AvalonBay (NYSE: AVB) Q2 results, guidance shift amid EQR merger

Q: How did AvalonBay (AVB) perform in Q2 2026 on EPS, FFO and Core FFO?

AvalonBay reported Q2 2026 diluted EPS of $1.11 , down from $1.88, FFO per share of $2.73 versus $2.80, and Core FFO per share of $2.86 , up from $2.82. Core FFO showed modest growth despite lower EPS.

Q: What were AvalonBay (AVB) Same Store operating trends in Q2 2026?

In Q2 2026, Same Store Residential revenue increased 1.6% to $709,586,000 and Same Store Residential NOI rose 1.0% to $488,552,000 . Operating expenses grew 2.9% to $221,034,000, producing modest net operating income growth.

Q: What development and disposition activity did AvalonBay (AVB) report for 2026 year-to-date?

Year-to-date through June 30, 2026, AvalonBay completed two wholly-owned communities with 755 homes for $247,000,000 and began five new communities with 1,247 homes for an estimated $471,000,000 . It also sold three communities for $340,750,000 , plus eaves Tysons Corner for $68,050,000 in July.

Q: What is AvalonBay’s (AVB) balance sheet position, including leverage and liquidity?

At June 30, 2026, AvalonBay held $80,682,000 in unrestricted cash, repaid $475,000,000 of 2.95% unsecured notes, and had $915,786,000 outstanding under its commercial paper program. Net Debt-to-Core EBITDAre was 4.6 times and Unencumbered NOI 95% .

Q: What are AvalonBay’s (AVB) updated Same Store 2026 projections and guidance changes?

For full-year 2026, AvalonBay now expects Same Store NOI change between 0% and 1.4% , up from a prior range of (0.7)% to 1.3%. Due to the proposed Equity Residential merger, it suspended EPS, FFO and Core FFO outlook and will not hold a Q2 earnings call.

Q: What are the key terms of the proposed AvalonBay (AVB) and Equity Residential merger?

AvalonBay and Equity Residential plan an all-stock merger of equals , forming a company with about $53 billion pro forma equity market capitalization , $71 billion total enterprise value and over 180,000 apartments . Special shareholder meetings are scheduled for August 12, 2026 .

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

AvalonBay Communities reported Q2 2026 diluted EPS of $1.11 versus $1.88 a year earlier, FFO per share of $2.73, and Core FFO per share of $2.86, slightly above Q2 2025. Same Store Residential revenue rose 1.6% and Same Store Residential NOI increased 1.0%, indicating modest growth in its core portfolio.

The company advanced its development pipeline, completing Avalon Parsippany (410 homes, Total Capital Cost $145,000,000) and starting three new communities, and in the first half sold three properties for $340,750,000, generating GAAP gains of $179,688,000 and Economic Gain of $35,836,000. It repaid $475,000,000 of unsecured notes, ended the quarter with Net Debt-to-Core EBITDAre of 4.6 times and Unencumbered NOI of 95%, and raised its 2026 Same Store NOI outlook. An all-stock merger of equals with Equity Residential is pending, with a combined pro forma equity market capitalization of approximately $53 billion and special shareholder meetings set for August 12, 2026; in connection with the merger, AvalonBay suspended its EPS, FFO and Core FFO outlook and will not host a Q2 earnings call.

Positive

All-stock merger of equals with Equity Residential is pending, creating a combined company with pro forma equity market capitalization of approximately $53 billion, total enterprise value of approximately $71 billion and more than 180,000 rental apartments.

Negative

Diluted EPS fell 41.0% year over year in Q2 2026 to $1.11 from $1.88, and the company has suspended its full-year EPS, FFO and Core FFO outlook due to the proposed merger, reducing visibility into standalone earnings.

Filing Explained

AvalonBay issued $201,958,000 of common-stock proceeds in July, increasing share count while its merger remained pending an August 12 vote.

This Form 8-K reports AvalonBay’s second-quarter results and confirms that its proposed all-stock merger with Equity Residential had not closed; the company therefore remained in a pre-combination state pending stockholder approval.

The merger registration statement was declared effective and definitive proxy materials were mailed on July 13, 2026, but the proposed transaction still required the special meetings scheduled for August 12, 2026. Registration and solicitation had advanced the process, not completed the combination.

Separately, AvalonBay issued $2,760,000 shares in the quarter and another $920,000 shares in July under settled equity forwards, receiving $607,433,000 and $201,958,000, respectively. These are completed issuances rather than merely registered capacity; issuing additional shares increases the total share count and reduces an existing holder’s percentage ownership absent offsetting changes.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Diluted EPS Q2 2026: $1.11 per share FFO per share Q2 2026: $2.73 per share Core FFO per share Q2 2026: $2.86 per share +5 more

8 metrics

Diluted EPS Q2 2026 $1.11 per share Three months ended June 30, 2026 versus $1.88 in Q2 2025, a 41.0% decrease

FFO per share Q2 2026 $2.73 per share Three months ended June 30, 2026 versus $2.80 in Q2 2025, a 2.5% decrease

Core FFO per share Q2 2026 $2.86 per share Three months ended June 30, 2026 versus $2.82 in Q2 2025, a 1.4% increase

Same Store Residential revenue Q2 2026 $709,586,000 Three months ended June 30, 2026, up 1.6% from prior-year period

Same Store Residential NOI Q2 2026 $488,552,000 Three months ended June 30, 2026, up 1.0% from prior-year period

Unsecured notes repaid $475,000,000 principal 2.95% coupon unsecured notes repaid at par during Q2 2026

Net Debt-to-Core EBITDAre 4.6 times Annualized metric for the second quarter of 2026

Unencumbered NOI 95% NOI from unencumbered assets as a percentage of total NOI for YTD 2026

Key Terms

Funds from Operations, Core FFO, Same Store Residential NOI, Net Debt-to-Core EBITDAre, +2 more

6 terms

Funds from Operations financial

"reported Earnings per Share – diluted (“EPS”), Funds from Operations attributable to common stockholders"

Funds from operations (FFO) measures the cash a real estate-focused company generates from its core property operations by adjusting net income to add back non-cash expenses like building depreciation and removing one-time gains or losses from property sales. Investors use FFO like a household’s monthly take-home pay—it's a clearer view of ongoing cash available to pay dividends, maintain properties and fund growth than raw accounting profit.

Core FFO financial

"Core FFO per share (as defined in this release) for the three and six months"

Core FFO (Core Funds From Operations) is a real estate industry measure of a property owner's recurring cash earnings calculated by starting with net income and removing non-cash accounting items and one-time gains or losses so the number reflects ongoing operating performance. Investors use it like a trimmed-down paycheck: it helps compare cash-generating ability across periods and companies by focusing on the stable, repeatable income rather than temporary or accounting-driven swings.

Same Store Residential NOI financial

"Same Store Residential NOI increased $4,824,000, or 1.0%, to $488,552,000"

Net operating income (NOI) from residential properties that were owned and producing rent in both the current and prior reporting periods, excluding income or expenses from recent purchases, sales or new developments. It shows the underlying rental revenue and operating-cost trends for the same set of homes, helping investors judge organic growth and management performance—like comparing how the same group of stores did this year versus last, without new locations skewing the result.

Net Debt-to-Core EBITDAre financial

"The Company’s annualized Net Debt-to-Core EBITDAre for the second quarter of 2026 was 4.6 times"

Net debt-to-core EBITDAre is a leverage ratio that compares a company’s net debt (total debt minus cash) with its core recurring earnings before interest, taxes, depreciation and amortization. It tells investors how many years of the company’s steady operating cash flow would be needed to pay off its debt, like measuring how many months of take-home pay it would take to clear a mortgage—higher numbers mean more financial risk.

Unencumbered NOI financial

"Unencumbered NOI for the six months ended June 30, 2026 was 95%"

Unencumbered NOI is the net operating income generated by properties or assets that are not pledged as collateral, subject to mortgages, or restricted by liens or similar agreements. It matters to investors because it represents cash flow that the owner can freely use for dividends, reinvestment, or borrowing power; think of it like rent from houses you own outright versus rent from houses still mortgaged, which gives a clearer view of financial flexibility and risk.

Economic Gain financial

"resulting in a gain in accordance with GAAP of $179,688,000 and an Economic Gain of $35,836,000"

An economic gain is an increase in value, income, or wealth that results from a business activity, investment, transaction or policy change. For investors it matters because it often translates into higher revenue, bigger profits, improved cash flow or greater shareholder returns—similar to a garden producing a bigger harvest after better care, signaling that capital is being put to more productive use. Tracking economic gains helps assess whether an investment is growing in real, measurable terms.

Earnings Snapshot

Diluted EPS: $1.11 · Guidance included

Q2 2026 (three months ended June 30, 2026)

Diluted EPS $1.11 -41.0%

FFO per share - diluted $2.73 -2.5%

Core FFO per share - diluted $2.86 1.4%

Guidance

For 2026, Same Store NOI growth outlook was raised from (0.7)%–1.3% to 0%–1.4%. The company suspended EPS, FFO and Core FFO outlook due to the proposed all-stock merger with Equity Residential.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Understanding 8-K Material Events →

Available on EDGAR 07/23/2026 - 07:04 AM Accepted by SEC EDGAR 07/23/2026 - 07:03 AM

FAQ

How did AvalonBay (AVB) perform in Q2 2026 on EPS, FFO and Core FFO?

AvalonBay reported Q2 2026 diluted EPS of $1.11, down from $1.88, FFO per share of $2.73 versus $2.80, and Core FFO per share of $2.86, up from $2.82. Core FFO showed modest growth despite lower EPS.

What were AvalonBay (AVB) Same Store operating trends in Q2 2026?

In Q2 2026, Same Store Residential revenue increased 1.6% to $709,586,000 and Same Store Residential NOI rose 1.0% to $488,552,000. Operating expenses grew 2.9% to $221,034,000, producing modest net operating income growth.

What development and disposition activity did AvalonBay (AVB) report for 2026 year-to-date?

Year-to-date through June 30, 2026, AvalonBay completed two wholly-owned communities with 755 homes for $247,000,000 and began five new communities with 1,247 homes for an estimated $471,000,000. It also sold three communities for $340,750,000, plus eaves Tysons Corner for $68,050,000 in July.

What is AvalonBay’s (AVB) balance sheet position, including leverage and liquidity?

At June 30, 2026, AvalonBay held $80,682,000 in unrestricted cash, repaid $475,000,000 of 2.95% unsecured notes, and had $915,786,000 outstanding under its commercial paper program. Net Debt-to-Core EBITDAre was 4.6 times and Unencumbered NOI 95%.

What are AvalonBay’s (AVB) updated Same Store 2026 projections and guidance changes?

For full-year 2026, AvalonBay now expects Same Store NOI change between 0% and 1.4%, up from a prior range of (0.7)% to 1.3%. Due to the proposed Equity Residential merger, it suspended EPS, FFO and Core FFO outlook and will not hold a Q2 earnings call.

What are the key terms of the proposed AvalonBay (AVB) and Equity Residential merger?

AvalonBay and Equity Residential plan an all-stock merger of equals, forming a company with about $53 billion pro forma equity market capitalization, $71 billion total enterprise value and over 180,000 apartments. Special shareholder meetings are scheduled for August 12, 2026.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 22, 2026

AVALONBAY COMMUNITIES, INC.

(Exact name of registrant as specified in its charter)

Maryland

1-12672

77-0404318

(State or other jurisdiction of

(Commission

(I.R.S. Employer

incorporation or organization)

File Number)

Identification No.)

4040 Wilson Blvd., Suite 1000

Arlington, Virginia 22203

(Address of principal executive offices)(Zip code)

(703) 329-6300

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

AVB

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02. Results of Operations and Financial Condition.

On July 22, 2026, AvalonBay Communities, Inc. issued a press release announcing its second quarter 2026 operating results. That release referred to certain attachments with supplemental information that were available on the Company's website. The full text of the press release, including the supplemental information and attachments referred to within the release, are furnished as Exhibit 99.1 and Exhibit 99.2 hereto.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.


99.1			Press Release of AvalonBay Communities, Inc. dated July 22, 2026, including attachments

99.2			Supplemental discussion of second quarter 2026 operating results dated July 22, 2026, including attachments

104			Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	AVALONBAY COMMUNITIES, INC.


Dated: July 23, 2026	By:	/s/ Kevin P. O’Shea
		Kevin P. O’Shea
		Chief Financial Officer

Exhibit 99.2Exhibit 99.1

For Immediate News Release

July 22, 2026

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) 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.



	Q2 2026		Q2 2025		% Change
EPS	$	1.11	$	1.88	(41.0)	%
FFO per share (1)	$	2.73	$	2.80	(2.5)	%
Core FFO per share (1)	$	2.86	$	2.82	1.4	%

	YTD 2026		YTD 2025		% Change
EPS	$	3.43	$	3.54	(3.1)	%
FFO per share (1)	$	5.46	$	5.59	(2.3)	%
Core FFO per share (1)	$	5.69	$	5.65	0.7	%

(1) For additional detail on reconciling items between EPS, FFO and Core FFO, see Definitions and Reconciliations, table 4.

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:



Q2 2026 Results Compared to Q2 2025
	Per Share
	EPS		FFO		Core FFO
Q2 2025 per share reported results	$	1.88	$	2.80	$	2.82
Same Store Residential NOI (1)	0.03		0.03		0.03
Development NOI	0.08		0.08		0.08

Overhead and other	(0.02)		(0.02)		(0.02)
Capital markets and transaction activity	(0.07)		(0.06)		(0.05)


Core FFO adjustments (2)	(0.10)		(0.10)		—
Real estate gains, net, depreciation expense and other	(0.69)		—		—
Q2 2026 per share reported results	$	1.11	$	2.73	$	2.86

(1) Consists of increases of $0.07 in revenue and $0.04 in operating expenses.
(2) For detail of Core FFO adjustments, see Definitions and Reconciliations, table 4.

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:



Q2 2026 Results Compared to April 2026 Outlook
	Per Share
	EPS		FFO		Core FFO
Projected per share (1)	$	1.28	$	2.73	$	2.77
Same Store Residential NOI (2)	0.09		0.09		0.09
Development NOI	0.01		0.01		0.01

Overhead and other	(0.01)		(0.01)		(0.01)


Core FFO adjustments (3)	(0.09)		(0.09)		—
Real estate gains, net, depreciation expense and other	(0.17)		—		—
Q2 2026 per share reported results	$	1.11	$	2.73	$	2.86
(1) The mid-point of the Company's April 2026 outlook.
(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.
(3) For detail of Core FFO adjustments, see Definitions and Reconciliations, table 4.

