AvalonBay Communities

Balance sheet quality is a core strength. As of Q2 2025, annualized net debt to Core EBITDAre is 4.4x, with 95% of NOI unencumbered. Corporate ratings stand at A3 (Moody’s) and A- (S&P).

Liquidity was enhanced in April 2025 via an upsized $2.5 billion unsecured revolving credit facility (to April 2030) and a $1.0 billion commercial paper program, with the CP backstopped by the revolver.

Debt is well‑laddered across long‑dated unsecured notes, including a 5.00% 2035 issue and a 4.46% hedged term loan maturing 2029; Q2 also saw repayment of $525 million 3.45% notes at maturity. Interest cost remains manageable given the mix of fixed‑rate debt and hedges.