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AvalonBay Communities

AvalonBay Communities (AVB) Q2 2026 Earnings

Reported Jul 23, 2026 at 7:03 AM ET · SEC Source

Q2 26 EPS

$1.11

BEAT +2.16%

Est. $1.09

Q2 26 Revenue

$777.8M

BEAT +0.64%

Est. $772.9M

vs S&P Since Q2 26

-0.4%

TRAILING MARKET

AVB -0.3% vs S&P +0.1%

Market Reaction

Did AVB Beat Earnings? Q2 2026 Results

AvalonBay Communities delivered a clean beat in Q2 2026, posting GAAP EPS of $1.11 against the $1.09 consensus estimate, a 2.16% beat, while revenue of $777.77 million edged past expectations by 0.64% and grew 2.3% year over year. The more telling fi… Read more AvalonBay Communities delivered a clean beat in Q2 2026, posting GAAP EPS of $1.11 against the $1.09 consensus estimate, a 2.16% beat, while revenue of $777.77 million edged past expectations by 0.64% and grew 2.3% year over year. The more telling figure was Core FFO per share of $2.86, which cleared the company's own April outlook midpoint of $2.77 by $0.09, driven primarily by stronger-than-expected Same Store Residential performance; higher revenue and lower operating expenses each contributed to the upside, with Same Store NOI rising 1.0% to $488.55 million. Against that operational backdrop, AvalonBay raised its full-year Same Store NOI growth outlook to a range of 0.0% to 1.4%, citing healthier demand fundamentals and easing new supply pressures, though it simultaneously suspended its EPS, FFO, and Core FFO guidance in light of the pending all-stock merger of equals with Equity Residential, a combination that would create a combined enterprise valued at approximately $71.00 billion encompassing more than 180,000 apartments, with a shareholder vote scheduled for August 12, 2026.

Key Takeaways

  • • Same Store Residential revenue growth of 1.6% driven by higher rents
  • • Same Store Economic Occupancy of 96.1%
  • • Blended like-term effective rent change accelerated to 2.6% in Q2 from 0.4% in Q1
  • • July blended like-term effective rent change of 3.7%
  • • Lower Same Store turnover of 42.6% vs. 45.9% in prior year
  • • Northern California Same Store revenue growth of 5.3% led all regions
  • • Development NOI contributed $0.08 per share YoY improvement
  • • Healthier demand environment and easing new supply
  • • San Francisco submarket led with 2.2% Q/Q average monthly revenue per home growth and 97.7% occupancy
  • • Property taxes rose 3.4% YoY; utilities up 7.1%; office operations down 9.2%
  • • Core EBITDAre of $484,261K in Q2 2026; interest coverage at 6.7x

AVB Forward Guidance & Outlook

The company raised its full-year 2026 Same Store outlook: projected revenue change of 1.1% to 2.1% (up from 0.4% to 2.4%), projected operating expense change of 3.0% to 4.0% (narrowed from 2.7% to 4.9%), and projected NOI change of 0.0% to 1.4% (up from -0.7% to 1.3%). These projections represent standalone Company performance compared to full year 2025 and exclude the impact of the proposed merger. The company has suspended its full-year EPS, FFO, and Core FFO outlook due to the proposed merger with Equity Residential.

24/7 Wall St

AVB YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

AVB Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26
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AVB Revenue by Geography

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26

“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.”

— Benjamin W. Schall, Q2 2026 Earnings Press Release

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