<SEC-DOCUMENT>0001104659-21-141251.txt : 20211118
<SEC-HEADER>0001104659-21-141251.hdr.sgml : 20211118
<ACCEPTANCE-DATETIME>20211118170229
ACCESSION NUMBER:		0001104659-21-141251
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		16
CONFORMED PERIOD OF REPORT:	20211118
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20211118
DATE AS OF CHANGE:		20211118

FILER:

	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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12672
		FILM NUMBER:		211425211

	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>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>tm2133217d1_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<XBRL>
<?xml version="1.0" encoding="utf-8"?>
<html xmlns="http://www.w3.org/1999/xhtml" xmlns:xs="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:ix="http://www.xbrl.org/2013/inlineXBRL" xmlns:ixt="http://www.xbrl.org/inlineXBRL/transformation/2015-02-26" xmlns:ixt-sec="http://www.sec.gov/inlineXBRL/transformation/2015-08-31" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:dei="http://xbrl.sec.gov/dei/2021" xmlns:ref="http://www.xbrl.org/2006/ref" xmlns:us-gaap="http://fasb.org/us-gaap/2021-01-31" xmlns:us-roles="http://fasb.org/us-roles/2021-01-31" xmlns:country="http://xbrl.sec.gov/country/2021" xmlns:srt="http://fasb.org/srt/2021-01-31" xmlns:avb="http://avalonbay.com/20211118">
<head>
     <title></title>
<meta http-equiv="Content-Type" content="text/html" />
</head>
<!-- Field: Set; Name: xdx; ID: xdx_02A_US%2DGAAP%2D2021 -->
<!-- Field: Set; Name: xdx; ID: xdx_035_avb_avalonbay.com_20211118 -->
<!-- Field: Set; Name: xdx; ID: xdx_042_20211118_20211118 -->
<!-- Field: Set; Name: xdx; ID: xdx_052_edei%2D%2DEntityCentralIndexKey_0000915912 -->
<!-- Field: Set; Name: xdx; ID: xdx_059_edei%2D%2DAmendmentFlag_false -->
<!-- Field: Set; Name: xdx; ID: xdx_06B_USD_1_iso4217%2D%2DUSD -->
<!-- Field: Set; Name: xdx; ID: xdx_062_Shares_2_xbrli%2D%2Dshares -->
<!-- Field: Set; Name: xdx; ID: xdx_06D_USDPShares_3_iso4217%2D%2DUSD_xbrli%2D%2Dshares -->
<body style="font: 10pt Times New Roman, Times, Serif">
<div style="display: none">
<ix:header>
 <ix:hidden>
  <ix:nonNumeric contextRef="From2021-11-18to2021-11-18" name="dei:EntityCentralIndexKey">0000915912</ix:nonNumeric>
  <ix:nonNumeric contextRef="From2021-11-18to2021-11-18" format="ixt:booleanfalse" name="dei:AmendmentFlag">false</ix:nonNumeric>
  </ix:hidden>
 <ix:references>
  <link:schemaRef xlink:href="avb-20211118.xsd" xlink:type="simple" />
  </ix:references>
 <ix:resources>
    <xbrli:context id="From2021-11-18to2021-11-18">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0000915912</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-11-18</xbrli:startDate>
        <xbrli:endDate>2021-11-18</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:unit id="USD">
      <xbrli:measure>iso4217:USD</xbrli:measure>
    </xbrli:unit>
    <xbrli:unit id="Shares">
      <xbrli:measure>xbrli:shares</xbrli:measure>
    </xbrli:unit>
    <xbrli:unit id="USDPShares">
      <xbrli:divide>
        <xbrli:unitNumerator>
          <xbrli:measure>iso4217:USD</xbrli:measure>
        </xbrli:unitNumerator>
        <xbrli:unitDenominator>
          <xbrli:measure>xbrli:shares</xbrli:measure>
        </xbrli:unitDenominator>
      </xbrli:divide>
    </xbrli:unit>
  </ix:resources>
 </ix:header>
</div>


