AvalonBay (AVB)
NYSE:AVB
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Earnings Data
Report Date
Aug 05, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
1.22Last Year’s EPS
1.88Same Quarter Last Year
Moderate Buy
Based on 15 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a largely positive operational and capital-allocation story: same-store revenue growth, solid occupancy, stronger-than-expected asking rent momentum, robust lease-up velocity, and a compelling development yield spread versus cost of capital. Management demonstrated active capital recycling (dispositions and $200M buybacks in Q1) and emphasized technology-driven NOI targets. Headwinds are largely market- and timing-specific—certain coastal and West Coast markets underperformed, concessions remain elevated in pockets, and management is appropriately cautious by reaffirming guidance given expense timing and peak leasing uncertainty. Overall, positives — including development upside and buyback accretion — materially outweigh the localized challenges.Company Guidance
Same-Store Revenue and Occupancy
Same-store residential revenue grew 1.6% year-over-year, with occupancy up 10 basis points to 96.1%, supporting healthy near-term fundamentals.
Asking Rent Momentum
Year-to-date (since Jan 1) average asking rent for the same-store portfolio increased in the high-4% range, tracking ahead of 2025 and management's prior expectations.
Strong Lease-Up Velocity
Lease-up communities produced leasing velocity of 32 leases per month in Q1 versus a historical 23 per month (≈39% increase), with average effective lease terms exceeding 15 months and effective rents slightly above original pro forma.
Low Turnover and Durable Demand Signals
Turnover is well below historical norms (Q1 turnover down 50 bps vs Q1 last year; Q1 reported ~31% seasonal figure) and only 8% of customers left to purchase a home, reducing supply of available homes and supporting pricing power.
Development Platform and Yield Spread
Development pipeline and activity: nearly $190M of new development starts in Q1 and on track for $800M of 2026 starts; $3.5B of development underway with projected initial stabilized yields of ~6.3% (planned starts underwriting 6.5%–7.0%), funded at a weighted average initial cost of capital of 4.9% (spread ~140 bps). Management projects development NOI of $47M in 2026 rising to $120M in 2027.
Operating Expense Control and Incremental NOI Targets
Q1 core FFO outperformance included $0.20 of NOI outperformance where ~80% was attributable to lower operating expenses. Management reaffirmed a plan to generate $55M of annual incremental NOI by year-end (Horizon 1) and pursue $80M (Horizon 2) over time through tech/AI and operational initiatives.
Capital Allocation: Dispositions and Buybacks
Q1 dispositions totaled $340M and the company repurchased $200M of shares in the quarter (repurchases to date $690M with $914M remaining authorization). Buybacks executed at an implied cap rate in the low-6% range and were immediately accretive to earnings.
Balance Sheet and Funding Access
Management highlighted strong access to debt markets (priced ten-year debt in the low-5% range) and the ability to fund development and buybacks while preserving balance sheet flexibility.
AVB Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
AVB Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Apr 27, 2026 | $174.28 | $183.50 | +5.29% |
Feb 04, 2026 | $175.85 | $167.83 | -4.56% |
Oct 29, 2025 | $172.70 | $171.15 | -0.90% |
Jul 30, 2025 | $190.57 | $180.84 | -5.11% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does AvalonBay (AVB) report earnings?
AvalonBay (AVB) is schdueled to report earning on Aug 05, 2026, After Close (Confirmed).
What is AvalonBay (AVB) earnings time?
AvalonBay (AVB) earnings time is at Aug 05, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is AVB EPS forecast?
AVB EPS forecast for the fiscal quarter 2026 (Q2) is 1.22.