<SEC-DOCUMENT>0001104659-21-135712.txt : 20211108
<SEC-HEADER>0001104659-21-135712.hdr.sgml : 20211108
<ACCEPTANCE-DATETIME>20211108163711
ACCESSION NUMBER:		0001104659-21-135712
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20211108
DATE AS OF CHANGE:		20211108

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AVALONBAY COMMUNITIES INC
		CENTRAL INDEX KEY:			0000915912
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				770404318
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-253532
		FILM NUMBER:		211388527

	BUSINESS ADDRESS:	
		STREET 1:		4040 WILSON BOULEVARD
		STREET 2:		STE 1000
		CITY:			ARLINGTON
		STATE:			VA
		ZIP:			22203
		BUSINESS PHONE:		7033296300

	MAIL ADDRESS:	
		STREET 1:		4040 WILSON BOULEVARD
		STREET 2:		STE 1000
		CITY:			ARLINGTON
		STATE:			VA
		ZIP:			22203

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AVALON BAY COMMUNITIES INC
		DATE OF NAME CHANGE:	19980618

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BAY APARTMENT COMMUNITIES INC
		DATE OF NAME CHANGE:	19931208

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AVALONBAY COMMUNITIES INC
		CENTRAL INDEX KEY:			0000915912
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				770404318
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		4040 WILSON BOULEVARD
		STREET 2:		STE 1000
		CITY:			ARLINGTON
		STATE:			VA
		ZIP:			22203
		BUSINESS PHONE:		7033296300

	MAIL ADDRESS:	
		STREET 1:		4040 WILSON BOULEVARD
		STREET 2:		STE 1000
		CITY:			ARLINGTON
		STATE:			VA
		ZIP:			22203

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AVALON BAY COMMUNITIES INC
		DATE OF NAME CHANGE:	19980618

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BAY APARTMENT COMMUNITIES INC
		DATE OF NAME CHANGE:	19931208
</SEC-HEADER>
<DOCUMENT>
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<DESCRIPTION>FWP
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<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt">Issuer Free Writing Prospectus</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right">Filed
Pursuant to Rule 433</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right">Registration
Statement</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right">No.
333-253532</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right">Relating to Preliminary Prospectus
Supplement dated November 8, 2021</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right">to Prospectus dated February 25,
2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 134pt 0pt 138.9pt; text-align: center"><U>Pricing Term Sheet</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 134.1pt 0pt 138.9pt; text-align: center">AVALONBAY COMMUNITIES, INC.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 134.1pt 0pt 138.9pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 134.1pt 0pt 138.9pt; text-align: center">$400,000,000 1.900% Senior
Notes due 2028</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 134.1pt 0pt 138.9pt; text-align: center">November 8, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 39%"><FONT STYLE="font-size: 10pt"><B>Issuer:</B></FONT></TD>
    <TD STYLE="width: 61%"><FONT STYLE="font-size: 10pt">AvalonBay Communities, Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Principal Amount:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">$400,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Maturity:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">December 1, 2028</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Coupon:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">1.900%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Price to Public:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">99.869% of face amount</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Yield to Maturity:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">1.920%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Spread to Benchmark Treasury:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">T + 55 basis points</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Benchmark Treasury:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">1.375% due October 31, 2028</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Benchmark Treasury Price and Yield:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">100-01 / 1.370%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Interest Payment Dates:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">June 1 and December 1, commencing June 1, 2022</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Optional Redemption:</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-indent: 0.5in"><B>Make-whole call: </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-indent: 0.5in"><B>Par Call:</B></P></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.85pt 0pt 22.15pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Make-whole call at T + 10 basis points</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">On or after October 1, 2028 (two months prior to the
    maturity date)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Trade Date:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">November 8, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Settlement Date:</B></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">T+7; November 18, 2021; under Rule 15c6-1 under the
    Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in two business days, unless
    the parties to that trade expressly agree otherwise.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Accordingly, purchasers
    who wish to trade the Notes prior to the second business day before the Settlement Date will be required, by virtue of the fact that
    the Notes initially will settle on a delayed basis, to specify an alternate settlement cycle at the time of any such trade to
    prevent a failed settlement, and should consult their own advisors with respect to these matters.</P></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 39%"><FONT STYLE="font-size: 10pt"><B>CUSIP:</B></FONT></TD>
    <TD STYLE="width: 61%"><FONT STYLE="font-size: 10pt">053484 AC5</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>ISIN:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">US053484AC59</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Ratings*:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">A3/A- (Moody&#8217;s/S&amp;P)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Minimum denomination:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">$2,000 and integral multiples of $1,000 in excess thereof</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Joint Bookrunners:&nbsp;</B></P></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">BofA Securities, Inc., Deutsche Bank Securities
Inc., PNC Capital Markets LLC, Wells Fargo Securities, LLC, Barclays Capital Inc., Citigroup Global Markets Inc., Goldman Sachs &amp;
Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley &amp; Co. LLC and Truist Securities, Inc.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Co-Managers:</B></TD>
    <TD>TD Securities (USA) LLC, BNY Mellon Capital Markets,
    LLC, RBC Capital Markets, LLC, Samuel A. Ramirez &amp; Company, Inc., Scotia Capital (USA) Inc. and U.S. Bancorp Investments, Inc.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">*Note: A securities rating is not a recommendation
to buy, sell or hold securities and may be revised or withdrawn at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The issuer has filed a registration statement
(including a prospectus and a preliminary prospectus supplement) with the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;)
for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement
and the preliminary prospectus supplement, and other documents the issuer has filed with the SEC for more complete information about
the issuer and this offering. You may obtain these documents for free by visiting EDGAR on the SEC&#8217;s website at <U>www.sec.gov</U>.
Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus and the
preliminary prospectus supplement if you request them by calling BofA Securities, Inc. at 1-800-294-1322, Deutsche Bank Securities Inc.
at 1-800-503-4611, PNC Capital Markets LLC at 855-881-0697 or Wells Fargo Securities, LLC at 1-800-645-3751.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">ANY DISCLAIMERS OR OTHER NOTICES THAT MAY&nbsp;APPEAR
BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED
AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER&nbsp;E-MAIL&nbsp;SYSTEM.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 5.15pt 0pt 10pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 5.15pt 0pt 10pt"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 5.15pt 0pt 10pt">&nbsp;</P>



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