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<\/a><\/a>ARLINGTON, Va.--(BUSINESS WIRE)--AvalonBay Communities, Inc. (NYSE: AVB) (the \u201cCompany\u201d) reported Earnings per Share \u2013 diluted (\u201cEPS\u201d), Funds from Operations attributable to common stockholders - diluted (\u201cFFO\u201d) per share and Core FFO per share (as defined in this release) for the three and six months ended June 30, 2026 and 2025 as detailed below.<\/p><\/a><\/a>
\n\u00a0<\/p><\/td><\/tr>\n | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
\n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \nQ2 2026<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \nQ2 2025<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n% Change<\/b><\/p><\/td><\/tr>\n \nEPS<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n1.11<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n1.88<\/p><\/td> \n\u00a0<\/p><\/td> \n(41.0<\/p><\/td> \n)%<\/p><\/td><\/tr>\n \nFFO per share (1)<\/p><\/td> \n$<\/p><\/td> \n2.73<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n2.80<\/p><\/td> \n\u00a0<\/p><\/td> \n(2.5<\/p><\/td> \n)%<\/p><\/td><\/tr>\n \nCore FFO per share (1)<\/p><\/td> \n$<\/p><\/td> \n2.86<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n2.82<\/p><\/td> \n\u00a0<\/p><\/td> \n1.4<\/p><\/td> \n%<\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \nYTD 2026<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \nYTD 2025<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \n% Change<\/b><\/p><\/td><\/tr>\n \nEPS<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n3.43<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n3.54<\/p><\/td> \n\u00a0<\/p><\/td> \n(3.1<\/p><\/td> \n)%<\/p><\/td><\/tr>\n \nFFO per share (1)<\/p><\/td> \n$<\/p><\/td> \n5.46<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n5.59<\/p><\/td> \n\u00a0<\/p><\/td> \n(2.3<\/p><\/td> \n)%<\/p><\/td><\/tr>\n \nCore FFO per share (1)<\/p><\/td> \n$<\/p><\/td> \n5.69<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n5.65<\/p><\/td> \n\u00a0<\/p><\/td> \n0.7<\/p><\/td> \n%<\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n(1) For additional detail on reconciling items between EPS, FFO and Core FFO, see Definitions and Reconciliations, table 4.<\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td><\/tr>\n<\/table> \nCommenting on the Company's results, Benjamin W. Schall, President and CEO of the Company, said, \"Our second quarter was strong, exceeding expectations, and the results reflect the enduring qualities of our business \u2014 a high-quality portfolio in supply-constrained markets, a proven operating platform, and teams that execute with consistency and discipline.<\/p> \n\"We are proud of AvalonBay\u2019s over 30-year history as one of the leading public multi-family operators and developers. The proposed combination with Equity Residential now provides the opportunity to draw on the foundational strengths of two exceptional organizations to create the premier company in rental housing in the country. The scale, the talent, the portfolio, the operating capabilities and the investment opportunities all come together in ways that neither company could achieve alone. We\u2019re extremely excited for our future and look forward to sharing more later this year.\"<\/p> \nThe following table compares the Company\u2019s actual results for EPS, FFO per share and Core FFO per share for the three months ended June 30, 2026 to its results for the prior year period:<\/p> \n\u00a0<\/p><\/td><\/tr>\n \nQ2 2026 Results Compared to Q2 2025<\/b><\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td> \nPer Share<\/b><\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td> \nEPS<\/b><\/p><\/td> \nFFO<\/b><\/p><\/td> \nCore FFO<\/b><\/p><\/td><\/tr>\n \nQ2 2025 per share reported results<\/p><\/td> \n$<\/p><\/td> \n1.88<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n2.80<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n2.82<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nSame Store Residential NOI (1)<\/p><\/td> \n\u00a0<\/p><\/td> \n0.03<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n0.03<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n0.03<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nDevelopment NOI<\/p><\/td> \n\u00a0<\/p><\/td> \n0.08<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n0.08<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n0.08<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nOverhead and other<\/p><\/td> \n\u00a0<\/p><\/td> \n(0.02<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n(0.02<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n(0.02<\/p><\/td> \n)<\/p><\/td><\/tr>\n \nCapital markets and transaction activity<\/p><\/td> \n\u00a0<\/p><\/td> \n(0.07<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n(0.06<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n(0.05<\/p><\/td> \n)<\/p><\/td><\/tr>\n \nCore FFO adjustments (2)<\/p><\/td> \n\u00a0<\/p><\/td> \n(0.10<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n(0.10<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nReal estate gains, net, depreciation expense and other<\/p><\/td> \n\u00a0<\/p><\/td> \n(0.69<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nQ2 2026 per share reported results<\/p><\/td> \n$<\/p><\/td> \n1.11<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n2.73<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n2.86<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n(1) Consists of increases of $0.07 in revenue and $0.04 in operating expenses.