Management Change/Compensation (Form 8-K)

On November 10, 2025, the Board of Directors (the "Board") of AvalonBay Communities, Inc. (the "Company") appointed Conor C. Flynn to serve as a member of the Board, effective that day.

Since 2016, Mr. Flynn, 45, has been the Chief Executive Officer and a member of the board of directors of Kimco Realty Corporation ("Kimco"), a publicly traded real estate investment trust that owns and operates grocery-anchored shopping centers and mixed-use properties. Mr. Flynn joined Kimco in 2003 as an asset manager and has held a variety of other senior leadership roles with the organization, including President, Chief Operating Officer, Chief Investment Officer and President, Western Region. Mr. Flynn holds a B.A. from Yale University and a Master's in Real Estate Development from Columbia University. Mr. Flynn is a member and past Chair of the Executive Board of Nareit and is a member of the Real Estate Roundtable.

In connection with Mr. Flynn's appointment, the Company's Board determined that Mr. Flynn is an independent director. The Board has not assigned him to serve on any Board committees at this time.