Slide 1: Investor Teleconference Presentation Fourth Quarter 2025
[FAVORABLE SUPPLY BACKDROP FOR ESTABLISHED REGIONS PERSISTS, WHILE THE SUNBELT CONTINUES TO DIGEST STANDING INVENTORY] [SUBURBAN COASTAL PORTFOLIO POSITIONED TO OUTPERFORM] INVESTOR TELECONFERENCE PRESENTATION FOURTH QUARTER 2025 FEBRUARY 5, 2026 Avalon Ocean Avenue San Francisco, CA
Slide 2: [FAVORABLE SUPPLY BACKDROP FOR ESTABLISHED REGIONS PERSISTS, WHILE THE SUNBELT CONTINUES TO DIGEST STANDING
[FAVORABLE SUPPLY BACKDROP FOR ESTABLISHED REGIONS PERSISTS, WHILE THE SUNBELT CONTINUES TO DIGEST STANDING INVENTORY] [SUBURBAN COASTAL PORTFOLIO POSITIONED TO OUTPERFORM] See Appendix for information about forward- looking statements and definitions and reconciliations of non-GAAP financial measur
Slide 3: Participants
[FAVORABLE SUPPLY BACKDROP FOR ESTABLISHED REGIONS PERSISTS, PARTICIPANTS WHILE THE SUNBELT CONTINUES TO DIGEST STANDING INVENTORY] [SUBURBAN COASTAL PORTFOLIO POSITIONED TO OUTPERFORM] BEN SCHALL Chief Executive Officer & President KEVIN O’SHEA Chief Financial Officer MATT BIRENBAUM Chief Investmen
Slide 4: Review of 4Q and Full-Year 2025 Results
[FAVORABLE SUPPLY REVIEW OF 4Q ANDBACKDROP FULL-YEARFOR ESTABLISHED 2025 RESULTS REGIONS PERSISTS, WHILE THE SUNBELT CONTINUES TO DIGEST STANDING INVENTORY] [SUBURBAN COASTAL PORTFOLIO POSITIONED TO OUTPERFORM] 4Q | FULL-YEAR RESULTS AND ACTIVITY 4Q FULL-YEAR CORE FFO PER SHARE GROWTH YEAR-OVER-YEAR
Slide 5: Looking Ahead
[FAVORABLE SUPPLY BACKDROP FOR ESTABLISHED REGIONS PERSISTS, LOOKING WHILE THEAHEAD SUNBELT CONTINUES TO DIGEST STANDING INVENTORY] [SUBURBAN COASTAL PORTFOLIO POSITIONED TO OUTPERFORM] • 2026 Same Store Residential revenue growth projected at 1.4%, with fundamentals expected to improve as 2026 prog
Slide 6: Supply Reflects Jobs Forecast
JOBS FORECAST [FAVORABLE SUPPLYREFLECTS CONTINUATION BACKDROP FOR ESTABLISHED OF RECENT REGIONS TRENDS, PERSISTS, WHILE THE SUNBELTSTRONGER WITH EXPECTED CONTINUES TO DIGEST 2H26 STANDING GROWTH ININVENTORY] KEY CUSTOMER INDUSTRIES [SUBURBAN COASTAL PORTFOLIO POSITIONED TO OUTPERFORM] U.S. Annual No
Slide 7: Improving Rental Affordability Backdrop
IMPROVINGSUPPLY [FAVORABLE RENTAL AFFORDABILITY BACKDROP AND EXPENSIVE FOR ESTABLISHED FOR-SALE HOUSING REGIONS PERSISTS, WHILE THE SUNBELT ALTERNATIVES CONTINUES SUPPORT TO DIGEST STANDING ESTABLISHED REGIONINVENTORY] FUNDAMENTALS [SUBURBAN COASTAL PORTFOLIO POSITIONED TO OUTPERFORM] INDEXED RENT-T
Slide 8: Projected Deliveries Down ~40% Y/Y in AVB Markets
