AvalonBay Communities : 2023 Citi Global Property CEO Conference Presentation

Avalon Woburn

Woburn, MA

Kanso Twinbrook

Rockville, MD

AVA Hollywood at La Pietra Place

Los Angeles, CA

2023 CITI GLOBAL

PROPERTY CEO CONFERENCE

March 5 - 8, 2023

See Appendix for information about forward-looking statements

and definitions and reconciliations of non-GAAP financial measures and other terms.

For the reasons described in the referenced forward-looking statements

our historical results may not be indicative of future results.

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• The projections for AvalonBay Communities, Inc. included in this presentation were originally included in its February 8, 2023, earnings release, which is available under "Investor relations" at www.avalonbay.com. These projections are provided for historical reference and have not been reviewed or updated for purposes of this presentation, and the inclusion of these projections in this presentation is not a reaffirmation of these projections or a confirmation with respect to the accuracy of the projections as of any date after February 8, 2023. The projections were based on the expectations, forecasts, and assumptions on February 8, 2023, which may not be realized and/or may have changed since that date and involve risks and uncertainties that might not be anticipated or could not be predicted accurately. These could cause these projections to be inaccurate as of any date after February 8, 2023, and may also cause actual results to differ materially from those expressed or implied by the projections, as described in "Forward-Looking Statements" in the Appendix.
• AvalonBay does not undertake a duty to update any projections or other forward-looking statements contained in this presentation, including but not limited to its expected 2023 operating results and other financial and economic data forecasts. AvalonBay may, in its discretion, provide information in future public announcements regarding its outlook that may be of interest to the investors, analysts and other members of the financial and investment communities. The format and extent of future outlooks may be different from the format and extent of the information contained in this presentation.
• AvalonBay files annual, quarterly and current reports, proxy statements and other information with the Securities and Exchange Commission. Our SEC filings are available to the public free of charge from the SEC website at www.sec.gov and on our website at the address above. You should read this presentation in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2022, and the Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other reports and documents we file with the SEC after the date of this presentation before you make any investment decisions involving AvalonBay and its securities.
• The date of this presentation is March 3, 2023.

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TABLE OF CONTENTS

MARCH 2023 HIGHLIGHTS

2022 REVIEW

2023 OUTLOOK

DEEP DIVE - REIMAGINED OPERATING MODEL

DEVELOPMENT UPDATE

BALANCE SHEET UPDATE

FORWARD LOOKING STATEMENTS,

& DEFINITIONS AND RECONCILIATIONS

PAGE

5

8

14

23

29

36

40

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MARCH 2023 HIGHLIGHTS

Avalon Doral

Doral,FL