Earnings summaries and quarterly performance for AVALONBAY COMMUNITIES.
Executive leadership at AVALONBAY COMMUNITIES.
Board of directors at AVALONBAY COMMUNITIES.
Charles Mueller Jr.
Detailed
Director
Christopher Howard
Detailed
Director
Conor Flynn
Detailed
Director
Glyn Aeppel
Detailed
Director
Nnenna Lynch
Detailed
Director
Richard Lieb
Detailed
Director
Ronald Havner Jr.
Detailed
Director
Stephen Hills
Detailed
Director
Susan Swanezy
Detailed
Director
Terry Brown
Detailed
Lead Independent Director
Timothy Naughton
Detailed
Chairman of the Board
Research analysts who have asked questions during AVALONBAY COMMUNITIES earnings calls.
Adam Kramer
Morgan Stanley
6 questions for AVB
Also covers: AMH, CPT, EQR +5 more
Alexander Goldfarb
Piper Sandler
6 questions for AVB
Also covers: ALEX, ALX, BRX +25 more
Austin Wurschmidt
KeyBanc Capital Markets Inc.
5 questions for AVB
Also covers: AHR, AIV, AMH +20 more
John Kim
BMO Capital Markets
5 questions for AVB
Also covers: AIV, ALX, ARDX +32 more
Rich Hightower
Barclays
5 questions for AVB
Also covers: ADC, AMH, CPT +18 more
Steve Sakwa
Evercore ISI
5 questions for AVB
Also covers: ALX, AMH, BDN +31 more
Alex Kim
Zelman & Associates
4 questions for AVB
Also covers: CPT, EQR, ESS +2 more
Eric Wolfe
Citi
3 questions for AVB
Also covers: AMH, CPT, CUBE +13 more
Jamie Feldman
Wells Fargo & Company
3 questions for AVB
Also covers: AMH, ARE, BRX +17 more
John Pawlowski
Green Street
3 questions for AVB
Also covers: AIV, AMH, DOC +13 more
Nick Joseph
Citigroup Inc.
3 questions for AVB
Also covers: ADC, AIV, ARE +12 more
Ami Probandt
UBS
2 questions for AVB
Also covers: CPT, CSR, EQR +4 more
Haendel St. Juste
Mizuho Financial Group
2 questions for AVB
Also covers: AAT, ADC, AIV +21 more
James Feldman
Wells Fargo
2 questions for AVB
Also covers: AMH, ARE, BXP +16 more
Jana Gallen
Bank of America
2 questions for AVB
Also covers: KRC, MAA
Jeffrey Spector
BofA Securities
2 questions for AVB
Also covers: AKR, AMH, BRX +25 more
Linda Tsai
Jefferies
2 questions for AVB
Also covers: ADC, AKR, AMH +31 more
Michael Goldsmith
UBS
2 questions for AVB
Also covers: ADC, AHR, AMH +33 more
Nicholas Yulico
Scotiabank
2 questions for AVB
Also covers: AHR, ALX, BXP +20 more
Richard Anderson
Wedbush Securities
2 questions for AVB
Also covers: AIV, ARE, BXP +25 more
Alexander Kim
Zelman & Associates
1 question for AVB
Also covers: CPT, EQR, ESS +2 more
Amy
UBS
1 question for AVB
Amy Yi Li
UBS
1 question for AVB
Ann Chan
Green Street
1 question for AVB
Also covers: ELME, IRT, MAA +1 more
Austin Worschmidt
KeyBank Capital Markets
1 question for AVB
Brad Heffern
RBC Capital Markets
1 question for AVB
Also covers: ADC, AMH, CPT +15 more
Cooper Clark
Wells Fargo
1 question for AVB
Also covers: APLE, BRX, CSR +16 more
Joshua Dennerlein
BofA Securities
1 question for AVB
Also covers: AHR, AMH, ARE +18 more
Michael Stefany
Mizuho Financial Group
1 question for AVB
Also covers: MAA
Mike Coto
Mizuho Securities
1 question for AVB
Also covers: EQR
Mike On
Mizuho Securities
1 question for AVB
Recent press releases and 8-K filings for AVB.
AvalonBay closes $400M 4.350% senior notes offering
AVB
Debt Issuance
- AvalonBay Communities closed a public offering of $400 million principal amount of 4.350% Senior Notes due December 1, 2030, with interest payable semi-annually on June 1 and December 1, commencing June 1, 2026.
