AVALONBAY COMMUNITIES INC

During the three months ended June 30, 2025, none of the Company's directors or officers (as defined in Rule 16a-1(f) of the Exchange Act)adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K).

On August 1, 2025, the Company amended the Credit Facility to extend the applicability of its sustainability-linked pricing component, which provides for interest rate margin and commitment fee reductions or increases related to certain environmental sustainability targets. The reductions or increases can range from (0.02)% to 0.02% to the interest rate margin and (0.005)% to 0.005% to the commitment fee. All other terms of the Credit Facility, including its maturity date of April 2030, remain unchanged. The foregoing description of the Credit Facility amendment does not purport to be complete and is qualified in its entirety by reference to Amendment No. 1 to Seventh Amended and Restated Revolving Loan Agreement, attached hereto as Exhibit 10.2.

On August 1, 2025, the Company amended the Term Loan to (i) exercise its full accordion option to increase the amount of its Term Loan by $100,000,000 to $550,000,000 and (ii) extend the applicability of its sustainability-linked pricing component, which provides for interest rate margin reductions or increases related to certain environmental sustainability targets that can range from (0.02)% to 0.02% in the aggregate. The additional borrowing was hedged with interest rate swaps entered into in July 2025. Including the total borrowing of $550,000,000 and the impact of all swaps and transaction costs, assuming the Term Loan will be fully drawn until maturity and the Company's current borrowing spread to SOFR, the effective interest rate for the Term Loan is 4.44%. All other terms of the Term Loan, including its maturity date of April 2029, remain unchanged. The foregoing description of the Term Loan amendment does not purport to be complete and is qualified in its entirety by reference to Amendment No. 1 to Term Loan Agreement, attached hereto as Exhibit 10.4.