AvalonBay Communities, Inc. (AVB) Q4 2025 Earnings Call

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WEBVTT 00:00:00.537 -- 00:00:05.645 Good afternoon, ladies and gentlemen, and welcome to Avalon Bay Community's fourth 00:00:05.645 -- 00:00:10.712 quarter 2025 earnings conference call. At this time, all participants are 00:00:10.712 -- 00:00:16.181 in a listen-only mode. Following the remarks by the company, we will conduct a question 00:00:16.181 -- 00:00:20.708 and answer session. You may enter the question and answer queue at any time during this 00:00:20.708 -- 00:00:23.592 call by pressing star 1. 00:00:23.592 -- 00:00:27.438 If your question has been answered or you wish to remove yourself from the queue, you 00:00:27.438 -- 00:00:29.883 may press star 2. 00:00:29.883 -- 00:00:35.170 If you are using a speakerphone, please lift the handset before asking your question. 00:00:35.170 -- 00:00:39.696 We ask that you refrain from typing and have your cell phones turned off during the question 00:00:39.696 -- 00:00:44.883 and answer session. Your host for today's conference call is Matthew Grover, Senior 00:00:44.883 -- 00:00:51.189 Director of Investor Relations. Mr. Grover, you may begin your conference call. 00:00:51.812 -- 00:00:56.859 Thank you, Operator, and welcome to Avalon Bay Community's fourth quarter 2025 00:00:56.859 -- 00:01:02.548 earnings conference call. Before we begin, please note that forward-looking statements 00:01:02.548 -- 00:01:07.556 may be made during this discussion. There are a variety of risks and uncertainties 00:01:07.556 -- 00:01:12.544 associated with forward-looking statements, and actual results may differ materially. 00:01:12.544 -- 00:01:16.851 There is a discussion of these risks and uncertainties in yesterday afternoon's press 00:01:16.851 -- 00:01:21.899 release, as well as in the company's Form 10-K and Form 10-Q filed 00:0...