<\/p><\/td><\/tr>\n \n(2) For detail of Core FFO adjustments, see Definitions and Reconciliations, table 4.<\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td><\/tr>\n<\/table> \nThe following table compares the Company\u2019s actual results for EPS, FFO per share and Core FFO per share for the three months ended June 30, 2026 to its April 2026 outlook:<\/p> \n\u00a0<\/p><\/td><\/tr>\n \nQ2 2026 Results Compared to April 2026 Outlook<\/b><\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td> \nPer Share<\/b><\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td> \nEPS<\/b><\/p><\/td> \nFFO<\/b><\/p><\/td> \nCore FFO<\/b><\/p><\/td><\/tr>\n \nProjected per share (1)<\/p><\/td> \n$<\/p><\/td> \n1.28<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n2.73<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n2.77<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nSame Store Residential NOI (2)<\/p><\/td> \n\u00a0<\/p><\/td> \n0.09<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n0.09<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n0.09<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nDevelopment NOI<\/p><\/td> \n\u00a0<\/p><\/td> \n0.01<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n0.01<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n0.01<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nOverhead and other<\/p><\/td> \n\u00a0<\/p><\/td> \n(0.01<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n(0.01<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n(0.01<\/p><\/td> \n)<\/p><\/td><\/tr>\n \nCore FFO adjustments (3)<\/p><\/td> \n\u00a0<\/p><\/td> \n(0.09<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n(0.09<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nReal estate gains, net, depreciation expense and other<\/p><\/td> \n\u00a0<\/p><\/td> \n(0.17<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nQ2 2026 per share reported results<\/p><\/td> \n$<\/p><\/td> \n1.11<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n2.73<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n2.86<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n(1) The mid-point of the Company's April 2026 outlook.<\/p><\/td><\/tr>\n \n(2) Consists of favorable revenue of $0.03 and lower operating expenses of $0.06. Approximately $0.03 of the operating expenses benefit is related to timing and expected to be incurred in the second half of the year.<\/p><\/td><\/tr>\n \n(3) For detail of Core FFO adjustments, see Definitions and Reconciliations, table 4.<\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td><\/tr>\n<\/table> \nThe following table compares the Company\u2019s actual results for EPS, FFO per share and Core FFO per share for the six months ended June 30, 2026 to its results for the prior year period:<\/p> \n\u00a0<\/p><\/td><\/tr>\n \nYTD 2026 Results Compared to YTD 2025<\/b><\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td> \nPer Share<\/b><\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td> \nEPS<\/b><\/p><\/td> \nFFO<\/b><\/p><\/td> \nCore FFO<\/b><\/p><\/td><\/tr>\n \nYTD 2025 per share reported results<\/p><\/td> \n$<\/p><\/td> \n3.54<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n5.59<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n5.65<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nSame Store Residential NOI (1)<\/p><\/td> \n\u00a0<\/p><\/td> \n0.04<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n0.04<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n0.04<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nDevelopment NOI<\/p><\/td> \n\u00a0<\/p><\/td> \n0.15<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n0.15<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n0.15<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nCommercial NOI<\/p><\/td> \n\u00a0<\/p><\/td> \n(0.01<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n(0.01<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n(0.01<\/p><\/td> \n)<\/p><\/td><\/tr>\n \nOverhead and other<\/p><\/td> \n\u00a0<\/p><\/td> \n(0.03<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n(0.03<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n(0.03<\/p><\/td> \n)<\/p><\/td><\/tr>\n \nCapital markets and transaction activity<\/p><\/td> \n\u00a0<\/p><\/td> \n(0.13<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n(0.13<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n(0.11<\/p><\/td> \n)<\/p><\/td><\/tr>\n \nCore FFO adjustments (2)<\/p><\/td> \n\u00a0<\/p><\/td> \n(0.15<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n(0.15<\/p><\/td> \n)<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nReal estate gains, net, depreciation expense and other<\/p><\/td> \n\u00a0<\/p><\/td> \n0.02<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nYTD 2026 per share reported results<\/p><\/td> \n$<\/p><\/td> \n3.43<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n5.46<\/p><\/td> \n\u00a0<\/p><\/td> \n$<\/p><\/td> \n5.69<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n(1) Consists of increases of $0.15 in revenue and $0.11 in operating expenses.