
- AvalonBay completed its $500 million 2020 Stock Repurchase Program, repurchasing 2,024,387 shares for $337.66 million, with $151.8 million used in Q3 2025 for 786,797 shares.
- Following the completion of the 2020 program in Q3 2025, a new $500 million stock repurchase program (the "2025 Stock Repurchase Program") was adopted with no expiration date.
Share Issuance
- In September 2024, AvalonBay commenced an underwritten public offering of 3,200,000 shares of common stock through forward sale agreements, with potential net proceeds of approximately $808.61 million upon full physical settlement, expected no later than December 31, 2025.
- Additionally, in 2024, the company entered into forward contracts under its continuous equity program to sell 367,113 shares for approximately $80.69 million, also expected to settle by December 31, 2025.
Outbound Investments
- During the nine months ended September 30, 2025, the company acquired eleven communities (excluding a joint venture buyout) totaling 3,285 apartment homes for a total purchase price of $805.45 million, which included DownREIT units for six Dallas-Fort Worth assets.
- In Q1 2025, AvalonBay expanded its presence in Texas by acquiring eight apartment communities, including two in Austin for $187 million and six in Dallas-Fort Worth for $431.5 million.
- The company committed to provide aggregate investments of up to $48 million in multifamily development projects through two new Structured Investment Program (SIP) commitments during the nine months ended September 30, 2025.
Capital Expenditures
- AvalonBay's capital expenditures for fiscal years 2020 to 2024 averaged $15.417 million, peaking in 2020 at $28.505 million and reaching a five-year low of $4.678 million in 2024.
- As of September 30, 2025, the company had 21 wholly-owned development communities under construction, with an estimated total capital cost of $3.012 billion.
- During the nine months ended September 30, 2025, AvalonBay completed two wholly-owned communities for $274 million and started construction on six apartment communities with an estimated total capital cost of $1.044 billion.
Latest Trefis Analyses
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Trade Ideas
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| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 02272026 | KRC | Kilroy Realty | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 02202026 | AAT | American Assets Trust | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -0.2% | -0.2% | -1.5% |
| 12122025 | LINE | Lineage | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 11.7% | 11.7% | -7.3% |
| 11302025 | OHI | Omega Healthcare Investors | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 6.7% | 6.7% | -6.0% |
| 10312025 | ADC | Agree Realty | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 11.8% | 11.8% | -2.8% |
| 11302022 | AVB | AvalonBay Communities | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 1.5% | 2.8% | -11.0% |
| 06302020 | AVB | AvalonBay Communities | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 2.7% | 40.0% | -13.3% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 98.28 |
| Mkt Cap | 16.1 |
| Rev LTM | 2,048 |
| Op Inc LTM | 654 |
| FCF LTM | 826 |
| FCF 3Y Avg | 833 |
| CFO LTM | 1,076 |
| CFO 3Y Avg | 1,073 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 3.1% |
| Rev Chg 3Y Avg | 4.2% |
| Rev Chg Q | 3.0% |
| QoQ Delta Rev Chg LTM | 0.7% |
| Op Mgn LTM | 28.1% |
| Op Mgn 3Y Avg | 29.7% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 53.0% |
| CFO/Rev 3Y Avg | 52.6% |
| FCF/Rev LTM | 38.8% |
| FCF/Rev 3Y Avg | 38.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 16.1 |
| P/S | 7.5 |
| P/EBIT | 17.6 |
| P/E | 28.8 |
| P/CFO | 14.7 |
| Total Yield | 7.5% |
| Dividend Yield | 4.2% |
| FCF Yield 3Y Avg | 5.1% |
| D/E | 0.4 |
| Net D/E | 0.4 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 2.3% |
| 3M Rtn | 1.5% |
| 6M Rtn | -0.5% |
| 12M Rtn | -13.3% |
| 3Y Rtn | 14.1% |
| 1M Excs Rtn | 3.8% |
| 3M Excs Rtn | 0.9% |