PROJECTED DELIVERIES DOWN ~40% Y/Y IN AVB MARKETS; FAVORABLE BACKDROP FOR ESTABLISHED REGIONS TO LIKELY PERSIST Projected 2026 New Market Rate Projected 2026 New Market Rate Apartment Apartment Deliveries Deliveries in Established Regions As a % of Existing Inventory As a % of Existing Inventory Sup
Slide 9: Full-Year 2026 Outlook Summary
[FAVORABLE SUPPLY FULL-YEAR 2026 BACKDROP OUTLOOK FOR ESTABLISHED REGIONS PERSISTS, SUMMARY WHILE THE SUNBELT CONTINUES TO DIGEST STANDING INVENTORY] [SUBURBAN COASTAL PORTFOLIO POSITIONED TO OUTPERFORM] ‘26 OUTLOOK(1) FULL-YEAR PROJECTED CORE FFO PER SHARE GROWTH 0.1% MIDPOINT OF OUTLOOK RANGE SAME
Slide 10: Development & Capital Activity Outlook Summary
[FAVORABLE DEVELOPMENTSUPPLY BACKDROP & CAPITAL FOR ESTABLISHED ACTIVITY REGIONS PERSISTS, OUTLOOK SUMMARY WHILE THE SUNBELT CONTINUES TO DIGEST STANDING INVENTORY] [SUBURBAN COASTAL PORTFOLIO POSITIONED TO OUTPERFORM] ‘26 OUTLOOK(1) FULL-YEAR DEVELOPMENT ACTIVITY TOTAL CAPITAL COST FOR 2026 DEVELOP
Slide 11: Higher Lease Rates, Other Rental Revenue and Bad Debt Driving Revenue Growth
HIGHER LEASE RATES, GROWTH IN OTHER RENTAL REVENUE AND IMPROVEMENT IN BAD DEBT DRIVING REVENUE GROWTH Components of 2026 Full Year Projected Same Store Residential Revenue Growth Based on the midpoint of outlook range Same Store Outlook 2% 2026 Assumptions • Projected Like-Term Effective Rent Change
Slide 12: Projected 2026 Same Store Residential Revenue Growth by Region
NORTHERNSUPPLY [FAVORABLE CALIFORNIA LEADING BACKDROP ’26 SAMEREGIONS FOR ESTABLISHED STORE REVENUE PERSISTS, GROWTH, WHILE THE SUNBELT WITH METRO NY/NJCONTINUES LEADING TOON DIGEST THESTANDING INVENTORY] EAST COAST [SUBURBAN COASTAL PORTFOLIO POSITIONED TO OUTPERFORM] PROJECTED 2026 FULL YEAR SAME
Slide 13: Operating Expense Growth Impacted by Select Property Tax Items
OPERATING EXPENSE GROWTH IMPACTED BY SELECT PROPERTY TAX ITEMS; ORGANIC EXPENSE GROWTH LOWER THAN LAST YEAR Select Components of Projected 2026 Full-year Same Store Residential Operating Expense Growth Same Store Outlook FY 2026 ORGANIC SS RESIDENTIAL OPERATING EXPENSE GROWTH 2.5% Residential Operat
Slide 14: Development Contribution to Earnings in '26
DEVELOPMENT [FAVORABLE CONTRIBUTION SUPPLY BACKDROP FOR OF +10¢/SHR ESTABLISHED TO EARNINGS REGIONS PERSISTS,IN ‘26 WHILE OFFSETTHEBY SUNBELT CONTINUES REFINANCING TO DIGEST AND STANDING ACTIVITY TRANSACTION INVENTORY] [SUBURBAN COASTAL PORTFOLIO POSITIONED TO OUTPERFORM] Components of 2026 Full-Yea
Slide 15: Current Earnings Reflects the Funding of Future Accretive Growth
