AvalonBay Q1 Core FFO $2.83 beats midpoint; reaffirms full-year 2025 outlook

AVALONBAY COMMUNITIES INC

2025-Q1 EPS reported $1.66 revenue$745,880,000

Q1 2025 EPS $1.66 vs $1.22 YoY (+36.1%); Core FFO per share $2.83 vs $2.70 (+4.8%).
Same Store Residential NOI $478.3M, +2.6% YoY on 3.0% revenue growth partially offset by 4.0% expense growth.
Core FFO beat Feb 2025 outlook midpoint by $0.03, driven by favorable Same Store NOI and capital markets activity.
Began construction of two wholly-owned communities (Avalon Parker, CO and Avalon North Palm Beach, FL) with $240M total capital cost.
Reaffirmed full-year 2025 EPS, FFO, and Core FFO outlook.

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