Avalonbay Communities, Inc. · NYSE:AVB
Avalonbay Communities — Q2 2026 Earnings Presentation
25 slides from Avalonbay Communities's earnings presentation, Jul 22, 2026
Slide 1: Second Quarter 2026 Earnings Results & Merger Update
Second Quarter 2026 Earnings Results & Merger Update AvalonBay Communities (NYSE: AVB) | Equity Residential (NYSE: EQR) Joint Investor Presentation July 22, 2026
Slide 2: 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 on current expectations, estimates and projections about th
Slide 3: No Offer or Solicitation; Important 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 approval, nor shall there b
Slide 4: EQR and AVB to Combine in an All-Stock Merger of Equals
EQR and AVB to Combine in an All-Stock Merger of Equals Redefining Leadership in Rental Housing Source: Company filings, CoStar, Census ACS, AvalonBay Market Research. (1) Enterprise Value figures calculated as of Friday July 17, 2026. (2) Initial annualized dividend is expected to be $2.81 per shar
Slide 5: Transformative Combination Enables Structurally Higher Growth
Transformative Combination Enables Structurally Higher Growth Leading Rental Housing Platform with Differentiated Capabilities & Scale Source: Internal company reports. • Operating efficiencies drive higher returns on new investments • Differentiated investment capabilities & expanded market presenc
Slide 6: Key Milestones & Next Steps
Creates One of the Country’s Leading Real Estate Companies Key Milestones & Next Steps Merger Update EQR 2Q26 Results AVB 2Q26 Results Integration Priorities (1) Based on the midpoint of AVB and EQR's 2026 guidance on a full run-rate basis at time of announcement (May 21, 2026). (2) Gross Synergies
Slide 7: EQR Second Quarter 2026 Earnings Highlights
EQR Second Quarter 2026 Earnings Highlights Equity Residential (NYSE: EQR)
Slide 8: EQR 2Q26 Earnings Takeaways
[FAVORABLE SUPPLY BACKDROP FOR ESTABLISHED REGIONS PERSISTS, WHILE THE SUNBELT CONTINUES TO DIGEST STANDING INVENTORY] [SUBURBAN COASTAL PORTFOLIO POSITIONED TO OUTPERFORM] EQR 2Q26 Earnings Takeaways • 2Q26 Same Store Revenue growth driven by Physical Occupancy continuing above historical levels an
Slide 9: 2Q Normalized FFO per Share Benefitted from Better-than-Expected Same Store NOI
2Q Normalized FFO per Share Benefitted from Better-than- Expected Same Store NOI Performance 9 Normalized FFO per Share 2Q26 Results • Same Store Revenue growth was in line with expectations. • Same Store Expense growth was better than expected primarily due to lower than projected Repairs & Mainten
Slide 10: Market Performance and FY26 Outlook
0% 4% 8% TOTAL SAME STORE BOSTON NEW YORK WASHINGTON DC SEATTLE SAN FRANCISCO SOUTHERN CAL Established Markets expected to continue to outperform Expansion Markets 10 Market Performance FY26 Outlook San Francisco continues to outperform expectations with strong demand driving a 6.5% increase in aver
Slide 11: AVB Second Quarter 2026 Earnings Highlights
AVB Second Quarter 2026 Earnings Highlights AvalonBay Communities (NYSE: AVB)
Slide 12: AVB 2Q26 Earnings Takeaways
[SUBURBAN COASTAL PORTFOLIO POSITIONED TO OUTPERFORM] AVB 2Q26 Earnings Takeaways • 2Q26 Core FFO per share exceeded outlook driven by favorable Same Store Residential revenue and expense results • Asking rents are up 6.5% from the start of the year, consistent with historical norms (’15-’19 avg.) •
Slide 13: 2Q Core FFO per Share Outperformance 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 13 Core FFO per Share 2Q26 Results 2Q Same Store Residential revenue performance exceeded our outlook, driven by higher effective lease rates (~33%), Economic Occupancy (~33%)
Slide 14: Northern California Momentum Accelerating, with Metro NY Strength
(8%) (4%) - 4% 8% TOTAL SAME STORE NEW ENGLAND METRO NY/NJ MID-ATL PACIFIC NW NORTHERN CAL SOUTHERN CAL SE FLORIDA DENVER OTHER EXPANSION REGIONS Northern California Momentum Accelerating, with Metro NY Strength a Standout Among Steady Outlooks on the East Coast 14 Market Performance FY26 Outlook No
Slide 15: Appendix
== EquityResidential AvalonBay
Slide 16: Equity Residential Presentation Notes
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, which speak only as of their respective dates
Slide 17: Definitions of Markets and FFO Measures
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, Dallas/Ft. Worth and Austin. FFO and Normalized FFO: Funds From Operations (“FFO”) – Nareit defines
Slide 18: Definitions and Reconciliations of Non-GAAP Financial Measures: Equity Residential
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: Equity Residential FFO Reconciliation
Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms Equity Residential Actual June Actual June Actual Actual YTD 2026 YTD 2025 Q2 2026 Q2 2025 Per Share Per Share Per Share Per Share EPS – Diluted $ 0.54 $ 1.18 $ 0.30 $ 0.50 Depreciation expense 1.30 1.29 0.65 0.63 Net (ga
Slide 20: Definitions and Reconciliations of Non-GAAP Financial Measures: Equity Residential
Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms Equity Residential 20 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
Slide 21: AvalonBay Forward-Looking Statements
Slides 12 through 14 of this presentation dated July 22, 2026 contain forward-looking statements, which are indicated by the use of words such as “expects,” “projects,” “forecast,” “outlook,” “estimate” and other words that do not relate to historical matters. Forward-looking statements, by their ve
Slide 22: AvalonBay Definitions
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 communities that are either currently under construction or were under construction and were completed durin
Slide 23: Definitions and Reconciliations of Non-GAAP Financial Measures: AvalonBay
23 Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms AvalonBay Communities (1) Amounts for Q2 and YTD 2026 consist primarily of unrealized gains on property technology and sustainability fund investments, as well distributions from an unconsolidated real estate venture.
Slide 24: AvalonBay Definitions: Yield and Rent Change
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. Like-Term Effective Rent Change for an individual apartment home represents the percentage change in ef
Slide 25: Definitions and Reconciliations of Non-GAAP Financial Measures: AvalonBay
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
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