CURRENT EARNINGS [FAVORABLE CONTRIBUTION SUPPLY BACKDROP FORFROM DEVELOPMENT ESTABLISHED REGIONS PERSISTS, REFLECTS WHILE THE THE FUNDING SUNBELT OF FUTURE CONTINUES ACCRETIVE TO DIGEST GROWTH STANDING INVENTORY] [SUBURBAN COASTAL PORTFOLIO POSITIONED TO OUTPERFORM] 2026 Projected Development NOI Av
Slide 16: Accretive Development Starts Driving Acceleration in Occupancies and NOI
ACCRETIVESUPPLY [FAVORABLE DEVELOPMENT BACKDROP STARTS IN LAST REGIONS FOR ESTABLISHED TWO YEARS DRIVING PERSISTS, WHILE THE SUNBELT ACCELERATION INCONTINUES TO DIGEST OCCUPANCIES ANDSTANDING INVENTORY] DEVELOPMENT NOI INTO ‘27 [SUBURBAN COASTAL PORTFOLIO POSITIONED TO OUTPERFORM] Development Starts
Slide 17: 2026 Projected Lease-Up Activity Concentrated in Suburban Submarkets
2026 PROJECTED LEASE-UP ACTIVITY CONCENTRATED IN SUBURBAN SUBMARKETS IN ESTABLISHED REGIONS WITH LESS COMPETITION Key Metrics Development Occupancies by Region 2026 Projected Occupancies 2026 Lease-ups 100% Development METRO NY/NJ NORTH CAROLINA Over 90% of Projected 2026 Suburban 17% 44% Developmen
Slide 18: [FAVORABLE SUPPLY BACKDROP FOR ESTABLISHED REGIONS PERSISTS, WHILE THE SUNBELT CONTINUES TO DIGEST STANDING
[FAVORABLE SUPPLY BACKDROP FOR ESTABLISHED REGIONS PERSISTS, WHILE THE SUNBELT CONTINUES TO DIGEST STANDING INVENTORY] [SUBURBAN COASTAL PORTFOLIO POSITIONED TO OUTPERFORM] 18
Slide 19: Forward-Looking Statements
FORWARD-LOOKING [FAVORABLE STATEMENTS SUPPLY BACKDROP FOR ESTABLISHED REGIONS PERSISTS, WHILE THE SUNBELT CONTINUES TO DIGEST STANDING INVENTORY] [SUBURBAN COASTAL PORTFOLIO POSITIONED TO OUTPERFORM] This presentation dated February 5, 2026 is provided in connection with AvalonBay’s fourth quarter 2
Slide 20: Definitions and Reconciliations of Non-GAAP Financial Measures
DEFINITIONSSUPPLY [FAVORABLE AND RECONCILIATIONS OF NON-GAAP BACKDROP FOR ESTABLISHED FINANCIAL REGIONS MEASURES AND PERSISTS, WHILE OTHERTHE SUNBELT CONTINUES TO DIGEST STANDING INVENTORY] TERMS [SUBURBAN COASTAL PORTFOLIO POSITIONED TO OUTPERFORM] Asset Preservation Capex represents capital expend
Slide 21: Definitions and Reconciliations of Non-GAAP Financial Measures
DEFINITIONSSUPPLY [FAVORABLE AND RECONCILIATIONS OF NON-GAAP BACKDROP FOR ESTABLISHED FINANCIAL REGIONS MEASURES AND PERSISTS, WHILE OTHERTHE SUNBELT CONTINUES TO DIGEST STANDING INVENTORY] TERMS [SUBURBAN COASTAL PORTFOLIO POSITIONED TO OUTPERFORM] FFO and Core FFO are generally considered by manag
Slide 22: Definitions and Reconciliations of Non-GAAP Financial Measures
DEFINITIONSSUPPLY [FAVORABLE AND RECONCILIATIONS OF NON-GAAP BACKDROP FOR ESTABLISHED FINANCIAL REGIONS MEASURES AND PERSISTS, WHILE OTHERTHE SUNBELT CONTINUES TO DIGEST STANDING INVENTORY] TERMS [SUBURBAN COASTAL PORTFOLIO POSITIONED TO OUTPERFORM] 22