<p style="margin: 0">&#160;</p>

<p style="margin-top: 0pt; margin-bottom: 0pt"></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 2pt solid; border-bottom: Black 1pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 14pt">UNITED STATES<br />
SECURITIES AND EXCHANGE COMMISSION</span><br />
Washington, D.C. 20549</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM&#160;<span id="xdx_907_edei--DocumentType_c20211118__20211118_zvv7X1ErrPt7"><ix:nonNumeric contextRef="From2021-11-18to2021-11-18" name="dei:DocumentType">8-K</ix:nonNumeric></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">CURRENT REPORT</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PURSUANT TO SECTION&#160;13 OR 15(d)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">OF THE SECURITIES EXCHANGE ACT OF 1934</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):&#160;
<span id="xdx_90E_edei--DocumentPeriodEndDate_c20211118__20211118_zBUtipIxMw57"><ix:nonNumeric contextRef="From2021-11-18to2021-11-18" format="ixt:datemonthdayyearen" name="dei:DocumentPeriodEndDate">November 18, 2021</ix:nonNumeric></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span id="xdx_90A_edei--EntityRegistrantName_c20211118__20211118_zjTkhzkkFn8e"><ix:nonNumeric contextRef="From2021-11-18to2021-11-18" name="dei:EntityRegistrantName">AVALONBAY COMMUNITIES,&#160;INC.</ix:nonNumeric></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><i>(Exact name of registrant as specified
in its charter)</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="padding-left: 1pt; width: 35%; padding-right: 1pt">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span id="xdx_906_edei--EntityIncorporationStateCountryCode_c20211118__20211118_z0Ts4NHUlpr4"><ix:nonNumeric contextRef="From2021-11-18to2021-11-18" format="ixt-sec:stateprovnameen" name="dei:EntityIncorporationStateCountryCode">Maryland</ix:nonNumeric></span></b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><i>(State or other jurisdiction of incorporation
    or<br />
 organization)</i></p></td>
    <td style="padding-left: 1pt; width: 30%; padding-right: 1pt">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span id="xdx_90D_edei--EntityFileNumber_c20211118__20211118_zXzvAWYpP9Wa"><ix:nonNumeric contextRef="From2021-11-18to2021-11-18" name="dei:EntityFileNumber">1-12672</ix:nonNumeric></span></b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><i>(Commission<br />
    File Number)</i></p></td>
    <td style="padding-left: 1pt; width: 35%; padding-right: 1pt">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span id="xdx_907_edei--EntityTaxIdentificationNumber_c20211118__20211118_zL2T3j8YWede"><ix:nonNumeric contextRef="From2021-11-18to2021-11-18" name="dei:EntityTaxIdentificationNumber">77-0404318</ix:nonNumeric></span></b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><i>(I.R.S. Employer<br />
    Identification No.)</i></p></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span id="xdx_90F_edei--EntityAddressAddressLine1_c20211118__20211118_zfW5WgpqWoxl"><ix:nonNumeric contextRef="From2021-11-18to2021-11-18" name="dei:EntityAddressAddressLine1">4040 Wilson Blvd., Suite 1000</ix:nonNumeric></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span id="xdx_909_edei--EntityAddressCityOrTown_c20211118__20211118_zl4pIvI6vkIg"><ix:nonNumeric contextRef="From2021-11-18to2021-11-18" name="dei:EntityAddressCityOrTown">Arlington</ix:nonNumeric></span>, <span id="xdx_908_edei--EntityAddressStateOrProvince_c20211118__20211118_zvRgOuR10zfe"><ix:nonNumeric contextRef="From2021-11-18to2021-11-18" format="ixt-sec:stateprovnameen" name="dei:EntityAddressStateOrProvince">Virginia</ix:nonNumeric></span> <span id="xdx_90E_edei--EntityAddressPostalZipCode_c20211118__20211118_zqmUCH70JX6"><ix:nonNumeric contextRef="From2021-11-18to2021-11-18" name="dei:EntityAddressPostalZipCode">22203</ix:nonNumeric></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><i>(Address of principal executive offices)(Zip
code)</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(<span id="xdx_90D_edei--CityAreaCode_c20211118__20211118_zUtOdji0ZI16"><ix:nonNumeric contextRef="From2021-11-18to2021-11-18" name="dei:CityAreaCode">703</ix:nonNumeric></span>) <span id="xdx_90E_edei--LocalPhoneNumber_c20211118__20211118_zC4zIwKTDg86"><ix:nonNumeric contextRef="From2021-11-18to2021-11-18" name="dei:LocalPhoneNumber">329-6300</ix:nonNumeric></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><i>(Registrant&#8217;s telephone number,
including area code)</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><i>(Former name, if changed since last
report)</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form&#160;8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt"><span style="font-family: Wingdings"><span id="xdx_905_edei--WrittenCommunications_c20211118__20211118_zCEzVKET4e2j"><ix:nonNumeric contextRef="From2021-11-18to2021-11-18" format="ixt:booleanfalse" name="dei:WrittenCommunications">&#168;</ix:nonNumeric></span></span>&#160; Written communications pursuant to Rule&#160;425 under the Securities Act (17
CFR 230.425)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt"><span style="font-family: Wingdings"><span id="xdx_902_edei--SolicitingMaterial_c20211118__20211118_zRFAK0WDV64f"><ix:nonNumeric contextRef="From2021-11-18to2021-11-18" format="ixt:booleanfalse" name="dei:SolicitingMaterial">&#168;</ix:nonNumeric></span></span>&#160; Soliciting material pursuant to Rule&#160;14a-12 under the Exchange Act (17 CFR
240.14a-12)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt"><span style="font-family: Wingdings"><span id="xdx_904_edei--PreCommencementTenderOffer_c20211118__20211118_zhgAQO2aDDg1"><ix:nonNumeric contextRef="From2021-11-18to2021-11-18" format="ixt:booleanfalse" name="dei:PreCommencementTenderOffer">&#168;</ix:nonNumeric></span></span>&#160; Pre-commencement communications pursuant to Rule&#160;14d-2(b)&#160;under the
Exchange Act (17 CFR 240.14d-2(b))</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt"><span style="font-family: Wingdings"><span id="xdx_906_edei--PreCommencementIssuerTenderOffer_c20211118__20211118_zGTKx7RY2hE2"><ix:nonNumeric contextRef="From2021-11-18to2021-11-18" format="ixt:booleanfalse" name="dei:PreCommencementIssuerTenderOffer">&#168;</ix:nonNumeric></span></span>&#160; Pre-commencement communications pursuant to Rule&#160;13e-4(c)&#160;under the
Exchange Act (17 CFR 240.13e-4(c))</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities registered pursuant to Section&#160;12(b)&#160;of
the Act:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table border="0" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="border-bottom-width: 1pt; border-bottom-style: solid; border-image: none; width: 34%; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">Title&#160;of&#160;each&#160;class</span></td>
    <td style="width: 1%; text-align: center">&#160;</td>
    <td style="border-bottom-width: 1pt; border-bottom-style: solid; padding-left: 10pt; border-image: none; width: 32%; text-align: center; text-indent: -10pt"><span style="font: 10pt Times New Roman, Times, Serif">Trading&#160;Symbol</span></td>
    <td style="width: 1%; text-align: center">&#160;</td>
    <td style="border-bottom-width: 1pt; border-bottom-style: solid; border-image: none; width: 32%; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">Name&#160;of&#160;each&#160;exchange&#160;on&#160;which&#160;registered</span></td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_907_edei--Security12bTitle_c20211118__20211118_zsx42KxQe5Hh"><ix:nonNumeric contextRef="From2021-11-18to2021-11-18" name="dei:Security12bTitle">Common Stock, par value $0.01 per share</ix:nonNumeric></span></span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_901_edei--TradingSymbol_c20211118__20211118_zu4AFJIhsOaf"><ix:nonNumeric contextRef="From2021-11-18to2021-11-18" name="dei:TradingSymbol">AVB</ix:nonNumeric></span></span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_903_edei--SecurityExchangeName_c20211118__20211118_zLIWTL7DicG4"><ix:nonNumeric contextRef="From2021-11-18to2021-11-18" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">New York Stock Exchange</ix:nonNumeric></span></span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule&#160;405 of the Securities Act of 1933 or Rule&#160;12b-2 of the Securities Exchange Act of 1934.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-indent: 0in"><span style="font: 10pt Times New Roman, Times, Serif">Emerging
growth company </span><span style="font-family: Wingdings"><span id="xdx_902_edei--EntityEmergingGrowthCompany_c20211118__20211118_zmOGclQ33AXc"><ix:nonNumeric contextRef="From2021-11-18to2021-11-18" format="ixt:booleanfalse" name="dei:EntityEmergingGrowthCompany">&#168;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt"><span style="font: 10pt Times New Roman, Times, Serif">If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with
any new or revised financial accounting standards provided pursuant to Section&#160;13(a)&#160;of the Exchange Act.&#160; </span><span style="font-family: Wingdings">&#168;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 1pt solid; border-bottom: Black 2pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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

<!-- Field: Page; Sequence: 1 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Item 8.01 Other Events.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">On November&#160;18,
2021, AvalonBay Communities,&#160;Inc. (the &#8220;Company&#8221;) closed the public offering (the &#8220;Offering&#8221;) of an aggregate
of $400,000,000 principal amount of its 1.900% Senior Notes due 2028 (the &#8220;Notes&#8221;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">The Offering was made
pursuant to a prospectus supplement dated November&#160;8, 2021 and a prospectus dated February&#160;25, 2021 relating to the Company&#8217;s
registration statement on Form&#160;S-3 (File No.&#160;333-253532) (the &#8220;Registration Statement&#8221;). In connection with the
Offering of the Notes, the Company entered into an underwriting agreement (the &#8220;Underwriting Agreement&#8221;) with BofA Securities,&#160;Inc.,
Deutsche Bank Securities Inc., PNC Capital Markets LLC and Wells Fargo Securities, LLC, as representatives of the several underwriters
named in the Underwriting Agreement. A copy of the Underwriting Agreement is filed as Exhibit&#160;1.1 to this Current Report on Form&#160;8-K.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">The Notes bear interest
from November&#160;18, 2021, with interest on the Notes payable semi-annually on June&#160;1 and December&#160;1, beginning on June&#160;1,
2022. The Notes will mature on December&#160;1, 2028 unless the Company redeems them earlier.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">The terms of the Notes
are governed by an Indenture between the Company and The Bank of New York Mellon, as trustee (the &#8220;Trustee&#8221;) (the &#8220;2018
Indenture&#8221;), dated as of February&#160;23, 2018, as amended by the First Supplemental Indenture between the Company and the Trustee,
dated as of March&#160;26, 2018 (the &#8220;First Supplemental Indenture&#8221;) and the Second Supplemental Indenture between the Company
and the Trustee, dated as of May&#160;29, 2018 (the &#8220;Second Supplemental Indenture,&#8221; and together with the 2018 Indenture
and the First Supplemental Indenture, the &#8220;Indenture&#8221;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">The
purchase price paid by the underwriters for the Notes was </span>99.244% of the principal amount thereof. The Notes are the Company&#8217;s
senior unsecured obligations and will rank equally with all of the Company&#8217;s other unsecured and unsubordinated indebtedness from
time to time outstanding. The Notes will be effectively subordinated to the Company&#8217;s and it subsidiaries&#8217; mortgages and other
secured indebtedness to the extent of the value of the collateral securing such indebtedness. The Company estimates that the net proceeds
from the sale of the Notes, after deducting the underwriting discount and estimated offering expenses payable by the Company, will be
approximately $396.2 million.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white"><span style="font: 10pt Times New Roman, Times, Serif">The
Company intends to allocate an amount equal to the net proceeds from the Offering to finance or refinance, in whole or in part, one or
more new or existing eligible green projects and in accordance with the International Capital Markets Association Green Bond Principles
2021, as amended from time to time, until the Company has allocated all of the net proceeds from the Offering. Pending such allocation,
the Company may use the net proceeds from the Offering </span>to reduce indebtedness outstanding under the Company&#8217;s $1,750,000,000
revolving credit facility and for general corporate purposes, which may include the acquisition, development and redevelopment of apartment
communities and repayment and refinancing of other indebtedness. Pending use of the proceeds of the Offering, the Company may temporarily
invest all or a portion of the net proceeds from the Offering in cash or cash equivalents and/or hold such proceeds in accordance with
the Company&#8217;s internal liquidity policy.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white"><span style="background-color: white">The
foregoing description does not purport to be complete and is subject to, and qualified in its entirety by, reference to the full text
of the 2018 Indenture, the First Supplemental Indenture, the Second Supplemental Indenture and the form of the Notes, which are filed
as Exhibits 4.1, 4.2, 4.3 and 4.4 to this Current Report on Form&#160;8-K and are incorporated herein by reference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white"><span style="background-color: white">In
connection with the filing of the Underwriting Agreement, the Company is also filing the opinion and consent of its counsel, Goodwin Procter
LLP, regarding the legality of the securities being registered as Exhibits 5.1 and 23.1 hereto, respectively, which are incorporated by
reference into the Registration Statement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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

