AvalonBay Communities, Inc. Provides Q2 2025 Results and Updates Full Year 2025 Outlook

About this update from Avalonbay Communities, Inc.

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Same Store Residential operating expenses increased $7,388,000, or 3.6%, to $211,920,000 and Same Store Residential NOI increased $12,578,000, or 2.7%, to $477,180,000.","length":248,"tagName":"p"},{"type":"text","content":" Same Store Operating Results for the Six Months Ended June 30, 2025 Compared to the Prior Year Period ","length":101,"tagName":"p"},{"type":"text","content":"Same Store Residential revenue increased $39,892,000, or 3.0%, to $1,371,215,000. Same Store Residential operating expenses increased $15,522,000, or 3.8%, to $423,130,000 and Same Store Residential NOI increased $24,370,000, or 2.6%, to $948,085,000.","length":251,"tagName":"p"},{"type":"text","content":" Development Activity ","length":20,"tagName":"p"},{"type":"text","content":"During the three and six months ended June 30, 2025, the Company completed the development of Avalon Princeton on Harrison, located in Princeton, NJ. Avalon Princeton on Harrison contains 200 apartment homes and was constructed for a Total Capital Cost of $79,000,000.","length":268,"tagName":"p"},{"type":"text","content":"During the three months ended June 30, 2025, the Company started the construction of two apartment communities:","length":111,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Avalon Kendall, located in Kendall, FL; and","length":43,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Avalon Brier Creek, located in Durham, NC.","length":42,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":85,"olType":false},{"type":"text","content":"These communities are expected to contain an aggregate of 624 apartment homes. Estimated Total Capital Cost at completion for these Development communities is $210,000,000.","length":172,"tagName":"p"},{"type":"text","content":"In addition, during the three months ended June 30, 2025, the Company accelerated commencement of the planned second phase of the Avalon Pleasanton development, located in Pleasanton, CA. The expanded development of Avalon Pleasanton is expected to add 280 apartment homes and $160,000,000 in estimated Total Capital Costs at completion for a total of 362 apartment homes and an estimated Total Capital Cost at completion of $218,000,000 for the development.","length":458,"tagName":"p"},{"type":"text","content":"During the six months ended June 30, 2025, the Company started the construction of four apartment communities and expanded the development of Avalon Pleasanton. These communities are expected to contain an aggregate of 1,495 apartment homes. Estimated Total Capital Cost at completion for these Development communities is $610,000,000.","length":335,"tagName":"p"},{"type":"text","content":"At June 30, 2025, the Company had 20 wholly-owned Development communities under construction that are expected to contain 7,299 apartment homes and 69,000 square feet of commercial space. Estimated Total Capital Cost at completion for these Development communities is $2,780,000,000.","length":283,"tagName":"p"},{"type":"text","content":" Disposition Activity ","length":20,"tagName":"p"},{"type":"text","content":"As previously disclosed, during the three months ended June 30, 2025, the Company sold Avalon Wesmont Station I & II, two wholly-owned communities with 406 apartment homes and 18,000 square feet of commercial space, located in Wood-Ridge, NJ. The communities were sold for $161,500,000, resulting in a gain in accordance with GAAP of $99,636,000 and an Economic Gain of $71,648,000.","length":386,"tagName":"p"},{"type":"text","content":"During the six months ended June 30, 2025, the Company sold three wholly-owned communities containing an aggregate of 508 apartment homes and 18,000 square feet of commercial space. These communities were sold for $226,600,000, resulting in a gain in accordance with GAAP of $155,926,000 and an Economic Gain of $109,628,000.","length":325,"tagName":"p"},{"type":"text","content":" Acquisition Activity ","length":20,"tagName":"p"},{"type":"text","content":"As previously disclosed, during the three months ended June 30, 2025, the Company acquired six communities located in the Dallas-Fort Worth metropolitan area. In aggregate, these communities contain 1,844 apartment homes and were acquired for a stated purchase price of $431,500,000, funded in part by the issuance of 1,060,000 DownREIT Units, valued at $225 per unit.","length":368,"tagName":"p"},{"type":"text","content":"During the six months ended June 30, 2025, the Company acquired eight communities containing 2,701 apartment homes for a total purchase price of $618,500,000, which includes the stated value of the DownREIT units issued for the Dallas-Fort Worth portfolio.","length":256,"tagName":"p"},{"type":"text","content":" Structured Investment Program ("SIP") Activity ","length":56,"tagName":"p"},{"type":"text","content":"During the three months ended June 30, 2025, the Company did not enter into any new SIP commitments. During the six months ended June 30, 2025, the Company entered into one new SIP commitment, agreeing to provide an investment of up to $20,000,000 in a multifamily development project in Northern California. See full release for additional detail.","length":348,"tagName":"p"},{"type":"text","content":"In July 2025, the Company entered into one new SIP commitment, agreeing to