AVALONBAY COMMUNITIES INC — Call Transcript 2026

Good morning, welcome to the AvalonBay Communities, Inc. 2026 Annual Meeting of Stockholders. We do not expect technical difficulties today. In the event we lose audio or internet connection and we're unable to provide any update, please wait 10 minutes for a solution. Please refer to the company's investor website for updates. I would now like to turn the meeting over to Ted Schulman, Executive Vice President, General Counsel, and Secretary, to begin the meeting. Thank you. During the meeting today, the company may make forward-looking statements. There are a variety of risks and uncertainties associated with forward-looking statements, and actual results may differ materially from what is said here today. Please refer to AvalonBay's annual report on Form 10-K filed with the SEC on February 27th, 2026, for detailed discussions of those risks and uncertainties and to our subsequent SEC filings for updates. I would also like to draw your attention to the meeting agenda and conduct of meeting guide that are posted on the annual meeting website. With that, I will turn the call over to Chairman of the Board of AvalonBay, Timothy J. Naughton, who will chair the meeting. Thank you, Ted. Welcome to the 2026 Annual Meeting of Stockholders of AvalonBay Communities, Inc. This meeting is now officially called to order. Joining me is Benjamin Schall, AvalonBay's Chief Executive Officer, President, and Director. All of our directors standing for election today are also present. Also attending this meeting are representatives from our auditors, Ernst & Young. It is our intention to follow the agenda that has been posted on the meeting site. As is our custom, we will conduct the business portion of our meeting first and answer general questions at the end of the meeting in accordance with the conduct of meeting guide. Questions may be submitted on the meeting website until the meeting is concluded. I will now turn the meeting back to Ted Schulman, the Company Secretary, who will act as Secretary of this meeting and record the minutes. Thank you, Tim. I hereby appoint Anna Hagberg, a representative from Broadridge Financial Solutions, participating by phone, to act as the Inspector of Elections for this meeting. Anna Hagberg has signed an oath of office, which will be filed with the minutes of this meeting. The annual meeting is being held in accordance with the AvalonBay Communities Inc. bylaws and Maryland law. During the meeting, we will review the matters described in our proxy statement dated April 6th, 2026. After that, voting will be completed, the preliminary votes will be announced, and the formal meeting will be adjourned. Shareholders can enter questions online at any point during the meeting. Beginning on April 6th, 2026, Broadridge mailed the meeting notice and a notice of internet availability of meeting materials to every stockholder of record as of March 23rd, 2026. Ms. Hagberg has now reported that the holders of more than a majority of the company's common stock issued and outstanding and entitled to vote are present in person or by proxy at this meeting, thereby constituting a quorum. With a quorum being present, this meeting is hereby declared open to proceed with business. We will now proceed with voting on the agenda items. The polls are now open and will remain open during the discussion of the proposals. You may vote online during this meeting while the polls are open, but if you have already voted and you do not wish to change your vote, you do not need to vote again at today's meeting, and your vote will be cast as you have previously instructed. As presented in the proxy statement, there are four proposals to be voted on at this meeting. One, election of 12 directors to serve until the 2027 annual meeting of stockholders and until their successors are elected and qualify. Two, a non-binding advisory vote to approve the compensation of certain executives of the company. Three, a vote upon approval of the company's 2026 equity incentive plan. Four, ratification of Ernst & Young as the company's auditors for 2026. The board recommends a vote for each of the nominees in proposal one and for each of proposals two, three, and four. As a reminder, please enter any questions about the proposals or voting procedures online, and if appropriate, we will read them aloud. I will review whether we have any questions about the proposals. There are no questions at this time. As there are no questions, we will pause for a few minutes to allow any final voting. I now declare the polls closed. No further proxies or votes and no further changes or revocations will be accepted. Ms. Hagberg, would you please provide me with your preliminary report of the results? According to the preliminary results of the Inspector of Election, each of the 12 nominees has been elected as a director. The proposal to approve the compensation of AvalonBay's named executive officers has been approved. The proposal to approve the company's 2026 equity incentive plan has been approved. The proposal to ratify the appointment of Ernst & Young as AvalonBay's independent auditor for 2026 has been approved. The final voting results will be set forth in the report of the Inspector of Election and will be included in the minutes of the meeting. The final results will also be reported in a current report on Form 8-K to be filed with the SEC. I now turn the meeting back over to Mr. Naughton. Thank you, Ted. As there is no further business to come before the annual meeting, this meeting is hereby adjourned. I'll now hand the balance of the proceedings to Benjamin Schall, Avalon's CEO and President, to lead the question and answer portion of the meeting. Lee Davis, the company's Assistant Secretary, is monitoring the online questions and will read them out loud. Thanks so much, Tim. There are no questions. Thank you, Lee. Thank you everyone for joining us today. I'll turn the call back over to Ted. Thank you, Ben. If there are any questions that were not addressed today, you may submit questions to [email protected], and we will answer appropriate questions directly. Thank you to all for attending. The meeting has now concluded. This concludes the meeting. You may now disconnect.

