-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:
We lower our target by $11 to $169, on a narrower risk premium and a forward P/FFO of 14.8x our core FFO estimate, a discount to the multi-family REIT average of 15.4x. Our more conservative multiple reflects that both rental revenue and FFO are growing moderately. We cut our 2026 FFO view by $0.15 to $11.25 and 2027's by $0.05 to $11.70, as guidance has come down significantly, on our respective projected revenue of $3.1B and $3.2B. The trust is guiding for Q2 2026 FFO of $2.77/share, on same-store residential revenue change of +0.2% and residential operating expense change of +0.4%. This equates to a disappointing cash NOI of -0.7% to +1.3%, below our prior 2026 forecast. AVB is expecting key markets in the northeast to see higher operating costs. In 2026, management sees 8,673 development homes delivered from 9,018 apartment homes. Capital used for investment activities is targeted for 2,394 homes, supported by $575M unsecured credit facility. AVB shares currently trade at a dividend yield of 4.1%.