AvalonBay suspends full-year EPS and FFO guidance due to pending Equity Residential merger
AvalonBay Communities suspended its 2026 full-year EPS, FFO, and Core FFO guidance due to the proposed all-stock merger with Equity Residential announced May 21, 2026. The company reported Q2 2026 Core FFO per share of $2.86, exceeding the April 2026 outlook of $2.77, and increased its full-year Same Store NOI guidance range to 0% to 1.4% growth from (0.7%) to 1.3%. The merger, announced as an "all-stock merger of equals," is expected to create a combined company with approximately $53 billion pro forma equity market capitalization and over 180,000 rental apartments. Shareholders are scheduled to vote on August 12, 2026.
- Company suspended full-year 2026 EPS, FFO, and Core FFO guidance due to proposed merger
- Q2 2026 Core FFO per share: $2.86, versus April 2026 outlook of $2.77
- Updated full-year Same Store NOI guidance: 0% to 1.4% growth versus original (0.7%) to 1.3%
- All-stock merger with Equity Residential (NYSE: EQR) announced May 21, 2026
- Pro forma equity market capitalization of approximately $53 billion; total enterprise value approximately $71 billion
- Combined company to have more than 180,000 rental apartments (as of July 17, 2026)
- Benjamin W. Schall to serve as President and CEO of combined company
- Combined company board to consist of 14 trustees: 7 from Equity Residential, 7 from AvalonBay
- Stockholder vote scheduled for August 12, 2026
- Same Store Residential NOI for six months ended June 30, 2026 increased $5,900,000, or 0.6%, to $967,455,000
The suspension of EPS and FFO guidance reflects management's inability to project standalone 2026 full-year results given the pending merger with Equity Residential, which is scheduled for shareholder vote in August; the company's updated Same Store NOI guidance reflects stronger operational momentum in the first half of the year driven by improved demand and disciplined cost management.
Derived from 8-K filed 2026-07-23. Not investment advice. Figures are extracted from the filing; prose is AI-assisted. View the source filing on SEC.gov →