AvalonBay Communities, Inc. (AVB) Presents at BofA Securities 2025 Global Real Estate

Jana Galan
Research Analyst

Good morning, everyone. Welcome to BofA’s Global Real Estate Conference. I’m Jana Galan, and I cover the residential REITs. We’re very pleased to have with us today AvalonBay’s President and CEO, Ben Schall; CFO, Kevin O’Shea; and COO, Sean Breslin. Ben will start with a few opening remarks, and then we’ll jump into Q&A. Thanks, Ben.

Benjamin Schall
President, CEO & Director

Yes. Great. Thanks for having us, Jana. Thanks, everybody, for joining us. I’ll start off just quickly on some of the highlights from Q2 and our press release from last week and then talk about some of our themes for the back half of this year and headed into 2026.

So Q2 highlights, we increased our same-store NOI guidance for the year, up 40 basis points, which now sits at 2.7%. We also reaffirmed our earnings guidance for the year — our core FFO earnings guidance for the year of 3.5%, which continues to be at the top of the sector. And then our press release last week, we reaffirmed that our revenue expectations quarter-to-date are tracking as planned. As we look ahead to the second half of this year and into 2026, I feel like we’re relatively well positioned for a number of factors. So I’ll tick through those now.

Starting with our portfolio positioning. We believe our — particularly our suburban coastal footprint continue to display relatively steady demand. Occupancy is in a strong place and supply is definitely coming down