<\/p><\/td><\/tr>\n \n(2) For detail of non-core items, see Definitions and Reconciliations, table 4.<\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td><\/tr>\n<\/table> \nSame Store Operating Results for the Three Months Ended June 30, 2026 Compared to the Prior Year Period<\/b><\/p> \nSame Store Residential revenue increased $10,958,000, or 1.6%, to $709,586,000. Same Store Residential operating expenses increased $6,134,000, or 2.9%, to $221,034,000 and Same Store Residential NOI increased $4,824,000, or 1.0%, to $488,552,000.<\/p> \nCommenting on the Company's operating results, Sean J. Breslin, Chief Operating Officer, said, \"A healthier demand environment, easing new supply, and disciplined execution by our teams delivered strong rent growth and lower operating expenses in the first half of the year, enabling us to increase Same Store NOI guidance for the full year. These factors set a strong foundation as we bring two organizations together and position the combined company to produce healthy results in the quarters ahead.\"<\/p> \nSame Store Operating Results for the Six Months Ended June 30, 2026 Compared to the Prior Year Period<\/b><\/p> \nSame Store Residential revenue increased $21,953,000, or 1.6%, to $1,412,006,000. Same Store Residential operating expenses increased $16,053,000, or 3.7%, to $444,551,000 and Same Store Residential NOI increased $5,900,000, or 0.6%, to $967,455,000.<\/p> \nDevelopment Activity<\/b><\/p> \nDuring the three months ended June 30, 2026, the Company completed the development of Avalon Parsippany, located in Parsippany, NJ. Avalon Parsippany contains 410 apartment homes and was constructed for a Total Capital Cost of $145,000,000.<\/p> \nDuring the three months ended June 30, 2026, the Company started the construction of three apartment communities:<\/p> \nThese communities are expected to contain an aggregate of 801 apartment homes and 5,000 square feet of commercial space for an estimated Total Capital Cost of $283,000,000. Avalon Townhome Collection Central Park is being developed through the Company's Developer Funding Program (\"DFP\").<\/p> \nDuring the six months ended June 30, 2026, the Company:<\/p> \nAt June 30, 2026, the Company had 27 wholly-owned Development communities under construction that are expected to contain 9,064 apartment homes and 74,000 square feet of commercial space. Estimated Total Capital Cost for these communities is $3,526,000,000.<\/p> \nDisposition Activity<\/b><\/p> \nDuring the six months ended June 30, 2026, the Company sold three wholly-owned communities containing an aggregate of 884 apartment homes. These communities were sold for $340,750,000, resulting in a gain in accordance with generally accepted accounting principles in the United States (\"GAAP\") of $179,688,000 and an Economic Gain of $35,836,000.<\/p> \nIn July 2026, the Company sold eaves Tysons Corner, a wholly-owned community with 217 apartment homes, located in Vienna, VA for $68,050,000.<\/p> \nStructured Investment Program (\"SIP\") Activity<\/b><\/p> \nAs previously disclosed, during the three months ended June 30, 2026, the Company entered into one new mezzanine loan commitment, agreeing to provide an investment of up to $15,000,000.<\/p> \nDuring the six months ended June 30, 2026, the Company received full repayment of $17,580,000 for one mezzanine loan, which includes principal and contractual accrued interest in accordance with the terms of the agreement.<\/p> \nBoth the repayment and new commitment were for multifamily development projects in Metro NY\/NJ.<\/p> \nLiquidity and Capital Markets<\/b><\/p> \nAt June 30, 2026, the Company had $80,682,000 in unrestricted cash and cash equivalents.<\/p> \nDebt Activity<\/i><\/p> \nDuring the three months ended June 30, 2026, the Company repaid $475,000,000 principal amount of its 2.95% coupon unsecured notes at par upon maturity.<\/p> \nAs of June 30, 2026, the Company did not have any borrowings outstanding under its Credit Facility and had outstanding borrowings of $915,786,000 under its unsecured commercial paper program.<\/p> \nThe Company\u2019s annualized Net Debt-to-Core EBITDAre (as defined in this release) for the second quarter of 2026 was 4.6 times and Unencumbered NOI (as defined in this release) for the six months ended June 30, 2026 was 95%.<\/p> \nEquity Activity<\/i><\/p> \nDuring the three months ended June 30, 2026, the Company settled outstanding equity forward contracts entered into during 2024, issuing 2,760,000 shares of common stock at $220.08 per share for proceeds of $607,433,000.