AvalonBay Communities, Inc. reported its second-quarter 2025 financial results, with diluted EPS of $1.88 and Core FFO per share of $2.82, surpassing the April 2025 outlook of $2.77. Same Store Residential NOI increased by 2.7% compared to the prior year period, driven by a 3.0% rise in revenue.
During the quarter, the company completed the development of Avalon Princeton on Harrison, adding 200 apartment homes for $79 million, and started construction on two new communities. AvalonBay also accelerated the second phase of its Avalon Pleasanton development, adding 280 apartment homes with an estimated capital cost of $160 million.
The company updated its full-year 2025 outlook, reducing projected EPS to $7.75-$8.15 and FFO per share to $11.06-$11.46 from previous guidance. However, the Core FFO per share outlook saw a slight increase at the midpoint to $11.19-$11.59, and Same Store Residential NOI change was narrowed to 2.3%-3.3%.
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