AvalonBay Communities, Inc. Announces 2025 Operating Results, 1.7% Dividend Increase and Initial 2026 Outlook

About this update from Avalonbay Communities, Inc.

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operating expenses.","length":78,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"10","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;","val":[{"type":"text","content":"(2) For detail of non-core items, see Definitions and Reconciliations, table 3.","length":79,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"10","rowspan":"1","style":"vertical-align:bottom;border-bottom:solid black 1.0pt;padding-left:0.0px;background-color:#D3D3D3;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]}],"length":853},{"type":"text","content":" Same Store Operating Results for the Three Months Ended December 31, 2025 Compared to the Prior Year Period ","length":107,"tagName":"p"},{"type":"text","content":"Same Store Residential revenue increased $11,825,000, or 1.8%, to $680,523,000. Same Store Residential operating expenses increased $6,040,000, or 2.9%, to $213,377,000 and Same Store Residential NOI increased $5,785,000, or 1.3%, to $467,146,000.","length":247,"tagName":"p"},{"type":"text","content":" Same Store Operating Results for the Year Ended December 31, 2025 Compared to the Prior Year ","length":92,"tagName":"p"},{"type":"text","content":"Same Store Residential revenue increased $66,107,000, or 2.5%, to $2,712,066,000. Same Store Residential operating expenses increased $31,509,000, or 3.8%, to $851,659,000 and Same Store Residential NOI increased $34,598,000, or 1.9%, to $1,860,407,000.","length":253,"tagName":"p"},{"type":"text","content":" Development Activity ","length":20,"tagName":"p"},{"type":"text","content":"During the three months ended December 31, 2025, the Company completed the development of two wholly-owned communities:","length":119,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Avalon Hunt Valley West, located in Hunt Valley, MD; and","length":56,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Avalon South Miami, located in South Miami, FL.","length":47,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":103,"olType":false},{"type":"text","content":"These communities contain an aggregate of 612 apartment homes and 32,000 square feet of commercial space. These Development Communities were constructed for an aggregate Total Capital Cost of $287,000,000.","length":205,"tagName":"p"},{"type":"text","content":"During the three months ended December 31, 2025, the Company started the construction of five apartment communities:","length":116,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Avalon Northwest Hills, located in Austin, TX;","length":46,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Kanso Parsippany, located in Parsippany, NJ;","length":44,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Avalon Billerica, located in Billerica, MA;","length":43,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Avalon San Ramon, located in San Ramon, CA; and","length":47,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Avalon Townhome Collection Arundel Mills, located in Hanover, MD.","length":65,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":245,"olType":false},{"type":"text","content":"In addition, during the three months ended December 31, 2025, the Company expanded its existing development of Avalon Tech Ridge I, located in Austin, TX. The expanded development will include an additional 100 rental townhomes and $33,000,000 in estimated Total Capital Costs for a total of 544 apartment homes and an estimated Total Capital Cost of $153,000,000 for the development.","length":384,"tagName":"p"},{"type":"text","content":"Including the expansion of Avalon Tech Ridge I, these communities are expected to contain an aggregate of 1,378 apartment homes for an estimated Total Capital Cost of $592,000,000. Avalon Townhome Collection Arundel Mills is being developed through the Company's Developer Funding Program ("DFP"), which utilizes third-party multifamily developers to source and construct communities that the Company owns and operates.","length":433,"tagName":"p"},{"type":"text","content":"During the year ended December 31, 2025, the Company:","length":53,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"completed the development of four wholly-owned communities containing an aggregate of 1,320 apartment homes and 32,000 square feet of commercial space for a Total Capital Cost of $561,000,000; and","length":196,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"started the construction