Alex Potemkin/iStock via Getty Images Introduction AvalonBay Communities (NYSE:AVB) is currently trading at about 18.6x 2024 FFO and slightly above their four-year average dividend yield. They are also trading at a premium to the sector as measured by the P/AFFO. In this article, we estimate AvalonBay’s value using the net asset value per share (NAVPS). The NAVPS of a REIT is not as readily available as the other valuation statistics. One reason for this is because there is a fair amount of subjectivity tha ...