<!-- Field: Page; Sequence: 2 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Item 9.01. Financial Statements and Exhibits.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c)&#160;Exhibits.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><a href="tm2133217d1_ex1-1.htm">1.1</a></td><td style="text-align: left"><a href="tm2133217d1_ex1-1.htm"><span style="background-color: white">Underwriting Agreement, dated as of November&#160;8, 2021, by and
among the Company and BofA Securities,&#160;Inc., Deutsche Bank Securities Inc., PNC Capital Markets LLC and Wells Fargo Securities, LLC,
as representatives of the several underwriters named therein (filed herewith)</span></a></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><a href="https://www.sec.gov/Archives/edgar/data/915912/000110465921115983/tm2127019d4_ex4-1.htm" style="-sec-extract: exhibit">4.1</a></td><td style="text-align: left"><a href="https://www.sec.gov/Archives/edgar/data/915912/000110465921115983/tm2127019d4_ex4-1.htm" style="-sec-extract: exhibit"><span style="background-color: white">Indenture for Debt Securities, dated as of February&#160;23, 2018,
between the Company and The Bank of New York, as Trustee (incorporated by reference to Exhibit&#160;4.1 to Form&#160;8-K of the Company
filed September&#160;15, 2021)</span></a></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><a href="https://www.sec.gov/Archives/edgar/data/915912/000091591218000012/q1201810-qex48.htm" style="-sec-extract: exhibit">4.2</a></td><td style="text-align: left"><a href="https://www.sec.gov/Archives/edgar/data/915912/000091591218000012/q1201810-qex48.htm" style="-sec-extract: exhibit"><span style="background-color: white">First Supplemental Indenture, dated as of March&#160;26, 2018, between
the Company and The Bank of New York Mellon, as Trustee (incorporated by reference to Exhibit&#160;4.8 to Form&#160;10-Q of the Company
filed May&#160;4, 2018)</span></a></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><a href="https://www.sec.gov/Archives/edgar/data/915912/000110465918036430/a18-14251_1ex4d3.htm" style="-sec-extract: exhibit">4.3</a></td><td style="text-align: left"><a href="https://www.sec.gov/Archives/edgar/data/915912/000110465918036430/a18-14251_1ex4d3.htm" style="-sec-extract: exhibit"><span style="background-color: white">Second Supplemental Indenture, dated as of May&#160;29, 2018, between
the Company and The Bank of New York Mellon, as Trustee (incorporated by reference to Exhibit&#160;4.3 to Form&#160;8-K of the Company
filed May&#160;29, 2018)</span></a></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><a href="tm2133217d1_ex4-4.htm">4.4</a></td><td style="text-align: justify"><a href="tm2133217d1_ex4-4.htm">Form&#160;of 1.900% Senior Notes Due 2028 (filed herewith)</a></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><a href="tm2133217d1_ex5-1.htm">5.1</a></td><td style="text-align: justify"><a href="tm2133217d1_ex5-1.htm">Opinion of Goodwin Procter LLP (filed herewith)</a></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><a href="tm2133217d1_ex5-1.htm">23.1</a></td><td style="text-align: justify"><a href="tm2133217d1_ex5-1.htm"><span style="background-color: white">Consent of Goodwin Procter LLP (included in Exhibit&#160;5.1)</span></a></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in">104</td><td style="text-align: justify">Cover Page&#160;Interactive Data File (embedded within the Inline XBRL document) (filed herewith)</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Remainder of page&#160;left blank intentionally]</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>




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

<!-- Field: Page; Sequence: 3 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURE</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be filed on its behalf by the undersigned hereunto duly authorized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt">AVALONBAY COMMUNITIES, INC.</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="width: 50%"><span style="font-size: 10pt">Dated: November 18, 2021</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 3%"><span style="font-size: 10pt">By:</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0in; width: 47%">/s/ Kevin
    P. O&#8217;Shea<span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">Kevin P. O&#8217;Shea</td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">Chief Financial Officer</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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

<!-- Field: Page; Sequence: 4; Options: Last -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

</body>
</html>
<!-- Field: Set; Name: xdx; ID: xdx_08B_extensions -->
<!-- eJxFjd0KwjAMhZ9g7xB6LbMbiro7HTrEKTJEvK0uSnFrRlr/Hsm3tG6IIRCSc74cIXoio4WukOEwK3LYYd1UyiEUeEZGc0LvSJerBPws8KKtY2Vcu/7AlDyDnhmG8ujvrfOuLZYJyFE/nvSjCchxMpAwXYvgq6dkzrpE47SqQJkStkwNa3SKX92HnXqSofrVJu2RrSaTQBTKTn5DLKMYNnRXD+KrhTxPRdBrKxAZ0635xtysoxrmFdY+y3bov4MP3B5JFg== -->
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>tm2133217d1_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT 1.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AvalonBay Communities, Inc.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">$400,000,000</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Underwriting Agreement</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.5in 0pt 0; text-align: right">November 8, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">BofA Securities, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deutsche Bank Securities Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">PNC Capital Markets LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Wells Fargo Securities, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">as Representatives of the
several Underwriters</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c/o BofA Securities, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">One Bryant Park</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">New York, New York 10036</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c/o Deutsche Bank Securities Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1 Columbus Circle</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">New York, NY 10019</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c/o PNC Capital Markets LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">300 Fifth Ave, 10th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pittsburgh, PA 15222</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c/o Wells Fargo Securities, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">550 South Tryon Street, 5th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Charlotte, North Carolina 28202</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As Representatives of the several Underwriters
named in Schedule 1 hereto</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ladies and Gentlemen:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">AvalonBay Communities,
Inc., a Maryland corporation (the &#8220;<U>Company</U>&#8221;), proposes to issue and sell to the several Underwriters listed in
Schedule 1 hereto (the &#8220;<U>Underwriters</U>&#8221;), for whom you are acting as representatives (the
 &#8220;<U>Representatives</U>&#8221;), $400,000,000 principal amount of its 1.900% Notes due 2028 (the &#8220;<U>Notes</U>&#8221;).
To the extent there are no additional Underwriters listed on Schedule 1 hereto other than you, the term
 &#8220;Representatives&#8221; as used herein shall mean you, as the Underwriters. The Notes will be issued pursuant to an Indenture
dated as of February 23, 2018 (the &#8220;<U>2018 Indenture</U>&#8221;) between the Company and The Bank of New York Mellon, as
trustee (the &#8220;<U>Trustee</U>&#8221;), as amended by the First Supplemental Indenture dated as of March 26, 2018 between the
Company and the Trustee (the &#8220;<U>First Supplemental Indenture</U>&#8221;) and the Second Supplemental Indenture dated as of
May 29, 2018 between the Company and the Trustee (the &#8220;<U>Second Supplemental Indenture</U>&#8221; and, collectively with the
2018 Indenture and the First Supplemental Indenture, the &#8220;<U>Indenture</U>&#8221;).</P>

