Core Viewpoint - AvalonBay Communities (AVB) reported a strong first-quarter 2025 performance with core funds from operations (FFO) per share of $2.83, exceeding expectations and showing a year-over-year increase of 4.8% [1] Financial Performance - Total revenues for the quarter were $745.9 million, slightly missing the consensus estimate but reflecting a 4.6% increase year-over-year [2] - Same-store residential revenues rose 3% year-over-year to $693.1 million, while same-store residential operating expenses increased by 4% to $214.76 million, resulting in a 2.6% rise in same-store residential NOI to $478.3 million [3] - The same-store average revenue per occupied home increased to $3,032, up 2.9% from $2,946 in the prior year, with economic occupancy at 96%, a rise of 10 basis points year-over-year [4] Development and Acquisitions - As of March 31, 2025, AvalonBay had 19 wholly owned development communities under construction, expected to contain 6,595 apartment homes and 69,000 square feet of commercial space, with a total estimated capital cost of $2.5 billion [5] - In February 2025, AVB entered agreements to acquire eight apartment communities in Texas, acquiring two communities in Austin for $187 million and six communities in Dallas-Fort Worth for $431.5 million [6] Dispositions - During the quarter, AVB sold a community in Wilton, CT, for $65.1 million, resulting in a GAAP gain of $56.48 million, marking its exit from the Connecticut market [7] Balance Sheet Position - As of March 31, 2025, AVB had $53.26 million in unrestricted cash and no borrowings under its unsecured revolving credit facility, with outstanding borrowings of $224.9 million under its commercial paper note program [8] - The annualized net debt-to-core EBITDAre ratio for the January-March period was 4.3 times, with an unencumbered NOI of 95% for the year ended March 31, 2025 [8] 2025 Outlook - AvalonBay reaffirmed its full-year 2025 core FFO per share guidance between $11.14 and $11.64, with the current consensus estimate at $11.41 [9] - The company expects same-store residential revenue growth of 2-4% and operating expense increases of 3-5.2%, projecting same-store residential NOI expansion of 1.3-3.5% [9] - For Q2 2025, core FFO per share is expected to be in the range of $2.72-$2.82, lower than the current consensus estimate of $2.85 [10] Performance of Other Residential REITs - Equity Residential reported first-quarter 2025 normalized FFO per share of 95 cents, exceeding estimates, while Mid-America Apartment Communities reported core FFO per share of $2.20, surpassing expectations but showing a slight year-over-year decline [11]

AvalonBay Communities (AVB) Q1 2025 Earnings Call May 01, 2025 01:00 PM ET Company Participants Jason Reilley - VP of IRBenjamin Schall - President and Chief Executive OfficerSean Breslin - Chief Operating OfficerMatthew Birenbaum - Chief Investment OfficerKevin O'Shea - CFOEric Wolfe - DirectorSteve Sakwa - Senior Managing DirectorJana Galan - DirectorCooper Clark - VP - Equity ResearchRichard Hightower - Managing DirectorAlexander Goldfarb - Managing DirectorHaendel St. Juste - Managing DirectorJohn Kim - ...

Financial Data and Key Metrics Changes - The company reported a strong core FFO growth of 4.8% in Q1 compared to the previous year, exceeding prior Q1 guidance by $0.03 [11][12] - The company reaffirmed its full-year 2025 outlook, which includes sequential internal and external growth in the second half of the year [11][12] Business Line Data and Key Metrics Changes - The company has 19 projects currently under construction with a total capital cost of $3 billion, which are match funded and expected to drive outsized earnings growth as they lease up [19][20] - The company is projecting a drop in deliveries in established regions to 80 basis points of existing stock in 2026, equating to just 45,000 units, which is the lowest level of new deliveries seen in 20 years [10][11] Market Data and Key Metrics Changes - 47% of the company's portfolio is in established regions on the East Coast, 40% on the West Coast, and 12% in expansion regions, with a significant rotation of capital to suburban areas [9][10] - The company noted that rental affordability has improved in established regions due to solid income growth, resulting in rent-to-income ratios below pre-COVID levels [10][11] Company Strategy and Development Direction - The company is focused on reshaping its portfolio to optimize future returns and is well-positioned to execute strategic initiatives across various macroeconomic scenarios [6][8] - The company aims to increase its allocation to expansion regions to 25% of its portfolio, primarily through trading older assets from established regions [33][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong balance sheet and liquidity position, which supports planned development starts and the ability to respond to market challenges [26][28] - The company is closely monitoring job market uncertainties but has not seen significant impacts on leasing velocity or pricing in key markets [15][56] Other Important Information - The company raised $890 million of equity at an average gross price of $226 per share, which is expected to be deployed into accretive development [8][26] - The company has renewed and increased its unsecured credit facility to $2.5 billion, enhancing liquidity and access to cost-effective capital [27][28] Q&A Session Summary Question: Effective rent growth has been lower than last year; what is the reason? - Management indicated that the lower rent growth is due to a combination of factors, including a stronger focus on occupancy and differences in year-over-year comparisons [30][32] Question: Will economic or policy changes affect the plan to grow expansion markets? - Management stated that the movement towards the 25% target in expansion regions is primarily through trading and is somewhat agnostic to capital market conditions [33][34] Question: What factors are monitored for development starts? - Management mentioned that each project is evaluated individually based on costs, NOI, and market conditions, with a focus on profitability [38][40] Question: What is the outlook for renewal rates and rent growth? - Management expects renewal rates to strengthen in the second half of the year, with current renewal offers in the low to mid 5% range [61][85] Question: What is driving the strong performance in Northern California? - Management highlighted return-to-office mandates, job growth, and limited supply as key factors driving performance in Northern California [98][100]