| 6M Excs Rtn | -6.9% |
| 12M Excs Rtn | -32.2% |
| 3Y Excs Rtn | -58.8% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Same Store | 2,591 | 2,394 | 2,028 | 2,082 | |
| Rental income from real estate assets sold or held for sale | 85 | 70 | 100 | 109 | 73 |
| Other Stabilized | 78 | 93 | 122 | 79 | |
| Non-allocated | 8 | 6 | 3 | 2 | 5 |
| Development / Redevelopment | 6 | 30 | 43 | 28 | |
| Development/Redevelopment Communities | 29 | ||||
| Established Communities | 2,107 | ||||
| Other Stabilized Communities | 110 | ||||
| Total | 2,768 | 2,593 | 2,295 | 2,301 | 2,325 |
Price Behavior
Price Behavior
| Market Price | $178.10 | |
| Market Cap ($ Bil) | 25.3 | |
| First Trading Date | 03/11/1994 | |
| Distance from 52W High | -17.8% | |
| 50 Days | 200 Days | |
| DMA Price | $178.28 | $185.99 |
| DMA Trend | down | indeterminate |
| Distance from DMA | -0.1% | -4.2% |
| 3M | 1YR | |
| Volatility | 22.0% | 22.9% |
| Downside Capture | 16.38 | 62.05 |
| Upside Capture | 10.09 | 31.47 |
| Correlation (SPY) | 28.5% | 54.6% |
AVB Betas & Captures as of 2/28/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.07 | 0.81 | 0.59 | 0.41 | 0.65 | 0.64 |
| Up Beta | 1.16 | 0.78 | 0.80 | 0.76 | 0.67 | 0.63 |
| Down Beta | 3.44 | 2.17 | 1.46 | 0.83 | 0.85 | 0.75 |
| Up Capture | 57% | 6% | 7% | -0% | 21% | 25% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 12 | 21 | 31 | 62 | 125 | 391 |
| Down Capture | 14% | 32% | 20% | 29% | 70% | 85% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 9 | 20 | 30 | 62 | 126 | 360 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AVB | |
|---|---|---|---|---|
| AVB | -19.2% | 22.9% | -0.99 | - |
| Sector ETF (XLRE) | 2.9% | 16.5% | 0.00 | 80.0% |
| Equity (SPY) | 18.5% | 19.2% | 0.76 | 54.8% |
| Gold (GLD) | 78.4% | 26.1% | 2.20 | 4.1% |
| Commodities (DBC) | 19.7% | 17.1% | 0.89 | 19.6% |
| Real Estate (VNQ) | 5.3% | 16.6% | 0.14 | 79.9% |
| Bitcoin (BTCUSD) | -20.7% | 45.1% | -0.38 | 23.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AVB | |
|---|---|---|---|---|
| AVB | 3.2% | 22.1% | 0.10 | - |
| Sector ETF (XLRE) | 6.2% | 19.0% | 0.23 | 82.0% |
| Equity (SPY) | 13.9% | 17.0% | 0.65 | 52.6% |
| Gold (GLD) | 23.4% | 17.3% | 1.11 | 11.3% |
| Commodities (DBC) | 11.2% | 19.0% | 0.47 | 9.4% |
| Real Estate (VNQ) | 5.2% | 18.8% | 0.18 | 82.4% |
| Bitcoin (BTCUSD) | 7.7% | 56.8% | 0.36 | 19.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AVB | |
|---|---|---|---|---|
| AVB | 3.9% | 24.6% | 0.17 | - |
| Sector ETF (XLRE) | 7.7% | 20.4% | 0.34 | 83.2% |
| Equity (SPY) | 15.4% | 17.9% | 0.74 | 56.8% |
| Gold (GLD) | 15.0% | 15.6% | 0.80 | 6.4% |
| Commodities (DBC) | 9.0% | 17.6% | 0.42 | 16.0% |
| Real Estate (VNQ) | 6.5% | 20.7% | 0.28 | 84.1% |
| Bitcoin (BTCUSD) | 66.2% | 66.8% | 1.06 | 12.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/5/2026 | -4.6% | ||
| 10/30/2025 | -0.9% | 0.8% | 1.9% |
| 7/31/2025 | -5.1% | -5.0% | -0.9% |
| 5/1/2025 | -0.5% | -1.0% | -1.5% |
| 2/6/2025 | -1.1% | -2.9% | -2.6% |
| 11/5/2024 | 3.6% | 6.3% | 4.3% |
| 8/1/2024 | 4.0% | 1.5% | 8.9% |
| 4/26/2024 | 0.1% | 0.6% | 2.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 11 | 13 |
| # Negative | 12 | 13 | 11 |
| Median Positive | 2.3% | 1.5% | 5.0% |
| Median Negative | -0.6% | -1.1% | -1.7% |
| Max Positive | 5.0% | 11.8% | 26.5% |
| Max Negative | -5.1% | -7.6% | -14.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/04/2022 | 10-Q |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Willson, Sean Thomas | Senior Vice President | Direct | Sell | 12032025 | 180.26 | 150 | 27,040 | 645,241 | Form |
| 2 | Willson, Sean Thomas | Senior Vice President | Direct | Sell | 8112025 | 188.32 | 150 | 28,248 | 698,901 | Form |
| 3 | Schulman, Edward M | EVP-General Counsel | Direct | Sell | 6172025 | 205.67 | 5,945 | 1,222,698 | 3,623,188 | Form |
| 4 | O'Shea, Kevin P | Chief Financial Officer | Direct | Sell | 6172025 | 207.57 | 6,000 | 1,245,403 | 4,728,706 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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