Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Written in the first person, as we would talk it through at a Berkshire lunch — Warren doing most of the arithmetic, Charlie interrupting when the arithmetic gets too optimistic. This one passes the simplicity test in about thirty seconds. AvalonBay owns apartment buildings and collects rent. As of June 30, 2026, the company held interests in 322 apartment communities containing 99,072 apartment homes across 11 states and the District of Columbia, with 27 communities under construction and land for roughly 10,000 more homes. It is organized as a REIT, which means it pays out essentially all of its taxable income to shareholders and pays no corporate tax in exchange.
Recent filings analysed: 8-K (2026-07-31), 10-Q (2026-07-30), 8-K (2026-07-23), 8-K (2026-06-08).
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