<\/p> \nIn July 2026, the Company settled the remaining outstanding equity forward contracts, issuing 920,000 shares of common stock at $219.52 per share for proceeds of $201,958,000.<\/p> \nThere were no repurchases of common stock during the three months ended June 30, 2026. During the six months ended June 30, 2026, the Company repurchased 1,130,336 shares of common stock at an average price of $175.59 per share, including fees, for a total of $198,480,000. There have been no repurchases subsequent to June 30, 2026.<\/p> \nProposed Merger with Equity Residential<\/b><\/p> \nOn May 21, 2026, Equity Residential (NYSE: EQR) and the Company announced a definitive agreement to combine in an all-stock merger of equals, creating one of the country's leading real estate companies with the differentiated scale, capabilities, and balance sheet strength to expand margins, accelerate growth, and redefine leadership in rental housing. The combined company will have a pro forma equity market capitalization of approximately $53 billion and a total enterprise value of approximately $71 billion, with more than 180,000 rental apartments (data as of July 17, 2026).<\/p> \nOn June 8, 2026, the combined company announced the executive leadership team, led by Benjamin W. Schall, who will serve as the President and CEO of the combined company.<\/p> \nUnder the terms of the merger agreement, the combined company's board will consist of 14 trustees, including seven members of the current Equity Residential board and seven members of the current AvalonBay board. The following members of the Equity Residential board will serve on the combined company board as of the closing of the merger: David J. Neithercut, Angela M. Aman, Chris Carr, Mary Kay Haben, Ann C. Hoff, Nina P. Jones and Stephen E. Sterrett. The following members of the AvalonBay board will serve on the combined company board as of the closing of the merger: Timothy J. Naughton, Benjamin W. Schall, Terry S. Brown, Conor C. Flynn, Christopher B. Howard, Charles E. Mueller Jr., and Susan Swanezy. Pursuant to the merger agreement, Mr. Sterrett will be appointed to serve as the Chairman of the combined company board.<\/p> \nOn August 12, 2026, the Company will hold its special meeting of stockholders and Equity Residential will hold its special meeting of shareholders related to the proposed merger. For further information, please refer to the definitive joint proxy statement\/prospectus filed by each of the Company and Equity Residential with the Securities and Exchange Commission (the \"SEC\") on July 13, 2026.<\/p> \nSame Store Full Year 2026 Financial Outlook<\/b><\/p> \nFor its Same Store portfolio full year 2026 financial outlook, the Company expects the following:<\/p> \n\u00a0<\/p><\/td><\/tr>\n \nFull Year Same Store Projected Revenue, Projected Operating Expenses and Projected NOI Outlook (1)<\/b><\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \nOriginal<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \nUpdated<\/b><\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \nLow<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \nHigh<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \nLow<\/b><\/p><\/td> \n\u00a0<\/p><\/td> \nHigh<\/b><\/p><\/td><\/tr>\n \nProjected revenue change<\/p><\/td> \n\u00a0<\/p><\/td> \n0.4 %<\/p><\/td> \n\u00a0<\/p><\/td> \n2.4 %<\/p><\/td> \n\u00a0<\/p><\/td> \n1.1 %<\/p><\/td> \n\u00a0<\/p><\/td> \n2.1 %<\/p><\/td><\/tr>\n \nProjected Opex change<\/p><\/td> \n\u00a0<\/p><\/td> \n2.7 %<\/p><\/td> \n\u00a0<\/p><\/td> \n4.9 %<\/p><\/td> \n\u00a0<\/p><\/td> \n3.0 %<\/p><\/td> \n\u00a0<\/p><\/td> \n4.0 %<\/p><\/td><\/tr>\n \nProjected NOI change<\/p><\/td> \n\u00a0<\/p><\/td> \n(0.7) %<\/p><\/td> \n\u00a0<\/p><\/td> \n1.3 %<\/p><\/td> \n\u00a0<\/p><\/td> \n\u2014 %<\/p><\/td> \n\u00a0<\/p><\/td> \n1.4 %<\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \n(1) Represents projections of the standalone Company compared to full year 2025 and excludes the impact of the proposed merger.<\/p><\/td><\/tr>\n \n\u00a0<\/p><\/td><\/tr>\n<\/table> \nOther Matters<\/b><\/p> \nIn light of the Company\u2019s proposed merger of equals with Equity Residential, the Company will not hold a conference call to discuss its second quarter 2026 financial results.<\/p> \nThe Company produces Earnings Release Attachments (the \"Attachments\") that provide more detailed information regarding financial information and operating, development, redevelopment, disposition and acquisition activity. These Attachments are considered a part of this earnings release and are available in full with this earnings release via the Company's website at https:\/\/investors.avalonbay.com<\/a><\/span>. To receive future press releases via e-mail, please submit a request through https:\/\/investors.avalonbay.com\/news-events\/email-alerts<\/a><\/span>.<\/p> \nIn addition to the Attachments, the Company is providing an investor presentation in connection with this release that will be available on the Company's website at https:\/\/investors.avalonbay.com<\/a><\/span> after the market close on July 22, 2026.<\/p> \nAbout AvalonBay Communities, Inc.<\/b><\/p> |