AvalonBay Communities : Q2 2025 Mid-Quarter Update

Published: 2025-06-02 16:29:05 ET AVB

Published on 06/02/2025 at 16:29

INVESTOR RELATIONS UPDATE

SECOND QUARTER 2025

JUNE 2, 2025

Avalon Somerville Station

Somerville, NJ

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 may not be indicative of future results.

The projections for AvalonBay Communities, Inc. included in this presentation were originally included in its April 30, 2025, earnings release, or its May 1, 2025, earnings conference call, both of which are available under "Investor Relations" at https://www.avalonbay.com. These projections are provided for historical reference and have not been reviewed or updated for purposes of this presentation, and the inclusion of these projections in this presentation is not a reaffirmation of these projections or a confirmation with respect to the accuracy of the projections as of any date after the date of the earnings release or the date of the earnings conference call, as applicable. The projections were based on the expectations, forecasts, and assumptions on the date of the earnings release or the date of the earnings conference call, as applicable, which may not be realized and/or may have changed since that date and involve risks and uncertainties that might not be anticipated or could not be predicted accurately. These could cause these projections to be inaccurate as of any date after the date of the earnings release or the date of the earnings conference call, as applicable, and may also cause actual results to differ materially from those expressed or implied by the projections, as described in "Forward-Looking Statements" in the Appendix.

AvalonBay does not undertake a duty to update any projections or other forward-looking statements contained in this presentation, including but not limited to its expected 2025 operating results and other financial and economic data forecasts. AvalonBay may, in its discretion, provide information in future public announcements regarding its outlook that may be of interest to the investors, analysts and other members of the financial and investment communities. The format and extent of future outlooks may be different from the format and extent of the information contained in this presentation.

AvalonBay files annual, quarterly and current reports, proxy statements and other information with the Securities and Exchange Commission (the "SEC"). Our SEC filings are available to the public free of charge from the SEC website at https://www.sec.gov and on our website at the address above. You should read this presentation in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2024, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, and Current Reports on Form 8-K and other reports and documents we file with the SEC after the date of this presentation before you make any investment decisions involving AvalonBay and its securities.

The date of this presentation is June 2, 2025.

→ Revenue for the two months ended May 31, 2025 increased 3.0% over the prior year period, which is approximately 35 basis points above the Company's expectation for revenue growth for this two-month period when the Company published its outlook for full year 2025 revenue growth on February 5, 2025. This outperformance is primarily attributable to better-than-expected occupancy and other rental revenue.

1Q25 APRIL & MAY '25

Source: Internal company reports.

See Appendix for definitions of Economic Occupancy, Like-Term Effective Rent Change, Residential, and Same Store.

(1) Revenue growth, Economic Occupancy, and Like-Term Effective Rent Change for April & May 2025 reflect actual

Avalon Westminster Promenade

Broomfield, CO

results for April and management's expectations for May, based on data available as of June 1, 2025. 3

2.4%

3.5%

SAME STORE NOI GROWTH

CORE FFO

PER SHARE GROWTH

AVB

110

1.4%

0.5%

SAME STORE CORE FFO

NOI GROWTH PER SHARE GROWTH

PEER AVERAGE(2)

Source: Company reports, S&P Capital IǪ

AVB Outlook as of February 5, 2025, which was reaffirmed on April 30, 2025; Peer Outlooks based on most recent publicly available full year 2025 guidance midpoints as of June 1, 2025, for Projected Core FFO per share growth and Same Store Residential revenue growth (or the equivalent metrics).

Peer group consists of EǪR, ESS, UDR, CPT and MAA weighted by enterprise value as of 3/31/2025.

ABOUT AVALONBAY

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Avalon Redmond Campus

Redmond, WA

Disclaimer

AvalonBay Communities Inc. published this content on June 02, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on June 02, 2025 at 20:28 UTC.