Speaker 3: Good morning, welcome to the AvalonBay Communities, Inc. 2026 Annual Meeting of Stockholders. We do not expect technical difficulties today. In the event we lose audio or internet connection and we're unable to provide any update, please wait 10 minutes for a solution. Please refer to the company's investor website for updates. I would now like to turn the meeting over to Ted Schulman, Executive Vice President, General Counsel, and Secretary, to begin the meeting. Good morning, welcome to the AvalonBay Communities, Inc. 2026 Annual Meeting of Stockholders. good morning welcome to the avalonbay communities inc 2026 annual meeting of stockholders We do not expect technical difficulties today. we do not expect technical difficulties today In the event we lose audio or internet connection and we're unable to provide any update, please wait 10 minutes for a solution. in the event we lose audio or internet connection and we're unable to provide any update please wait 10 minutes for a solution Please refer to the company's investor website for updates. please refer to the company's investor website for updates I would now like to turn the meeting over to Ted Schulman, Executive Vice President, General Counsel, and Secretary, to begin the meeting. i would now like to turn the meeting over to ted schulman executive vice president general counsel and secretary to begin the meeting

Speaker 4: Thank you. During the meeting today, the company may make forward-looking statements. There are a variety of risks and uncertainties associated with forward-looking statements, and actual results may differ materially from what is said here today. Please refer to AvalonBay's annual report on Form 10-K filed with the SEC on February 27th, 2026, for detailed discussions of those risks and uncertainties and to our subsequent SEC filings for updates. I would also like to draw your attention to the meeting agenda and conduct of meeting guide that are posted on the annual meeting website. With that, I will turn the call over to Chairman of the Board of AvalonBay, Timothy J. Naughton, who will chair the meeting. Thank you. thank you During the meeting today, the company may make forward-looking statements. during the meeting today the company may make forward-looking statements There are a variety of risks and uncertainties associated with forward-looking statements, and actual results may differ materially from what is said here today. there are a variety of risks and uncertainties associated with forward-looking statements and actual results may differ materially from what is said here today Please refer to AvalonBay's annual report on Form 10-K filed with the SEC on February 27th, 2026, for detailed discussions of those risks and uncertainties and to our subsequent SEC filings for updates. please refer to avalonbay's annual report on form 10-k filed with the sec on february 27th 2026 for detailed discussions of those risks and uncertainties and to our subsequent sec filings for updates I would also like to draw your attention to the meeting agenda and conduct of meeting guide that are posted on the annual meeting website. i would also like to draw your attention to the meeting agenda and conduct of meeting guide that are posted on the annual meeting website With that, I will turn the call over to Chairman of the Board of AvalonBay, Timothy J. with that i will turn the call over to chairman of the board of avalonbay timothy j Naughton, who will chair the meeting. naughton who will chair the meeting

