AvalonBay suspends annual earnings outlook, posts mixed second-quarter results

• AvalonBay reported second-quarter core funds from operations, a key profitability metric for REITs, of $2.86 per share, compared with $2.82 per share a year earlier.
• Elevated interest rates and tariff-related uncertainty have made consumers cautious in their housing decisions, dampening demand for new leases.
• Meanwhile, its same-store residential revenue rose 1.6% in the quarter from a year earlier.
• On a diluted basis, the company posted a profit of $1.11 per share for the quarter ended June 30, down from $1.88 per share in the year-ago period.
• Shares of the company were down 1.4% in after-market trading.

July 22 (Reuters) - U.S. real estate investment trust AvalonBay Communities suspended its full-year earnings outlook on Wednesday over its pending merger with Equity Residential, after reporting mixed second-quarter results.

In May, Equity Residential and AvalonBay Communities announced an all-stock deal that would create a housing rental company with an enterprise value of about $71 billion.