AvalonBay Communities : First Quarter 2021 Investor Teleconference Presentation

Avalon Marlborough Marlborough, MA

AVA Wheaton Silver Spring, MD

INVESTOR TELECONFERENCE

PRESENTATION

First Quarter 2021

April 28, 2021

eaves Mission Ridge San Diego, CA

See Appendix for information about forward-looking statements and definitions of non-GAAP financial measures and other terms.

For the reasons described in the referenced forward-looking statements, including the impact of the COVID-19 pandemic and related governmental actions and changes in economic conditions,

our historical results may not be indicative of future results.

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PARTICIPANTS

TIM NAUGHTON

CHAIRMAN & CHIEF EXECUTIVE OFFICER

BEN SCHALL

PRESIDENT

KEVIN O'SHEA

CHIEF FINANCIAL OFFICER

MATT BIRENBAUM

CHIEF INVESTMENT OFFICER

SEAN BRESLIN

CHIEF OPERATING OFFICER

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REVIEW OF FIRST QUARTER RESULTS

2021 RESULTS	Q1
CORE FFO PER SHARE CHANGE	(18.4%)
SAME-STOREYEAR-OVER-YEAR RESIDENTIAL RENTAL REVENUE CHANGE	(9.1%)
SAME-STORE SEQUENTIAL RESIDENTIAL RENTAL REVENUE CHANGE (Q1 '21 VS Q4 '20)	(1.5%)
DEVELOPMENT COMPLETIONS | WEIGHTED AVERAGE INITIAL PROJECTED STABILIZED YIELD	$ 600M | 5.6%

Source: Internal company reports.

See Appendix for a reconciliation of Net Income attributable to common shareholders to FFO and to Core FFO.

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DECLINE IN YEAR-OVER-YEARSAME-STORE RESIDENTIAL RENTAL REVENUE DRIVEN BY LOWER EFFECTIVE RENTS AND UNCOLLECTIBLE LEASE REVENUE

AVB Q1 2021 SAME-STOREYEAR-OVER-YEAR

COMPONENTS OF RESIDENTIAL RENTAL REVENUE CHANGE

-

CHANGE	(3.6%)
YEAR	(5%)
OVER-	(2.4%)
YEAR-

(10%)

RESIDENTIAL	CONCESSIONS &
LEASE RATES	OTHER DISCOUNTS

Source: Internal company reports.

The Company amortizes concessions over the term of the lease.

(0.6%)(0.2%)

		(2.3%)	(9.1%)
ECONOMIC	OTHER	UNCOLLECTIBLE	TOTAL
OCCUPANCY	RENTAL REVENUE	LEASE REVENUE	RESIDENTIAL
			RENTAL REVENUE

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