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Jun 30, 2025
AvalonBay Q2 2025 Earnings Report
AvalonBay reported strong Q2 2025 results with growth in EPS, Core FFO, and Same Store Residential NOI.
Key Takeaways
AvalonBay Communities, Inc. delivered higher earnings and operational performance in Q2 2025, driven by increased residential revenue and NOI from new developments and acquisitions.
EPS rose to $1.88, up from $1.78 in Q2 2024
Core FFO per share increased to $2.82 from $2.77
Same Store Residential revenue grew to $689.1 million
20 development communities underway with 7,299 apartment homes and 69,000 sq. ft. of commercial space
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
AvalonBay projects solid growth in Q3 and full year 2025 driven by higher NOI and stable occupancy, despite modest downward revisions to EPS and revenue outlooks.
Positive Outlook
- Q3 2025 Core FFO guidance: $2.75 – $2.85
- Full-year 2025 Core FFO guidance reaffirmed at $11.19 – $11.59
- Stable Same Store Residential NOI growth expected (2.0% – 3.4%)
- Healthy development pipeline with $2.78B capital cost
- Strong balance sheet with no borrowings under credit facility
Challenges Ahead
- Full-year EPS guidance lowered to $7.75 – $8.15 from $8.49
- Modest downtick in expected Same Store revenue growth
- Rising operating expenses projected for full year
- Reduction in NOI from new developments
Historical Earnings Impact
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Avg. Return Before/After Earnings
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