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:



YTD 2026 Results Compared to YTD 2025
	Per Share
	EPS		FFO		Core FFO
YTD 2025 per share reported results	$	3.54	$	5.59	$	5.65
Same Store Residential NOI (1)	0.04		0.04		0.04
Development NOI	0.15		0.15		0.15
Commercial NOI	(0.01)		(0.01)		(0.01)
Overhead and other	(0.03)		(0.03)		(0.03)
Capital markets and transaction activity	(0.13)		(0.13)		(0.11)

Core FFO adjustments (2)	(0.15)		(0.15)		—
Real estate gains, net, depreciation expense and other	0.02		—		—
YTD 2026 per share reported results	$	3.43	$	5.46	$	5.69

(1) Consists of increases of $0.15 in revenue and $0.11 in operating expenses.
(2) For detail of non-core items, see Definitions and Reconciliations, table 4.

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 communities is $471,000,000.

At June 30, 2026, the Company had 27 wholly-owned Development communities under construction that are expected to contain 9,064 apartment homes and 74,000 square feet of commercial space. Estimated Total Capital Cost for these communities is $3,526,000,000.

Disposition Activity

During the six months ended June 30, 2026, the Company sold three wholly-owned communities containing an aggregate of 884 apartment homes. These communities were sold for $340,750,000, resulting in a gain in accordance with generally accepted accounting principles in the United States ("GAAP") of $179,688,000 and an Economic Gain of $35,836,000.

In July 2026, the Company sold eaves Tysons Corner, a wholly-owned community with 217 apartment homes, located in Vienna, VA for $68,050,000.

Structured Investment Program ("SIP") Activity

As previously disclosed, during the three months ended June 30, 2026, the Company entered into one new mezzanine loan commitment, agreeing to provide an investment of up to $15,000,000.

During the six months ended June 30, 2026, the Company received full repayment of $17,580,000 for one mezzanine loan, which includes principal and contractual accrued interest in accordance with the terms of the agreement.

Both the repayment and new commitment were for multifamily development projects in Metro NY/NJ.

Liquidity and Capital Markets

At June 30, 2026, the Company had $80,682,000 in unrestricted cash and cash equivalents.

Debt Activity

During the three months ended June 30, 2026, the Company repaid $475,000,000 principal amount of its 2.95% coupon unsecured notes at par upon maturity.

As of June 30, 2026, the Company did not have any borrowings outstanding under its Credit Facility and had outstanding borrowings of $915,786,000 under its unsecured commercial paper program.

The Company’s annualized Net Debt-to-Core EBITDAre (as defined in this release) for the second quarter of 2026 was 4.6 times and Unencumbered NOI (as defined in this release) for the six months ended June 30, 2026 was 95%.

Equity Activity

During the three months ended June 30, 2026, the Company settled outstanding equity forward contracts entered into during 2024, issuing 2,760,000 shares of common stock at $220.08 per share for proceeds of $607,433,000.

In July 2026, the Company settled the remaining outstanding equity forward contracts, issuing 920,000 shares of common stock at $219.52 per share for proceeds of $201,958,000.

There were no repurchases of common stock during the three months ended June 30, 2026. During the six months ended June 30, 2026, the Company repurchased 1,130,336 shares of common stock at an average price of $175.59 per share, including fees, for a total of $198,480,000. There have been no repurchases subsequent to June 30, 2026.

Proposed Merger with Equity Residential

On May 21, 2026, Equity Residential (NYSE: EQR) and the Company announced a definitive agreement to combine in an all-stock merger of equals, creating one of the country's leading real estate companies with the differentiated scale, capabilities, and balance sheet strength to expand margins, accelerate growth, and redefine leadership in rental housing. The combined company will have a pro forma equity market capitalization of approximately $53 billion and a total enterprise value of approximately $71 billion, with more than 180,000 rental apartments (data as of July 17, 2026).

On June 8, 2026, the combined company announced the executive leadership team, led by Benjamin W. Schall, who will serve as the President and CEO of the combined company.

Under the terms of the merger agreement, the combined company's board will consist of 14 trustees, including seven members of the current Equity Residential board and seven members of the current AvalonBay board. The following members of the Equity Residential board will serve on the combined company board as of the closing of the merger: David J. Neithercut, Angela M. Aman, Chris Carr, Mary Kay Haben, Ann C. Hoff, Nina P. Jones and Stephen E. Sterrett. The following members of the AvalonBay board will serve on the combined company board as of the closing of the merger: Timothy J. Naughton, Benjamin W. Schall, Terry S. Brown, Conor C. Flynn, Christopher B. Howard, Charles E. Mueller Jr., and Susan Swanezy. Pursuant to the merger agreement, Mr. Sterrett will be appointed to serve as the Chairman of the combined company board.

On August 12, 2026, the Company will hold its special meeting of stockholders and Equity Residential will hold its special meeting of shareholders related to the proposed merger. For further information, please refer to the definitive joint proxy statement/prospectus filed by each of the Company and Equity Residential with the Securities and Exchange Commission (the "SEC") on July 13, 2026.

Same Store Full Year 2026 Financial Outlook

For its Same Store portfolio full year 2026 financial outlook, the Company expects the following:



Full Year Same Store Projected Revenue, Projected Operating Expenses and Projected NOI Outlook (1)
	Original						Updated
	Low				High		Low				High
Projected revenue change	0.4	%	—	%	2.4	%	1.1	%	—	%	2.1	%
Projected Opex change	2.7	%	—	%	4.9	%	3.0	%	—	%	4.0	%
Projected NOI change	(0.7)	%	—	%	1.3	%	—	%	—	%	1.4	%

(1) Represents projections of the standalone Company compared to full year 2025 and excludes the impact of the proposed merger.

Other Matters

In light of the Company’s proposed merger of equals with Equity Residential, the Company will not hold a conference call to discuss its second quarter 2026 financial results.

The Company produces Earnings Release Attachments (the "Attachments") that provide more detailed information regarding financial information and operating, development, redevelopment, disposition and acquisition activity. These Attachments are considered a part of this earnings release and are available in full with this earnings release via the Company's website at https://investors.avalonbay.com. To receive future press releases via e-mail, please submit a request through https://investors.avalonbay.com/news-events/email-alerts.

In addition to the Attachments, the Company is providing an investor presentation in connection with this release that will be available on the Company's website at https://investors.avalonbay.com after the market close on July 22, 2026.

About AvalonBay Communities, Inc.

AvalonBay Communities, Inc., a member of the S&P 500, is an equity REIT that develops, redevelops, acquires and manages apartment communities in leading metropolitan areas in Boston, Massachusetts, the New York/New Jersey Metro area, the Mid-Atlantic, Seattle, Washington, and Northern and Southern California, as well as in the Company's expansion regions of Raleigh-Durham and Charlotte, North Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver, Colorado. As of June 30, 2026, the Company owned or held a direct or indirect ownership interest in 322 apartment communities containing 99,072 apartment homes in 11 states and the District of Columbia, of which 27 communities were under development and one

community was under redevelopment. More information may be found on the Company’s website at https://www.avalonbay.com. For additional information, please contact Matthew Grover, Senior Director of Investor Relations, at 703-317-4524.

Forward-Looking Statements

This release, including its Attachments, 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. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company's forward-looking statements generally use the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “project,” “plan,” “may,” “shall,” “will,” “pursue,” “outlook” and other similar expressions that indicate future events and trends and do not report historical matters. These statements, among other things, address or reflect the Company’s intent, belief, forecasts, assumptions or expectations with respect to: development, redevelopment, acquisition or disposition of communities; the timing and cost of completion of communities under development or redevelopment; the timing of lease-up, occupancy and stabilization of communities; pursuit of land for future development; the anticipated operating performance of communities; cost, yield, revenue, NOI and earnings estimates; the impact of landlord-tenant laws and rent regulations, including rent caps; the Company’s expansion into new regions; declaration or payment of dividends; joint venture activities; the Company’s policies regarding investments, indebtedness, acquisitions, dispositions, financings and other matters; the Company’s qualification as a REIT under the Internal Revenue Code of 1986, as amended; the real estate markets in regions where the Company operates and in general; the availability of debt and equity financing; interest rates, inflation, tariffs and other economic conditions and their potential impacts; trends affecting the Company’s financial condition or results of operations; legal and regulatory changes; the impact of legal proceedings; the proposed transaction between the Company and Equity Residential; the expected timing and completion of the proposed transaction; and the anticipated benefits of the proposed transaction.

The Company cannot assure the future results or outcome of the matters described in these statements; rather these statements reflect the Company’s current expectations of the outcomes of the matters discussed. The Company does not undertake a duty to update these forward-looking statements, and therefore they may not represent the

Company’s estimates and assumptions after the date of this release. You should not rely on forward-looking statements because they involve risks and uncertainties and other factors, some of which are beyond the Company’s control. These risks, uncertainties and other factors may cause the Company’s actual results, performance or achievements to differ materially from the anticipated future results, performance or achievements expressed or implied by these forward-looking statements. You should carefully review the discussion under Part I, Item 1A. “Risk Factors” of the Company’s Form 10-K for the year ended December 31, 2025 and Part II, Item 1A. “Risk Factors” in subsequent quarterly reports on Form 10-Q, as well as the risks described in the Definitive Joint Proxy Statement/Prospectus (as defined below) that has been filed with the SEC in connection with the proposed transaction and is available from the sources indicated below, for further discussion of risks associated with forward-looking statements.

Some of the factors that could cause the Company’s actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements include, but are not limited to, the following: the Company may fail to secure development opportunities due to an inability to reach agreements with third parties to obtain land at attractive prices or to obtain desired zoning and other local approvals; the Company may abandon or defer development opportunities for a number of reasons, including changes in local market conditions which make development less desirable, increases in costs of development, increases in the cost of capital or lack of capital availability, resulting in losses; construction costs of a community may exceed original estimates; the Company may be unable to complete planned dispositions, or may complete such transactions on different timing or terms than expected; the Company may not complete construction and lease-up of communities under development or redevelopment on schedule, resulting in increased interest costs and construction costs and a decrease in expected rental revenues; occupancy rates and market rents may be adversely affected by competition and local economic and market conditions which are beyond the Company’s control; the Company’s cash flows from operations and access to cost-effective capital may be insufficient for the development of the Company’s pipeline, which could limit the Company’s pursuit of opportunities; an outbreak of disease or other public health event may affect the multifamily industry and general economy; the Company’s cash flows may be insufficient to meet required payments of principal and interest, and the Company may be unable to refinance existing indebtedness or the terms of such refinancing may not be as favorable as the terms of existing

indebtedness; the Company may be unsuccessful in its management of joint ventures and the REIT vehicles that are used with certain joint ventures; the Company may experience a casualty loss, natural disaster or severe weather event, including those caused by climate change; new or existing laws and regulations implementing rent control or rent stabilization, or otherwise limiting the Company’s ability to increase rents, charge non-rent fees or evict tenants, may impact its revenue or increase costs; the Company’s expectations, estimates and assumptions as of the date of this filing regarding legal proceedings may change; the Company’s assumptions and expectations in its financial outlook may prove to be too optimistic; the Company may choose to pay dividends in its stock instead of cash, which may result in stockholders having to pay taxes with respect to such dividends in excess of the cash received, if any; investments made under the SIP may not be repaid as expected or the development may not be completed on schedule, which could require the Company to engage in litigation, foreclosure actions, and/or first party project completion to recover its investment, which may not be recovered in full or at all in such event; the Company may be unable to complete the proposed transaction with Equity Residential on the proposed terms or on the anticipated timeline, or at all, including as a result of the failure to obtain the required respective stockholder or shareholder, as applicable, approval; the Company may not realize the anticipated benefits of the proposed transaction due to delay in completing the proposed transaction; the Company may face significant transaction costs and/or unknown or inestimable liabilities relating to the proposed transaction; the Company may face disruptions resulting from the proposed transaction, including the diversion of management’s attention from ongoing business operations, which may harm the Company’s business during the pendency of the proposed transaction or otherwise; the Company may face certain restrictions during the pendency of the business combination that may impact its ability to pursue certain business opportunities or strategic transactions; the possibility that the business combination may be more expensive to complete than anticipated, including as a result of unexpected factors or events; the occurrence of certain events that may result in the termination of the merger agreement; and the Company’s financial performance may be affected by potential business uncertainty during the pendency of the business combination.

No Offer or Solicitation

This press release 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 be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.

Important Additional Information and Where to Find It

In connection with the proposed transaction between the Company and Equity Residential, Equity Residential has filed with the SEC a registration statement on Form S-4 (File No. 333-297128) (the “Registration Statement”) which includes the joint proxy statement of the Company and Equity Residential that also constitutes a prospectus of Equity Residential. The Registration Statement was declared effective on July 13, 2026, and each of the Company and Equity Residential commenced mailing of the definitive joint proxy statement of the Company and Equity Residential that also constitutes a prospectus of Equity Residential (the “Definitive Joint Proxy Statement/Prospectus”) to their respective stockholders or shareholders, as applicable, on or about July 13, 2026. Each of the Company and Equity Residential may also file other relevant documents with the SEC regarding the proposed transaction. This press release is not a substitute for the Registration Statement, Definitive Joint Proxy Statement/Prospectus or any other document that the Company or Equity Residential (as applicable) have filed or may file with the SEC in connection with the proposed transaction. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS OF AVALONBAY AND EQUITY RESIDENTIAL ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE REGISTRATION STATEMENT, THE DEFINITIVE JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS WHEN THEY BECOME AVAILABLE WITH THE SEC BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders may obtain free copies of the Registration Statement, the Definitive Joint Proxy Statement/Prospectus and other documents filed with the SEC by the Company and Equity Residential, which contain important information, through the website maintained by the SEC at www.sec.gov. The documents filed by the Company with the SEC may be obtained free of charge by accessing the “Investor” section of the Company’s website at

www.avalonbay.com or by writing to AvalonBay, 4040 Wilson Blvd., Suite 1000, Arlington, Virginia 22203, Attention: Corporate Secretary (Legal Department) or by email at investor_relations@avalonbay.com. The documents filed by Equity Residential with the SEC may be obtained free of charge by accessing “Filings – SEC Filings” in the “Investor” section of Equity Residential’s website at www.equityapartments.com, by writing to Equity Residential – Investor Relations, Two North Riverside Plaza, Suite 500, Chicago, Illinois 60606, by telephone at 1-888-879-6356 or by email at investorrelations@eqr.com.

