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Equity Residential reported mixed second-quarter 2026 results. EPS was $0.30, down from $0.50, while Normalized FFO per share rose to $1.02 from $0.99. For the first half of 2026, EPS was $0.54 versus $1.18, and Normalized FFO per share increased to $2.01 from $1.94. Drivers of Normalized FFO growth included higher residential same store NOI and lease-up NOI, partly offset by higher interest expense and transaction impacts.
Same store operations remained solid, with second-quarter 2026 same store NOI up 1.4% year over year and same store residential revenues up 2.1%, supported by a 1.8% lease rate increase. Physical occupancy was 96.2%. The company raised full-year 2026 guidance for same store NOI growth to 1.5%–2.1% and nudged revenue growth guidance higher, while keeping expense growth guidance at 3.0%–4.0%. Overall same store physical occupancy guidance is 96.3%.
Investment activity included the sale of two properties totaling 515 units for about $164.0 million at a 5.3% disposition yield, and completion of two partially owned development projects totaling 809 units for about $417.5 million. The company also highlighted its pending all-stock merger of equals with AvalonBay, expected to create a combined platform with about $53 billion in pro forma equity market capitalization, $71 billion in total enterprise value, and more than 180,000 rental apartments.
AvalonBay Communities, Inc. reported Q2 2026 diluted EPS of $1.11, down from $1.88 a year earlier, while FFO per share was $2.73 versus $2.80 and Core FFO per share rose modestly to $2.86 from $2.82. Year-to-date diluted EPS was $3.43, with FFO per share of $5.46 and Core FFO per share of $5.69.
Same Store Residential performance was steady, with Q2 2026 revenue of $709.6 million, operating expenses of $221.0 million, and NOI of $488.6 million, all up year over year. The company raised its full-year 2026 Same Store NOI outlook to a projected change between 0% and 1.4%, compared to 2025.
Development and capital allocation remained active. AvalonBay completed the 410-home Avalon Parsippany for $145 million and started three new communities totaling 801 homes for an estimated $283 million. In the first half of 2026, it sold three communities for $340.8 million, generating GAAP gains of $179.7 million and Economic Gain of $35.8 million, and repaid $475 million of 2.95% notes.
Liquidity and leverage were conservative, with $80.7 million in cash, no Credit Facility borrowings, $915.8 million of commercial paper outstanding, Net Debt-to-Core EBITDAre of 4.6x, and Unencumbered NOI at 95%. The company also issued 2.76 million shares via equity forwards for $607.4 million in Q2 and an additional 920,000 shares in July for $202.0 million, while repurchasing 1.13 million shares year-to-date for $198.5 million.
AvalonBay highlighted its proposed all-stock merger of equals with Equity Residential, which would create a combined platform with approximately $53 billion equity market capitalization, $71 billion enterprise value, and more than 180,000 rental apartments. Special shareholder meetings to vote on the merger are scheduled for August 12, 2026. In light of the transaction, the company increased its Same Store outlook but suspended broader EPS, FFO, and Core FFO outlook.
AvalonBay Communities, Inc. and Equity Residential have agreed to an all‑stock merger of equals. Under the merger agreement, each share of AvalonBay common stock will be converted into the right to receive 2.793 Equity Residential common shares, with cash paid in lieu of fractional shares. Based on Equity Residential’s July 8, 2026 closing price, the implied value of the merger consideration was $190.79 per AvalonBay share, though the actual value will fluctuate with Equity Residential’s share price until closing.
After completion, former AvalonBay stockholders are expected to own about 51% of the combined company and legacy Equity Residential shareholders about 49%, based on shares and stock‑based awards outstanding as of July 6, 2026. Both boards have unanimously approved the merger and related share issuance and recommend that their investors vote in favor of the proposals at virtual special meetings on August 12, 2026, for which the record date is July 9, 2026. The transaction is subject to shareholder approvals and other closing conditions, and no appraisal or dissenters’ rights are available.
AvalonBay Communities Chief Financial Officer Kevin P. O'Shea reported a tax-related share disposition. The company withheld 6,663 shares of common stock at $177.23 per share to cover tax obligations upon vesting of restricted stock and performance share units. After this withholding, O'Shea directly owns about 33,104 shares of common stock, including restricted shares. The amended Form 4 corrects the previously reported number of shares withheld.
AvalonBay Communities executive vice president and general counsel Edward M. Schulman reported an amended insider transaction related to equity award vesting. The company withheld 3,355 shares of common stock on March 1, 2026 to cover tax withholding obligations for vested restricted stock and performance share unit awards.
After this tax-withholding disposition, Schulman directly owns 23,345.6099 shares of AvalonBay common stock, including restricted shares. The amendment corrects the previously reported number of shares withheld and does not reflect an open-market sale decision.
AvalonBay Communities CEO & President Benjamin Schall reported a tax-related share disposition tied to equity award vesting. On the reported date, 18,215 shares of common stock at a reference price of $177.23 per share were withheld by the company to satisfy tax withholding obligations on the vesting of restricted stock and performance share unit awards under its Second Amended and Restated 2009 Equity Incentive Plan. The amendment corrects the number of shares withheld. Following this non-market transaction, Schall directly owns 100,465.2339 shares of common stock, including restricted shares.
AvalonBay Communities’ Chief Investment Officer Matthew H. Birenbaum reported a routine tax-withholding share disposition. On the vesting of restricted stock and performance share unit awards, the company withheld 7,595 shares of common stock at $177.23 per share to cover tax obligations. Following this non-market transaction, Birenbaum directly owns 85,279.8925 common shares, including restricted shares.
AvalonBay Communities Executive Vice President Pamela Rogers Thomas reported a routine tax-related share disposition. The company withheld 2,909 shares of common stock at $177.23 per share to cover tax withholding obligations on the vesting of restricted stock and performance share unit awards. After this transaction, she directly owns 10,798 shares of common stock, including restricted shares.
AvalonBay Communities Chief Operating Officer Sean J. Breslin reported a routine share disposition related to equity award vesting. The company withheld 7,700 shares of common stock at $177.23 per share to cover tax withholding obligations on vested restricted stock and performance share units under its equity incentive plan. Following this tax-withholding transaction, Breslin directly owns about 79,098 shares of AvalonBay common stock, including restricted shares.
AvalonBay Communities, Inc. provided an internal FAQ describing the proposed all-stock merger of equals with Equity Residential and initial integration plans. The communication outlines an exchange ratio of 2.793 Equity Residential shares per AvalonBay share and states the transaction is expected to close in 2H 2026.
The FAQ covers integration governance (an Integration Management Office), leadership (Ben Schall named CEO of the combined company), dual headquarters in Arlington, VA and Chicago, IL, treatment of equity awards and the AvalonBay ESPP, severance framing, and restrictions on pre-closing outreach and information sharing.