Slide 1: Second Quarter 2026 Earnings Results & Merger Update
Joint Investor Presentation Second Quarter 2026 July 22, 2026 Earnings Results & Merger Update AvalonBay Communities (NYSE: AVB) | Equity Residential (NYSE: EQR)
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
Cautionary Statement Regarding Forward-Looking Statements This communication contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended, which are based o
Slide 3: Additional Information
Additional Information No Offer or Solicitation This communication is for informational purposes only and is not intended to, and shall not, constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or appr
Slide 4: EQR and AVB to Combine in an All-Stock Merger of Equals
Merger Update EQR 2Q26 Results AVB 2Q26 Results EQR and AVB to Combine in an All-Stock Merger of Equals Redefining Leadership in Rental Housing + = Most Efficient Operator in a Very Fragmented Sector Enterprise Value(1) $36B $35B $71B Communities 322 312 634 Overlapping Regions Apartment Homes ~99,0
Slide 5: Transformative Combination Enables Structurally Higher Growth
Merger Update EQR 2Q26 Results AVB 2Q26 Results Transformative Combination Enables Structurally Higher Growth Leading Rental Housing Platform with Differentiated Capabilities & Scale Capability Led Strategy Higher Growth Compounds Over Time Superior • Larger & more diversified asset base Internal Gr
Slide 6: Creates One of the Country's Leading Real Estate Companies
Merger Update EQR 2Q26 Results AVB 2Q26 Results Creates One of the Country’s Leading Real Estate Companies Key Milestones & Next Steps Delivers earnings accretion to both AvalonBay and Equity Residential shareholders(1) May 21 Announced All-Stock Merger of Equals Expands margins and enhances the res
Slide 7: EQR Second Quarter 2026 Earnings Highlights
EQR Second Quarter 2026 Earnings Highlights Equity Residential (NYSE: EQR)
Slide 8: EQR 2Q26 Earnings Takeaways
Merger Update EQR 2Q26 Results AVB 2Q26 Results [FAVORABLE SUPPLY BACKDROP FOR ESTABLISHED REGIONS PERSISTS, EQR 2Q26 WHILE THEEarnings SUNBELTTakeaways CONTINUES TO DIGEST STANDING INVENTORY] [SUBURBAN COASTAL PORTFOLIO POSITIONED TO OUTPERFORM] • 2Q26 Same Store Revenue growth driven by Results 2Q
Slide 9: 2Q Normalized FFO per Share Benefitted from Better-than-Expected Same Store NOI Performance
2Q Normalized FFO per Share Benefitted from Better-than- Expected Same Store NOI Performance 2Q26 Normalized FFO per Share Outlook vs. Actual Based on Outlook Range Midpoint Normalized FFO per Share $1.05 2Q26 Results • Same Store Revenue growth was in line with expectations. $0.01 $1.02 • Same Stor
Slide 10: Established Markets expected to continue to outperform Expansion Markets
Established Markets expected to continue to outperform Expansion Markets Initial and Current 2026 Full Year Same Store Residential Revenue Growth Projections Market Performance By Market FY26 Outlook ESTABLISHED MARKETS(1) MIDPOINT ≈ 3.0% EXPANSION MARKETS(1) MIDPOINT ≈ (1.8%) ≈90% of Same Store Res
Slide 11: AVB Second Quarter 2026 Earnings Highlights
AVB Second Quarter 2026 Earnings Highlights AvalonBay Communities (NYSE: AVB)
Slide 12: AVB 2Q26 Earnings Takeaways
Merger Update EQR 2Q26 Results AVB 2Q26 Results AVB 2Q26 Earnings [FAVORABLE SUPPLYTakeaways BACKDROP FOR ESTABLISHED REGIONS PERSISTS, WHILE THE SUNBELT CONTINUES TO DIGEST STANDING INVENTORY] [SUBURBAN COASTAL PORTFOLIO POSITIONED TO OUTPERFORM] • 2Q26 Core FFO per share exceeded outlook driven by
Slide 13: 2Q Core FFO per Share Outperformance Primarily Driven by Favorable Revenue and Expense Results
2Q Core FFO per Share Outperformance Primarily Driven by Favorable Revenue and Expense Results from the Same Store Portfolio 2Q26 Core FFO per Share Outlook vs. Actual Based on Outlook Range Midpoint Core FFO per Share 2Q26 Results $2.90 2Q Same Store Residential revenue $0.01 $0.01 performance exce
Slide 14: Northern California Momentum Accelerating, with Metro NY Strength a Standout
Northern California Momentum Accelerating, with Metro NY Strength a Standout Among Steady Outlooks on the East Coast Market Performance Initial and Current 2026 Full Year Same Store Residential Revenue Growth Projections FY26 Outlook By Region 8% Northern California – led by San MIDPOINT ESTABLISHED
Slide 15: Equity Residential / AvalonBay Communities
== EquityResidential AvalonBay COMMUNITIES
Slide 16: Forward-Looking Statements
Forward-Looking Statements Equity Residential Slides 8 through 10 in this presentation are intended to accompany Equity Residential’s earnings release dated July 22, 2026 and should be read in conjunction with the earnings release. Equity Residential does not intend to update any of these documents,
Slide 17: Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms
Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms Equity Residential Established Markets includes Boston, New York, Washington, D.C., Seattle, San Francisco and Southern California (Los Angeles, Orange County and San Diego). Expansion Markets includes Denver, Atlanta, Da
Slide 18: Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms
Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms Equity Residential FFO, FFO available to Common Shares and Units, Normalized FFO and Normalized FFO available to Common Shares and Units do not represent net income, net income available to Common Shares or net cash flows
Slide 19: Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms
Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms Equity Residential Net Operating Income (“NOI”) – NOI is the Company’s primary financial measure for evaluating each of its apartment properties. NOI is defined as rental income less direct property operating expenses (in
Slide 20: Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms
Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms Equity Residential Same Store Residential Revenues – Revenues from our Residential Same Store Properties only presented on a GAAP basis which reflects the impact of Leasing Concessions on a straight-line basis. Same Store
Slide 21: Forward-Looking Statements
Forward-Looking Statements AvalonBay Communities Slides 12 through 14 in this presentation are intended to accompany AvalonBay’s earnings release dated July 22, 2026 and should be read in conjunction with the earnings release. AvalonBay does not intend to update any of these documents, which speak o
Slide 22: Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms
Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms AvalonBay Communities Commercial represents results attributable to the non-apartment components of the Company's mixed-use communities and other non-residential operations. Development is composed of consolidated communi
Slide 23: Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms
Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms AvalonBay Communities Q2 Q2 YTD YTD 2026 2025 2026 2025 Net income attributable to common stockholders $155,720 $268,665 $481,450 $505,262 Depreciation - real estate assets, including joint venture 230,319 230,264 460,921
Slide 24: Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms
Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms AvalonBay Communities Initial Stabilized Yield represents NOI as a percentage of Total Capital Cost for the first 12 months after Stabilized Operations and is weighted based on the Total Capital Cost of each community. Li
Slide 25: Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms
Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms AvalonBay Communities Residential represents results attributable to the Company's apartment rental operations, including parking and other ancillary Residential revenue. Same Store is composed of consolidated communities