Research · Sep 3, 2026
[AVB] AvalonBay Communities Thesis 2026: Supply Easing Opens Path to New Development Starts
AvalonBay Communities FY25 revenue $3.04B (+4%); op income $914M; NI $1.05B; EPS $7.39. Core FFO $11.25/share (Q3 trim, +2.2% YoY guide). Same-store revenue +2.5% FY25. Turnover 41% — lowest in company history. Mid-Lease NPS 34. $1.65B development started FY25 (initial stabilized yield 6.2%); $3B+ under construction. FY26 guide: same-store revenue +1.4%; expense growth +3.8%; new starts $800M / 7 projects / 6.5-7% yield. Dividend raised to $1.78/quarter.