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Austin Worschmidt

Director and Equity Research Analyst at KeyBank Capital Markets

Austin Wurschmidt is a Director and Equity Research Analyst at KeyBanc Capital Markets Inc., specializing in apartment, lodging, and healthcare REITs, as well as select technology companies like Shopify. He covers leading real estate companies such as AvalonBay Communities, Essex Property Trust, Ventas, Welltower, and American Healthcare REIT, in addition to providing coverage on Shopify, and is known for rigorous analysis and actionable investment insights. Wurschmidt has delivered a success rate of approximately 61% and an average return of nearly 7% on his stock recommendations, with notable performance rankings on major investment platforms. He began his career at KeyBanc as a Research Associate and was promoted to Director and Senior Analyst, having joined after earning a Bachelor of Science in Business Administration (Finance) from The Ohio State University, and is licensed with FINRA Series 7, 63, 86, and 87 certifications.

Austin Worschmidt's questions to AVALONBAY COMMUNITIES (AVB) leadership

Question · Q3 2025

Austin Worschmidt asked about the funding strategy for potential future share repurchase activity, specifically if capital is already allocated or if additional sourcing, such as dispositions, would be necessary.

Answer

Kevin O'Shea, Chief Financial Officer, outlined AvalonBay's robust balance sheet, including a 4.5x net debt to EBITDA ratio (closer to 4x with forward equity) and substantial liquidity. He confirmed a reauthorized $500 million share repurchase program and the flexibility to fund buybacks using available liquidity (commercial paper at low 4%) and ultimately terming them out with recycled asset sales and incremental long-term debt, noting a typical annual gains capacity of about $500 million from asset sales.

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