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

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

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company hereby confirms
its agreement with the several Underwriters concerning the purchase and sale of the Notes, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration
Statement</U>. The Company has prepared and filed with the Securities and Exchange Commission (the &#8220;<U>Commission</U>&#8221;) an
 &#8220;automatic shelf registration statement&#8221; as defined under Rule 405 under the Securities Act of 1933, as amended, and the rules
and regulations of the Commission thereunder (collectively, the &#8220;<U>Securities Act</U>&#8221;), on Form S-3 (File No. 333-253532)
covering the public offering and sale of certain securities of the Company, including the Notes, under the Securities Act, which automatic
shelf registration statement became effective upon filing with the Commission pursuant to Rule 462(e) of the Securities Act. Such registration
statement and the prospectus constituting a part thereof (including in each case the information, if any, deemed pursuant to Rule 430B
under the Securities Act to be part of the registration statement at the time of effectiveness (the &#8220;<U>Rule 430 Information</U>&#8221;)),
is referred to herein as the &#8220;<U>Registration Statement</U>&#8221;; and as used herein, the term &#8220;<U>Preliminary Prospectus</U>&#8221;
means any prospectus relating to the Registration Statement (and any amendments thereto) filed with the Commission pursuant to Rule 424(a)
under the Securities Act and the prospectus included in the Registration Statement at the time of its effectiveness that omits the Rule
430 Information, and the term &#8220;<U>Prospectus</U>&#8221; means the prospectus in the form first used (or made available upon request
of purchasers pursuant to Rule 173 under the Securities Act) in connection with confirmation of sales of the Notes. Any reference in this
agreement (this &#8220;<U>Agreement</U>&#8221;) to the Registration Statement, any Preliminary Prospectus or the Prospectus shall be deemed
to refer to and include the documents incorporated by reference therein pursuant to Item 12 of Form S-3 under the Securities Act, as of
the effective date of the Registration Statement or the date of such Preliminary Prospectus or the Prospectus, as the case may be, and
any reference to &#8220;amend&#8221;, &#8220;amendment&#8221; or &#8220;supplement&#8221; with respect to the Registration Statement,
any Preliminary Prospectus or the Prospectus shall be deemed to refer to and include any documents filed after such date under the Securities
Exchange Act of 1934, as amended, and the rules and regulations of the Commission thereunder (collectively, the &#8220;<U>Exchange Act</U>&#8221;),
that are deemed to be incorporated by reference therein. Capitalized terms used but not defined herein shall have the meanings given to
such terms in the Registration Statement and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At or prior to 3:30 p.m.,
New York City time, on November 8, 2021, the time when sales of the Notes were first made (the &#8220;<U>Time of Sale</U>&#8221;), the
Company had prepared the following information (collectively, the &#8220;<U>Time of Sale Prospectus</U>&#8221;): the Preliminary Prospectus
dated November 8, 2021 and each &#8220;<U>free-writing prospectus</U>&#8221; (as defined pursuant to Rule 405 under the Securities Act)
listed on Annex A hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<!-- Field: Page; Sequence: 2; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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




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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Purchase
and Sale of the Notes</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company agrees to issue and sell the Notes to the several Underwriters as provided in this Agreement, and each Underwriter, on the
basis of the representations, warranties and agreements set forth herein and subject to the conditions set forth herein, agrees, severally
and not jointly, to purchase from the Company the respective principal amount of Notes set forth opposite such Underwriter&#8217;s name
in Schedule 1 hereto at a price equal to 99.244% of the principal amount thereof plus accrued interest, if any, from November 18, 2021
to the Closing Date (as defined below). The Company will not be obligated to deliver any of the Notes except upon payment for all the
Notes to be purchased as provided herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company understands that the Underwriters intend to make a public offering of the Notes as soon after the effectiveness of this Agreement
as in the judgment of the Representatives is advisable, and initially to offer the Notes on the terms set forth in the Time of Sale Prospectus.
The Company acknowledges and agrees that the Underwriters may offer and sell Notes to or through any affiliate of an Underwriter and that
any such affiliate may offer and sell Notes purchased by it to or through any Underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Payment for and delivery of the Notes will be made at the offices of McDermott Will &amp; Emery LLP, 415 Mission Street, Suite 5600, San
Francisco, CA 94105-2533 at 10:00 a.m., New York City time, on November 18, 2021, or at such other time or place on the same or such other
date, not later than the fifth business day thereafter, as the Representatives and the Company may agree upon in writing. The time and
date of such payment and delivery is referred to herein as the &#8220;<U>Closing Date</U>&#8221;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Payment for the Notes shall be made by wire transfer in immediately available funds to the account(s) specified by the Company to the
Representatives against delivery to the nominee of The Depository Trust Company (&#8220;<U>DTC</U>&#8221;), for the account of the Underwriters,
of one or more global notes representing the Notes (collectively, the &#8220;<U>Global Note</U>&#8221;), with any transfer taxes payable
in connection with the sale of the Notes duly paid by the Company. The Global Note will be made available for inspection by the Representatives
not later than 1:00 p.m., New York City time, on the business day prior to the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company acknowledges and agrees that each Underwriter is acting solely in the capacity of an arm&#8217;s length contractual
counterparty to the Company with respect to the offering of Notes contemplated hereby (including in connection with determining the
terms of the offering) and not as a financial advisor or a fiduciary to, or an agent of, the Company or any other person.
Additionally, neither the Representatives nor any other Underwriter is advising the Company or any other person as to any legal,
tax, investment, accounting or regulatory matters in any jurisdiction. The Company shall consult with its own advisors concerning
such matters and shall be responsible for making its own independent investigation and appraisal of the transactions contemplated
hereby, and the Underwriters shall have no responsibility or liability to the Company with respect thereto. Any review by the
Underwriters of the Company, the transactions contemplated hereby or other matters relating to such transactions will be performed
solely for the benefit of the Underwriters and shall not be on behalf of the Company.</P>