Speaker 5: Thank you, Ted. Welcome to the 2026 Annual Meeting of Stockholders of AvalonBay Communities, Inc. This meeting is now officially called to order. Joining me is Benjamin Schall, AvalonBay's Chief Executive Officer, President, and Director. All of our directors standing for election today are also present. Also attending this meeting are representatives from our auditors, Ernst & Young. It is our intention to follow the agenda that has been posted on the meeting site. As is our custom, we will conduct the business portion of our meeting first and answer general questions at the end of the meeting in accordance with the conduct of meeting guide. Questions may be submitted on the meeting website until the meeting is concluded. I will now turn the meeting back to Ted Schulman, the Company Secretary, who will act as Secretary of this meeting and record the minutes. Thank you, Ted. thank you ted Welcome to the 2026 Annual Meeting of Stockholders of AvalonBay Communities, Inc. This meeting is now officially called to order. welcome to the 2026 annual meeting of stockholders of avalonbay communities inc this meeting is now officially called to order Joining me is Benjamin Schall, AvalonBay's Chief Executive Officer, President, and Director. joining me is benjamin schall avalonbay's chief executive officer president and director All of our directors standing for election today are also present. all of our directors standing for election today are also present Also attending this meeting are representatives from our auditors, Ernst & Young. also attending this meeting are representatives from our auditors ernst & young It is our intention to follow the agenda that has been posted on the meeting site. it is our intention to follow the agenda that has been posted on the meeting site As is our custom, we will conduct the business portion of our meeting first and answer general questions at the end of the meeting in accordance with the conduct of meeting guide. as is our custom we will conduct the business portion of our meeting first and answer general questions at the end of the meeting in accordance with the conduct of meeting guide Questions may be submitted on the meeting website until the meeting is concluded. questions may be submitted on the meeting website until the meeting is concluded I will now turn the meeting back to Ted Schulman, the Company Secretary, who will act as Secretary of this meeting and record the minutes. i will now turn the meeting back to ted schulman the company secretary who will act as secretary of this meeting and record the minutes

