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PRESS RELEASE News Release July 28 , 2021 AVALONBAY COMMUNITIES , INC . ANNOUNCES SECOND QUARTER 2021 OPERATING RESULTS AND THIRD QUARTER AND FULL YEAR 2021 FINANCIAL OUTLOOK ( Arlington , VA ) Avalon Bay Communities , Inc. ( NYSE : AVB ) ( the " Company " ) reported today that Net Income Attributable to Common Stockholders for the three months ended June 30 , 2021 was $ 447,953,000 . This resulted in an increase in Earnings per Share - diluted ( " EPS " ) for the three months ended June 30 , 2021 of 165.3 % to $ 3.21 from $ 1.21 for the prior year period , primarily attributable to an increase in gain on sale of real estate , as detailed in the table below . Funds from Operations attributable to common stockholders diluted ( " FFO " ) per share for the three months ended June 30 , 2021 decreased 10.9 % to $ 1.97 from $ 2.21 for the prior year period . Core FFO per share ( as defined in this release ) for the three months ended June 30 , 2021 decreased 11.2 % to $ 1.98 from $ 2.23 for the prior year period . The following table compares the Company's actual results for EPS , FFO per share and Core FFO per share for the three months ended June 30 , 2021 to its results for the prior year period : Q2 2021 Results Compared to Q2 2020 Q2 2020 per share reported results Same Store Residential NOI ( 2 ) Development and Other Stabilized Residential NOI Commercial NOI ( 2 ) Capital markets and transaction activity EPS 1.21 $ ( 0.24 ) 0.07 0.03 ( 0.06 ) 0.01 Per Share ( 1 ) FFO ( 0.03 ) ( 0.01 ) 2.21 $ ( 0.24 ) 2.23 3.21 $ 0.07 0.03 ( 0.07 ) 0.01 Unconsolidated investment income Overhead and other Income taxes Gain on sale of real estate and depreciation expense 1.97 $ Q2 2021 per share reported results ( 1 ) For additional detail on reconciling items between EPS , FFO and Core FFO , see Definitions and Reconciliations , table 2 . Core FFO 2.23 ( 0.24 ) ( 0.03 ) ( 0.01 ) 0.07 0.03 ( 0.07 ) ( 0.01 ) ( 0.03 ) 1.98 ( 2 ) Same Store uncollectible Residential and Commercial lease revenue decreased $ 0.01 and $ 0.02 , respectively , over the prior year period . AvalonBay COMMUNITIES Projected per share - April 2021 outlook ( 1 ) Same Store Residential NOI ( 2 ) Development and Other Stabilized Residential NOI The following table compares the Company's actual results for EPS , FFO per share and Core FFO per share for three months ended June 30 , 2021 to its April 2021 outlook : Capital markets and transaction activity Unconsolidated investment income Gain on sale of real estate and depreciation expense Q2 2021 Results Compared to April 2021 Outlook Per Share FFO $ $ Copyright © 2021 Avalon Bay Communities , Inc. All Rights Reserved EPS 3.00 $ 0.06 0.02 ( 0.01 ) 0.03 Exhibit 99.1 For Immediate 0.11 3.21 $ 1.87 $ 0.06 0.02 ( 0.01 ) 0.03 1.97 $ Core FFO Q2 2021 per share reported results ( 1 ) The mid - point of the Company's April 2021 outlook . ( 2 ) Consists of a $ 0.04 change in revenue and a $ 0.02 change in operating expenses . 1.90 0.06 0.02 1.98 For the six months ended June 30 , 2021 , EPS increased 75.5 % to $ 4.23 from $ 2.41 for the prior year period , FFO per share decreased 12.9 % to $ 3.91 from $ 4.49 for the prior year period , and Core FFO per share decreased 14.8 % to $ 3.93 from $ 4.61 for the prior year period . The following table compares the Company's actual results for EPS , FFO per share and Core FFO per share for the six months ended June 30 , 2021 to its results for the prior year period :