Third Quarter 2021 Investor Teleconference Presentation

Avalon Marlborough Marlborough, MA

AVA Wheaton Silver Spring, MD

INVESTOR TELECONFERENCE

PRESENTATION

Third Quarter 2021

October 27, 2021

eaves Mission Ridge San Diego, CA

See Appendix for information about forward-looking statements and definitions of non-GAAP financial measures and other terms.

For the reasons described in the referenced forward-looking statements, including the impact of the COVID-19 pandemic and related governmental actions and changes in economic conditions,

our historical results may not be indicative of future results.

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PARTICIPANTS

TIM NAUGHTON

CHAIRMAN & CHIEF EXECUTIVE OFFICER

BEN SCHALL

PRESIDENT

KEVIN O'SHEA

CHIEF FINANCIAL OFFICER

MATT BIRENBAUM

CHIEF INVESTMENT OFFICER

SEAN BRESLIN

CHIEF OPERATING OFFICER

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REVIEW OF THIRD QUARTER AND YEAR-TO-DATE RESULTS AND ACTIVITY

Q3 | YTD 2021 RESULTS & ACTIVITY	Q3	YTD
CORE FFO PER SHARE YEAR-OVER-YEAR CHANGE	0.0%	(10.2%)
SAME STORE RESIDENTIAL RENTAL REVENUE CHANGE
GAAP BASIS - YEAR-OVER-YEAR | SEQUENTIAL	1.0% | 3.3%	(4.4%) | N/A
CASH BASIS - YEAR-OVER-YEAR | SEQUENTIAL	4.3% | 4.0%	(2.7%) | N/A
DEVELOPMENT COMPLETIONS | WTD. AVG. INITIAL PROJECTED STABILIZED YIELD	$ 70M | 5.7%	$ 1.1B | 5.9%
DEVELOPMENT STARTS	$ 375M	$ 955M
ACQUISITIONS	$ 275M	$ 395M
CAPITAL RAISED | WTD. AVG. INITIAL COST OF CAPITAL(1)	$ 795M | 2.3%	$ 1.4B | 3.0%

Source: Internal company reports.

See Appendix for a reconciliation of Net Income attributable to common shareholders to FFO and to Core FFO.

1. Capital raised includes net proceeds from all debt and equity issuances, wholly-owned dispositions (including residential condominium sales at The Park Loggia), and distributions from unconsolidated real estate entities. Weighted average initial cost of capital includes all debt (inclusive of the effect of interest rate hedges) and equity issuances, and wholly-owned dispositions (including the average imputed carry cost of the residential condominiums at the Park Loggia) only.

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FOURTH QUARTER AND REVISED FULL YEAR OUTLOOK

Q4 | FULL YEAR 2021 FINANCIAL & OPERATING OUTLOOK	Q4	FULL YEAR
PROJECTED CORE FFO PER SHARE RANGE	$ 2.19 - $ 2.29	$ 8.18 - $ 8.28
SAME STORE COMMUNITIES (YEAR-OVER-YEAR)
RESIDENTIAL REVENUE CHANGE	4.5%	- 5.5%	(2.3%)	- (1.9%)
RESIDENTIAL OPERATING EXPENSE CHANGE	1.25%	- 2.25%	3.4%	- 3.8%
RESIDENTIAL NOI CHANGE	5.5%	- 7.5%	(5.1%)	- (4.3%)

Source: Internal company reports.

See Appendix for a reconciliation of Projected Net Income attributable to common shareholders to Projected FFO and to Projected Core FFO.

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