of 11 apartment communities and expanded the development of Avalon Pleasanton and Avalon Tech Ridge I. These communities are expected to contain an aggregate of 3,888 apartment homes and 42,000 square feet of commercial space. Estimated Total Capital Cost for these communities is $1,636,000,000.","length":321,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":517,"olType":false},{"type":"text","content":"At December 31, 2025, the Company had 24 wholly-owned Development communities under construction that are expected to contain 8,572 apartment homes and 69,000 square feet of commercial space. Estimated Total Capital Cost for these communities is $3,307,000,000.","length":261,"tagName":"p"},{"type":"text","content":" Disposition Activity ","length":20,"tagName":"p"},{"type":"text","content":"During the year ended December 31, 2025, the Company sold nine wholly-owned communities containing an aggregate of 2,102 apartment homes and 38,000 square feet of commercial space. These communities were sold for $811,680,000, resulting in a net gain in accordance with generally accepted accounting principles in the United States ("GAAP") of $336,649,000 and an Economic Gain of $104,989,000.","length":404,"tagName":"p"},{"type":"text","content":"In January 2026, the Company sold Avalon Sunset Towers, located in San Francisco, CA. Avalon Sunset Towers contains 243 apartment homes and was sold for $105,000,000.","length":166,"tagName":"p"},{"type":"text","content":" Acquisition Activity ","length":20,"tagName":"p"},{"type":"text","content":"During the three months ended December 31, 2025, the Company acquired Avalon Townhome Collection Brier Creek, located in Durham, NC, containing 93 rental townhomes for a purchase price of $36,500,000.","length":200,"tagName":"p"},{"type":"text","content":"During the year ended December 31, 2025, the Company acquired 12 communities containing 3,378 apartment homes for a total purchase price of $841,950,000. This amount includes the agreed-upon value of the DownREIT Units issued for the Dallas-Fort Worth portfolio of six communities acquired in April 2025.","length":304,"tagName":"p"},{"type":"text","content":"Additionally, during the year ended December 31, 2025, the Company acquired its joint venture partner's 50% interest in Avalon Alderwood Place, located in Lynnwood, WA, containing 328 apartment homes for a purchase price of $71,250,000. Avalon Alderwood Place is now a wholly-owned apartment community and consolidated for financial reporting purposes.","length":356,"tagName":"p"},{"type":"text","content":" Structured Investment Program ("SIP") Activity ","length":56,"tagName":"p"},{"type":"text","content":"During the year ended December 31, 2025, the Company entered into two new SIP commitments, agreeing to provide an aggregate investment of up to $48,000,000 in multifamily development projects at a weighted average return of 12.8%.","length":230,"tagName":"p"},{"type":"text","content":" Liquidity and Capital Markets ","length":29,"tagName":"p"},{"type":"text","content":"At December 31, 2025, the Company had $187,234,000 in unrestricted cash and cash equivalents.","length":93,"tagName":"p"},{"type":"text","content":" Debt Activity ","length":13,"tagName":"p"},{"type":"text","content":"During the three months ended December 31, 2025, the Company had the following debt activity:","length":93,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"The Company issued $400,000,000 principal amount of unsecured notes in a public offering under its existing shelf registration statement for net proceeds before offering costs of $397,424,000. The notes mature in December 2030 and were issued with a 4.35% coupon. The effective interest rate of the notes is 4.52%, including the impact of offering costs and hedging activity; and","length":379,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"The Company repaid $300,000,000 principal amount of its 3.50% coupon unsecured notes at par upon maturity.","length":106,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":485,"olType":false},{"type":"text","content":"During the year ended December 31, 2025, the Company borrowed a total principal amount of $1,350,000,000, consisting of unsecured notes and borrowings under the term loan, at a weighted average effective rate of 4.64%, and repaid $825,000,000 principal amount of unsecured notes at a weighted average coupon of 3.47%.","length":317,"tagName":"p"},{"type":"text","content":"In addition, during the year ended December 31, 2025, the Company (i) amended and restated its Credit Facility to increase its borrowing capacity to $2,500,000,000 and extend the maturity date to April 2030, and (ii) increased the capacity of its unsecured commercial paper program to $1,000,000,000. The commercial paper program is backstopped by the Company's commitment to maintain available borrowing capacity under its unsecured credit facility in an amount equal to actual borrowings under the program.","length":512,"tagName":"p"},{"type":"text","content":"As of December 31, 2025, the Company did not have any borrowings outstanding under its Credit Facility and had outstanding borrowings of $739,608,000 under its unsecured commercial paper program.","length":195,"tagName":"p"},{"type":"text","content":"As of February 2, 2026, the Company had outstanding borrowings of $775,000,000 under its unsecured commercial paper program.","length":124,"tagName":"p"},{"type":"text","content":"The Company’s annualized Net Debt-to-Core EBITDAre (as defined in this release) for the fourth quarter of 2025 was 4.7 times and Unencumbered NOI (as defined in this release) for the year ended December 31, 2025 was 95%.","length":220,"tagName":"p"},{"type":"text","content":" Equity Activity ","length":15,"tagName":"p"},{"type":"text","content":"During the three months ended December 31, 2025, the Company repurchased 1,891,922 shares of common stock at an average price of $177.74 per share, including fees, for a total of $336,269,000 under the previously disclosed new stock repurchase program adopted during the three months ended December 31, 2025.","length":308,"tagName":"p"},{"type":"text","content":"During the year ended December 31, 2025, the Company repurchased 2,678,719 shares of common stock for a total of $488,115,000 under the 2020 Stock Repurchase Program and 2025 Stock Repurchase Program. There have been no repurchases subsequent to December 31, 2025. As of January, the Company had $163,769,000 remaining authorized for purchase under the current Board of Directors' approved authorization.","length":408,"tagName":"p"},{"type":"text","content":"As previously disclosed, during the year ended December 31, 2024, the Company entered into forward contracts to sell 3,680,000 shares of common stock at a discount to the closing price of $226.52 per share for approximate net proceeds of $808,606,000. During the year ended December 31, 2025, the Company extended the settlement of these forward contracts to a date no later than December 31, 2026.","length":398,"tagName":"p"},{"type":"text","content":"During the three months and year ended December 31, 2025, the Company settled the outstanding equity forward contracts under its continuous equity program entered into during 2024, issuing 367,113 shares of common stock at $223.27 per share for proceeds, net of offering fees and dividend adjustments, of $81,333,000.","length":317,"tagName":"p"},{"type":"text","content":" First Quarter 2026 Dividend Declaration ","length":39,"tagName":"p"},{"type":"text","content":"The Company’s Board of Directors declared a dividend for the first quarter of 2026 of $1.78 per share on the Company’s common stock (par value of $0.01 per share). The declared dividend is a 1.7% increase over the Company’s prior quarterly dividend of $1.75 per share. The dividend is payable on April 15, 2026 to common stockholders of record as of March 31, 2026.","length":365,"tagName":"p"},{"type":"text","content":"In declaring the increased dividend, the Board of Directors evaluated the Company’s past performance and future prospects for earnings growth. Additional factors considered in determining the increase included current common dividend distributions, the relationship of the current common dividend distribution to the Company’s Core FFO, the relationship of dividend distributions to taxable income, distribution requirements under rules governing real estate investment trusts, and expected growth in taxable income.","length":516,"tagName":"p"},{"type":"text","content":" First Quarter and Full Year 2026 Financial Outlook ","length":50,"tagName":"p"},{"type":"text","content":"For its first quarter and full year 2026 financial outlook, the Company expects the following:","length":94,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"15","rowspan":"1","style":"vertical-align:bottom;border-bottom:solid black 1.0pt;padding-left:0.0px;background-color:#D3D3D3;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"15","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;border-bottom:solid black 1.0pt;","val":[{"type":"text","content":" Projected EPS, Projected FFO and Projected Core FFO Outlook (1) ","leng...

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