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

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

<!-- Field: Page; Sequence: 3; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties of the Company</U>. The Company represents and warrants to each Underwriter that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Effectiveness of Registration Statement. </I> The Registration Statement is an &#8220;automatic shelf registration statement&#8221;
that has been filed with the Commission not earlier than three years prior to the date hereof; and no stop order suspending the effectiveness
of the Registration Statement is in effect, and no proceedings for such purpose or pursuant to Section 8A of the Securities Act are pending
before or, to the Company&#8217;s knowledge, threatened by the Commission. No notice of objection of the Commission to the use of the
Registration Statement pursuant to Rule 401(g)(2) under the Securities Act has been received by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Compliance with Securities Act</I>. Each of the Registration Statement and any post-effective amendment thereto, at the time of its
effectiveness and as of each deemed effective date with respect to the Underwriters pursuant to Rule 430B(f)(2), complied or will comply
in all material respects with the requirements of the Securities Act and the Trust Indenture Act, as amended, and the rules and regulations
of the Commission thereunder (collectively, the &#8220;<U>Trust Indenture Act</U>&#8221;). Each Preliminary Prospectus and the Prospectus
and any amendment or supplement thereto, at the time each was filed with the Commission, complied and will comply in all material respects
with the requirements of the Securities Act. The representations and warranties in this subsection shall not apply to statements in or
omissions from the Registration Statement or any post-effective amendment or the Preliminary Prospectus or the Prospectus or any amendments
or supplements thereto (i)&nbsp;included in the Statement of Eligibility and Qualification (Form T-1) under the Trust Indenture Act of
the Trustee or (ii)&nbsp;made in reliance upon and in conformity with information relating to any Underwriter furnished to the Company
in writing by such Underwriter through the Representatives expressly for use therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Accurate Disclosure</I>. Neither the Registration Statement nor any amendment thereto, at its effective time, contained an untrue
statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements
therein not misleading. The Time of Sale Prospectus, at the Time of Sale, did not contain any untrue statement of a material fact or
omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were
made, not misleading. The Prospectus, as of the date of the Prospectus and any amendment or supplement thereto and as of the Closing
Date, will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading. The representations and warranties in this subsection
shall not apply to statements in or omissions from the Registration Statement or any amendment thereto or the Time of Sale Prospectus
or the Prospectus or any amendment or supplement thereto (i)&nbsp;included in the Statement of Eligibility and Qualification (Form T-1)
under the Trust Indenture Act of the Trustee or (ii)&nbsp;made in reliance upon and in conformity with information relating to any Underwriter
furnished to the Company in writing by such Underwriter through the Representatives expressly for use therein.</P>

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

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

<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Issuer Free Writing Prospectus. </I>Other than (i) the Registration Statement, (ii) the Preliminary Prospectus, (iii) each free writing
prospectus listed on Annex A hereto, (iv) the Prospectus, (v) any electronic road show or (vi) any document not constituting a prospectus
under Section 2(a)(10)(a) of the Securities Act or Rule 134 under the Securities Act, the Company (including its agents and representatives,
other than the Underwriters in their capacity as such) has not prepared, used, authorized, approved or referred to and will not prepare,
use, authorize, approve or refer to any &#8220;<U>written communication</U>&#8221; (as defined in Rule 405 under the Securities Act) that
would constitute an &#8220;issuer free writing prospectus&#8221; (as defined in Rule 433 under the Securities Act and referred to herein
as an &#8220;<U>Issuer Free Writing Prospectus</U>&#8221;), unless such written communication is approved in writing in advance by the
Representatives. Each Issuer Free Writing Prospectus complies in all material respects with the Securities Act, has been or will be (within
the time period specified in Rule 433) filed in accordance with the Securities Act (to the extent required thereby) and does not conflict
with the information contained in the Registration Statement, the Time of Sale Prospectus or the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Incorporated Documents</I>. The documents incorporated by reference in the Registration Statement, the Prospectus and the Time of Sale
Prospectus, and any amendment or supplement thereto, when they became or become effective under the Securities Act or were or are filed
with the Commission, as the case may be, conformed or will conform in all material respects to the requirements of the Exchange Act, and
none of such documents contained any untrue statement of a material fact or, taken together, omitted to state a material fact necessary
to make the statements therein, in the light of the circumstances under which they were made, not misleading; and any further documents
so filed and incorporated by reference in the Registration Statement, the Prospectus or the Time of Sale Prospectus, when such documents
are filed with the Commission, will conform in all material respects to the requirements of the Exchange Act and will not contain any
untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Organization, Power and Authority of Company</I>. The Company has been duly organized and is validly existing as a corporation in
good standing under the laws of the State of Maryland with the power and authority to conduct all the activities conducted by it, to
own or lease all the assets owned or leased by it and otherwise to conduct its business as described in the Registration Statement, the
Time of Sale Prospectus and the Prospectus. The Company is qualified to do business and in good standing in each jurisdiction in which
the nature of the activities conducted by it or the character of the assets owned or leased by it makes such licensing or qualification
necessary, except where any such failure, considering all such cases in the aggregate, would not reasonably be expected to have a material
adverse effect on the business, properties, business prospects, condition (financial or otherwise) or results of operations of the Company
and its subsidiaries, taken as a whole (a &#8220;<U>Material Adverse Effect</U>&#8221;).</P>

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

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

<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Organization, Power and Authority and Capitalization of Subsidiaries</I>. As of the date of this Agreement, the Company does not have
any &#8220;significant subsidiaries&#8221; (as defined in Rule&nbsp;12b-2 under the Exchange Act). Each of the Company&#8217;s subsidiaries
is an entity duly organized or formed, as the case may be, and, in the case of each such subsidiary that is a corporation, limited partnership
or limited liability company, is validly existing and in good standing (to the extent the concept of good standing exists in such jurisdiction)
under the laws of its respective jurisdiction of organization or incorporation, except where any such failure, considering all such cases
in the aggregate, would not reasonably be expected to have a Material Adverse Effect. Each of the Company&#8217;s subsidiaries has full
power and authority to conduct all the activities conducted by it, to own or lease all the assets owned or leased by it and otherwise
to conduct its business as described in the Registration Statement, the Time of Sale Prospectus and the Prospectus, except where any such
failure, considering all such cases in the aggregate, would not reasonably be expected have a Material Adverse Effect. Each of the Company&#8217;s
subsidiaries is qualified to do business in good standing (to the extent the concept of good standing exists in such jurisdiction) as
a corporation, limited partnership or limited liability company, as the case may be, in all jurisdictions in which the nature of the activities
conducted by it or the character of the assets owned or leased by it makes such licensing or qualification necessary, except where any
such failure, considering all such cases in the aggregate, would not reasonably be expected to have a Material Adverse Effect. Except
for the stock or other interests in the subsidiaries or as disclosed in the Registration Statement, the Time of Sale Prospectus and the
Prospectus, the Company does not own, directly or indirectly, or have any direct or indirect ownership interest in any shares of stock
or any other equity interests of any corporation, association or other entity where such interest is individually material to the Company.
Except as otherwise described in the Registration Statement, the Time of Sale Prospectus or the Prospectus, all of the outstanding shares
of capital stock or other equity interests of each subsidiary of the Company that is a corporation have been duly and validly authorized
and issued, are fully paid and non-assessable and are owned directly or indirectly by the Company, free and clear of any lien, charge,
encumbrance, security interest, restriction on voting or transfer or any other claim of any third party (collectively, &#8220;<U>Liens</U>&#8221;),
except for such ownership by others or Liens that are described in the Registration Statement, the Time of Sale Prospectus and the Prospectus
or except where such Liens would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Capitalization</I>.
The Company has the capitalization as set forth in each of the Registration Statement, the Time of Sale Prospectus and the
Prospectus under the heading &#8220;Capitalization.&#8221; The outstanding securities of the Company, including the outstanding
shares of common stock, $0.01 par value per share (the &#8220;<U>Common Stock</U>&#8221;), and the outstanding shares of each series
of preferred stock, have been duly authorized and are validly issued, fully paid and nonassessable and are owned directly or
indirectly by the Company, free and clear of Liens, except for such ownership by others or Liens that are described in the
Registration Statement, the Time of Sale Prospectus and the Prospectus, or except where such Liens would not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect.</P>

