AVALONBAY COMMUNITIES (AVB) Company Report

2.1% revenue growth in 2025 with a record-low 41% turnover and a mid-lease Net Promoter Score of 34, reflecting strong resident retention and satisfaction.
Launched $1.65 billion of development at an initial yield of 6.2%, raised $2.4 billion of capital at a 5% cost, and repurchased $490 million of shares at an average price of $182.
Guided 1.4% same-store revenue growth for 2026 with a 2% full-year effective rent increase, expecting low-1% growth in H1 and mid-2% in H2.
Plans $800 million of new development starts at 6.5–7% yields, projecting $47 million of development NOI in 2026 and $75 million in 2027.

1 day ago

Transcript

AvalonBay Communities reports Q4 and full-year 2025 results

AVB

Earnings

Guidance Update

Share Buyback

Core FFO per share grew 1.8% in Q4 2025 and 2.1% for the full year 2025
Same-store residential revenue increased 1.8% in Q4 2025 and 2.5% for full-year 2025
Development starts totaled $590 M in Q4 and $1.65 B for 2025; completions were $290 M in Q4 and $560 M for the year
Capital sourced of $480 M in Q4 and $2.5 B YTD; shares repurchased amounted to $336 M in Q4 and $488 M full-year
Outlook: 2026 projected core FFO per share growth of 0.1% and same-store residential revenue growth of 1.4%; quarterly dividend raised ~1.7% to $1.78 per share

1 day ago

Presentation

AvalonBay Communities announces Q4 2025 earnings and 2026 outlook

AVB

Earnings

Guidance Update

Dividends

Board approved a 1.7% dividend increase to $1.78 per share, maintaining a conservative payout ratio.
2026 guidance includes 1.4% same-store revenue growth, 2% full-year effective rent growth (H1 low 1%, H2 mid-2s), and 3.8% same-store OpEx growth.
Core FFO per share drivers for 2026: + $0.04 from same-store NOI, + $0.10 from net development earnings, partially offset by refinancing and transaction headwinds.
Development activity restrained to $800 million of new starts at 6.5–7% yields, with $47 million of development NOI expected in 2026 and an additional $75 million in 2027.

1 day ago

Transcript

AvalonBay Communities reports Q4 2025 results and 2026 guidance

AVB

Earnings

Guidance Update

New Projects/Investments

In 2025, portfolio revenue grew by 2.1%, turnover hit a record low 41%, and mid-lease Net Promoter Score reached 34, reflecting strong resident retention and engagement.
AvalonBay initiated $1.65 billion of development projects at an average initial stabilized yield of 6.2%, funded at ~5% cost, repurchased $490 million of shares at an average price of $182, and raised $2.4 billion of capital.
For 2026, same-store revenue is guided to grow 1.4%, underpinned by a 2% like-term effective rent increase and modest job growth alongside declining supply.
2026 Core FFO per share is expected to reflect + $0.04 from same-store NOI, + $0.10 from development earnings, + $0.07 from structured investments and share repurchases, offset by – $0.17 from refinancing and transaction activity.

1 day ago

Transcript

AvalonBay reports Q4 2025 results and initial 2026 outlook

AVB

Earnings

Dividends

Guidance Update

AvalonBay delivered Q4 2025 diluted EPS of $1.17 (down 40.9% YoY), FFO per share of $2.80 (up 6.5%) and Core FFO per share of $2.85 (up 1.8%); full year 2025 EPS was $7.40 (−2.6%), FFO $11.40 (+3.8%) and Core FFO $11.24 (+2.1%).
The Board declared a Q1 2026 dividend of $1.78 per share, a 1.7% increase, payable April 15, 2026.
Initial 2026 guidance: Q1 EPS $2.35–$2.45, FFO $2.69–$2.79, Core FFO $2.73–$2.83; full year EPS $6.33–$6.83, FFO $10.80–$11.30, Core FFO $11.00–$11.50.
Capital markets activity in Q4 2025 included issuance of $400 million 4.35% notes due 2030 and repurchase of 1.89 million shares for $336 million.

1 day ago

8-K

AvalonBay announces 2025 operating results and 2026 outlook

AVB

Earnings

Dividends

Guidance Update

Q4 2025 results: EPS $1.17 (-40.9% y/y); FFO per share $2.80 (+6.5%); Core FFO per share $2.85 (+1.8%).
Full Year 2025 results: EPS $7.40 (-2.6% y/y); FFO per share $11.40 (+3.8%); Core FFO per share $11.24 (+2.1%).
Declared Q1 2026 dividend of $1.78 per share, a 1.7% increase over the prior quarter.
2026 Outlook: Q1 EPS $2.35–$2.45, FFO $2.69–$2.79, Core FFO $2.73–$2.83; Full Year EPS $6.33–$6.83, FFO $10.80–$11.30, Core FFO $11.00–$11.50.

2 days ago

Press Release

AvalonBay Communities to present at REITworld, provides Q4 2025 capital markets update

AVB

Share Buyback

Debt Issuance

AvalonBay Communities will participate in Nareit’s REITworld Conference from December 8–11, 2025.
Year-to-date through December 5, 2025, repurchased $488 million of common stock at an average price of $182.22, including $336 million since September 30.
Under agreement to sell three wholly-owned communities, expected to close in Q1 2026 for total gross proceeds of $340 million.
Issued $400 million of 4.35% senior unsecured notes due December 2030 on December 1, 2025.
Posted an updated Investor Presentation to its website.

Dec 8, 2025, 9:15 PM

Press Release

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.

Dec 1, 2025, 9:20 PM

8-K

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

Presentation

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

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for AVALONBAY COMMUNITIES.

Q4 2025

Feb 5, 2026

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Q3 2025

Oct 30, 2025

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Q2 2025

Jul 31, 2025

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AVALONBAY COMMUNITIES (AVB)

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Executives

Benjamin Schall

Kevin O'Shea

Matthew Birenbaum

Pamela Thomas

Sean Breslin

Board Members

Charles Mueller Jr.

Christopher Howard

Conor Flynn

Glyn Aeppel

Nnenna Lynch

Richard Lieb

Ronald Havner Jr.

Stephen Hills

Susan Swanezy

Terry Brown

Timothy Naughton

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Jamie Feldman

Nick Joseph

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Omotayo Okusanya

Richard Anderson

Alexander Kim

Amy

Amy Yi Li

Ann Chan

Austin Worschmidt

Brad Heffern

Cooper Clark

Joshua Dennerlein

Michael Stefany

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