INVESTOR TELECONFERENCE PRESENTATION FIRST QUARTER 2025 MAY 1, 2025 Avalon West Dublin Dublin, CA [FAVORABLE SUPPLY BACKDROP FOR ESTABLISHED REGIONS PERSISTS, WHILE THE SUNBELT CONTINUES TO DIGEST STANDING INVENTORY] [SUBURBAN COASTAL PORTFOLIO POSITIONED TO OUTPERFORM] See Appendix for information about forward- looking statements and definitions and reconciliations of non-GAAP financial measures and other terms. For the reasons described in the referenced forward-looking statements, our historical results ...

Exhibit 99.2 For Immediate News Release April 30, 2025 AVALONBAY COMMUNITIES, INC. PROVIDES Q1 2025 RESULTS, Q2 2025 GUIDANCE, AND REAFFIRMS FULL YEAR 2025 OUTLOOK (Arlington, VA) AvalonBay Communities, Inc. (NYSE: AVB) (the "Company") reported Earnings per Share – diluted ("EPS"), Funds from Operations attributable to common stockholders - diluted ("FFO") per share and Core FFO per share (as defined in this release) for the three months ended March 31, 2025 and 2024 as detailed below. | | | Q1 2025 | | Q1 ...

For the quarter ended March 2025, AvalonBay Communities (AVB) reported revenue of $745.88 million, up 4.6% over the same period last year. EPS came in at $2.83, compared to $1.22 in the year-ago quarter.The reported revenue represents a surprise of -0.19% over the Zacks Consensus Estimate of $747.26 million. With the consensus EPS estimate being $2.80, the EPS surprise was +1.07%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to dete ...

分组1 - AvalonBay Communities (AVB) reported quarterly funds from operations (FFO) of $2.83 per share, exceeding the Zacks Consensus Estimate of $2.80 per share, and up from $2.70 per share a year ago, representing an FFO surprise of 1.07% [1] - The company posted revenues of $745.88 million for the quarter ended March 2025, slightly missing the Zacks Consensus Estimate by 0.19%, compared to $712.86 million in the same quarter last year [2] - Over the last four quarters, AvalonBay has surpassed consensus FFO estimates three times and topped consensus revenue estimates two times [2] 分组2 - The stock has underperformed the market, losing about 5.8% since the beginning of the year, compared to the S&P 500's decline of 5.5% [3] - The current consensus FFO estimate for the coming quarter is $2.85 on revenues of $765.91 million, and for the current fiscal year, it is $11.41 on revenues of $3.07 billion [7] - The Zacks Industry Rank for REIT and Equity Trust - Residential is currently in the bottom 42% of over 250 Zacks industries, indicating potential challenges for stock performance [8]

Wall Street analysts expect AvalonBay Communities (AVB) to post quarterly earnings of $2.80 per share in its upcoming report, which indicates a year-over-year increase of 3.7%. Revenues are expected to be $747.26 million, up 4.8% from the year-ago quarter.Over the last 30 days, there has been a downward revision of 0.3% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of th ...

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Core Viewpoint - AvalonBay Communities, Inc. is set to announce its first-quarter 2025 results, with expectations shaped by recent market conditions and company performance trends [1]. Company Performance - In the last reported quarter, AvalonBay experienced a negative surprise of 1.06% in core funds from operations (FFO) per share, attributed to higher property management and interest expenses, although there was a year-over-year increase in same-store residential revenues and net operating income (NOI) [2]. - Over the past four quarters, AvalonBay surpassed the Zacks Consensus Estimate three times, with an average beat of 1.13% [3]. Market Conditions - The first quarter of 2025 saw strong apartment demand, with over 138,000 market-rate apartment units absorbed nationally, marking the highest first-quarter demand on record [4]. - Demand exceeded supply, with nearly 577,000 units delivered, indicating a potential peak in the construction cycle [5]. - Occupancy rose to 95.2% in March, the highest since October 2022, and effective rents increased by 0.75% in March and 1.1% year-over-year [6]. Regional Performance - The Midwest and Rust Belt regions led annual rent gains, while high-supply Sun Belt metros experienced rent cuts but showed monthly growth in March [7]. Strategic Initiatives - AvalonBay is focused on developing and acquiring multifamily properties in high-growth areas, which has historically driven strong occupancy and premium rents [8]. - The company plans to acquire eight apartment communities in Texas, with the Austin acquisition valued at $187 million and the Dallas-Fort acquisition at $431.5 million [10][11][12]. Projections - For the first quarter, AvalonBay projects economic occupancy of 95.9%, a 2.6% year-over-year increase in same-store average rental rates, and a 3% rise in same-store revenues [14]. - The Zacks Consensus Estimate for first-quarter revenues is $746.93 million, suggesting a 4.78% year-over-year increase, while the core FFO per share estimate is $2.80, indicating a 3.7% growth [15].