Participants in the Solicitation

The Company, Equity Residential, and certain of their respective trustees, directors and executive officers may be deemed to be participants in the solicitation of proxies from the Company’s and Equity Residential’s stockholders or shareholders, as applicable, in respect of the proposed transaction. Information about the directors and executive officers of the Company, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in the Company’s proxy statement for its 2026 Annual Meeting of Stockholders under the headings “Director Nominees,” “Transactions with Related Persons, Promoters and Certain Control Persons,” “Director Compensation,” “Director Compensation Table,” “Compensation Discussion and Analysis,” “Executive Compensation Tables” and “Officers, Stock Ownership and Other Information,” which was filed with the SEC on April 6, 2026, and in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which was filed with the SEC on February 27, 2026. Information about the trustees and executive officers of Equity Residential, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in Equity Residential’s proxy statement for its 2026 Annual Meeting of Shareholders under the headings “Biographical Information and Qualifications of Trustees,” “Biographical Information of Executives,” “Common Share Ownership of Trustees and Executives,” “Compensation Discussion and Analysis,” “Executive Compensation” and “Trustee Compensation,” which was filed with the SEC on April 14, 2026, and in Equity Residential’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which was filed with the SEC on February 13, 2026. To the extent holdings of the Company’s securities by its directors and executive officers have changed since the amounts set forth in the Company’s definitive proxy statement for its 2026 Annual meeting of Stockholders or the holdings of Equity Residential’s securities by its trustees or executive officers have changed since the amounts set forth in Equity Residential’s definitive proxy statement for its 2026 Annual

Meeting of Shareholders, such changes have been or will be reflected on an Initial Statement of Beneficial Ownership of Securities on Form 3, Statement of Changes in Beneficial Ownership on Form 4, or Annual Statement of Changes in Beneficial Ownership on Form 5, in each case filed with the SEC and available on the SEC’s website at www.sec.gov. Other information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, are contained in the Registration Statement, the Definitive Joint Proxy Statement/Prospectus and other relevant materials to be filed with the SEC regarding the proposed transaction when such materials become available. Investors and security holders should read the Registration Statement and the Definitive Joint Proxy Statement/Prospectus carefully before making any voting or investment decisions. Investors may obtain free copies of these documents from the Company or Equity Residential using the sources indicated above.

Definitions and Reconciliations

Non-GAAP financial measures and other capitalized terms, as used in this earnings release, are defined, reconciled and further explained on Attachment 11, Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms. Attachment 11 is included in the full earnings release available at the Company’s website at https://investors.avalonbay.com. This wire distribution includes only the following definitions and reconciliations.

Average Monthly Revenue per Occupied Home is calculated by the Company as Residential revenue in accordance with GAAP, divided by the weighted average number of occupied apartment homes.

Capitalized Community Expenditures includes Asset Preservation Capex and NOI Enhancing Capex.

•Asset Preservation Capex represents capital expenditures that the Company does not expect will directly result in increased revenue or expense savings.

•NOI Enhancing Capex represents capital expenditures that the Company expects will directly result in increased revenue or expense savings, and excludes any capital expenditures for redevelopment activities.

Both Asset Preservation Capex and NOI Enhancing Capex exclude costs associated with our Development communities under construction, including post-construction close out costs, as well as capital expenditures associated with newly acquired communities that were contemplated as part of the initial investment in the community. The Company’s Residential Capitalized Community Expenditures for Same Store and Non-Same Store operating portfolios during the six months ended June 30, 2026 are as follows (dollars in thousands):


TABLE 1
	Apartment Homes	Asset Preservation				NOI Enhancing
		YTD 2026		Per Home		YTD 2026		Per Home
Same Store	79,473	$	98,066	$	1,234	$	62,268	$	784
Non-Same Store	6,266	8,384		1,338		1,446		231
Total	85,739	$	106,450	$	1,242	$	63,714	$	743

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 during the current year. These communities may be partially or fully complete and operating.

DownREIT Units means units representing limited partnership interests in the "downREIT" partnership that acquired the Dallas-Fort Worth portfolio of six communities in April 2025. Each DownREIT Unit is entitled to receive quarterly distributions at the same rate as quarterly dividends on a share of the Company’s common stock (pro rated for the time outstanding during the first quarter of issuance). Following the one-year anniversary of the closing date, each holder of a DownREIT Unit will have the right to initiate a transaction in which each DownREIT Unit may be redeemed for a cash amount related to the then-current trading price of one share of the Company’s common stock or, at the Company’s election, one share of the Company’s common stock.

EBITDA, EBITDAre and Core EBITDAre are considered by management to be supplemental measures of our financial performance. EBITDA is defined by the Company as net income or loss computed in accordance with GAAP before interest expense, income taxes, depreciation and amortization. EBITDAre is calculated by the Company in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“Nareit”), as EBITDA plus or minus losses and gains on the disposition of depreciated property, plus casualty loss and impairment write-downs of depreciated property, with adjustments to reflect the Company's share of EBITDAre of unconsolidated entities. Core EBITDAre is the Company’s EBITDAre as adjusted for non-core items outlined in the table below. By further adjusting for items that are not considered part of the Company’s core business operations, Core EBITDAre can help one compare the core operating and financial performance of the Company between periods. A reconciliation of EBITDA, EBITDAre and Core EBITDAre to net income is as follows (dollars in thousands):


TABLE 2
	Q2
	2026
Net income	$	156,893
Interest expense and loss on extinguishment of debt	72,208
Income tax expense	70
Depreciation expense	232,975
EBITDA	$	462,146


Loss on sale of communities	338
Unconsolidated entity EBITDAre adjustments (1)	3,361
EBITDAre	$	465,845

Unconsolidated entity activity	(7,464)
Structured Investment Program loan reserve	102
Advocacy contributions	525

Severance related costs	74
Expensed transaction, development and other pursuit costs, net of recoveries	19,085
Other real estate activity	(223)
Legal settlements and costs	6,317
Core EBITDAre	$	484,261

(1) Includes joint venture interest, taxes, depreciation, gain on dispositions of depreciated real estate and impairment losses, if applicable, included in net income.

Economic Gain is calculated by the Company as the gain on sale in accordance with GAAP, less accumulated depreciation through the date of sale and any other adjustments that may be required under GAAP accounting. Management generally considers Economic Gain to be an appropriate supplemental measure to gain on sale in accordance with GAAP because it helps investors to understand the relationship between the cash proceeds from a sale and the cash invested in the sold community. The Economic Gain for disposed communities is based on their respective final settlement statements. A reconciliation of the aggregate Economic Gain to the aggregate gain on sale in accordance with GAAP for the wholly-owned communities disposed of during the six months ended June 30, 2026 is as follows (dollars in thousands):


TABLE 3
	YTD 2026
Net Gain on sale in accordance with GAAP	$	179,688

Accumulated Depreciation and Other	(143,852)

Economic Gain	$	35,836

Economic Occupancy is defined as total possible Residential revenue less vacancy loss as a percentage of total possible Residential revenue. Total possible Residential revenue (also known as “gross potential”) is determined by valuing occupied units at contract rates and vacant units at Market Rents. Vacancy loss is determined by valuing vacant units at current Market Rents. By measuring vacant apartments at their Market Rents, Economic Occupancy takes into account the fact that apartment homes of different sizes and locations within a community have different economic impacts on a community’s gross revenue.

FFO and Core FFO are generally considered by management to be appropriate supplemental measures of our operating and financial performance. FFO is calculated by the Company in accordance with the definition adopted by Nareit. FFO is calculated by the Company as Net income or loss attributable to common stockholders computed in accordance with GAAP, adjusted for gains or losses on sales of previously depreciated operating communities, cumulative effect of a change in accounting principle, impairment write-downs of depreciable real estate assets, write-downs of investments in affiliates due to a decrease in the value of depreciable real estate assets held by those affiliates and depreciation of real estate assets, including similar adjustments for unconsolidated partnerships and joint ventures, including those from a change in control. FFO can help one compare the operating and financial performance of a real estate company between periods or as compared to different companies because adjustments such as (i) gains or losses on sales of previously depreciated property or (ii) real estate depreciation may impact comparability between companies as the amount and timing of these or similar items can vary among owners of identical assets in similar condition based on historical cost accounting and useful life estimates. Core FFO is the Company's FFO as adjusted for non-core items outlined in the table below. By further adjusting for items that we do not consider to be part of our core business

operations, Core FFO can help with the comparison of core operating performance of the Company between periods. A reconciliation of Net income attributable to common stockholders to FFO and to Core FFO is as follows (dollars in thousands):


TABLE 4
	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 adjustments	230,319		230,264		460,921		446,891
Income attributable to noncontrolling interests	1,173		1,190		3,733		1,190
Loss (gain) on sale of previously depreciated real estate	338		(99,457)		(179,574)		(155,926)
Casualty loss on real estate	—		858		4,619		858
FFO	387,550		401,520		771,149		798,275

Adjusting items:
Unconsolidated entity activity (1)	(7,464)		1,223		(348)		2,465
Structured Investment Program loan reserve (2)	102		(247)		(162)		(230)
Hedge accounting activity	—		3		12		22
Advocacy contributions	525		87		2,659		87
Severance related costs	74		26		1,187		202
Expensed transaction, development and other pursuit costs, net of recoveries (3)	19,085		1,407		21,666		5,295
Other real estate activity (4)	(223)		(3,614)		(307)		(3,747)
Legal settlements and costs	6,317		4,098		9,091		5,576
Income tax expense (benefit)	70		(531)		(224)		(647)
Core FFO	$	406,036	$	403,972	$	804,723	$	807,298

Weighted average common shares outstanding - diluted	141,834,769		143,292,306		141,323,779		142,889,432

Earnings per common share - diluted	$	1.11	$	1.88	$	3.43	$	3.54
FFO per common share - diluted	$	2.73	$	2.80	$	5.46	$	5.59
Core FFO per common share - diluted	$	2.86	$	2.82	$	5.69	$	5.65

(1) Amounts for Q2 and YTD 2026 consist primarily of unrealized gains on property technology and sustainability fund investments, as well as distributions from an unconsolidated real estate venture. Amounts for Q2 and YTD 2025 consist primarily of net unrealized losses on property technology and sustainability fund investments.
(2) Represents changes to the loan loss reserve associated with the Company's lending commitments primarily under its SIP. The timing and amount of any actual losses that will be incurred, if any, is to be determined.
(3) Amount for Q2 and YTD 2026 includes costs related to the proposed merger with Equity Residential of $12,367 and a write-off of $4,545 for one development opportunity that the Company determined is no longer probable. Amount for YTD 2025 includes a write-off of $3,668 for one development opportunity that the Company determined is no longer probable.
(4) Amounts for Q2 and YTD 2026 include gains on sale of non-operating real estate. Amounts for Q2 and YTD 2025 consist primarily of the gain on the sale of a development right.

Interest Coverage is calculated by the Company as Core EBITDAre divided by interest expense. Interest Coverage is presented by the Company because it provides rating agencies and investors an additional means of comparing our ability to service debt obligations to that of other companies. A calculation of Interest Coverage for the three months ended June 30, 2026 is as follows (dollars in thousands):


TABLE 5

Core EBITDAre (1)	$	484,261

Interest expense (2)	$	72,208

Interest Coverage	6.7 times

(1) For additional detail, see Definitions and Reconciliations, table 2.
(2) Excludes the impact of non-core hedge accounting activity.

Market Cap Rate is defined by the Company as Projected NOI of a single community for the first 12 months of operations (assuming no repositioning), less an estimate of typical capital expenditure allowance per apartment home, divided by the gross sales price for the community. Projected NOI, as referred to above, represents management’s estimate of projected rental revenue minus projected operating expenses before interest, income taxes (if any), depreciation and amortization. For this purpose, management’s projection of operating expenses for the community includes a management fee of 2.5% and an estimate of typical market costs for insurance, payroll and other operating expenses for which the Company may have proprietary advantages not available to a typical buyer. The Market Cap Rate, which may be determined in a different manner by others, is a measure frequently used in the real estate industry when determining the appropriate purchase price for a property or estimating the value for a property. Buyers may assign different Market Cap Rates to different communities when determining the appropriate value because they (i) may project different rates of change in operating expenses and capital expenditure estimates and (ii) may project different rates of change in future rental revenue due to different estimates for changes in rent and occupancy levels. The weighted average Market Cap Rate is weighted based on the gross sales price of each community.

Market Rents as reported by the Company are based on the current market rates set by the Company based on its experience in renting apartments and publicly available market data. Market Rents for a period are based on the average Market Rents during that period and do not reflect any impact for cash concessions.

Net Debt-to-Core EBITDAre is calculated by the Company as total debt (secured and unsecured debt, and the Company's Credit Facility and commercial paper program) that is consolidated for financial reporting purposes, less consolidated cash and restricted cash, divided by annualized second quarter 2026 Core EBITDAre. A calculation of Net Debt-to-Core EBITDAre is as follows (dollars in thousands):


TABLE 6

Total debt principal (1)	$	9,079,099
Cash and cash equivalents and restricted cash	(209,288)
Net debt	$	8,869,811

Core EBITDAre (2)	$	484,261

Core EBITDAre, annualized	$	1,937,044

Net Debt-to-Core EBITDAre	4.6 times

(1) Balance at June 30, 2026 excludes $41,604 of debt discount and deferred financing costs as reflected in unsecured debt, net, $12,400 of debt discount and deferred financing costs as reflected in notes payable, net, and $314 of commercial paper discount as reflected in unsecured credit facility and commercial paper, net on the Condensed Consolidated Balance Sheets.
(2) For additional detail, see Definitions and Reconciliations, table 2.

NOI is defined by the Company as total property revenue less direct property operating expenses (including property taxes), and excluding corporate-level income (including management, development and other fees), property management and other indirect operating expenses, net of corporate income, expensed transaction, development and other pursuit costs, net of recoveries, interest expense, net, loss on extinguishment of debt, net, general and administrative expense, (income) loss from unconsolidated investments, SIP interest income, depreciation expense, income tax (benefit) expense, casualty loss, (gain) loss on sale of communities, other real estate activity and net operating income from real estate assets sold or held for sale. The Company considers NOI to be an important and appropriate supplemental performance measure to net income because it helps both investors and management to understand the core operations of a community or communities prior to the allocation of any corporate-level property management overhead or financing-related costs. NOI reflects the operating performance of a community and allows for an easier comparison of the operating performance of individual assets or groups of assets. In addition, because prospective buyers of real estate have different financing and overhead structures, with varying marginal impact to overhead as a result of acquiring real estate, NOI is considered by many in the real estate industry to be a useful measure for determining the value of a real estate asset or group of assets.

