J P M O R G A N North America Equity Research 22 July 2026 AvalonBay Communities 2Q Beats w/ Stronger Core And Rental Rate Momentum Into 3Q AvalonBay reported 2Q26 results that were ahead of its April Core FFO/share outlook as well as Bloomberg consensus and JPMe. Core FFO per share was $2.86 (+1.4%) versus our estimate and Bloomberg consensus of $2.81. We go into details behind the beat below, but NOI was the main driver. Same-store revenue, expense, and NOI growth for the quarter came in at 1.6%, 2.9%, an ...