AvalonBay Communities reported second-quarter 2026 results with revenue of $777.8M, slightly above the year-ago quarter, while net income and diluted earnings per share declined versus the prior year amid higher operating and transaction costs tied to merger activity.
Financial Highlights
- Revenue was $777.8M for Q2 2026, compared with $760.2M in Q2 2025; YoY change 2.3%.
- Net income attributable to common stockholders was $155.7M for Q2 2026, compared with $268.7M in Q2 2025; YoY change (42.0%).
- Diluted EPS was $1.11 for Q2 2026, versus $1.88 in Q2 2025; decline consistent with net income drop.
Business Highlights
- Same Store Residential NOI rose 1.0% year-over-year for the quarter, driven by a 1.6% lift in revenue despite higher operating expenses.
- Rental revenue increased 2.3% in Q2 with economic occupancy holding at 96.1%, supported by growth in occupied homes.
- Development pipeline expanded: 27 communities under construction (9,064 homes) and 31 Development Rights (~9,997 homes) to fuel future supply.
- Other Stabilized and Development NOI increased materially from recent completions and lease-ups, contributing to total Residential NOI.
- Proposed merger with Equity Residential has driven elevated transaction and pursuit costs, pressuring near-term operating results.
Original SEC Filing:
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