Residential NOI represents results attributable to the Company's apartment rental operations, including parking and other ancillary Residential revenue. Reconciliations of NOI and Residential NOI to net income, as well as a breakdown of Residential NOI by operating segment, are as follows (dollars in thousands):


TABLE 7
	Q2		Q2		Q1		Q4		YTD		YTD
	2026		2025		2026		2025		2026		2025
Net income	$	156,893	$	269,855	$	328,290	$	165,985	$	485,183	$	506,452
Property management and other indirect operating expenses, net of corporate income	38,483		38,153		38,100		36,101		76,583		74,254
Expensed transaction, development and other pursuit costs, net of recoveries	19,976		2,493		3,416		2,217		23,392		7,237
Interest expense, net	70,070		64,801		71,489		69,106		141,559		124,665
General and administrative expense	27,137		22,997		22,077		21,874		49,214		42,777
(Income) loss from unconsolidated investments	(7,647)		1,052		6,527		745		(1,120)		2,051
SIP interest income	(7,704)		(6,937)		(7,481)		(7,594)		(15,185)		(13,050)
Depreciation expense	232,975		231,730		233,104		233,387		466,079		449,618
Income tax expense (benefit)	70		(531)		(294)		(295)		(224)		(647)
Casualty loss	—		858		4,619		418		4,619		858
Loss (gain) on sale of communities, net	338		(99,457)		(179,912)		368		(179,574)		(155,926)
Other real estate activity	(223)		(3,637)		(84)		(212)		(307)		(3,792)
NOI from real estate assets sold or held for sale	(1,124)		(15,631)		(3,392)		(6,680)		(4,516)		(33,379)
NOI	529,244		505,746		516,459		515,420		1,045,703		1,001,118

Commercial NOI	(7,572)		(7,180)		(8,317)		(7,428)		(15,889)		(17,072)
Residential NOI	$	521,672	$	498,566	$	508,142	$	507,992	$	1,029,814	$	984,046

Residential NOI
Same Store:
Boston, MA	$	65,321	$	65,497	$	62,913	$	63,834	$	128,234	$	129,061
Metro NY/NJ	96,972		97,839		94,127		95,680		191,099		193,053
Mid-Atlantic	63,969		65,631		63,245		63,876		127,214		130,627
Southeast FL	17,073		16,965		17,881		18,271		34,954		35,895
Denver, CO	9,168		9,125		9,644		9,190		18,812		18,735
Seattle, WA	33,776		34,646		33,602		34,026		67,378		68,978
N. California	84,055		77,070		80,051		77,866		164,106		154,552
S. California	108,166		106,725		106,866		108,531		215,032		210,639
Other Expansion Regions	10,052		10,230		10,574		10,194		20,626		20,015
Total Same Store	488,552		483,728		478,903		481,468		967,455		961,555
Other Stabilized	19,549		10,274		19,014		18,964		38,563		13,575
Development/Redevelopment	13,571		4,564		10,225		7,560		23,796		8,916
Residential NOI	$	521,672	$	498,566	$	508,142	$	507,992	$	1,029,814	$	984,046

NOI as reported by the Company does not include the operating results from assets sold or classified as held for sale. A reconciliation of NOI from communities sold or classified as held for sale is as follows (dollars in thousands):


TABLE 8
	Q2		Q2		Q1		Q4		YTD		YTD
	2026		2025		2026		2025		2026		2025

Revenue from real estate assets sold or held for sale	$	1,570	$	23,665	$	5,955	$	10,174	$	7,525	$	50,407
Operating expenses from real estate assets sold or held for sale	(446)		(8,034)		(2,563)		(3,494)		(3,009)		(17,028)
NOI from real estate assets sold or held for sale	$	1,124	$	15,631	$	3,392	$	6,680	$	4,516	$	33,379

Commercial NOI is composed of the following components (dollars in thousands):


TABLE 9
	Q2		Q2		Q1		Q4		YTD		YTD
	2026		2025		2026		2025		2026		2025

Commercial Revenue	$	10,061	$	9,163	$	10,861	$	9,954	$	20,922	$	20,770
Commercial Operating Expenses	(2,489)		(1,983)		(2,544)		(2,526)		(5,033)		(3,698)
Commercial NOI	$	7,572	$	7,180	$	8,317	$	7,428	$	15,889	$	17,072

Other Stabilized is composed of completed consolidated communities that the Company owns, which have Stabilized Operations as of January 1, 2026, or which were acquired subsequent to January 1, 2025. Other Stabilized excludes communities that are conducting or are probable to conduct substantial redevelopment activities.

Projected NOI, as used within this release for certain Development communities and in calculating the Market Cap Rate for dispositions, represents management’s estimate, as of the date of this release (or as of the date of the buyer’s valuation in the case of dispositions), of projected stabilized rental revenue minus projected stabilized operating expenses. For Development communities, Projected NOI is calculated based on the first twelve months of Stabilized Operations following the completion of construction. In calculating the Market Cap Rate, Projected NOI for dispositions is calculated for the first twelve months following the date of the buyer’s valuation. Projected stabilized rental revenue represents management’s estimate of projected gross potential minus projected stabilized economic vacancy and adjusted for projected stabilized concessions plus projected stabilized other rental revenue. Projected stabilized operating expenses do not include interest, income taxes (if any), depreciation or amortization, or any allocation of corporate-level property management overhead or general and administrative costs. In addition, projected stabilized operating expenses for Development communities do not include property management fee expense. Projected gross potential for Development communities and dispositions is generally based on leased rents for occupied homes and management’s best estimate of rental levels for homes which are currently unleased, as well as those homes which will become available for lease during the twelve-month forward period used to develop Projected NOI. The weighted average Projected NOI as a percentage of Total Capital Cost is weighted based on the Company’s share of the Total Capital Cost of each community, based on its percentage ownership.

Management believes that Projected NOI of the Development communities, on an aggregated weighted average basis, assists investors in understanding management's estimate of the likely impact on operations of the Development communities when the assets are complete and achieve stabilized occupancy (before allocation of any corporate-level property management overhead, general and administrative costs or interest expense). However, in this release the Company has not given a projection of NOI on a company-wide basis. Given the different dates and fiscal years for which NOI is projected for these communities, the projected allocation of corporate-level property management overhead, general and administrative costs and interest expense to communities under development is complex, impractical to develop, and may not be meaningful. Projected NOI of these communities is not a projection of the Company's overall financial performance or cash flow. There can be no assurance that the communities under development will achieve the Projected NOI as described in this release.

Redevelopment is composed of consolidated communities where substantial redevelopment is in progress or is probable to begin during the current year. Redevelopment is considered substantial when (i) capital invested during the reconstruction effort is expected to exceed the lesser of $5,000,000 or 10% of the community’s pre-redevelopment basis and (ii) physical occupancy is below or is expected to be below 90% during or as a result of the redevelopment activity.

Residential represents results attributable to the Company's apartment rental operations, including parking and other ancillary Residential revenue.

Residential Revenue with Concessions on a Cash Basis is considered by the Company to be a supplemental measure to Residential revenue in conformity with GAAP to help investors evaluate the impact of both current and historical concessions on GAAP-based Residential revenue and to more readily enable comparisons to revenue as reported by other companies. In addition, Residential Revenue with Concessions on a Cash Basis allows an investor to understand the historical trend in cash concessions.

A reconciliation of Same Store Residential revenue in conformity with GAAP to Residential Revenue with Concessions on a Cash Basis is as follows (dollars in thousands):


TABLE 10
	Q2		Q2			Q1			YTD		YTD
	2026		2025			2026			2026		2025
Residential revenue (GAAP basis)	$	709,586	$	698,628		$	702,420		$	1,412,006	$	1,390,053
Residential concessions amortized	7,066		5,698			6,893			13,959		11,303
Residential concessions granted	(4,482)		(4,364)			(5,572)			(10,054)		(9,351)

Residential Revenue with Concessions on a Cash Basis	$	712,170	$	699,962		$	703,741		$	1,415,911	$	1,392,005

			Q2 2026 vs. Q2 2025			Q2 2026 vs. Q1 2026					YTD 2026 vs. YTD 2025

% change -- GAAP revenue			1.6		%	1.0		%			1.6		%

% change -- cash revenue			1.7		%	1.2		%			1.7		%

Same Store is composed of consolidated communities where a comparison of operating results from the prior year to the current year is meaningful as these communities were owned and had Stabilized Operations, as defined below, as of the beginning of the respective prior year period. Therefore, for 2026 operating results, Same Store is composed of consolidated communities that have Stabilized Operations as of January 1, 2025, are not conducting or are not probable to conduct substantial redevelopment activities and are not held for sale or probable for disposition within the current year.

Stabilized Operations is defined as operations of a community that occur after the earlier of (i) attainment of 90% physical occupancy or (ii) the one-year anniversary of completion of development or redevelopment.

Total Capital Cost includes all capitalized costs projected to be or actually incurred to develop the respective Development or Redevelopment community, including land acquisition costs, construction costs, real estate taxes, capitalized interest and loan fees, permits, professional fees, allocated development overhead and other regulatory fees and a contingency estimate, offset by proceeds from the sale of any associated land or improvements, all as determined in accordance with GAAP. Total Capital Cost also includes costs incurred related to first generation commercial tenants, such as tenant improvements and leasing commissions. For Redevelopment communities, Total Capital Cost excludes costs incurred prior to the start of redevelopment when indicated. With respect to communities where development or redevelopment was completed in a prior period or the current period, Total Capital Cost reflects the actual cost incurred, plus any contingency estimate made by management. Total Capital Cost for communities identified as having joint venture ownership, either during construction or upon construction completion, represents the total projected joint venture contribution amount. For joint ventures not in construction, Total Capital Cost is equal to gross real estate cost.

Unconsolidated Development is composed of communities that are either currently under construction, or were under construction and were completed during the current year, in which we have an indirect ownership interest through our investment interest in an unconsolidated joint venture. These communities may be partially or fully complete and operating.

Unencumbered NOI as calculated by the Company represents NOI generated by real estate assets unencumbered by outstanding secured notes payable as of June 30, 2026 as a percentage of total NOI generated by real estate assets. The Company believes that current and prospective unsecured creditors of the Company view Unencumbered NOI as one indication of the borrowing capacity of the Company. Therefore, when reviewed together with the Company’s Interest Coverage, EBITDA and cash flow from operations, the Company believes that investors and creditors view Unencumbered NOI as a useful supplemental measure for determining the financial flexibility of an entity. A calculation of Unencumbered NOI for the six months ended June 30, 2026 is as follows (dollars in thousands):


TABLE 11
	YTD 2026
	NOI
Residential NOI:
Same Store	$	967,455
Other Stabilized	38,563
Development/Redevelopment	23,796
Total Residential NOI	1,029,814
Commercial NOI	15,889
NOI from real estate assets sold or held for sale	4,516
Total NOI generated by real estate assets	1,050,219
Less NOI on encumbered assets	(52,002)
NOI on unencumbered assets	$	998,217

Unencumbered NOI	95		%

Exhibit 99.2

For Immediate News Release

July 22, 2026

AVALONBAY COMMUNITIES, INC.

PROVIDES Q2 2026 RESULTS, INCREASES SAME STORE OUTLOOK, AND

SUSPENDS EPS, FFO, AND CORE FFO OUTLOOK DUE TO PROPOSED MERGER



	Q2 2026		Q2 2025		% Change
EPS	$	1.11	$	1.88	(41.0)	%
FFO per share (1)	$	2.73	$	2.80	(2.5)	%
Core FFO per share (1)	$	2.86	$	2.82	1.4	%

	YTD 2026		YTD 2025		% Change
EPS	$	3.43	$	3.54	(3.1)	%
FFO per share (1)	$	5.46	$	5.59	(2.3)	%
Core FFO per share (1)	$	5.69	$	5.65	0.7	%

(1) For additional detail on reconciling items between EPS, FFO and Core FFO, see Attachment 11, table 4.

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:



Q2 2026 Results Compared to Q2 2025
	Per Share
	EPS		FFO		Core FFO
Q2 2025 per share reported results	$	1.88	$	2.80	$	2.82
Same Store Residential NOI (1)	0.03		0.03		0.03
Development NOI	0.08		0.08		0.08

Overhead and other	(0.02)		(0.02)		(0.02)
Capital markets and transaction activity	(0.07)		(0.06)		(0.05)


Core FFO adjustments (2)	(0.10)		(0.10)		—
Real estate gains, net, depreciation expense and other	(0.69)		—		—
Q2 2026 per share reported results	$	1.11	$	2.73	$	2.86

(1) Consists of increases of $0.07 in revenue and $0.04 in operating expenses.
(2) For detail of Core FFO adjustments, see Attachment 11, table 4.

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:



Q2 2026 Results Compared to April 2026 Outlook
	Per Share
	EPS		FFO		Core FFO
Projected per share (1)	$	1.28	$	2.73	$	2.77
Same Store Residential NOI (2)	0.09		0.09		0.09
Development NOI	0.01		0.01		0.01

Overhead and other	(0.01)		(0.01)		(0.01)


Core FFO adjustments (3)	(0.09)		(0.09)		—
Real estate gains, net, depreciation expense and other	(0.17)		—		—
Q2 2026 per share reported results	$	1.11	$	2.73	$	2.86
(1) The mid-point of the Company's April 2026 outlook.
(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.
(3) For detail of Core FFO adjustments, see Attachment 11, table 4.

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:



YTD 2026 Results Compared to YTD 2025
	Per Share
	EPS		FFO		Core FFO
YTD 2025 per share reported results	$	3.54	$	5.59	$	5.65
Same Store Residential NOI (1)	0.04		0.04		0.04
Development NOI	0.15		0.15		0.15
Commercial NOI	(0.01)		(0.01)		(0.01)
Overhead and other	(0.03)		(0.03)		(0.03)
Capital markets and transaction activity	(0.13)		(0.13)		(0.11)

Core FFO adjustments (2)	(0.15)		(0.15)		—
Real estate gains, net, depreciation expense and other	0.02		—		—
YTD 2026 per share reported results	$	3.43	$	5.46	$	5.69

(1) Consists of increases of $0.15 in revenue and $0.11 in operating expenses.
(2) For detail of non-core items, see Attachment 11, table 4.

Same Store Operating Results for the Three Months Ended June 30, 2026 Compared to the Prior Year Period

Same Store Operating Results for the Six Months Ended June 30, 2026 Compared to the Prior Year Period

Development Activity

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.

