AvalonBay Communities(US:AVB)2025-05-01 11:47Portfolio & Strategy - The company's suburban coastal portfolio is positioned to outperform, benefiting from supply-constrained coastal markets[4] - The company has a diversified portfolio across leading markets and submarkets, and across product types and price points[9] - The company is advancing its portfolio optimization objectives with $620 million in Texas acquisitions to enhance scale at a compelling basis[39] Financial Performance & Outlook - The company reaffirmed its full-year 2025 outlook, with 1Q Core FFO per share exceeding initial expectations due to better-than-expected operating results[8] - The company's 1Q25 Core FFO per share was $2.83[24], and the projected 2Q25 Core FFO per share is $2.77[24] - The company raised $905 million in capital with a weighted average initial cost of capital of 4.9%[19] Development & Capital - The company has $3 billion of development underway, which is >100% match-funded and expected to drive incremental earnings and value creation upon stabilization[8,31] - Projected 2025 development starts are back-half weighted, with $0.24 billion in 1Q-2Q and $1.36 billion in 2Q-4Q[8,35] - The company has a strong balance sheet with $2.8 billion in current liquidity[44] Market Dynamics - High occupancy and minimal new supply support pricing power in established regions[12] - The company's unencumbered NOI is 95%[47,92]