AVALONBAY COMMUNITIES, INC. (NYSE: AVB) (the “Company”) announced today that it expects total rental revenue for Established Communities for the two months ending February 29, 2020 to increase 3.1% over the prior year period. This is 10 basis points above what the Company’s expectation was for total rental revenue growth during this period when the Company published its outlook for full year Established Communities rental revenue growth on February 5, 2020.

Definitions

Established Communities are consolidated communities where a comparison of operating results from the prior year to the current year is meaningful, as these communities were owned and had Stabilized Operations, as defined below, as of the beginning of the respective prior year period. Therefore, for 2020 operating results, Established Communities are consolidated communities that had Stabilized Operations as of January 1, 2019, are not conducting or are not probable to conduct substantial redevelopment activities and are not held for sale or probable for disposition within the current year. A community is considered to have Stabilized Operations at the earlier of (i) attainment of 90% physical occupancy or (ii) the one-year anniversary of completion of development or redevelopment.

Forward-Looking Statements

The expected increase in total rental revenue for Established Communities in this release is a forward-looking statement under federal securities laws and is based on the Company’s expectations, forecasts and assumptions at the time of this release. The actual increase, if any, may differ materially from the projected increase. Factors that could result in a material difference are discussed in the Company’s filings with the Securities and Exchange Commission, including the Company’s Form 10-K for the fiscal year ended December 31, 2019 under the heading “Risk Factors” and under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Forward-Looking Statements” and in subsequent quarterly reports on Form 10-Q.

About AvalonBay Communities, Inc.

As of December 31, 2019, the Company owned or held a direct or indirect ownership interest in 297 apartment communities containing 86,846 apartment homes in 11 states and the District of Columbia, of which 22 communities were under development and two communities were under redevelopment. The Company is an equity REIT in the business of developing, redeveloping, acquiring and managing apartment communities in leading metropolitan areas primarily in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and the Northern and Southern California regions of the United States. More information may be found on the Company’s website at http://www.avalonbay.com.

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