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

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

<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Financial Statements</I>. Except as otherwise stated therein and except, in the case of interim periods, for the notes thereto and
normal year-end adjustment, (i) the consolidated financial statements and the related notes thereto of the Company included or incorporated
by reference in the Registration Statement, the Time of Sale Prospectus and the Prospectus comply in all material respects with the applicable
requirements of the Securities Act and the Exchange Act, as applicable, that would apply to financial statements included in a filing
under the Exchange Act or Securities Act and present fairly in all material respects the consolidated financial position of the Company
as of the dates indicated and the results of operations and the changes in cash flows for the periods specified, (ii) such financial statements
have been prepared in conformity with U.S. generally accepted accounting principles applied on a consistent basis throughout the periods
covered thereby (except as otherwise noted therein), and the supporting schedules included or incorporated by reference in the Registration
Statement, the Time of Sale Prospectus and the Prospectus present fairly in all material respects the information required to be stated
therein, and (iii) the other financial information included or incorporated by reference in the Registration Statement, the Time of Sale
Prospectus and the Prospectus has been derived from the financial statements presented therein and the accounting records of the Company
and presents fairly the information shown thereby. Any interactive data in eXtensible Business Reporting Language incorporated by reference
in the Registration Statement, the Time of Sale Prospectus or the Prospectus fairly presents in all material respects the information
called for and has been prepared in accordance with the Commission&#8217;s rules and guidelines applicable thereto in all material respects.
Ernst &amp; Young LLP (the &#8220;<U>Accountants</U>&#8221;), who has delivered its audit report with respect to the Company&#8217;s consolidated
financial statements and schedules, is an independent registered public accounting firm within the applicable rules and regulations adopted
by the Commission and the Public Accounting Oversight Board (United States) and as required by the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Accounting Controls.</I> The Company maintains a system of &#8220;internal control over financial reporting&#8221; (as defined in Rule
13a-15(f) of the Exchange Act) that complies with the requirements of the Exchange Act. Since the end of the Company&#8217;s most recently
completed fiscal year, there has been no change in the Company&#8217;s internal control over financial reporting that has materially affected,
or is reasonably likely to materially affect, the Company&#8217;s internal control over financial reporting. Except as disclosed in the
Registration Statement, the Time of Sale Prospectus and the Prospectus, since the end of the Company&#8217;s most recently completed fiscal
year, the Company is not aware of any material weaknesses in the Company&#8217;s internal controls (whether remediated or not).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Notes</I>.
The Notes have been duly authorized by the Company for issuance and sale pursuant to this Agreement and the Indenture; and when duly
authenticated and delivered by the Trustee in accordance with the terms of the Indenture (assuming the due authorization, execution
and delivery of the Indenture by the Trustee), against payment of the consideration therefor, the Notes will be valid and legally
binding obligations of the Company entitled to the benefit of the Indenture and will be enforceable against the Company in
accordance with their terms, subject, as to enforcement, to (i) applicable bankruptcy, insolvency, reorganization, moratorium and
similar laws relating to or affecting creditors&#8217; rights and remedies generally, (ii) general principles of equity (regardless
of whether enforcement is sought in a proceeding in equity or law), (iii) the discretion of the court before which any proceeding
therefor may be brought, (iv) requirements that a claim with respect to any Notes payable in a foreign or composite currency (or a
foreign or composite currency judgment in respect of such claim) be converted into U.S. dollars at a rate of exchange prevailing on
a date determined pursuant to applicable law and (v) governmental authority to limit, delay or prohibit the making of payments
outside the United States (collectively, the &#8220;Enforceability Limitations&#8221;); <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
on the Closing Date, the Indenture will conform in all material respects to the requirements of the Trust Indenture Act and, upon
issuance, the terms of the Notes will conform in all material respects with the descriptions thereof contained in the Time of Sale
Prospectus and the Prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Agreement and Indenture.</I> The Company has the corporate power and authority to enter into this Agreement, the Indenture and the
Notes. This Agreement has been duly authorized, executed and delivered by the Company. The Indenture has been duly authorized, executed
and delivered by the Company and constitutes a valid and binding agreement of the Company, enforceable against the Company in accordance
with the terms thereof, except to the extent that enforcement thereof may be limited by the Enforceability Limitations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>No Conflicts</I>. The execution, delivery and performance by the Company of this Agreement and the Indenture, the issuance and sale
of the Notes and the consummation of the transactions contemplated by this Agreement, the Indenture and the Notes will not (i) conflict
with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, result in the termination,
modification or acceleration of, or result in the creation or imposition of any lien, charge or encumbrance upon the Current Communities
or the Development Communities (each as described in the Time of Sale Prospectus) (collectively, the &#8220;<U>Communities</U>&#8221;)
or any of the other assets of the Company or any of its subsidiaries pursuant to, any indenture, mortgage, deed of trust, loan agreement
or other agreement or instrument to which the Company or any of its subsidiaries is subject, (ii) result in any violation of the provisions
of the charter of the Company, as amended through the date hereof (the &#8220;<U>Charter</U>&#8221;), or the bylaws of the Company, as
amended through the date hereof (the &#8220;<U>Bylaws</U>&#8221;), the articles or certificate of incorporation or bylaws or partnership
agreement or operating agreement of any of the Company&#8217;s subsidiaries or (iii) result in the violation of any law or statute or
any judgment, order, rule or regulation of any court or other governmental agency or governmental body having jurisdiction over the Company,
except, in the case of clauses (i) and (iii) above, for any such conflict, breach, violation, default, lien, charge or encumbrance that
would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect or would not materially and adversely
affect the ability of the Company to perform its obligations under this Agreement, the Indenture and the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>No
Material Adverse Change</I>. Except as set forth in the Registration Statement, the Time of Sale Prospectus and the Prospectus,
subsequent to the respective dates as of which information is given in the Registration Statement, Time of Sale Prospectus and the
Prospectus, (i) there has not been any material change in the capital stock (other <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">than
(v) grants pursuant to employee or director equity compensation, benefit, stock purchase or equity incentive plans described in the
Registration Statement, the Time of Sale Prospectus and the Prospectus, as such plans may be amended from time to time, (w) the
repurchase of shares of Common Stock under the stock repurchase program described in the Registration Statement, the Time of Sale
Prospectus and the Prospectus as such program may be amended from time to time, (x) the issuance of shares of Common Stock upon the
exercise of options or vesting of rights to purchase or acquire shares of Common Stock outstanding as of the date hereof and
described in the Registration Statement, the Time of Sale Prospectus and the Prospectus or the issuance of shares of Common Stock
upon redemption or conversion of units of limited partnership interests, (y) shares of Common Stock to be issued to certain
employees in connection with the deferment of income and (z) the sale of shares or commitment to sell shares of Common Stock under
the Company&#8217;s fifth continuous equity program described in the Registration Statement, the Time of Sale Prospectus and the
Prospectus) or long-term debt of the Company or any of its subsidiaries, or any dividend or distribution declared, set aside for
payment, paid or made by the Company on any class of capital stock (other than in the ordinary course of business), or any material
adverse change, or any development involving a prospective material adverse change, in or affecting the business, properties,
business prospects, condition (financial or otherwise) or results of operations of the Company and its subsidiaries taken as a
whole, (ii) neither the Company nor any of its subsidiaries has entered into any transaction or agreement that is material to the
Company and its subsidiaries taken as a whole or incurred any liability or obligation, direct or contingent, that is material to the
Company and its subsidiaries taken as a whole, and (iii) neither the Company nor any of its subsidiaries has sustained any loss or
interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor
disturbance or dispute or any action, order or decree of any court or arbitrator or governmental or regulatory authority, that is
material to the Company and its subsidiaries taken as a whole.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Company Not an Investment Company</I>. The Company is not an &#8220;investment company&#8221; or an entity &#8220;controlled&#8221;
by an &#8220;investment company&#8221; as such terms are defined in the Investment Company Act of 1940, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>No
Material Actions or Proceedings</I>. Except as set forth in the Registration Statement, the Time of Sale Prospectus and the
Prospectus, there is no pending or, to the knowledge of the Company, threatened investigation, action, suit or proceeding against or
affecting the Company or any of its subsidiaries or any of the Communities before or by any federal or state court, commission,
regulatory body, administrative agency or other governmental body, domestic or foreign, wherein an unfavorable ruling, decision or
finding might reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect, or materially and
adversely affect the ability of the Company to perform its obligations under this Agreement; and there are no statutes or
regulations or current, pending or, to the Company&#8217;s knowledge, threatened, legal, governmental or regulatory claims, actions,
suits or proceedings that would be required to be described in the Registration Statement, the Time of Sale Prospectus or the
Prospectus that are not so described in the Registration Statement, the Time of Sale Prospectus and the Prospectus.</P>