- The Company expects to receive net proceeds of approximately $396.5 million after deducting underwriting discounts and offering expenses.
- Net proceeds are earmarked for working capital and general corporate purposes, including share repurchases, commercial paper repayment, land acquisitions, development and redevelopment of residential communities, acquisitions, funding structured investments, and refinancing existing debt.
- The Notes were issued under the Indenture dated February 23, 2024, as supplemented by a Third Supplemental Indenture dated December 1, 2025, with U.S. Bank Trust Company as trustee; the Underwriting Agreement is filed as Exhibit 1.1.
4 days ago
AvalonBay reports Q3 2025 results
AVB
Earnings
Guidance Update
New Projects/Investments
- Core FFO per share of $2.75, missing the midpoint outlook by ~$0.07, driven by unfavorable same-store residential revenue and higher operating expenses
- Same-store residential revenue growth of 2.3% in Q3 (2.7% YTD)
- 2025 full-year guidance lowered: core FFO growth midpoint down to 2.2%, same-store revenue growth to 2.5%, and operating expense growth raised to 3.8%
- $3.2B development pipeline underway across 22 communities (~8,300 homes) with projected initial stabilized yields of 6.2%, 100–150 bps above underwriting
- Capital markets activity: Q3 development starts of $435 M (YTD $1.0 B), Q3 capital raised of $1.1 B (YTD $2.0 B), and $150 M in share repurchases
Oct 30, 2025, 5:00 PM
AvalonBay Communities reports Q3 2025 earnings and updates full-year outlook
AVB
Earnings
Guidance Update
New Projects/Investments
- Q3 core FFO per share came in $0.05 below prior outlook, driving a $0.14 reduction in full-year guidance to $11.25 per share, reflecting 2.2% year-over-year earnings growth.
- Apartment demand softened in Q3 due to slower job growth, higher macro uncertainty, and reduced government hiring, contributing to rent deceleration, occupancy dips, and a 30 bp cut to same-store revenue growth expectations.
- Balance sheet remains strong with low leverage, over $3 billion of available liquidity, and $150 million of stock repurchased at an average price of $193 per share in Q3.
- Development pipeline stands at $3.2 billion under construction (95% match-funded) with an untrended yield on cost of 6.2%; the company expects $1.7 billion of development starts in 2025 and roughly $1 billion in 2026 at yields in the mid-6% range.
- Updated full-year same-store outlook assumes 2.5% revenue growth, 3.8% operating expense growth, and 2% NOI growth for residential portfolio.
Oct 30, 2025, 5:00 PM
AvalonBay reports Q3 2025 results and lowers guidance
AVB
Earnings
Guidance Update
Share Buyback
- Q3 core FFO per share came in $0.05 below prior outlook, leading to a $0.14 reduction in full-year guidance to $11.25 (2.2% YoY growth); 2025 same-store residential revenue, expense, and NOI growth are now expected at 2.5%, 3.8%, and 2.0%, respectively.
- Full-year same-store revenue growth was trimmed by 30 bps to 2.5%, driven by 20 bps lower average lease rates and 5 bps each from occupancy and bad debt.
- Balance sheet strength includes $3 billion of available liquidity and $3 billion of developments under construction (95% match-funded, <5% cost of capital), alongside $150 million of share repurchases at $193 per share in Q3.
- New supply in established regions is projected at only 80 bps of existing stock in 2026, supporting continued earnings uplift from current developments and strategic initiatives.
Oct 30, 2025, 5:00 PM
AvalonBay Communities lowers full-year guidance after softer Q3 performance
AVB
Earnings
Guidance Update
Share Buyback
- AvalonBay reported Q3 core FFO $0.05 below prior outlook, attributing $0.03 to same-store portfolio variance, and lowered 2025 full-year core FFO guidance by $0.14 to $11.25 per share (2.2% YoY growth)
- Apartment demand softened amid weaker job growth forecasts (NABE 725,000 vs. 1 million jobs for 2025), driving revised same-store revenue growth of 2.5%, expense growth of 3.8%, and NOI growth of 2.0%
- YTD starts of $1.7 billion in development projects (95% match-funded at <5% cost); targeting $1 billion of 2026 starts with mid-6% yields to fuel long-term earnings
- Balance sheet remains strong at 4.5x net debt/EBITDA (~4.0x including forward equity) with $3 billion liquidity; repurchased $150 million of shares in Q3 and reauthorized a $500 million buyback
Oct 30, 2025, 5:00 PM
AvalonBay reports Q3 2025 results and updates full-year outlook
AVB
Earnings
Guidance Update
- Q3 2025 diluted EPS of $2.68 vs. $2.61 (+2.7%), FFO per share of $3.01 vs. $2.88 (+4.5%), and Core FFO per share of $2.75 vs. $2.74 (+0.4%) year-over-year.
