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    Michael Stefany • Mizuho Financial Group

    Michael Stefany's questions to AvalonBay Communities Inc (AVB) leadership

    Michael Stefany's questions to AvalonBay Communities Inc (AVB) leadership • Q2 2025

    Question

    Michael Stefany from Mizuho Securities asked about recent changes in construction hard cost inputs, noting that a cost breakdown chart from the Q1 presentation was absent in the Q2 deck.

    Answer

    Chief Investment Officer Matthew Birenbaum clarified that the chart was illustrative and the cost situation has not materially changed. He reiterated that the favorable trend of buyout savings from increased subcontractor competition is more than offsetting any material cost headwinds, and this trend has recently accelerated.

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    Michael Stefany's questions to Mid-America Apartment Communities Inc (MAA) leadership

    Michael Stefany's questions to Mid-America Apartment Communities Inc (MAA) leadership • Q1 2025

    Question

    Michael Stefany, on for Haendel St. Juste, requested more detail on the expected cadence of blended spreads for the year and asked about the potential impact of immigration policy on demand.

    Answer

    EVP & COO Tim Argo reiterated expectations for blended spreads to improve through Q2 and Q3 before moderating in Q4, consistent with normal seasonality. CEO Brad Hill commented on immigration, stating that while they are monitoring policy changes, they are not currently seeing a material impact on operations or construction labor.

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