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Mar 31
AvalonBay Q1 2025 Earnings Report
AvalonBay delivered strong Q1 2025 results with higher EPS and Core FFO, reaffirming its full-year outlook.
Key Takeaways
AvalonBay reported robust financials in Q1 2025, driven by stable residential performance, key acquisitions in Texas, and strategic capital market activity. The company also reaffirmed its full-year guidance and remains well-positioned with a strong development pipeline and balance sheet.
EPS reached $1.66 while Core FFO per share increased to $2.83
Residential revenue rose to $693.1 million, up from $672.8 million in Q1 2024
AvalonBay exited the Connecticut market and acquired 8 communities in Texas totaling 2,701 apartment homes
Maintained high financial flexibility with 95% of NOI from unencumbered assets and no outstanding credit facility borrowings
AvalonBay
AvalonBay
AvalonBay Revenue by Segment
AvalonBay Revenue by Geographic Location
Revenue by Segment
Residential Revenue
CapyFin.comRevenue by Geographic Location
New England Revenue
CapyFin.comMetro NY/NJ Revenue
CapyFin.comMid-Atlantic Revenue
CapyFin.comPacific NW Revenue
CapyFin.comNo. California Revenue
CapyFin.comSo. California Revenue
CapyFin.com Forward Guidance
AvalonBay reaffirmed its FY 2025 outlook and provided solid Q2 projections, reflecting continued operational strength and discipline in capital allocation.
Positive Outlook
- Q2 2025 EPS expected between $1.78 and $1.88
- Q2 2025 Core FFO forecasted in the $2.72–$2.82 range
- Full-year EPS and FFO guidance reaffirmed
- New $450M term loan fully hedged at fixed 4.47%
- Expanded credit facility to $2.5B and increased commercial paper capacity
Challenges Ahead
- Higher expected residential operating expenses in Q2
- Commercial NOI projected to decline slightly
- Capital markets activity expected to reduce EPS marginally
- Incremental overhead anticipated in Q2
- Guidance includes minor impacts from non-core items