Speaker 4: Thank you, Tim. I hereby appoint Anna Hagberg, a representative from Broadridge Financial Solutions, participating by phone, to act as the Inspector of Elections for this meeting. Anna Hagberg has signed an oath of office, which will be filed with the minutes of this meeting. The annual meeting is being held in accordance with the AvalonBay Communities Inc. bylaws and Maryland law. During the meeting, we will review the matters described in our proxy statement dated April 6th, 2026. After that, voting will be completed, the preliminary votes will be announced, and the formal meeting will be adjourned. Shareholders can enter questions online at any point during the meeting. Beginning on April 6th, 2026, Broadridge mailed the meeting notice and a notice of internet availability of meeting materials to every stockholder of record as of March 23rd, 2026. Thank you, Tim. thank you tim I hereby appoint Anna Hagberg, a representative from Broadridge Financial Solutions, participating by phone, to act as the Inspector of Elections for this meeting. i hereby appoint anna hagberg a representative from broadridge financial solutions participating by phone to act as the inspector of elections for this meeting Anna Hagberg has signed an oath of office, which will be filed with the minutes of this meeting. anna hagberg has signed an oath of office which will be filed with the minutes of this meeting The annual meeting is being held in accordance with the AvalonBay Communities Inc. bylaws and Maryland law. the annual meeting is being held in accordance with the avalonbay communities inc bylaws and maryland law During the meeting, we will review the matters described in our proxy statement dated April 6th, 2026. during the meeting we will review the matters described in our proxy statement dated april 6th 2026 After that, voting will be completed, the preliminary votes will be announced, and the formal meeting will be adjourned. after that voting will be completed the preliminary votes will be announced and the formal meeting will be adjourned Shareholders can enter questions online at any point during the meeting. shareholders can enter questions online at any point during the meeting Beginning on April 6th, 2026, Broadridge mailed the meeting notice and a notice of internet availability of meeting materials to every stockholder of record as of March 23rd, 2026. beginning on april 6th 2026 broadridge mailed the meeting notice and a notice of internet availability of meeting materials to every stockholder of record as of march 23rd 2026 Ms. Hagberg has now reported that the holders of more than a majority of the company's common stock issued and outstanding and entitled to vote are present in person or by proxy at this meeting, thereby constituting a quorum. With a quorum being present, this meeting is hereby declared open to proceed with business. We will now proceed with voting on the agenda items. The polls are now open and will remain open during the discussion of the proposals. You may vote online during this meeting while the polls are open, but if you have already voted and you do not wish to change your vote, you do not need to vote again at today's meeting, and your vote will be cast as you have previously instructed. As presented in the proxy statement, there are four proposals to be voted on at this meeting. Ms. Hagberg has now reported that the holders of more than a majority of the company's common stock issued and outstanding and entitled to vote are present in person or by proxy at this meeting, thereby constituting a quorum. ms hagberg has now reported that the holders of more than a majority of the company's common stock issued and outstanding and entitled to vote are present in person or by proxy at this meeting thereby constituting a quorum With a quorum being present, this meeting is hereby declared open to proceed with business. with a quorum being present this meeting is hereby declared open to proceed with business We will now proceed with voting on the agenda items. we will now proceed with voting on the agenda items The polls are now open and will remain open during the discussion of the proposals. the polls are now open and will remain open during the discussion of the proposals You may vote online during this meeting while the polls are open, but if you have already voted and you do not wish to change your vote, you do not need to vote again at today's meeting, and your vote will be cast as you have previously instructed. you may vote online during this meeting while the polls are open but if you have already voted and you do not wish to change your vote you do not need to vote again at today's meeting and your vote will be cast as you have previously instructed As presented in the proxy statement, there are four proposals to be voted on at this meeting. as presented in the proxy statement there are four proposals to be voted on at this meeting One, election of 12 directors to serve until the 2027 annual meeting of stockholders and until their successors are elected and qualify. Two, a non-binding advisory vote to approve the compensation of certain executives of the company. Three, a vote upon approval of the company's 2026 equity incentive plan. Four, ratification of Ernst & Young as the company's auditors for 2026. The board recommends a vote for each of the nominees in proposal one and for each of proposals two, three, and four. As a reminder, please enter any questions about the proposals or voting procedures online, and if appropriate, we will read them aloud. I will review whether we have any questions about the proposals. There are no questions at this time. As there are no questions, we will pause for a few minutes to allow any final voting. I now declare the polls closed. One, election of 12 directors to serve until the 2027 annual meeting of stockholders and until their successors are elected and qualify. one election of 12 directors to serve until the 2027 annual meeting of stockholders and until their successors are elected and qualify Two, a non-binding advisory vote to approve the compensation of certain executives of the company. two a non-binding advisory vote to approve the compensation of certain executives of the company Three, a vote upon approval of the company's 2026 equity incentive plan. three a vote upon approval of the company's 2026 equity incentive plan Four, ratification of Ernst & Young as the company's auditors for 2026. four ratification of ernst & young as the company's auditors for 2026 The board recommends a vote for each of the nominees in proposal one and for each of proposals two, three, and four. the board recommends a vote for each of the nominees in proposal one and for each of proposals two three and four As a reminder, please enter any questions about the proposals or voting procedures online, and if appropriate, we will read them aloud. as a reminder please enter any questions about the proposals or voting procedures online and if appropriate we will read them aloud I will review whether we have any questions about the proposals. i will review whether we have any questions about the proposals There are no questions at this time. there are no questions at this time As there are no questions, we will pause for a few minutes to allow any final voting. as there are no questions we will pause for a few minutes to allow any final voting I now declare the polls closed. i now declare the polls closed No further proxies or votes and no further changes or revocations will be accepted. Ms. Hagberg, would you please provide me with your preliminary report of the results? According to the preliminary results of the Inspector of Election, each of the 12 nominees has been elected as a director. The proposal to approve the compensation of AvalonBay's named executive officers has been approved. The proposal to approve the company's 2026 equity incentive plan has been approved. The proposal to ratify the appointment of Ernst & Young as AvalonBay's independent auditor for 2026 has been approved. The final voting results will be set forth in the report of the Inspector of Election and will be included in the minutes of the meeting. The final results will also be reported in a current report on Form 8-K to be filed with the SEC. No further proxies or votes and no further changes or revocations will be accepted. no further proxies or votes and no further changes or revocations will be accepted Ms. Hagberg, would you please provide me with your preliminary report of the results? ms hagberg would you please provide me with your preliminary report of the results According to the preliminary results of the Inspector of Election, each of the 12 nominees has been elected as a director. according to the preliminary results of the inspector of election each of the 12 nominees has been elected as a director The proposal to approve the compensation of AvalonBay's named executive officers has been approved. the proposal to approve the compensation of avalonbay's named executive officers has been approved The proposal to approve the company's 2026 equity incentive plan has been approved. the proposal to approve the company's 2026 equity incentive plan has been approved The proposal to ratify the appointment of Ernst & Young as AvalonBay's independent auditor for 2026 has been approved. the proposal to ratify the appointment of ernst & young as avalonbay's independent auditor for 2026 has been approved The final voting results will be set forth in the report of the Inspector of Election and will be included in the minutes of the meeting. the final voting results will be set forth in the report of the inspector of election and will be included in the minutes of the meeting The final results will also be reported in a current report on Form 8-K to be filed with the SEC. the final results will also be reported in a current report on form 8-k to be filed with the sec I now turn the meeting back over to Mr. Naughton. I now turn the meeting back over to Mr. Naughton. i now turn the meeting back over to mr naughton