Slide 23: Definitions and Reconciliations of Non-GAAP Financial Measures
DEFINITIONSSUPPLY [FAVORABLE AND RECONCILIATIONS OF NON-GAAP BACKDROP FOR ESTABLISHED FINANCIAL REGIONS MEASURES AND PERSISTS, WHILE OTHERTHE SUNBELT CONTINUES TO DIGEST STANDING INVENTORY] TERMS [SUBURBAN COASTAL PORTFOLIO POSITIONED TO OUTPERFORM] (1) Amounts consist primarily of net unrealized lo
Slide 24: Definitions and Reconciliations of Non-GAAP Financial Measures
DEFINITIONSSUPPLY [FAVORABLE AND RECONCILIATIONS OF NON-GAAP BACKDROP FOR ESTABLISHED FINANCIAL REGIONS MEASURES AND PERSISTS, WHILE OTHERTHE SUNBELT CONTINUES TO DIGEST STANDING INVENTORY] TERMS [SUBURBAN COASTAL PORTFOLIO POSITIONED TO OUTPERFORM] Net Development Earnings is calculated as: (a) cal
Slide 25: Definitions and Reconciliations of Non-GAAP Financial Measures
DEFINITIONSSUPPLY [FAVORABLE AND RECONCILIATIONS OF NON-GAAP BACKDROP FOR ESTABLISHED FINANCIAL REGIONS MEASURES AND PERSISTS, WHILE OTHERTHE SUNBELT CONTINUES TO DIGEST STANDING INVENTORY] TERMS [SUBURBAN COASTAL PORTFOLIO POSITIONED TO OUTPERFORM] Match-Funded (Development Underway) is calculated
Slide 26: Definitions and Reconciliations of Non-GAAP Financial Measures
DEFINITIONSSUPPLY [FAVORABLE AND RECONCILIATIONS OF NON-GAAP BACKDROP FOR ESTABLISHED FINANCIAL REGIONS MEASURES AND PERSISTS, WHILE OTHERTHE SUNBELT CONTINUES TO DIGEST STANDING INVENTORY] TERMS [SUBURBAN COASTAL PORTFOLIO POSITIONED TO OUTPERFORM] Projected FFO and Projected Core FFO, as provided
Slide 27: Definitions and Reconciliations of Non-GAAP Financial Measures
DEFINITIONSSUPPLY [FAVORABLE AND RECONCILIATIONS OF NON-GAAP BACKDROP FOR ESTABLISHED FINANCIAL REGIONS MEASURES AND PERSISTS, WHILE OTHERTHE SUNBELT CONTINUES TO DIGEST STANDING INVENTORY] TERMS [SUBURBAN COASTAL PORTFOLIO POSITIONED TO OUTPERFORM] Projected NOI, as used within this presentation fo
Slide 28: Definitions and Reconciliations of Non-GAAP Financial Measures
DEFINITIONSSUPPLY [FAVORABLE AND RECONCILIATIONS OF NON-GAAP BACKDROP FOR ESTABLISHED FINANCIAL REGIONS MEASURES AND PERSISTS, WHILE OTHERTHE SUNBELT CONTINUES TO DIGEST STANDING INVENTORY] TERMS [SUBURBAN COASTAL PORTFOLIO POSITIONED TO OUTPERFORM] Same Store is composed of consolidated communities
Slide 29: [FAVORABLE SUPPLY BACKDROP FOR ESTABLISHED REGIONS PERSISTS, WHILE THE SUNBELT CONTINUES TO DIGEST STANDING
[FAVORABLE SUPPLY BACKDROP FOR ESTABLISHED REGIONS PERSISTS, WHILE THE SUNBELT CONTINUES TO DIGEST STANDING INVENTORY] [SUBURBAN COASTAL PORTFOLIO POSITIONED TO OUTPERFORM] 29