Q1 26 EPS
$2.33
Q1 26 Revenue
$770.3M
BEAT +0.40%
Est. $767.2M
vs S&P Since Q1 26
+4.0%
BEATING MARKET
AVB +5.3% vs S&P +1.3%
Market Reaction
Did AVB Beat Earnings? Q1 2026 Results
AvalonBay Communities delivered a headline-grabbing first quarter for fiscal 2026, posting GAAP EPS of $2.33 against a consensus estimate of $1.17, a beat of nearly 100%, though the outperformance was largely explained by a $179.69 million gain on th… Read more AvalonBay Communities delivered a headline-grabbing first quarter for fiscal 2026, posting GAAP EPS of $2.33 against a consensus estimate of $1.17, a beat of nearly 100%, though the outperformance was largely explained by a $179.69 million gain on the sale of three apartment communities in San Francisco, White Plains, and Washington, D.C., for a combined $340.75 million. Strip out the transaction gains and the picture is steadier: Core FFO per share held flat year-over-year at $2.83, edging ahead of analyst estimates of $2.80, while revenue rose 3.3% year-over-year to $770.28 million, a thin 0.40% ahead of the $767.23 million consensus. Same Store Residential revenue grew 1.6%, though a 4.7% rise in operating expenses, driven by a 6.0% jump in property taxes and a 12.5% surge in utilities, compressed Same Store NOI growth to just 0.2%. Looking ahead, AvalonBay reaffirmed its full-year FFO and Core FFO outlook and guided Q2 Core FFO per share to $2.72 to $2.82, while updating full-year EPS guidance to $5.92 to $6.42.
Key Takeaways
- • Same Store Residential revenue increased 1.6% YoY driven by 1.5% average revenue per occupied home growth and 10 basis point occupancy improvement
- • Q1 2026 results exceeded February 2026 outlook, approximately 80% from lower-than-anticipated operating expenses and 20% from favorable revenue
- • Development NOI contributed $0.07 per share increase vs prior year as lease-up communities contributed incremental income
- • Gain on sale of communities of $179.9 million from three dispositions drove 40.4% EPS growth YoY
- • Northern California Same Store revenue grew 3.6% YoY with San Francisco leading at 7.0% average revenue per home growth
- • Property taxes increased 6.0% YoY including impact of expired NYC tax incentive programs
- • Utilities expense surged 12.5% YoY driven by higher energy costs in New England and Mid-Atlantic
AVB Forward Guidance & Outlook
AvalonBay reaffirmed its February 2026 full year FFO and Core FFO outlook. Full year EPS guidance was updated to $5.92–$6.42, reflecting revised projected gain on sale due to changes in the composition of planned dispositions. For Q2 2026, the company guided Projected EPS of $1.23–$1.33, Projected FFO per share of $2.68–$2.78, and Projected Core FFO per share of $2.72–$2.82. The sequential Q1-to-Q2 bridge indicates expectations for higher Same Store Residential Revenue (+$0.02 per share) offset by higher Same Store Residential Opex (-$0.04 per share) and lower gains on sale of real estate.
AVB YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
AVB Revenue by Segment
With YoY comparisons, source: SEC Filings
AVB Revenue by Geography
With YoY comparisons, source: SEC Filings
AVB Earnings Trends
AVB vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
AVB EPS Trend
Earnings per share: estimate vs actual
AVB Revenue Trend
Quarterly revenue: estimate vs actual
AVB Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $2.33 | — | $770.3M | +0.40% |
| Q4 25 MISS FY | $1.28 | $1.17 | -8.59% | $767.9M | +0.70% |
| FY Full Year | $4.84 | $7.40 | +53.05% | $3.04B | +0.24% |
| Q3 25 BEAT | $1.49 | $2.68 | +79.67% | $766.8M | -0.20% |
| Q2 25 BEAT | $1.30 | $1.88 | +44.60% | $760.2M | +0.26% |
| Q1 25 BEAT | $1.36 | $1.66 | +22.29% | $745.9M | +0.25% |