AvalonBay发布二季度业绩并因拟议合并暂停全年EPS/FFO展望

AvalonBay Communities, Inc. Provides Q2 2026 Results, Increases Same Store Outlook, and Suspends EPS, FFO, and Core FFO Outlook Due to Proposed Merger
ARLINGTON, Va.--(BUSINESS WIRE)-- AvalonBay Communities, Inc. (NYSE: AVB) (the “Company”) reported Earnings per Share – diluted (“EPS”), Funds from Operations attributable to common stockholders - diluted (“FFO”) 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.
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Q2 2026 |
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Q2 2025 |
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% Change |
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EPS |
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$ |
1.11 |
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$ |
1.88 |
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(41.0 |
)% |
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FFO per share (1) |
$ |
2.73 |
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$ |
2.80 |
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(2.5 |
)% |
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Core FFO per share (1) |
$ |
2.86 |
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$ |
2.82 |
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1.4 |
% |
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YTD 2026 |
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YTD 2025 |
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% Change |
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EPS |
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$ |
3.43 |
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$ |
3.54 |
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(3.1 |
)% |
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FFO per share (1) |
$ |
5.46 |
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$ |
5.59 |
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(2.3 |
)% |
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Core FFO per share (1) |
$ |
5.69 |
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$ |
5.65 |
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0.7 |
% |
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(1) For additional detail on reconciling items between EPS, FFO and Core FFO, see Definitions and Reconciliations, table 4. |
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Commenting 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 — a high-quality portfolio in supply-constrained markets, a proven operating platform, and teams that execute with consistency and discipline.
"We are proud of AvalonBay’s 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’re extremely excited for our future and look forward to sharing more later this year."
The following table compares the Company’s 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:
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Q2 2026 Results Compared to Q2 2025 |
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Per Share |
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EPS |
FFO |
Core FFO |
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Q2 2025 per share reported results |
$ |
1.88 |
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$ |
2.80 |
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$ |
2.82 |
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Same Store Residential NOI (1) |
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0.03 |
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0.03 |
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0.03 |
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Development NOI |
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0.08 |
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0.08 |
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0.08 |
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Overhead and other |
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(0.02 |
) |
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(0.02 |
) |
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(0.02 |
) |
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Capital markets and transaction activity |
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(0.07 |
) |
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(0.06 |
) |
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(0.05 |
) |
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Core FFO adjustments (2) |
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(0.10 |
) |
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(0.10 |
) |
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— |
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Real estate gains, net, depreciation expense and other |
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(0.69 |
) |
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— |
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— |
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Q2 2026 per share reported results |
$ |
1.11 |
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$ |
2.73 |
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$ |
2.86 |
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(1) Consists of increases of $0.07 in revenue and $0.04 in operating expenses. |
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(2) For detail of Core FFO adjustments, see Definitions and Reconciliations, table 4. |
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The following table compares the Company’s 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:
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Q2 2026 Results Compared to April 2026 Outlook |
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Per Share |
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EPS |
FFO |
Core FFO |
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Projected per share (1) |
$ |
1.28 |
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$ |
2.73 |
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$ |
2.77 |
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Same Store Residential NOI (2) |
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0.09 |
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0.09 |
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0.09 |
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Development NOI |
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0.01 |
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0.01 |
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0.01 |
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Overhead and other |
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(0.01 |
) |
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(0.01 |
) |
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(0.01 |
) |
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Core FFO adjustments (3) |
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(0.09 |
) |
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(0.09 |
) |
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— |
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Real estate gains, net, depreciation expense and other |
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(0.17 |
) |
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— |
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— |
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Q2 2026 per share reported results |
$ |
1.11 |
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$ |
2.73 |
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$ |
2.86 |
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(1) The mid-point of the Company's April 2026 outlook. |
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(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. |
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(3) For detail of Core FFO adjustments, see Definitions and Reconciliations, table 4. |
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The following table compares the Company’s 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:
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YTD 2026 Results Compared to YTD 2025 |
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Per Share |
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EPS |
FFO |
Core FFO |
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YTD 2025 per share reported results |
$ |
3.54 |
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$ |
5.59 |
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$ |
5.65 |
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Same Store Residential NOI (1) |
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0.04 |
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0.04 |
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0.04 |
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Development NOI |
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0.15 |
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0.15 |
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0.15 |
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Commercial NOI |
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(0.01 |
) |
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(0.01 |
) |
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(0.01 |
) |
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Overhead and other |
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(0.03 |
) |
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(0.03 |
) |
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(0.03 |
) |
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Capital markets and transaction activity |
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(0.13 |
) |
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(0.13 |
) |
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(0.11 |
) |
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Core FFO adjustments (2) |
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(0.15 |
) |
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(0.15 |
) |
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— |
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Real estate gains, net, depreciation expense and other |
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0.02 |
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— |
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— |
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YTD 2026 per share reported results |
$ |
3.43 |
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$ |
5.46 |
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$ |
5.69 |
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(1) Consists of increases of $0.15 in revenue and $0.11 in operating expenses. |
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(2) For detail of non-core items, see Definitions and Reconciliations, table 4. |
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Same Store Operating Results for the Three Months Ended June 30, 2026 Compared to the Prior Year Period
Same 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.
Commenting 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."
Same Store Operating Results for the Six Months Ended June 30, 2026 Compared to the Prior Year Period
Same 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.
Development Activity
During 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.
During the three months ended June 30, 2026, the Company started the construction of three apartment communities:
- Avalon Townhome Collection Central Park, located in Denver, CO;
- Kanso Plymouth, located in Plymouth, MA; and
- Avalon Dulles Innovation, located in Herndon, VA.
These 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").
During the six months ended June 30, 2026, the Company:
- completed the development of two wholly-owned communities containing an aggregate of 755 apartment homes for a Total Capital Cost of $247,000,000; and
- started the construction of five apartment communities. These communities are expected to contain an aggregate of 1,247 apartment homes. Estimated Total Capital Cost for these com