--- title: "AvalonBay Communities | 10-K: FY2025 Revenue Beats Estimate at USD 3.041 B" type: "News" locale: "en" url: "https://longbridge.com/en/news/277222679.md" datetime: "2026-02-27T15:36:42.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/277222679.md) - [en](https://longbridge.com/en/news/277222679.md) - [zh-HK](https://longbridge.com/zh-HK/news/277222679.md) --- > Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/277222679.md) | [繁體中文](https://longbridge.com/zh-HK/news/277222679.md) # AvalonBay Communities | 10-K: FY2025 Revenue Beats Estimate at USD 3.041 B Revenue: As of FY2025, the actual value is USD 3.041 B, beating the estimate of USD 3.034 B. EPS: As of FY2025, the actual value is USD 7.4, beating the estimate of USD 7.2637. EBIT: As of FY2025, the actual value is USD 1.139 B. #### Net Income Attributable to Common Stockholders Net income attributable to common stockholders for AvalonBay Communities, Inc. was $1,051,301,000 for the year ended December 31, 2025, a decrease of $30,693,000, or 2.8%, from the prior year. This decrease was primarily due to increased depreciation expense, reduced gains from real estate sales, and higher net interest expense, partially offset by increased Net Operating Income (NOI) from communities. #### Net Operating Income (NOI) Total NOI for AvalonBay Communities, Inc. was $2,020,949,000 in 2025, up from $1,910,080,000 in 2024. Residential NOI increased to $1,989,046,000 in 2025 from $1,877,913,000 in 2024. Commercial NOI was - $31,903,000 in 2025, a slight decrease from - $32,167,000 in 2024. #### Same Store Residential NOI Same Store Residential NOI increased by $34,598,000, or 1.9%, in 2025 compared to 2024, driven by a 2.5% increase in Residential revenue, partially offset by a 3.8% increase in Residential property operating expenses. #### Other Stabilized Residential NOI Residential NOI from Other Stabilized communities increased by $56,860,000 in 2025. #### Development/Redevelopment Residential NOI Residential NOI from Development/Redevelopment communities increased by $19,675,000 in 2025. #### Total Revenue Total revenue for AvalonBay Communities, Inc. was $3,040,725,000 in 2025, an increase from $2,913,757,000 in 2024. Rental and other income increased by $127,007,000, or 4.4%, in 2025. Management, development, and other fees were $7,042,000 in 2025, slightly down from $7,081,000 in 2024. #### Operating Expenses - **Direct Property Operating Expenses (excluding property taxes):** Increased by $47,465,000, or 8.2%, to - $623,580,000 in 2025 from - $576,115,000 in 2024. - **Property Taxes:** Increased by $15,132,000, or 4.6%, to - $342,743,000 in 2025 from - $327,611,000 in 2024. - **Total Community Operating Expenses:** Amounted to - $966,323,000 in 2025, up from - $903,726,000 in 2024. - **Property Management and Other Indirect Operating Expenses (net of corporate income):** Decreased by $15,140,000, or 8.9%, to - $154,591,000 in 2025. - **Expensed Transaction, Development and Other Pursuit Costs (net of recoveries):** Totaled - $10,846,000 in 2025, a decrease from - $18,341,000 in 2024, and included a write-off of - $3,668,000. - **General and Administrative Expense:** Increased by $8,982,000, or 11.6%, to - $86,679,000 in 2025. #### Interest Expense, Net Interest expense, net, increased by $32,592,000, or 14.4%, to - $259,181,000 in 2025 from - $226,589,000 in 2024. #### Depreciation Expense Depreciation expense increased by $66,523,000, or 7.9%, to - $913,376,000 in 2025 from - $846,853,000 in 2024. #### Other Key Financial Items - **Casualty and Impairment Loss:** Totaled - $1,276,000 in 2025. - **Income from Unconsolidated Investments:** Increased by $7,460,000 to $39,691,000 in 2025. - **Structured Investment Program (SIP) Interest Income:** Increased by $9,025,000 to $27,476,000 in 2025. - **Gain on Sale of Communities, Net:** Decreased by $27,587,000 to $335,713,000 in 2025 from $363,300,000 in 2024. - **Income Tax Benefit (Expense):** Was a benefit of $1,135,000 in 2025, compared to an expense of - $445,000 in 2024. #### Cash Flow - **Net Cash Provided by Operating Activities:** Increased to $1,671,105,000 in 2025 from $1,607,878,000 in 2024. - **Net Cash Used in Investing Activities:** Totaled - $1,392,367,000 in 2025, compared to - $996,864,000 in 2024, including $1,209,454,000 for development and redevelopment and $682,163,000 for acquisitions, offset by $799,419,000 from real estate dispositions. - **Net Cash Used in Financing Activities:** Totaled - $192,731,000 in 2025, compared to - $874,898,000 in 2024, including $992,333,000 in cash dividends and $488,115,000 for common stock repurchases, partially offset by $1,347,312,000 from unsecured notes issuance and $739,608,000 from commercial paper issuance. #### Development and Acquisition Activity (2025) AvalonBay Communities, Inc. completed construction on four wholly-owned communities with 1,320 apartment homes for $561,000,000. It started construction or expanded development on eleven wholly-owned communities and two existing communities, totaling 3,888 apartment homes, with an estimated cost of $1,636,000,000. The company acquired 12 wholly-owned communities (3,378 apartment homes) for $826,029,000 and a 50% interest in Avalon Alderwood Place for $71,250,000. #### Outlook / Guidance 艾芙隆海湾社区 (AvalonBay Communities, Inc.) expects to meet its liquidity needs in 2026 through internal and external sources, including cash on hand, operating cash flows, and real estate dispositions. Additional financing may involve various debt financings and equity issuances. The company plans to secure sufficient capital for new construction activities before commencing them, reserving the ability to abandon Development Rights if financing is not obtainable on acceptable terms. ### Related Stocks - [AvalonBay Communities, Inc. 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