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

Disposition Activity

In July 2026, the Company sold eaves Tysons Corner, a wholly-owned community with 217 apartment homes, located in Vienna, VA for $68,050,000.

Structured Investment Program ("SIP") Activity

As previously disclosed, during the three months ended June 30, 2026, the Company entered into one new mezzanine loan commitment, agreeing to provide an investment of up to $15,000,000.

Both the repayment and new commitment were for multifamily development projects in Metro NY/NJ.

Liquidity and Capital Markets

At June 30, 2026, the Company had $80,682,000 in unrestricted cash and cash equivalents.

Debt Activity

During the three months ended June 30, 2026, the Company repaid $475,000,000 principal amount of its 2.95% coupon unsecured notes at par upon maturity.

As of June 30, 2026, the Company did not have any borrowings outstanding under its Credit Facility and had outstanding borrowings of $915,786,000 under its unsecured commercial paper program.

Equity Activity

In July 2026, the Company settled the remaining outstanding equity forward contracts, issuing 920,000 shares of common stock at $219.52 per share for proceeds of $201,958,000.

Proposed Merger with Equity Residential

On June 8, 2026, the combined company announced the executive leadership team, led by Benjamin W. Schall, who will serve as the President and CEO of the combined company.

Same Store Full Year 2026 Financial Outlook

For its Same Store portfolio full year 2026 financial outlook, the Company expects the following:



Full Year Same Store Projected Revenue, Projected Operating Expenses and Projected NOI Outlook (1)
	Original						Updated
	Low				High		Low				High
Projected revenue change	0.4	%	—	%	2.4	%	1.1	%	—	%	2.1	%
Projected Opex change	2.7	%	—	%	4.9	%	3.0	%	—	%	4.0	%
Projected NOI change	(0.7)	%	—	%	1.3	%	—	%	—	%	1.4	%

(1) Represents projections of the standalone Company compared to full year 2025 and excludes the impact of the proposed merger.

Other Matters

In light of the Company’s proposed merger of equals with Equity Residential, the Company will not hold a conference call to discuss its second quarter 2026 financial results.

About AvalonBay Communities, Inc.

Forward-Looking Statements

Definitions and Reconciliations

No Offer or Solicitation

This press release 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 be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.

Important Additional Information and Where to Find It

FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS WHEN THEY BECOME AVAILABLE WITH THE SEC BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders may obtain free copies of the Registration Statement, the Definitive Joint Proxy Statement/Prospectus and other documents filed with the SEC by the Company and Equity Residential, which contain important information, through the website maintained by the SEC at www.sec.gov. The documents filed by the Company with the SEC may be obtained free of charge by accessing the “Investor” section of the Company’s website at www.avalonbay.com or by writing to AvalonBay, 4040 Wilson Blvd., Suite 1000, Arlington, Virginia 22203, Attention: Corporate Secretary (Legal Department) or by email at investor_relations@avalonbay.com. The documents filed by Equity Residential with the SEC may be obtained free of charge by accessing “Filings – SEC Filings” in the “Investor” section of Equity Residential’s website at www.equityapartments.com, by writing to Equity Residential – Investor Relations, Two North Riverside Plaza, Suite 500, Chicago, Illinois 60606, by telephone at 1-888-879-6356 or by email at investorrelations@eqr.com.

Participants in the Solicitation

Information of Executives,” “Common Share Ownership of Trustees and Executives,” “Compensation Discussion and Analysis,” “Executive Compensation” and “Trustee Compensation,” which was filed with the SEC on April 14, 2026, and in Equity Residential’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which was filed with the SEC on February 13, 2026. To the extent holdings of the Company’s securities by its directors and executive officers have changed since the amounts set forth in the Company’s definitive proxy statement for its 2026 Annual meeting of Stockholders or the holdings of Equity Residential’s securities by its trustees or executive officers have changed since the amounts set forth in Equity Residential’s definitive proxy statement for its 2026 Annual Meeting of Shareholders, such changes have been or will be reflected on an Initial Statement of Beneficial Ownership of Securities on Form 3, Statement of Changes in Beneficial Ownership on Form 4, or Annual Statement of Changes in Beneficial Ownership on Form 5, in each case filed with the SEC and available on the SEC’s website at www.sec.gov. Other information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, are contained in the Registration Statement, the Definitive Joint Proxy Statement/Prospectus and other relevant materials to be filed with the SEC regarding the proposed transaction when such materials become available. Investors and security holders should read the Registration Statement and the Definitive Joint Proxy Statement/Prospectus carefully before making any voting or investment decisions. Investors may obtain free copies of these documents from the Company or Equity Residential using the sources indicated above.

SECOND QUARTER 2026

Supplemental Operating and Financial Data

Table of Contents


Company Profile
Condensed Consolidated Operating Information..........................................................................................................						Attachment 1
Condensed Consolidated Balance Sheets....................................................................................................................						Attachment 2
Sequential Operating Information.................................................................................................................................						Attachment 3

Market Profile - Same Store
Quarterly Residential Revenue and Occupancy Changes............................................................................................						Attachment 4
Sequential Quarterly Residential Revenue and Occupancy Changes..........................................................................						Attachment 5
Year to Date Residential Revenue and Occupancy Changes.......................................................................................						Attachment 6
Residential Operating Expenses ("Opex")....................................................................................................................						Attachment 7

Development, Unconsolidated Real Estate Investments and Debt Profile

Development Communities...........................................................................................................................................						Attachment 8
Unconsolidated Operating Communities and Structured Investment Program.............................................................						Attachment 9
Debt Structure and Select Debt Metrics........................................................................................................................						Attachment 10





Definitions and Reconciliations
Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms...................................................						Attachment 11

The following is a "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The projections and estimates contained in the following attachments, including but not limited to Attachments 8 and 11, contain forward-looking statements that involve risks and uncertainties, and actual results may differ materially from those projected in such statements. Risks associated with the Company's business, including development, redevelopment, construction, and lease-up activities which could impact the forward-looking statements are discussed in the paragraph titled "Forward-Looking Statements" in the release that accompanies, and should be read in conjunction with, these attachments. These and other risks are also described in the Company's filings with the SEC, including the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and the Company's Quarterly Reports on Form 10-Q for subsequent quarters, and could cause actual results to differ materially from such projections and estimates.

Attachment 1

AvalonBay Communities, Inc.

Condensed Consolidated Operating Information (1)

June 30, 2026

(Dollars in thousands, except per share data)

(unaudited)


	Q2		Q2		% Change		YTD		YTD		% Change
	2026		2025				2026		2025
Revenue:
Rental and other income	$	775,986	$	758,601	2.3	%	$	1,544,432	$	1,502,739	2.8	%
Management, development and other fees	1,782		1,594		11.8	%	3,615		3,336		8.4	%
Total	777,768		760,195		2.3	%	1,548,047		1,506,075		2.8	%
Operating expenses:
Direct property operating expenses, excluding property taxes	(155,504)		(151,193)		2.9	%	(313,990)		(300,380)		4.5	%
Property taxes	(90,114)		(86,031)		4.7	%	(180,223)		(167,862)		7.4	%
Total community operating expenses	(245,618)		(237,224)		3.5	%	(494,213)		(468,242)		5.5	%

Property management and other indirect operating expenses (2)	(40,265)		(39,747)		1.3	%	(80,198)		(77,590)		3.4	%
Expensed transaction, development and other pursuit costs, net of recoveries (3)	(19,976)		(2,493)		701.3	%	(23,392)		(7,237)		223.2	%
Interest expense, net	(70,070)		(64,801)		8.1	%	(141,559)		(124,665)		13.6	%
Depreciation expense	(232,975)		(231,730)		0.5	%	(466,079)		(449,618)		3.7	%
General and administrative expense (4)	(27,137)		(22,997)		18.0	%	(49,214)		(42,777)		15.0	%
Casualty loss	—		(858)		N/A		(4,619)		(858)		438.3	%
Income (loss) from unconsolidated investments (5)	7,647		(1,052)		N/A		1,120		(2,051)		N/A
SIP interest income	7,704		6,937		11.1	%	15,185		13,050		16.4	%
(Loss) gain on sale of communities	(338)		99,457		N/A		179,574		155,926		15.2	%
Other real estate activity	223		3,637		(93.9)	%	307		3,792		(91.9)	%
Income before income taxes	156,963		269,324		(41.7)	%	484,959		505,805		(4.1)	%

Income tax (expense) benefit	(70)		531		N/A		224		647		(65.4)	%
Net income	156,893		269,855		(41.9)	%	485,183		506,452		(4.2)	%

Net income attributable to noncontrolling interests	(1,173)		(1,190)		(1.4)	%	(3,733)		(1,190)		213.7	%
Net income attributable to common stockholders	$	155,720	$	268,665	(42.0)	%	$	481,450	$	505,262	(4.7)	%

Net income attributable to common stockholders per common share - basic	$	1.11	$	1.89	(41.3)	%	$	3.43	$	3.55	(3.4)	%
Net income attributable to common stockholders per common share - diluted	$	1.11	$	1.88	(41.0)	%	$	3.43	$	3.54	(3.1)	%

FFO	$	387,550	$	401,520	(3.5)	%	$	771,149	$	798,275	(3.4)	%
Per common share - diluted	$	2.73	$	2.80	(2.5)	%	$	5.46	$	5.59	(2.3)	%

Core FFO	$	406,036	$	403,972	0.5	%	$	804,723	$	807,298	(0.3)	%
Per common share - diluted	$	2.86	$	2.82	1.4	%	$	5.69	$	5.65	0.7	%

Dividends declared - common shares and DownREIT Units (6)	$	254,748	$	250,874	1.5	%	$	505,339	$	500,473	1.0	%
Per common share	$	1.78	$	1.75	1.7	%	$	3.56	$	3.50	1.7	%

Weighted average common shares and participating securities outstanding - basic	140,850,668		142,459,625		(1.1)	%	140,339,404		142,420,231		(1.5)	%
Weighted average common shares and DownREIT Units outstanding - diluted	141,834,769		143,292,306		(1.0)	%	141,323,779		142,889,432		(1.1)	%
Total outstanding common shares and DownREIT Units	142,855,625		143,441,731		(0.4)	%	142,855,625		143,441,731		(0.4)	%


(1)			See Attachment 11 - Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms, table 4 for detail of Core FFO adjustments.
(2)			Includes $526 and $2,659 of advocacy contributions for Q2 2026 and YTD 2026, respectively.
(3)			Amounts for Q2 and YTD 2026 include costs related to the proposed merger with Equity Residential of $12,367. In addition, amounts include $4,545 for Q2 and YTD 2026 and $3,668 for YTD 2025 for one development opportunity in each year that the Company determined is no longer probable.
(4)			Amounts for Q2 and YTD 2026 include non-core legal and settlement costs of $6,317 and $9,091, respectively and $1,187 of severance related costs for YTD 2026. Amounts for Q2 and YTD 2025 include non-core legal and settlement costs of $4,098 and $5,576, respectively.
(5)			Includes $7,916 and $1,595 of net unrealized gains on property technology and sustainability fund investments for Q2 and YTD 2026, respectively. Includes $1,223 and $2,465 of net unrealized losses on property technology and sustainability fund investments for Q2 and YTD 2025, respectively.
(6)			DownREIT Units dividends are the same as the common share dividends for Q2 and YTD 2026 and are prorated for the period the DownREIT Units were outstanding during the first quarter of issuance for Q2 and YTD 2025.

Attachment 2

AvalonBay Communities, Inc.

Condensed Consolidated Balance Sheets

June 30, 2026

(Dollars in thousands)

(unaudited)



	June 30,		December 31,
	2026		2025

Real estate	$	28,278,990	$	27,759,518
Less accumulated depreciation	(9,116,539)		(8,686,084)

Net operating real estate	19,162,451		19,073,434
Construction in progress, including land	1,668,998		1,458,795
Land held for development	101,508		123,751
Real estate assets held for sale, net	41,942		150,262

Total real estate, net	20,974,899		20,806,242

Cash and cash equivalents	80,682		187,234
Restricted cash	165,436		165,849
Unconsolidated investments	199,046		193,441
Other assets	880,288		839,371

Total assets	$	22,300,351	$	22,192,137

Unsecured debt, net	$	7,408,395	$	7,879,380
Unsecured credit facility and commercial paper, net	915,786		739,608
Notes payable, net	700,599		709,564
Resident security deposits	62,215		60,689
Other liabilities	984,698		968,579
Total liabilities	10,071,693		10,357,820

Equity	12,228,658		11,834,317

Total liabilities and equity	$	22,300,351	$	22,192,137

Attachment 3

AvalonBay Communities, Inc.

Sequential Operating Information (1)

June 30, 2026

(Dollars in thousands, except per home data)

(unaudited)


	Total Apartment Homes	Quarter Ended June 30, 2026			Quarter Ended March 31, 2026			Quarter Ended December 31, 2025
Residential Revenue
Same Store	79,473	$	709,586		$	702,420		$	700,807
Other Stabilized (2)	5,207	31,162			30,947			30,732
Development/Redevelopment (3)	11,781	23,607			18,264			14,351
Commercial Revenue	N/A	10,061			10,861			9,954
Total Revenue	96,461	$	774,416		$	762,492		$	755,844

Residential Operating Expense
Same Store (4)		$	221,034		$	223,517		$	219,339
Other Stabilized (2) (4)		11,613			11,933			11,768
Development/Redevelopment		10,036			8,039			6,791
Commercial Operating Expense		2,489			2,544			2,526
Total Operating Expense		$	245,172		$	246,033		$	240,424

Residential NOI
Same Store		$	488,552		$	478,903		$	481,468
Other Stabilized (2)		19,549			19,014			18,964
Development/Redevelopment		13,571			10,225			7,560
Commercial NOI		7,572			8,317			7,428
Total NOI		$	529,244		$	516,459		$	515,420

Same Store Average Revenue per Occupied Home (5)		$	3,097		$	3,065		$	3,069

Same Store Economic Occupancy		96.1		%	96.1		%	95.8		%

Same Store Turnover (6)
Current year period / Prior year period		42.6% / 45.9%			31.7% / 32.1%			33.4% / 34.7%
Current year period YTD / Prior year period YTD		37.2% / 39.1%						41.5% / 41.3%



	SAME STORE LIKE-TERM EFFECTIVE RENT CHANGE
	Q1 2026		Q2 2026			July 2026 (8)
Boston, MA	(0.9)	%	2.3	%		3.0	%
Metro NY/NJ	1.9	%	4.3	%		4.5	%
Mid-Atlantic	(2.3)	%	0.9	%		2.3	%
Southeast FL	(0.1)	%	0.3	%		1.7	%
Denver, CO	(10.1)	%	(3.3)	%		(4.3)	%
Seattle, WA	(1.0)	%	1.2	%		3.3	%
N. California	4.7	%	7.3	%		8.3	%
S. California	0.6	%	0.9	%		2.2	%
Other Expansion Regions	(3.2)	%	(0.6)	%		1.0	%
Total	0.4	%	2.6	%	(7)	3.7	%	(8)



(1)			Includes consolidated communities and excludes communities that have been sold or that are classified as held for sale. See Attachment 11 - Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms for the definition of capitalized terms.
(2)			Results for these communities prior to January 1, 2026 may reflect operations prior to stabilization.
(3)			For per home rent projections and Economic Occupancy for Development communities currently under construction, see Attachment 8 - Development Communities.
(4)			Excludes Capitalized Community Expenditures. See Attachment 11 - Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms, table 1 for a breakdown of NOI Enhancing and Asset Preservation Capex.
(5)			Reflects concessions amortized over the average lease term and includes uncollectible lease revenue.
(6)			Turnover is the annualized number of units turned over during the period, divided by the total number of apartment homes for the respective period, and excludes any third-party managed communities.
(7)			For the three months ended June 30, 2026, New Move-In Like-Term Effective Rent Change was 0.8% and Renewal Like-Term Effective Rent Change was 4.1%.
(8)			Rent change percentage for activity in July 2026 through July 20, 2026. New Move-In Like-Term Effective Rent Change was 1.8% and Renewal Like-Term Effective Rent Change was 4.8% for July 1, 2026 through July 20, 2026.

