Development Guidance

In development progress, AvalonBay completed the Avalon Parsippany project and has begun construction on three new apartment communities. Same‑store NOI guidance now ranges from –0.7 % to 1.3 %, with a midpoint of 0.0 %. Operating expense guidance is 2.7 %–4.9 % (midpoint 3.0 %). Net earnings per share declined 41 % YoY, while core FFO per share rose 1.4 %.