provide an investment of up to $28,000,000 in a multifamily development project in Southeast Florida.","length":176,"tagName":"p"},{"type":"text","content":" Liquidity and Capital Markets ","length":29,"tagName":"p"},{"type":"text","content":"At June 30, 2025, the Company had $102,825,000 in unrestricted cash and cash equivalents.","length":89,"tagName":"p"},{"type":"text","content":"During the three months ended June 30, 2025, the Company had the following debt activity:","length":89,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"The Company repaid $525,000,000 principal amount of its 3.45% coupon unsecured notes at par upon maturity.","length":106,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"As previously disclosed, the Company entered into a $450,000,000 term loan that matures in April 2029, which was fully drawn in May 2025. The term loan is indexed to SOFR plus a spread, currently SOFR + 0.78% per annum. The Company hedged the term loan interest rate variability with interest rate swaps, resulting in an effective fixed rate of 4.46% after deferred fees and issuance costs.","length":390,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"As previously disclosed, the Company amended and restated its Credit Facility to (i) increase its borrowing capacity to $2,500,000,000 from $2,250,000,000, and (ii) extend the maturity date to April 2030 from September 2026. Subsequent to the amendment, the Company's cost of borrowing under the Credit Facility is SOFR + 0.705%. In addition, the Company increased the capacity of its unsecured commercial paper program to $1,000,000,000 from $500,000,000, with the terms of the program otherwise remaining unchanged.","length":521,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":1017,"olType":false},{"type":"text","content":"As of June 30, 2025, the Company did not have any borrowings outstanding under its Credit Facility, and had outstanding borrowings of $664,637,000 under its unsecured commercial paper note program. The commercial paper program is backstopped by the Company's commitment to maintain available borrowing capacity under its Credit Facility in an amount equal to outstanding borrowings under the program.","length":404,"tagName":"p"},{"type":"text","content":"The Company’s annualized Net Debt-to-Core EBITDAre (as defined in this release) for the second quarter of 2025 was 4.4 times and Unencumbered NOI (as defined in this release) for the six months ended June 30, 2025 was 95%.","length":222,"tagName":"p"},{"type":"text","content":"In July 2025, 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 $394,888,000. The notes mature in August 2035 and were issued with a 5.00% coupon. The effective interest rate of the notes is 5.05%, considering the net proceeds and including the impact of offering costs and hedging activity.","length":420,"tagName":"p"},{"type":"text","content":" Full Year and Third Quarter 2025 Financial Outlook ","length":50,"tagName":"p"},{"type":"text","content":"For its third quarter and full year 2025 financial outlook, the Company expects the following:","length":94,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"12","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":"12","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) ","length":63,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:44%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"5","rowspan":"1","style":"vertical-align:bottom;border-bottom:solid black 1.0pt;padding-left:0.0px;","val":[{"type":"text","content":" Q3 2025 ","length":7,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:2%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"5","rowspan":"1","style":"vertical-align:bottom;border-bottom:solid black 1.0pt;padding-left:0.0px;","val":[{"type":"text","content":" Full Year 2025 ","length":14,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:44%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"2","rowspan":"1","style":"vertical-align:bottom;border-bottom:solid black 1.0pt;padding-left:0.0px;","val":[{"type":"text","content":" Low ","length":3,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:3%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"2","rowspan":"1","style":"vertical-align:bottom;border-bottom:solid black 1.0pt;padding-left:0.0px;","val":[{"type":"text","content":" High ","length":4,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:2%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"2","rowspan":"1","style":"vertical-align:bottom;border-bottom:solid black 1.0pt;padding-left:0.0px;","val":[{"type":"text","content":" Low ","length":3,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:3%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"2","rowspan":"1","style":"vertical-align:bottom;border-bottom:solid black 1.0pt;padding-left:0.0px;","val":[{"type":"text","content":" High ","length":4,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:44%;","val":[{"type":"text","content":"Projected EPS","length":13,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;padding-right:0.0px;text-align:right;list-style-position:inside;width:1%;","val":[{"type":"text","content":"$","length":1,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;padding-right:0.0px;text-align:right;list-style-position:inside;width:11%;","val":[{"type":"text","content":"2.41","length":4,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;padding-right:0.0...

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