AvalonBay Communities : Fourth Quarter 2020 Investor Teleconference Presentation

Avalon Marlborough Marlborough, MA

AVA Wheaton Silver Spring, MD

eaves Mission Ridge San Diego, CA

INVESTOR TELECONFERENCE

PRESENTATION

Fourth Quarter 2020

February 3, 2021

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 FOURTH QUARTER AND FULL YEAR 2020 RESULTS

Q4 & FULL YEAR 2020 RESULTS	Q4	FULL YEAR
CORE FFO PER SHARE CHANGE	(16.9%)	(7.0%)
SAME-STOREYEAR-OVER-YEAR | SEQUENTIAL RESIDENTIAL RENTAL REVENUE CHANGE	(7.6%) | (1.6%)	(3.2%)
DEVELOPMENT COMPLETIONS | WTD. AVG. INITIAL PROJECTED STABILIZED YIELD	$ 385M | 5.0%	$ 775M | 5.2%
DEVELOPMENT STARTS(1)	$ 220M	$ 290M
CAPITAL RAISED | WTD. AVG. INITIAL COST OF CAPITAL(2)	$ 465M | ≈ 4.2%	$ 2.2B | ≈ 3.2%
STOCK REPURCHASED | AVG. PRICE PER SHARE	$ 45M | ≈ $ 148	$ 185M | ≈ $ 150

Source: Internal company reports.

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

1. At share.
2. Capital raised includes net proceeds from all debt issuances, wholly-owned dispositions (including residential condominium sales at The Park Loggia), and distributions from unconsolidated real estate entities. Weighted average initial cost of capital includes all debt (inclusive of the effect of interest rate hedges) issuances, and wholly-owned dispositions (including the average imputed carry cost of the residential condominiums at the Park Loggia) only.

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