- YTD 2025 diluted EPS of $6.22 vs. $5.62 (+10.7%), FFO of $8.60 vs. $8.36 (+2.9%), and Core FFO of $8.40 vs. $8.21 (+2.3%) compared to YTD 2024.
- Same-store residential NOI rose 1.1% to $461.0 million in Q3 and 2.1% to $1.400 billion for the nine months ended September 30, 2025.
- Updated outlook for Q4 2025: EPS $1.18–$1.28, FFO $2.76–$2.86, Core FFO $2.80–$2.90; full-year 2025: EPS $7.35–$7.55, FFO $11.31–$11.51, Core FFO $11.15–$11.35.
Oct 30, 2025, 11:03 AM
AvalonBay reports Q3 2025 results and updates 2025 outlook
AVB
Earnings
Guidance Update
Debt Issuance
- Q3 2025 EPS was $2.68 (up 2.7% YoY), FFO per share was $3.01 (up 4.5%) and Core FFO per share was $2.75 (up 0.4%).
- Full year 2025 outlook raised to EPS of $7.35–$7.55, FFO per share of $11.31–$11.51 and Core FFO per share of $11.15–$11.35.
- Same store residential NOI grew 1.1% to $461.0 million, driven by a 2.3% increase in revenue and 4.6% rise in operating expenses.
- Capital markets actions include issuance of $400 million 5.00% unsecured notes, annualized Net Debt-to-Core EBITDAre of 4.5x, and adoption of a new $500 million share repurchase program.
Oct 29, 2025, 8:15 PM
AvalonBay issues $400M 5.000% Senior Notes due 2035
AVB
Debt Issuance
- On July 10, 2025, AvalonBay closed a $400 million public offering of 5.000% Senior Notes due August 1, 2035 under its February 23, 2024 indenture.
- The Notes bear interest from July 10, 2025 at 5.000%, payable semi-annually on February 1 and August 1, beginning February 1, 2026.
- Net proceeds are estimated at $393.9 million, expected to fund working capital, general corporate purposes and potential repayment of commercial paper.
Jul 10, 2025, 12:00 AM
AvalonBay Q1 2025 Earnings Update & Q2 Guidance
AVB
Earnings
New Projects/Investments
Guidance Update
M&A
- AvalonBay reported Q1 2025 earnings with diluted EPS of $1.66 (up 36.1% YoY), FFO per share of $2.78, and Core FFO per share of 2.83 (up 4.8% YoY) .
- The company provided Q2 2025 guidance with a mid-point EPS outlook of $1.83 per share and reaffirmed its full-year outlook .
- AvalonBay is advancing over $3B of fully match-funded development projects—including 19 ongoing projects and 4 recent completions—targeting a 100-150 basis point spread between development yields and costs, with additional progress in new community constructions and Texas acquisitions .
- The firm bolstered its liquidity with $890M in undrawn forward equity capital, a $2.5B credit facility (secured/unsecured), and a $450M term loan, pushing total liquidity to $2.8B .
- AvalonBay maintains a diversified portfolio with approximately 47% in established East Coast markets, 41% on the West Coast, and 12% in expansion regions, featuring an asset mix of 41% garden communities, 41% mid-rise, and 18% high-rise .
May 1, 2025, 5:01 PM
AVALONBAY COMMUNITIES INC Establishes New Credit Facilities and Expands Commercial Paper Program
AVB
Debt Issuance
- Entered into a $2.5 billion revolving credit facility with a maturity of April 3, 2030, replacing the previous $2.25 billion facility, with an option to increase by up to an additional $500 million if committed by banks.
- Established a $450 million term loan facility maturing on April 3, 2029, with the ability to boost the facility by up to $100 million, and implemented interest rate swaps to set an effective rate of 4.47% under expected full draw conditions.
- Increased the commercial paper program limit from $500 million to $1.0 billion, enhancing short-term liquidity options.
Apr 4, 2025, 12:00 AM
Quarterly earnings call transcripts for AVALONBAY COMMUNITIES.
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