Attachment 4

AvalonBay Communities, Inc.

Quarterly Residential Revenue and Occupancy Changes - Same Store

June 30, 2026

(unaudited)


	Apartment Homes	Average Monthly Revenue Per Occupied Home						Economic Occupancy						Residential Revenue ($000s)(1)

		Q2 26		Q2 25		% Change		Q2 26		Q2 25		% Change		Q2 26		Q2 25		% Change



Boston, MA	9,697	$	3,470	$	3,421	1.4	%	96.0	%	96.5	%	(0.5)	%	$	96,930	$	96,061	0.9	%

Metro NY/NJ
New York City	3,608	4,571		4,421		3.4	%	96.4	%	96.4	%	—	%	47,696		46,144		3.4	%
New York - Suburban	3,809	3,846		3,766		2.1	%	96.4	%	96.1	%	0.3	%	42,349		41,363		2.4	%
New Jersey	5,378	3,448		3,439		0.3	%	96.3	%	96.3	%	—	%	53,592		53,446		0.3	%
Metro NY/NJ	12,795	3,883		3,813		1.8	%	96.4	%	96.3	%	0.1	%	143,637		140,953		1.9	%

Mid-Atlantic
Washington DC	1,144	2,407		2,543		(5.3)	%	93.4	%	90.3	%	3.1	%	7,713		7,888		(2.2)	%
Northern Virginia	5,762	2,846		2,809		1.3	%	96.2	%	97.0	%	(0.8)	%	47,323		47,087		0.5	%
Suburban Maryland	2,595	2,386		2,329		2.4	%	95.3	%	96.1	%	(0.8)	%	17,710		17,433		1.6	%
Baltimore, MD	3,154	2,357		2,348		0.4	%	95.5	%	94.6	%	0.9	%	21,311		21,035		1.3	%
Mid-Atlantic	12,655	2,590		2,570		0.8	%	95.6	%	95.7	%	(0.1)	%	94,057		93,443		0.7	%

Southeast FL	3,091	2,987		2,968		0.6	%	96.5	%	96.6	%	(0.1)	%	26,728		26,594		0.5	%

Denver, CO	2,192	2,135		2,255		(5.3)	%	95.1	%	93.6	%	1.5	%	13,356		13,888		(3.8)	%

Seattle, WA	5,624	2,920		2,934		(0.5)	%	95.9	%	96.3	%	(0.4)	%	47,230		47,639		(0.9)	%

Northern California
San Jose	4,732	3,271		3,140		4.2	%	96.6	%	96.4	%	0.2	%	44,836		42,953		4.4	%
East Bay	4,756	2,895		2,814		2.9	%	96.0	%	95.7	%	0.3	%	39,646		38,415		3.2	%
San Francisco	2,832	3,859		3,555		8.6	%	97.7	%	96.7	%	1.0	%	32,016		29,219		9.6	%
Northern California	12,320	3,261		3,110		4.9	%	96.7	%	96.3	%	0.4	%	116,498		110,587		5.3	%

Southern California
Los Angeles	12,006	2,940		2,904		1.2	%	96.0	%	96.0	%	—	%	101,602		100,348		1.2	%
Orange County	4,024	3,087		3,023		2.1	%	96.0	%	96.6	%	(0.6)	%	35,774		35,231		1.5	%
San Diego	1,869	3,053		3,030		0.8	%	96.9	%	96.8	%	0.1	%	16,581		16,436		0.9	%
Southern California	17,899	2,985		2,943		1.4	%	96.1	%	96.2	%	(0.1)	%	153,957		152,015		1.3	%

Other Expansion Regions	3,200	1,904		1,904		—	%	94.1	%	95.6	%	(1.5)	%	17,193		17,448		(1.5)	%

Total Same Store	79,473	$	3,097	$	3,046	1.7	%	96.1	%	96.2	%	(0.1)	%	$	709,586	$	698,628	1.6	%

(1) Reflects concessions amortized over the average lease term and includes uncollectible lease revenue. Residential Revenue with Concessions on a Cash Basis for the Company's Same Store portfolio increased by 1.7%. See Attachment 11, table 10.

Attachment 5

AvalonBay Communities, Inc.

Sequential Quarterly Residential Revenue and Occupancy Changes - Same Store

June 30, 2026

(unaudited)


	Apartment Homes	Average Monthly Revenue Per Occupied Home						Economic Occupancy						Residential Revenue ($000s)(1)

		Q2 26		Q1 26		% Change		Q2 26		Q1 26		% Change		Q2 26		Q1 26		% Change



Boston, MA	9,697	$	3,470	$	3,423	1.4	%	96.0	%	95.4	%	0.6	%	$	96,930	$	95,057	2.0	%

Metro NY/NJ
New York City	3,608	4,571		4,504		1.5	%	96.4	%	96.4	%	—	%	47,696		46,998		1.5	%
New York - Suburban	3,809	3,846		3,822		0.6	%	96.4	%	96.0	%	0.4	%	42,349		41,943		1.0	%
New Jersey	5,378	3,448		3,413		1.0	%	96.3	%	96.6	%	(0.3)	%	53,592		53,200		0.7	%
Metro NY/NJ	12,795	3,883		3,842		1.1	%	96.4	%	96.4	%	—	%	143,637		142,141		1.1	%

Mid-Atlantic
Washington DC	1,144	2,407		2,421		(0.6)	%	93.4	%	93.9	%	(0.5)	%	7,713		7,800		(1.1)	%
Northern Virginia	5,762	2,846		2,814		1.1	%	96.2	%	97.0	%	(0.8)	%	47,323		47,181		0.3	%
Suburban Maryland	2,595	2,386		2,391		(0.2)	%	95.3	%	95.5	%	(0.2)	%	17,710		17,785		(0.4)	%
Baltimore, MD	3,154	2,357		2,309		2.1	%	95.5	%	95.2	%	0.3	%	21,311		20,816		2.4	%
Mid-Atlantic	12,655	2,590		2,566		0.9	%	95.6	%	96.0	%	(0.4)	%	94,057		93,582		0.5	%

Southeast FL	3,091	2,987		2,974		0.4	%	96.5	%	97.6	%	(1.1)	%	26,728		26,914		(0.7)	%

Denver, CO	2,192	2,135		2,131		0.2	%	95.1	%	96.0	%	(0.9)	%	13,356		13,451		(0.7)	%

Seattle, WA	5,624	2,920		2,902		0.6	%	95.9	%	95.9	%	—	%	47,230		46,944		0.6	%

Northern California
San Jose	4,732	3,271		3,210		1.9	%	96.6	%	96.2	%	0.4	%	44,836		43,829		2.3	%
East Bay	4,756	2,895		2,851		1.5	%	96.0	%	96.1	%	(0.1)	%	39,646		39,096		1.4	%
San Francisco	2,832	3,859		3,775		2.2	%	97.7	%	97.7	%	—	%	32,016		31,337		2.2	%
Northern California	12,320	3,261		3,201		1.9	%	96.7	%	96.6	%	0.1	%	116,498		114,262		2.0	%

Southern California
Los Angeles	12,006	2,940		2,920		0.7	%	96.0	%	96.0	%	—	%	101,602		100,934		0.7	%
Orange County	4,024	3,087		3,068		0.6	%	96.0	%	95.5	%	0.5	%	35,774		35,393		1.1	%
San Diego	1,869	3,053		3,043		0.3	%	96.9	%	96.5	%	0.4	%	16,581		16,458		0.7	%
Southern California	17,899	2,985		2,966		0.6	%	96.1	%	95.9	%	0.2	%	153,957		152,785		0.8	%

Other Expansion Regions	3,200	1,904		1,888		0.8	%	94.1	%	95.4	%	(1.3)	%	17,193		17,284		(0.5)	%

Total Same Store	79,473	$	3,097	$	3,065	1.0	%	96.1	%	96.1	%	—	%	$	709,586	$	702,420	1.0	%

Attachment 6

AvalonBay Communities, Inc.

Year to Date Residential Revenue and Occupancy Changes - Same Store

June 30, 2026

(unaudited)


	Apartment Homes	Average Monthly Revenue Per Occupied Home						Economic Occupancy						Residential Revenue ($000s)(1)

		YTD 2026		YTD 2025		% Change		YTD 2026		YTD 2025		% Change		YTD 2026		YTD 2025		% Change

Boston, MA	9,697	$	3,448	$	3,402	1.4	%	95.7	%	96.4	%	(0.7)	%	$	191,987	$	190,747	0.7	%

Metro NY/NJ
New York City	3,608	4,538		4,410		2.9	%	96.4	%	96.2	%	0.2	%	94,694		91,803		3.1	%
New York - Suburban	3,809	3,834		3,754		2.1	%	96.2	%	95.8	%	0.4	%	84,292		82,199		2.5	%
New Jersey	5,378	3,430		3,415		0.4	%	96.5	%	96.3	%	0.2	%	106,792		106,169		0.6	%
Metro NY/NJ	12,795	3,863		3,797		1.7	%	96.4	%	96.1	%	0.3	%	285,778		280,171		2.0	%

Mid-Atlantic
Washington DC	1,144	2,413		2,501		(3.5)	%	93.7	%	91.6	%	2.1	%	15,513		15,732		(1.4)	%
Northern Virginia	5,762	2,829		2,785		1.6	%	96.6	%	97.0	%	(0.4)	%	94,504		93,394		1.2	%
Suburban Maryland	2,595	2,389		2,329		2.6	%	95.4	%	96.1	%	(0.7)	%	35,495		34,833		1.9	%
Baltimore, MD	3,154	2,334		2,343		(0.4)	%	95.4	%	94.5	%	0.9	%	42,127		41,903		0.5	%
Mid-Atlantic	12,655	2,578		2,556		0.9	%	95.8	%	95.7	%	0.1	%	187,639		185,862		1.0	%

Southeast FL	3,091	2,980		2,964		0.5	%	97.1	%	97.0	%	0.1	%	53,642		53,343		0.6	%

Denver, CO	2,192	2,133		2,261		(5.7)	%	95.6	%	93.4	%	2.2	%	26,807		27,780		(3.5)	%

Seattle, WA	5,624	2,911		2,919		(0.3)	%	95.9	%	96.2	%	(0.3)	%	94,174		94,695		(0.6)	%

Northern California
San Jose	4,732	3,240		3,125		3.7	%	96.4	%	96.4	%	—	%	88,665		85,511		3.7	%
East Bay	4,756	2,873		2,809		2.3	%	96.0	%	95.8	%	0.2	%	78,742		76,828		2.5	%
San Francisco	2,832	3,817		3,539		7.9	%	97.7	%	96.7	%	1.0	%	63,353		58,195		8.9	%
Northern California	12,320	3,231		3,099		4.3	%	96.6	%	96.3	%	0.3	%	230,760		220,534		4.6	%

Southern California
Los Angeles	12,006	2,930		2,890		1.4	%	96.0	%	95.9	%	0.1	%	202,536		199,606		1.5	%
Orange County	4,024	3,078		3,014		2.1	%	95.8	%	96.3	%	(0.5)	%	71,167		70,022		1.6	%
San Diego	1,869	3,047		3,014		1.1	%	96.7	%	96.7	%	—	%	33,039		32,670		1.1	%
Southern California	17,899	2,976		2,929		1.6	%	96.0	%	96.1	%	(0.1)	%	306,742		302,298		1.5	%

Other Expansion Regions	3,200	1,896		1,891		0.3	%	94.7	%	95.4	%	(0.7)	%	34,477		34,623		(0.4)	%

Total Same Store	79,473	$	3,081	$	3,033	1.6	%	96.1	%	96.1	%	—	%	$	1,412,006	$	1,390,053	1.6	%

Attachment 7

AvalonBay Communities, Inc.

Residential Operating Expenses ("Opex") - Same Store (1)

June 30, 2026

(Dollars in thousands)

(unaudited)


	Q2 2026		Q2 2025		% Change		Q2 2026 % of Total Opex		YTD 2026		YTD 2025		% Change		YTD 2026 % of Total Opex

Property taxes (2)	$	81,012	$	78,373	3.4	%	36.7	%	$	161,855	$	154,635	4.7	%	36.4	%
Payroll (3)	40,582		40,112		1.2	%	18.3	%	80,797		79,860		1.2	%	18.2	%
Repairs & maintenance (4)	40,869		39,027		4.7	%	18.5	%	79,872		76,850		3.9	%	18.0	%
Utilities (5)	27,459		25,650		7.1	%	12.4	%	60,852		55,343		10.0	%	13.7	%
Office operations (6)	14,906		16,422		(9.2)	%	6.7	%	31,037		32,371		(4.1)	%	7.0	%
Insurance (7)	11,204		10,371		8.0	%	5.1	%	21,514		20,755		3.7	%	4.8	%
Marketing	5,002		4,945		1.2	%	2.3	%	8,624		8,684		(0.7)	%	1.9	%
Total Same Store Residential Operating Expenses	$	221,034	$	214,900	2.9	%	100.0	%	$	444,551	$	428,498	3.7	%	100.0	%


(1)			Same Store operating expenses exclude indirect costs for corporate-level property management and other support-related services.