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

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

<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Filing of Contracts</I>. There are no contracts or other documents of a character required to be described in the Registration Statement,
the Time of Sale Prospectus and the Prospectus or to be filed as exhibits to the Registration Statement by the Securities Act that have
not been so described or filed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Licenses and Permits</I>. The Company and each of its subsidiaries have all governmental licenses, permits, consents, orders, approvals
and other authorizations, and have made all declarations and filings with the appropriate federal, state, local or foreign governmental
or regulatory authorities that are necessary for the ownership or lease of their respective properties or required to carry on its business
as contemplated in the Registration Statement, the Time of Sale Prospectus and the Prospectus, except for such licenses, permits, consents,
orders, approvals, other authorizations, declarations and filings the absence of which would not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect; and none of them has received any notice of proceedings relating to the revocation or modification
of any such governmental license, permit, consent, order, approval or other authorization or has any reason to believe that any such governmental
license, permit, consent, order, approval or other authorization will not be renewed in the ordinary course which, individually or in
the aggregate, if the subject of an unfavorable decision, ruling or finding, would reasonably be expected to have a Material Adverse Effect,
except as set forth in or contemplated in the Registration Statement, the Time of Sale Prospectus and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>No Further Consents Required</I>. No consent, approval, authorization or order of, or filing with, any court or governmental agency
or governmental body is required for the consummation of the transactions contemplated by this Agreement and the Indenture in connection
with the issuance or sale of the Notes by the Company, except (i) such as have been obtained or may be required under the Securities Act,
the Exchange Act and the Trust Indenture Act or (ii) such consents, approvals, authorizations, orders or filings as may be required under
applicable state securities laws in connection with the purchase and distribution of the Notes by the Underwriters or the absence of which
would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect or prohibit or prevent the consummation
of the transactions contemplated herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 10; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Title
to Properties</I>. Except as set forth in the Registration Statement, the Time of Sale Prospectus and the Prospectus, the Company or
its subsidiaries, as applicable, has good and marketable title to the Communities, free and clear of all liens or encumbrances,
except such as (i) are Permitted Encumbrances or (ii) would not reasonably be expected, individually or in the aggregate, to have a
Material Adverse Effect. &#8220;<U>Permitted Encumbrances</U>&#8221; shall mean each of the following: (1)&nbsp;mechanics&#8217;,
carriers&#8217;, workers&#8217;, repairers&#8217;, materialmen&#8217;s, warehousemen&#8217;s and other similar liens and
encumbrances for construction in progress or which have otherwise arisen in the ordinary course of business; (2)&nbsp;liens for
taxes not yet delinquent or being contested in good faith and for which there are adequate reserves on the financial statements of
the owner of the applicable property; (3)&nbsp;easements, zoning restrictions, rights-of-way and similar encumbrances on real
property imposed by law or arising in the ordinary course of business that do not materially detract from the value of the affected
property or materially interfere with the ordinary course business of the Company or any of its subsidiaries; and (4)&nbsp;liens
arising under conditional sales contracts and equipment leases with third parties entered into in the ordinary course of business. <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as is disclosed in the Registration Statement, the Time of Sale Prospectus and the Prospectus or except as would not, in the
aggregate, reasonably be expected to have a Material Adverse Effect, (i) each of the Company and each of its subsidiaries has valid,
subsisting and enforceable leases with its tenants for the properties described in the Registration Statement, the Time of Sale
Prospectus and the Prospectus as leased by it, (ii) the Company has no knowledge of any pending or threatened condemnation that will
in any material manner affect the size of, use of, improvements of, construction on, or access to any of the properties of the
Company or its subsidiaries, and (iii) the Company has no knowledge of any pending or threatened proceeding or action that will in
any material manner affect the size of, use of, improvements on, construction on, or access to any of the properties of the Company
or its subsidiaries. To the knowledge of the Company, the use and occupancy of each of the properties of the Company and its
subsidiaries complies with all applicable codes and zoning laws and regulations, except for such failures to comply that would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Mortgages</I>. Except as disclosed in the Registration Statement, the Time of Sale Prospectus and the Prospectus, the mortgages and
deeds of trust encumbering the Communities are not convertible into equity securities and such mortgages and deeds of trust are not cross-defaulted
or cross-collateralized to any property not owned directly or indirectly by the Company, except as would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Title Insurance</I>. Except as described in the Registration Statement, the Time of Sale Prospectus and the Prospectus or as would
not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, the Company, directly or indirectly,
has obtained title insurance in favor of the mortgagee, the Company or its subsidiaries with respect to each of the Communities, in such
amounts as is prudent and customary for companies engaged in similar businesses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(w)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>No Price Stabilization or Manipulation</I>. The Company has not taken, directly or indirectly, any action designed to or that might
reasonably be expected to cause or result in stabilization or manipulation of the price of the Notes to facilitate the sale or resale
of the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>No Labor Disputes</I>. Except as described in the Registration Statement, the Time of Sale Prospectus and the Prospectus, no labor
dispute with the employees of the Company or its subsidiaries exists or, to the knowledge of the Company, is threatened, except, in either
case, as would not reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 11; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(y)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Compliance
With Environmental Laws</I>. Except in each case as would not, individually or in the aggregate, reasonably be expected to result in
a Material Adverse Effect or as otherwise disclosed in the Registration Statement, the Time of Sale Prospectus and the Prospectus,
the Company and each of its subsidiaries: (i) are in compliance with all applicable foreign, federal, state and local laws and
regulations relating to the protection of the environment, natural resources or human health or safety, or to the manufacture, use,
generation, treatment, storage, disposal, release or threatened release of hazardous or toxic substances, pollutants, contaminants
or wastes or the arrangement for such activities (&#8220;<U>Environmental Laws</U>&#8221;); (ii) have received or will receive and
are in compliance with all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct
their respective businesses; and (iii) have not received written notice of any actual, pending or threatened claim or potential
liability under Environmental Laws in respect of its past or present business, operations (including the disposal of hazardous
substances at any off-site location) or facilities or real property (whether owned, leased or operated) and the Company is not aware
of any facts or conditions that could reasonably be expected to give rise to any such claim or liability.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(z)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Insurance</I>. Except as set forth in the Registration Statement, the Time of Sale Prospectus and the Prospectus, the Company and its
subsidiaries are insured (including self-insurance) with policies covering their respective properties, operations, personnel and businesses,
which insurance (other than earthquake insurance) is in such amounts that the Company reasonably deems to be commercially reasonable;
and neither the Company nor any of its subsidiaries has any reason to believe that it will not be able to renew its existing insurance
coverage as and when such coverage expires or to obtain similar coverage, to the extent that such coverage is then available at commercially
reasonable cost, from similar insurers or to provide self-insurance as may be necessary to continue its business. The Company maintains
earthquake insurance on the Communities to the extent described in the Registration Statement, the Time of Sale Prospectus and the Prospectus.
The Company and its subsidiaries are in compliance with the terms of such policies and instruments, except as would not reasonably be
expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(aa)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>REIT Status</I>. The Company has elected to be taxed as a &#8220;real estate investment trust&#8221; (&#8220;<U>REIT</U>&#8221;) under
the Internal Revenue Code of 1986, as amended (the &#8220;<U>Code</U>&#8221;), and will use its best efforts to continue to be organized
and will continue to operate in a manner so as to qualify as a REIT under Sections 856 through 860 of the Code, unless the Board of Directors
determines that it is no longer in the best interest of the Company to continue to be so qualified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(bb)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Compliance
with ERISA</I>. Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (i)
each employee benefit plan, within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended
(&#8220;<U>ERISA</U>&#8221;), that is maintained, administered or contributed to by the Company or any of its affiliates for
employees or former employees of the Company and its affiliates has been maintained in all material respects in compliance with its
terms and the requirements of any applicable statutes, orders, rules and regulations, including, but not limited to, ERISA and the
Code; (ii) to the knowledge of the Company, no prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of
the Code, has occurred with respect to any such plan, excluding transactions effected pursuant to a statutory or administrative
exemption; and (iii) for each such plan that is subject to the funding rules of Section 412 of the Code or Section 302 of ERISA, no
 &#8220;accumulated funding deficiency&#8221; as defined in Section 412 of the Code has been incurred, whether or not waived, and the
fair market value of the assets of each such plan (excluding for these purposes accrued but unpaid contributions) exceeds the
present value of all benefits accrued under such plan determined using reasonable actuarial assumptions.</P>