Speaker 5: Thank you, Ted. As there is no further business to come before the annual meeting, this meeting is hereby adjourned. I'll now hand the balance of the proceedings to Benjamin Schall, Avalon's CEO and President, to lead the question and answer portion of the meeting. Lee Davis, the company's Assistant Secretary, is monitoring the online questions and will read them out loud. Thank you, Ted. thank you ted As there is no further business to come before the annual meeting, this meeting is hereby adjourned. as there is no further business to come before the annual meeting this meeting is hereby adjourned I'll now hand the balance of the proceedings to Benjamin Schall, Avalon's CEO and President, to lead the question and answer portion of the meeting. i'll now hand the balance of the proceedings to benjamin schall avalon's ceo and president to lead the question and answer portion of the meeting Lee Davis, the company's Assistant Secretary, is monitoring the online questions and will read them out loud. lee davis the company's assistant secretary is monitoring the online questions and will read them out loud

Speaker 2: Thanks so much, Tim. There are no questions. Thanks so much, Tim. thanks so much tim There are no questions. there are no questions

Speaker 1: Thank you, Lee. Thank you everyone for joining us today. I'll turn the call back over to Ted. Thank you, Lee. thank you lee Thank you everyone for joining us today. thank you everyone for joining us today I'll turn the call back over to Ted. i'll turn the call back over to ted

Speaker 4: Thank you, Ben. If there are any questions that were not addressed today, you may submit questions to [email protected], and we will answer appropriate questions directly. Thank you to all for attending. The meeting has now concluded. Thank you, Ben. thank you ben If there are any questions that were not addressed today, you may submit questions to [email protected], and we will answer appropriate questions directly. if there are any questions that were not addressed today you may submit questions to [email protected] and we will answer appropriate questions directly Thank you to all for attending. thank you to all for attending The meeting has now concluded. the meeting has now concluded

Speaker 3: This concludes the meeting. You may now disconnect. This concludes the meeting. this concludes the meeting You may now disconnect. you may now disconnect