AvalonBay Communities
A bicoastal apartment REIT operating four residential brands across coastal and Sunbelt markets.
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Profile
AvalonBay Communities is a US residential REIT that develops, acquires, and operates apartment communities through four brands — Avalon, AVA, eaves by Avalon, and Kanso — each targeting a distinct renter segment. Its portfolio spans coastal and Sunbelt markets across eleven states and DC.
AvalonBay Communities is a US residential REIT that owns, develops, and operates apartment communities across coastal and Sunbelt markets. The company traces to the 1998 merger of Avalon Properties and Bay Apartment Communities, and concentrates its portfolio in eleven states and the District of Columbia. It operates four distinct residential brands: Avalon (upscale, high-amenity), AVA (compact urban units targeting younger renters in transit-served neighborhoods), eaves by Avalon (value-suburban segment grown through redevelopment and acquisition), and Kanso (self-service, smart-access apartments for cost-conscious renters preferring minimal amenities).
Internally, it maintains its own development, construction, and property-management platform. As of a pending all-stock merger of equals with Equity Residential announced in May 2026 and targeted to close in the second half of 2026, AvalonBay is on course to be absorbed into a combined national apartment company.
Company facts
Categories
Key statistics
Year to date +2.0% · Average volume (30d) 902.2K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 23, 2026 | Evercore ISI | Target | $198 | $196 | ||
| Jul 21, 2026 | Piper Sandler | Reiterate | Neutral | $195 | $210 | |
| Jul 20, 2026 | Deutsche Bank | Reiterate | Hold | $172 | $205 | |
| Jul 14, 2026 | Barclays | Downgrade | Overweight | Equal Weight | $203 | $205 |
| Jul 9, 2026 | Scotiabank | Reiterate | Sector Perform | $187 | $195 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 22, 2026Q2 FY26 | $1.23 | $1.11 | −9.8% | $772.4M | $712.2M | −7.8% | +0.28% |
| Apr 27, 2026Q1 FY26 | $1.27 | $2.33 | +83.5% | $768.8M | $705.3M | −8.3% | +5.29% |
| Feb 4, 2026Q4 FY25 | $1.23 | $1.17 | −4.9% | $765.6M | $678.9M | −11.3% | −4.56% |
| Oct 29, 2025Q3 FY25 | $2.81 | $2.75 | −2.1% | $766.4M | $764.9M | −0.2% | −0.90% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $745.9M | $760.2M | $764.9M | $767.9M | $770.3M | $777.8M | |
| Gross profit | $477.0M | $483.2M | $551.7M | $523.9M | $521.7M | $25.9M | |
| Operating income | $239.4M | $228.5M | $217.9M | $228.1M | $218.5M | $211.8M | |
| Net income | $236.6M | $268.7M | $381.3M | $166.0M | $325.7M | $155.7M | |
| Diluted EPS | $1.66 | $1.88 | $2.68 | $1.17 | $2.31 | $1.10 | |
| Gross margin | 64.0% | 63.6% | 72.1% | 68.2% | 67.7% | 3.3% | |
| Operating margin | 32.1% | 30.1% | 28.5% | 29.7% | 28.4% | 27.2% |
Fiscal years (4-quarter sums)FY21 $2.29B · FY22 $2.59B · FY23 $2.77B · FY24 $2.91B · FY25 $3.04B
Balance sheet, Jun 30, 2026Cash & short-term investments $80.7M · Total debt $9.19B · Total assets $22.30B · Shareholders' equity $12.02B
Dividends
Raised for 30 straight years — most recently to $1.78 from $1.75 in Mar 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 30, 2026 | Jun 30 | Jul 15 | $1.78 | |
| Mar 31, 2026 | Mar 31 | Apr 15 | $1.78 | raised from $1.75 |
| Dec 31, 2025 | Dec 31 | Jan 15 | $1.75 | |
| Sep 30, 2025 | Sep 30 | Oct 15 | $1.75 | |
| Jun 30, 2025 | Jun 30 | Jul 15 | $1.75 | |
| Mar 31, 2025 | Mar 31 | Apr 15 | $1.75 | raised from $1.70 |
| Dec 31, 2024 | Dec 31 | Jan 15 | $1.70 | |
| Sep 30, 2024 | Sep 30 | Oct 15 | $1.70 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 142.80M · Float 133.84M · 93.7% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 17.85M | 12.50% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 12.12M | 8.48% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 9.09M | 6.37% | 13F | Aug 13, 2026 |
| State Street Corp | 9.06M | 6.35% | 13F | Aug 7, 2026 |
| Norges Bank | 7.69M | 5.39% | 13F | Aug 12, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Dec 2, 2025 | Sean Thomas Willson | officer: Senior Vice President | −150 | $180.27 |
Peers
- Equity Residential
Bicoastal Class-A REIT; all-stock merger of equals with AvalonBay due 2H 2026.
- UDR
Bicoastal apartment REIT, ~55,000 units, named direct peer in AVB's 10-K.
- Essex Property Trust
The only public multifamily REIT exclusively focused on the U.S. West Coast.
- Mid-America Apartment Communities
Largest Sunbelt-focused apartment REIT with 100,000+ units across 16 states.
- Camden Property Trust
Sunbelt developer REIT with in-house construction; DC metro and SoCal overlap.
- Independence Realty Trust
Mid-cap Sunbelt Class-B REIT in non-gateway markets; value-add renovation model.
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| AvalonBay Communities | $184.06 | 0.00% | $26.28B | 25.4 | 35.5 | 8.5 | −6.3% |
| Equity Residential | $63.66 | −3.50% | $23.87B | 27.9 | 42.5 | 7.6 | +2.1% |
| UDR | $37.12 | −0.01% | $11.93B | 23.6 | 64.3 | 6.9 | −0.6% |
| Essex Property Trust | $284.03 | 0.00% | $18.25B | 44.2 | 47.4 | 9.5 | +3.6% |
| Mid-America Apartment Communities | $128.57 | −0.84% | $15.08B | 37.9 | 41.5 | 6.8 | +1.0% |
| Camden Property Trust | $106.35 | +0.03% | $10.69B | 35.3 | 101.8 | 6.8 | −0.9% |
| Independence Realty Trust | $16.31 | +0.03% | $3.84B | 88.9 | 91.7 | 5.8 | +3.0% |
| Median | 36.6 | 55.8 | 6.9 | +1.5% |