J P M O R G A N North America Equity Research 22 July 2026 Brandywine Realty Trust 2Q FFO In Line w/ JPMe, $0.01 Shy of Street; Occupancy Was Good, No Real Development Leasing BDN reported 2Q26 FFO/share of $0.13 (-11.1% y/y), which was in line with JPMe of $0.13 and behind Bloomberg consensus of $0.14. Relative to our model, the variances were small (all less than a penny) and are detailed below. In the core, BDN executed a combined (wholly owned and JV) 353k sf of leases during the quarter (vs. 422k sf in ...

J P M O R G A N North America Equity Research 22 July 2026 SL Green Realty Corp. 2Q FFO Beats JPMe/Street w/ Strong Occupancy; Guidance Raised, OVA Accounting Bumps Up FFO Next Few Years SLG reported 2Q26 FFO/share of $1.43 (15.6% y/y), which was ahead of JPMe of $1.09 and of Bloomberg consensus of $1.21. Numbers in 2Q were positively impacted (and will be for the next several years) by an accounting change at One Vanderbilt Avenue whereby the excess amount of capital SLG has earned beyond its basis will tr ...

J P M O R G A N North America Equity Research 22 July 2026 Equity Residential 2Q NFFO Beats w/ Better NOI From Lower Op Ex; Top Line Guidance Increase Was Expected, Not As Much July Rate Acceleration vs. AVB Equity Residential reported 2Q26 Normalized FFO/share of $1.02 (+3.0% y/y), ahead of our estimate and Bloomberg consensus of $1.01. We go into the drivers of the $0.01 beat below, but "other" expenses helped drive the beat relative to our forecast. In the core, same-store revenue, expense, and NOI growt ...

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 ...