(2)			Property taxes increased in Q2 and YTD 2026 compared to the prior year periods primarily due (i) increased rates and assessments across the portfolio, (ii) a greater benefit from tax appeals realized in the prior year period, and (iii) the expiration of property tax incentive programs primarily at certain New York City properties. The expiration of property tax programs increased property taxes by $1,281 in Q2 2026 and $2,728 YTD 2026.

(3)			Payroll costs increased in Q2 and YTD 2026 over the prior year period primarily due to growth in average compensation, partially offset by a reduction in the number of onsite associates and reduced overtime costs.

(4)			Repairs and maintenance increased in Q2 and YTD 2026 over the prior year periods due to the continued deployment of smart home technology, partially offset by an increase in maintenance rebates for Q2 and YTD 2026 and a decrease in turn-based maintenance costs for YTD 2026.

(5)			Utilities increased in Q2 and YTD 2026 over the prior year periods primarily due to higher energy costs in New England and the Mid-Atlantic, which was driven by increased consumption and higher rates during the winter and increased trash and recycling costs in Q2 2026 which were largely offset by trash collections revenue.

(6)			Office operations decreased in Q2 and YTD 2026 over the prior year periods primarily due to a decrease in reserves for uncollectible accounts and reduced contract labor costs.

(7)			Insurance is composed of premiums, expected claims activity and associated reductions from receipt of claims recoveries. The increase for Q2 and YTD 2026 from the prior year periods is primarily due to increased insurance claims activity, partially offset by decreased insurance premiums. Insurance costs can be variable due to the amounts and timing of estimated and actual claim activity and the related recoveries received.

Attachment 8

AvalonBay Communities, Inc.

Development Communities as of June 30, 2026

(unaudited)



Community Information			Number	Total			Actual/Projected Schedule				Avg		%		%		%
			of	Capital						Full Qtr	Monthly		Complete		Leased		Occupied
			Apt	Cost				Initial		Stabilized	Revenue
Development Name		Location	Homes	(millions)			Start	Occupancy	Complete	Ops	Per Home		As of July 6, 2026

	Communities Under Construction:
1.	Avalon West Windsor (1)	West Windsor, NJ	535	$	210		Q2 2022	Q3 2025	Q4 2026	Q3 2027	3,110		30	%	55	%		29	%
2.	Avalon Wayne	Wayne, NJ	473	171			Q4 2023	Q2 2025	Q3 2026	Q1 2027	3,300		100	%	65	%		58	%
3.	Avalon Pleasanton	Pleasanton, CA	362	218			Q2 2024	Q3 2025	Q3 2027	Q1 2028	3,790		23	%	22	%		22	%
4.	Avalon at Becker Farm	Roseland, NJ	533	190			Q2 2024	Q4 2025	Q4 2026	Q2 2027	3,150		57	%	53	%		44	%
5.	Avalon Quincy Adams	Quincy, MA	288	122			Q2 2024	Q1 2026	Q3 2026	Q3 2027	3,270		50	%	37	%		29	%
6.	Avalon Tech Ridge I	Austin, TX	544	153			Q3 2024	Q1 2026	Q2 2027	Q4 2027	2,135		31	%	26	%		20	%
7.	Avalon Carmel (2)	Charlotte, NC	360	123			Q3 2024	Q2 2026	Q4 2026	Q4 2027	2,405		31	%	14	%		8	%
8.	Avalon Plano (2)	Plano, TX	155	58			Q3 2024	Q4 2026	Q3 2027	Q1 2028	2,950		—		—			—
9.	Avalon Oakridge I	Durham, NC	459	149			Q3 2024	Q1 2027	Q1 2028	Q3 2028	2,325		—		—			—
10.	AVA Brewer's Hill	Baltimore, MD	418	134			Q4 2024	Q4 2026	Q4 2027	Q1 2028	2,650		—		—			—
11.	Kanso Hillcrest	San Diego, CA	182	85			Q4 2024	Q1 2027	Q2 2027	Q4 2027	3,245		—		—			—
12.	Avalon Parker	Parker, CO	312	122			Q1 2025	Q3 2026	Q2 2027	Q1 2028	2,670		—		—			—
13.	Avalon North Palm Beach (1)	Lake Park, FL	279	118			Q1 2025	Q1 2027	Q3 2027	Q1 2028	3,290		—		—			—
14.	Avalon Brier Creek	Durham, NC	400	126			Q2 2025	Q3 2026	Q3 2027	Q2 2028	2,365		—		—			—
15.	Avalon Kendall (2)	Kendall, FL	224	83			Q2 2025	Q4 2026	Q1 2027	Q4 2027	2,935		—		—			—
16.	Avalon Mission Valley (1)	San Diego, CA	621	302			Q3 2025	Q1 2028	Q1 2029	Q3 2029	3,690		—		—			—
17.	Avalon Southpoint (2)	Durham, NC	394	132			Q3 2025	Q4 2026	Q1 2028	Q3 2028	2,595		—		—			—
18.	Avalon Northwest Hills	Austin, TX	252	87			Q4 2025	Q3 2027	Q1 2028	Q3 2028	2,725		—		—			—
19.	Kanso Parsippany	Parsippany, NJ	280	104			Q4 2025	Q2 2027	Q4 2027	Q3 2028	2,830		—		—			—
20.	Avalon Billerica	Billerica, MA	200	73			Q4 2025	Q2 2027	Q4 2027	Q3 2028	2,945		—		—			—
21.	Avalon Townhome Collection Arundel Mills (2)	Hanover, MD	90	45			Q4 2025	Q4 2026	Q4 2026	Q4 2027	3,870		—		—			—
22.	Avalon San Ramon	San Ramon, CA	456	250			Q4 2025	Q4 2027	Q4 2028	Q1 2029	4,080		—		—			—
23.	Avalon Somerville Station II	Somerville, NJ	171	65			Q1 2026	Q3 2027	Q4 2027	Q3 2028	3,035		—		—			—
24.	Avalon Saddle River	Saddle River, NJ	275	123			Q1 2026	Q4 2027	Q3 2028	Q4 2028	3,710		—		—			—
25.	Kanso Plymouth	Plymouth, MA	300	95			Q2 2026	Q3 2027	Q3 2028	Q1 2029	2,735		—		—			—
26.	Avalon Townhome Collection Central Park (2)	Denver, CO	146	68			Q2 2026	Q2 2027	Q4 2027	Q3 2028	3,460		—		—			—
27.	Avalon Dulles Innovation	Herndon, VA	355	120			Q2 2026	Q1 2028	Q3 2028	Q2 2029	2,585		—		—			—
	Total / Weighted Average Under Construction		9,064	$	3,526						$	3,000

	Communities Completed this Quarter:
1.	Avalon Parsippany	Parsippany, NJ	410	145			Q4 2023	Q3 2025	Q2 2026	Q4 2026	$	2,985	100	%	84	%		75	%
	Communities Completed Subtotal/Weighted Average		410	$	145						$	2,985

	Total/Weighted Average Under Construction and Completed this quarter		9,474	$	3,671						$3,000

	Total Weighted Average Projected NOI as a % of Total Capital Cost			6.3		%

Asset Cost Basis (millions) (3):
	Total Capital Cost, under construction and completed			$	4,255
	Total Capital Cost, disbursed to date			(2,628)
	Total Capital Cost, remaining to invest			$	1,627

Q2 2026 Capitalized Interest and Overhead (thousands)(4)				$	29,138


(1)			Developments containing at least 10,000 square feet of commercial space include Avalon West Windsor (19,000 sf), Avalon North Palm Beach (10,000 sf) and Avalon Mission Valley (31,000 sf).

(2)			Communities being developed through the DFP, which utilizes third-party multifamily developers to source and construct communities that the Company owns and operates.

(3)			Includes the communities presented and four additional communities with 1,465 apartment homes representing $584 million in Total Capital Costs which have completed construction but not yet achieved Stabilized Operations for the full quarter. Q2 2026 NOI for these 32 communities was $9.8 million.

(4)			The Company capitalizes interest and overhead during the development and redevelopment of real estate assets. The Company capitalized interest of $15,930 at a weighted average capitalized interest rate of 3.71% and overhead of $13,208 for Q2 2026.

Attachment 9

AvalonBay Communities, Inc.

Unconsolidated Operating Communities and Structured Investment Program

June 30, 2026

(Dollars in thousands)

(unaudited)



Unconsolidated Operating Communities
					NOI (1)(2)				Debt
		AVB		Apartment	Q2		YTD		Principal		Interest
Venture	Communities	Ownership		Homes	2026		2026		Amount (1)		Rate (3)

NYTA MF Investors, LLC	5	20.0	%	1,301	$	10,811	$	22,101	$	394,734	3.88	%
Avalon at Mission Bay II	1	25.0	%	313	2,540		5,025		—		—	%
Brandywine	1	28.6	%	305	1,094		1,977		17,284		3.40	%
AVA Arts District	1	25.0	%	475	2,143		4,342		162,911		6.38	%
Total Unconsolidated Operating Communities	8			2,394	$	16,588	$	33,445	$	574,929	4.57	%

(1)NOI and debt principal amount are presented at 100% ownership.

(2)NOI excludes property management fees as the Company serves as the property management company for all ventures except for Brandywine.

(3)Represents the weighted average interest rate as of June 30, 2026.


Structured Investment Program
Year of Commitment	Number of Commitments (1)	Commitments		Weighted Average Quarter of Final Maturity (2)
2022	2	$	79,575	Q1 2028
2023	4	99,210		Q3 2028
2024	—	—		—
2025	2	48,000		Q4 2029
2026	1	15,000		Q2 2031
Total	9	$	241,785	Q4 2028

(1)Consists of investments with a weighted average return of 11.8% based on total commitments. The Company has funded $237,774 of these commitments as of June 30, 2026.

(2)Includes the impact of contractual extension options which typically allow the borrower to extend the maturity of their loan by up to two years from the initial maturity.

Attachment 10

AvalonBay Communities, Inc.

Debt Structure and Select Debt Metrics

June 30, 2026

(Dollars in thousands)

(unaudited)



DEBT COMPOSITION AND MATURITIES

				Average Interest Rate (1)		Principal Amortization Payments and Maturities (2)
Debt Composition		Amount				Year	Secured notes amortization and maturities		Unsecured debt maturities		Total

Secured notes						2026	$	1,658	$	300,000	$	301,658
	Fixed rate	$	332,049	3.9	%	2027	248,859		400,000		648,859
	Variable rate	380,950		4.3	%	2028	13,902		850,000		863,902
	Subtotal, secured notes	712,999		4.1	%	2029	126,262		1,000,000		1,126,262
						2030	3,300		1,100,000		1,103,300
Unsecured debt						2031	3,500		600,000		603,500
	Fixed rate (3)	7,450,000		3.6	%	2032	4,000		700,000		704,000
	Subtotal, unsecured debt	7,450,000		3.6	%	2033	5,000		750,000		755,000
						2034	10,900		400,000		410,900
Variable rate facility (4)		—		—	%	2035	13,400		400,000		413,400
Commercial paper (4)		916,100		4.0	%	Thereafter	282,218		950,000		1,232,218
Total Debt		$	9,079,099	3.7	%		$	712,999	$	7,450,000	$	8,162,999

SELECT DEBT METRICS

Q2 2026 Net Debt-to-Core EBITDAre (5)

4.6x

Q2 2026 Interest Coverage (5)

6.7x

YTD 2026 Unencumbered NOI (5)

95%

Weighted avg years to maturity of total debt (2)

6.5



DEBT COVENANT COMPLIANCE

Unsecured Line of Credit Covenants		June 30, 2026		Requirement

	Total Outstanding Indebtedness to Capitalization Value (6)	25.9	%	<	65%
	Combined EBITDA to Combined Debt Service	5.85x		>	1.50x
	Unsecured Indebtedness to Unencumbered Asset Value	24.8	%	<	65%
	Secured Indebtedness to Capitalization Value (6)	2.2	%	<	40%

Unsecured Senior Notes Covenants (7)		June 30, 2026		Requirement

	Total Outstanding Indebtedness to Total Assets (8)	30.2	%	<	65%
	Secured Indebtedness to Total Assets (8)	2.4	%	<	40%
	Unencumbered Assets to Unsecured Indebtedness	339.9	%	>	150%
	Consolidated Income Available for Debt Service to the Annual Service Charge	6.67x		>	1.50x


(1)			Rates are as of June 30, 2026 and, for secured and unsecured debt, include costs of financing such as credit enhancement fees, trustees' fees, the impact of interest rate hedges and mark-to-market adjustments.
(2)			Excludes the Company's (i) Credit Facility, (ii) commercial paper and (iii) any associated issuance discount, mark-to-market discounts and deferred financing costs, if applicable.
(3)			Includes the $550,000 term loan that has been swapped to an effective fixed rate of 4.44% using interest rate hedges.
(4)			Represents amounts outstanding at June 30, 2026 under the Company's (i) Credit Facility and (ii) unsecured commercial paper program, which is backstopped by, and reduces the borrowing capacity of, the Credit Facility.
(5)			See Attachment 11 - Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms.
(6)			Capitalization Value represents the Company’s Combined EBITDA for operating communities that the Company has owned for at least 12 months as of June 30, 2026, capitalized at a rate of 5.75% per annum, plus the book value of Development communities and real estate communities acquired. For discussion of other defined terms, see "Debt Covenant Compliance" in Attachment 11 - Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms.
(7)			The information about the Company’s unsecured senior notes covenants shows compliance with selected covenants under the Company’s 1998 Indenture, under which debt securities are outstanding with maturity dates through 2047, subject to prepayment or redemption at the Company’s election. See “Debt Covenant Compliance” in Attachment 11 - Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms. Different covenants apply to debt securities outstanding under the Company’s 2018 Indenture and 2024 Indenture.
(8)			Total Assets represents the sum of the Company's undepreciated real estate assets and other assets, excluding accounts receivable. See "Debt Covenant Compliance" in Attachment 11 - Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms.

Attachment 11

AvalonBay Communities, Inc.

Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms

June 30, 2026

(unaudited)

This release, including its attachments, contains certain non-GAAP financial measures and other terms. The definitions and calculations of these non-GAAP financial measures and other terms may differ from the definitions and methodologies used by other REITs and, accordingly, may not be comparable. The non-GAAP financial measures referred to below should not be considered an alternative to net income as an indication of our performance. In addition, these non-GAAP financial measures do not represent cash generated from operating activities in accordance with GAAP and therefore should not be considered as an alternative measure of liquidity or as indicative of cash available to fund cash needs.

Average Monthly Revenue per Home, as calculated for certain Development communities under construction and in lease-up, reflects management’s projected stabilized rents net of estimated stabilized concessions, including estimated stabilized other revenue and excluding projected commercial revenue. Projected stabilized rents are based on one or more of the following: (i) actual average leased rents on apartments leased through quarter end, (ii) projected rollover rents on apartments leased through quarter end where the lease term expires within the first twelve months of Stabilized Operations and (iii) Market Rents on unleased homes.

Average Monthly Revenue per Occupied Home is calculated by the Company as Residential revenue in accordance with GAAP, divided by the weighted average number of occupied apartment homes.

Capitalized Community Expenditures includes Asset Preservation Capex and NOI Enhancing Capex.

•Asset Preservation Capex represents capital expenditures that the Company does not expect will directly result in increased revenue or expense savings.


TABLE 1
	Apartment Homes	Asset Preservation				NOI Enhancing
		YTD 2026		Per Home		YTD 2026		Per Home
Same Store	79,473	$	98,066	$	1,234	$	62,268	$	784
Non-Same Store	6,266	8,384		1,338		1,446		231
Total	85,739	$	106,450	$	1,242	$	63,714	$	743

Commercial represents results attributable to the non-apartment components of the Company's mixed-use communities and other non-residential operations.

Debt Covenant Compliance ratios for the Unsecured Line of Credit Covenants show the Company's compliance with selected covenants provided in the Company’s Seventh Amended and Restated Revolving Loan Agreement (the "Credit Facility") dated as of April 3, 2025 and the Company’s Term Loan Agreement, dated as of April 3, 2025 (the “Term Loan”), each of which has been filed as an exhibit to the Company’s SEC reports. The ratios for the Unsecured Senior Notes Covenants show only the Company's compliance with selected covenants provided in the Company’s Indenture dated as of January 16, 1998, as supplemented by the First Supplemental Indenture dated as of January 20, 1998, Second Supplemental Indenture dated as of July 7, 1998, Amended and Restated Third Supplemental Indenture dated as of July 20, 2000, Fourth Supplemental Indenture dated as of September 18, 2006 and Fifth Supplemental Indenture dated as of November 21, 2014 (collectively, the “1998 Indenture"), which have been filed as exhibits to the Company’s SEC reports. Different covenants apply to debt securities outstanding under the Company’s Indenture dated as of February 23, 2018, as supplemented by the First Supplemental Indenture dated as of March 26, 2018 and the Second Supplemental Indenture dated as of May 29, 2018 (collectively the “2018 Indenture”), and under the Company's Indenture dated as of February 23, 2024, as supplemented by the First Supplemental Indenture dated as of May 14, 2024, the Second Supplemental Indenture dated as of July 10, 2025 and the Third Supplemental Indenture dated as of December 1, 2025 (collectively the "2024 Indenture"), which have been filed as exhibits to the Company's SEC reports. Compliance with selected covenants under the 2018 Indenture and 2024 Indenture are excluded from the presentation of Debt Covenant Compliance in this release.

The Debt Covenant Compliance ratios are provided only to show the Company’s compliance with certain covenants contained in the 1998 Indenture which are more restrictive than the 2018 Indenture and 2024 Indenture and in the Company’s Credit Facility and Term Loan, as of the date reported. These ratios should not be used for any other purpose, including without limitation to

Attachment 11

evaluate the Company’s financial condition or results of operations, nor do they indicate the Company’s covenant compliance as of any other date or for any other period. The capitalized terms in the disclosure are defined in the Indenture or the Credit Facility and Term Loan, and may differ materially from similar terms (i) used elsewhere in this release and the Attachments and (ii) used by other companies that present information about their covenant compliance. For risks related to failure to comply with these covenants, see “Risk Factors – Risks related to indebtedness” and other risks discussed in the Company’s 2025 Annual Report on Form 10-K and the Company’s other reports filed with the SEC.


TABLE 2
	Q2
	2026
Net income	$	156,893
Interest expense and loss on extinguishment of debt	72,208
Income tax expense	70
Depreciation expense	232,975
EBITDA	$	462,146


Loss on sale of communities	338
Unconsolidated entity EBITDAre adjustments (1)	3,361
EBITDAre	$	465,845

Unconsolidated entity activity	(7,464)
Structured Investment Program loan reserve	102
Advocacy contributions	525

Severance related costs	74
Expensed transaction, development and other pursuit costs, net of recoveries	19,085
Other real estate activity	(223)
Legal settlements and costs	6,317
Core EBITDAre	$	484,261

(1) Includes joint venture interest, taxes, depreciation, gain on dispositions of depreciated real estate and impairment losses, if applicable, included in net income.

Attachment 11


TABLE 3
	YTD 2026
Net Gain on sale in accordance with GAAP	$	179,688

Accumulated Depreciation and Other	(143,852)

Economic Gain	$	35,836

Attachment 11


TABLE 4
	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 adjustments	230,319		230,264		460,921		446,891
Income attributable to noncontrolling interests	1,173		1,190		3,733		1,190
Loss (gain) on sale of previously depreciated real estate	338		(99,457)		(179,574)		(155,926)
Casualty loss on real estate	—		858		4,619		858
FFO	387,550		401,520		771,149		798,275

Adjusting items:
Unconsolidated entity activity (1)	(7,464)		1,223		(348)		2,465
Structured Investment Program loan reserve (2)	102		(247)		(162)		(230)
Hedge accounting activity	—		3		12		22
Advocacy contributions	525		87		2,659		87
Severance related costs	74		26		1,187		202
Expensed transaction, development and other pursuit costs, net of recoveries (3)	19,085		1,407		21,666		5,295
Other real estate activity (4)	(223)		(3,614)		(307)		(3,747)
Legal settlements and costs	6,317		4,098		9,091		5,576
Income tax expense (benefit)	70		(531)		(224)		(647)
Core FFO	$	406,036	$	403,972	$	804,723	$	807,298

Weighted average common shares outstanding - diluted	141,834,769		143,292,306		141,323,779		142,889,432

Earnings per common share - diluted	$	1.11	$	1.88	$	3.43	$	3.54
FFO per common share - diluted	$	2.73	$	2.80	$	5.46	$	5.59
Core FFO per common share - diluted	$	2.86	$	2.82	$	5.69	$	5.65

(1) Amounts for Q2 and YTD 2026 consist primarily of unrealized gains on property technology and sustainability fund investments, as well as distributions from an unconsolidated real estate venture. Amounts for Q2 and YTD 2025 consist primarily of net unrealized losses on property technology and sustainability fund investments.
(2) Represents changes to the loan loss reserve associated with the Company's lending commitments primarily under its SIP. The timing and amount of any actual losses that will be incurred, if any, is to be determined.
(3) Amount for Q2 and YTD 2026 includes costs related to the proposed merger with Equity Residential of $12,367 and a write-off of $4,545 for one development opportunity that the Company determined is no longer probable. Amount for YTD 2025 includes a write-off of $3,668 for one development opportunity that the Company determined is no longer probable.
(4) Amounts for Q2 and YTD 2026 include gains on sale of non-operating real estate. Amounts for Q2 and YTD 2025 consist primarily of the gain on the sale of a development right.


TABLE 5

Core EBITDAre (1)	$	484,261

Interest expense (2)	$	72,208

Interest Coverage	6.7 times

(1) For additional detail, see Attachment 11 - Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms, table 2.
(2) Excludes the impact of non-core hedge accounting activity.

Like-Term Effective Rent Change for an individual apartment home represents the percentage change in effective rent between two leases of the same lease term category for the same apartment. The Company defines effective rent as the contractual rent for an apartment less amortized concessions and discounts. Like-Term Effective Rent Change with respect to multiple apartment

Attachment 11

homes represents an average. New Move-In Like-Term Effective Rent Change is the change in effective rent between the contractual rent for a resident who moves out of an apartment, and the contractual rent for a resident who moves into the same apartment with the same lease term category. Renewal Like-Term Effective Rent Change is the change in effective rent between two consecutive leases of the same lease term category for the same resident occupying the same apartment.


TABLE 6

Total debt principal (1)	$	9,079,099
Cash and cash equivalents and restricted cash	(209,288)
Net debt	$	8,869,811

Core EBITDAre (2)	$	484,261

Core EBITDAre, annualized	$	1,937,044

Net Debt-to-Core EBITDAre	4.6 times

(1) Balance at June 30, 2026 excludes $41,604 of debt discount and deferred financing costs as reflected in unsecured debt, net, $12,400 of debt discount and deferred financing costs as reflected in notes payable, net, and $314 of commercial paper discount as reflected in unsecured credit facility and commercial paper, net on the Condensed Consolidated Balance Sheets.
(2) For additional detail, see Attachment 11 - Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms, table 2.

Attachment 11


TABLE 7
	Q2		Q2		Q1		Q4		YTD		YTD
	2026		2025		2026		2025		2026		2025
Net income	$	156,893	$	269,855	$	328,290	$	165,985	$	485,183	$	506,452
Property management and other indirect operating expenses, net of corporate income	38,483		38,153		38,100		36,101		76,583		74,254
Expensed transaction, development and other pursuit costs, net of recoveries	19,976		2,493		3,416		2,217		23,392		7,237
Interest expense, net	70,070		64,801		71,489		69,106		141,559		124,665
General and administrative expense	27,137		22,997		22,077		21,874		49,214		42,777
(Income) loss from unconsolidated investments	(7,647)		1,052		6,527		745		(1,120)		2,051
SIP interest income	(7,704)		(6,937)		(7,481)		(7,594)		(15,185)		(13,050)
Depreciation expense	232,975		231,730		233,104		233,387		466,079		449,618
Income tax expense (benefit)	70		(531)		(294)		(295)		(224)		(647)
Casualty loss	—		858		4,619		418		4,619		858
Loss (gain) on sale of communities, net	338		(99,457)		(179,912)		368		(179,574)		(155,926)
Other real estate activity	(223)		(3,637)		(84)		(212)		(307)		(3,792)
NOI from real estate assets sold or held for sale	(1,124)		(15,631)		(3,392)		(6,680)		(4,516)		(33,379)
NOI	529,244		505,746		516,459		515,420		1,045,703		1,001,118

Commercial NOI	(7,572)		(7,180)		(8,317)		(7,428)		(15,889)		(17,072)
Residential NOI	$	521,672	$	498,566	$	508,142	$	507,992	$	1,029,814	$	984,046

Residential NOI
Same Store:
Boston, MA	$	65,321	$	65,497	$	62,913	$	63,834	$	128,234	$	129,061
Metro NY/NJ	96,972		97,839		94,127		95,680		191,099		193,053
Mid-Atlantic	63,969		65,631		63,245		63,876		127,214		130,627
Southeast FL	17,073		16,965		17,881		18,271		34,954		35,895
Denver, CO	9,168		9,125		9,644		9,190		18,812		18,735
Seattle, WA	33,776		34,646		33,602		34,026		67,378		68,978
N. California	84,055		77,070		80,051		77,866		164,106		154,552
S. California	108,166		106,725		106,866		108,531		215,032		210,639
Other Expansion Regions	10,052		10,230		10,574		10,194		20,626		20,015
Total Same Store	488,552		483,728		478,903		481,468		967,455		961,555
Other Stabilized	19,549		10,274		19,014		18,964		38,563		13,575
Development/Redevelopment	13,571		4,564		10,225		7,560		23,796		8,916
Residential NOI	$	521,672	$	498,566	$	508,142	$	507,992	$	1,029,814	$	984,046


TABLE 8
	Q2		Q2		Q1		Q4		YTD		YTD
	2026		2025		2026		2025		2026		2025

Revenue from real estate assets sold or held for sale	$	1,570	$	23,665	$	5,955	$	10,174	$	7,525	$	50,407
Operating expenses from real estate assets sold or held for sale	(446)		(8,034)		(2,563)		(3,494)		(3,009)		(17,028)
NOI from real estate assets sold or held for sale	$	1,124	$	15,631	$	3,392	$	6,680	$	4,516	$	33,379

Attachment 11

Commercial NOI is composed of the following components (dollars in thousands):


TABLE 9
	Q2		Q2		Q1		Q4		YTD		YTD
	2026		2025		2026		2025		2026		2025

Commercial Revenue	$	10,061	$	9,163	$	10,861	$	9,954	$	20,922	$	20,770
Commercial Operating Expenses	(2,489)		(1,983)		(2,544)		(2,526)		(5,033)		(3,698)
Commercial NOI	$	7,572	$	7,180	$	8,317	$	7,428	$	15,889	$	17,072

Residential represents results attributable to the Company's apartment rental operations, including parking and other ancillary Residential revenue.

Attachment 11

A reconciliation of Same Store Residential revenue in conformity with GAAP to Residential Revenue with Concessions on a Cash Basis is as follows (dollars in thousands):


TABLE 10
	Q2		Q2			Q1			YTD		YTD
	2026		2025			2026			2026		2025
Residential revenue (GAAP basis)	$	709,586	$	698,628		$	702,420		$	1,412,006	$	1,390,053
Residential concessions amortized	7,066		5,698			6,893			13,959		11,303
Residential concessions granted	(4,482)		(4,364)			(5,572)			(10,054)		(9,351)

Residential Revenue with Concessions on a Cash Basis	$	712,170	$	699,962		$	703,741		$	1,415,911	$	1,392,005

			Q2 2026 vs. Q2 2025			Q2 2026 vs. Q1 2026					YTD 2026 vs. YTD 2025

% change -- GAAP revenue			1.6		%	1.0		%			1.6		%

% change -- cash revenue			1.7		%	1.2		%			1.7		%

Attachment 11


TABLE 11
	YTD 2026
	NOI
Residential NOI:
Same Store	$	967,455
Other Stabilized	38,563
Development/Redevelopment	23,796
Total Residential NOI	1,029,814
Commercial NOI	15,889
NOI from real estate assets sold or held for sale	4,516
Total NOI generated by real estate assets	1,050,219
Less NOI on encumbered assets	(52,002)
NOI on unencumbered assets	$	998,217

Unencumbered NOI	95		%

Source: View Original Filing on SEC EDGAR

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AvalonBay (NYSE: AVB) Q2 results, guidance shift amid EQR merger

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