AvalonBay Communities reported second-quarter 2026 Core FFO per share of $2.86, up 1.4% from a year ago, and raised its full-year Same Store NOI growth outlook to a range of 0% to 1.4%, while suspending EPS, FFO, and Core FFO guidance because of its pending all-stock merger of equals with Equity Residential. Same Store Residential NOI rose 1.0% in the quarter on a 1.6% revenue increase, and the company now expects full-year Same Store revenue growth of 1.1% to 2.1% and expense growth of 3.0% to 4.0%. The proposed combination, announced in May, would create a company with a pro forma equity market capitalization of approximately $53 billion and more than 180,000 rental apartments, with a special stockholder vote scheduled for August 12, 2026. AvalonBay also settled outstanding equity forward contracts during the quarter, issuing 2.76 million shares for proceeds of $607.4 million, and completed the development of Avalon Parsippany, a 410-home community in New Jersey, at a total capital cost of $145 million.
AvalonBay Communities IncCore FFO beat and raised same-store NOI outlook, plus merger creates value
Equity ResidentialMerger of equals with AvalonBay creates a larger combined entity with $53B market cap