AvalonBay boosts guidance amid strong rental trends.

• Q2 core FFO per share of $1.87 up 10% from one year ago.
• Established communities increase in rental revenue of 4.7% Y/Y, with rents up 5% and occupancy down 0.3%. NOI for established communities of $244.1M up 5%.
• NoCal rental rates up 10%, SoCal up 6.2%, Pacific NW up 7.4%. Mid-Atlantic rental rates up 0.4%, Metro NY/NJ up 3.8%, New England up 3.4%.
• Full-year core FFO per share guidance is lifted to $7.53 from the $7.35 given in January. CEO Tim Naughton: "For the balance of the year, we expect accelerating apartment demand to support stronger performance across our business."
• Earnings call tomorrow at 11 ET
• Previously: AvalonBay Communities misses by $0.05, beats on revenue (July 27)
• AVB flat after hours.