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

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

<!-- Field: Page; Sequence: 12; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(cc)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Status under the Securities Act</I>. The Company is not an &#8220;ineligible issuer&#8221; and is a &#8220;well-known seasoned issuer&#8221;
in connection with the offering pursuant to Rules 164, 405 and 433 under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(dd)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Title to Personal Pro</I>perty. The Company and its subsidiaries have good and marketable title to, or have valid rights to lease or
otherwise use, all items of personal property that are material to the respective businesses of the Company and its subsidiaries, in each
case free and clear of all liens, encumbrances, claims and defects and imperfections of title except those that (i) do not materially
interfere with the use made and proposed to be made of such property by the Company and its subsidiaries, (ii) would not reasonably be
expected, individually or in the aggregate, to have a Material Adverse Effect or (iii) are set forth in the Registration Statement, the
Time of Sale Prospectus and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ee)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Title to Intellectual Property</I>. The Company and its subsidiaries own or possess rights to use all material trademarks, service
marks, trade names, trademark registrations, service mark registrations, copyrights, licenses and know-how (including trade secrets and
other unpatented and/or unpatentable proprietary or confidential information, systems or procedures) (collectively, the &#8220;<U>Intellectual
Property</U>&#8221;) reasonably necessary for the conduct of their respective businesses as described in the Registration Statement, the
Time of Sale Prospectus and the Prospectus; to the Company&#8217;s knowledge, the conduct of the respective businesses of the Company
and its subsidiaries as described in the Registration Statement, the Time of Sale Prospectus and the Prospectus will not conflict in any
material respect with any Intellectual Property rights of others; and the Company and its subsidiaries have not received any notice of
any claim of infringement or conflict with any such rights of others, except in all cases as would not have, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ff)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>No Undisclosed Relationships</I>. No relationship, direct or indirect, exists between or among the Company or its subsidiaries, on
the one hand, and the directors, officers or stockholders of the Company or its subsidiaries, on the other, that is required by the Securities
Act to be described in the Registration Statement, the Time of Sale Prospectus and the Prospectus and that is not so described in such
documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(gg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Taxes</I>.
The Company and its subsidiaries have filed all federal, state, local and foreign tax returns which have been required to be filed
through the date hereof, or have requested extensions thereof (except in any case in which the failure to so file would not
reasonably be expected to have a Material Adverse Effect or except as set forth in or contemplated in the Registration Statement,
the Time of Sale Prospectus and the Prospectus) and have paid all taxes indicated by such returns to the extent such taxes have
become due, except for any such taxes (i) being contested in good faith or (ii) as would not reasonably be expected to have a
Material Adverse Effect or as otherwise disclosed in the Registration Statement, the Time of Sale Prospectus and the Prospectus.</P>

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

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

<!-- Field: Page; Sequence: 13; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(hh)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>No Unlawful Contributions</I>. The Company and its subsidiaries have conducted their businesses in material compliance with the Foreign
Corrupt Practices Act of 1977, as amended (the &#8220;<U>FCPA</U>&#8221;), and neither the Company nor its subsidiaries nor, to the Company&#8217;s
knowledge, any director, officer, agent, employee or other person associated with or acting on behalf of the Company or its subsidiaries
has (i) made any payment of funds of the Company or any subsidiary or received or retained any funds in violation of any law, rule or
regulation or of a character required to be disclosed in the Registration Statement, the Time of Sale Prospectus and the Prospectus which
has not been so disclosed, (ii) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense
relating to political activity, (iii) made any direct or indirect unlawful payment to any foreign or domestic government official or employee
from corporate funds, (iv) violated or is in violation of any provision of the FCPA and the rules and regulations thereunder, including,
without limitation, by making use of the mails or any means or instrumentality of U.S. interstate commerce corruptly in furtherance of
an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization
of the giving of anything of value to any &#8220;foreign official&#8221; (as such term is defined in the FCPA) or any foreign political
party or official thereof or any candidate for foreign political office in contravention of the FCPA, or (v) made any bribe, rebate, payoff,
influence payment, kickback or other unlawful payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Compliance with Money Laundering Laws</I>. The operations of the Company and its subsidiaries are and have been conducted at all times
in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act
of 1970, as amended; the money laundering statutes of all jurisdictions where the Company or any of its subsidiaries conducts business
and the rules and regulations thereunder and any related or similar rules, regulations or guidelines issued, administered or enforced
by any governmental agency having jurisdiction over the Company or any of its subsidiaries thereunder (collectively, the &#8220;<U>Money
Laundering Laws</U>&#8221;), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any
arbitrator involving the Company or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge
of the Company, threatened, except in all cases as would not reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(jj)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Compliance
with OFAC</I>. None of the Company, any of its subsidiaries or, to the knowledge of the Company, any director, officer, agent,
employee or controlled affiliate of the Company or any of its subsidiaries is currently subject to any U.S. sanctions administered
by the Office of Foreign Assets Control of the U.S. Department of the Treasury (&#8220;<U>OFAC</U>&#8221;); and the Company will not
directly or indirectly use the proceeds of the offering of the Notes hereunder, or lend, contribute or otherwise make available such
proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any
person, or in any country or territory that, at the time of such financing, is the subject of any OFAC sanctions.</P>

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

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

<!-- Field: Page; Sequence: 14; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(kk)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>No Restrictions on Subsidiaries</I>. No subsidiary of the Company is currently prohibited, directly or indirectly, under any agreement
or other instrument to which it is a party or is subject, from paying any dividends to the Company, from making any other distribution
on such subsidiary&#8217;s capital stock, from repaying to the Company any loans or advances to such subsidiary from the Company or from
transferring any of such subsidiary&#8217;s properties or assets to the Company or any other subsidiary of the Company, except in all
cases as would not reasonably be expected to have a Material Adverse Effect or except pursuant to the terms of any indebtedness (or pursuant
to the terms of any contemplated indebtedness) of the Company or its subsidiaries set forth in the Registration Statement, the Time of
Sale Prospectus and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ll)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>No Broker&#8217;s Fees</I>. Except as disclosed in the Registration Statement, the Time of Sale Prospectus and the Prospectus, neither
the Company nor its subsidiaries is a party to any contract, agreement or understanding with any person (other than this Agreement) that
would give rise to a valid claim against the Company, its subsidiaries or any Underwriter for a brokerage commission, finder&#8217;s fee
or like payment in connection with the offering and sale of the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(mm)&nbsp;&nbsp;&nbsp; <I>Margin
Rules</I>. Neither the issuance, sale and delivery of the Notes nor the application of the proceeds thereof by the Company as described
in the Registration Statement, the Time of Sale Prospectus and the Prospectus will violate Regulation T, U or X of the Board of Governors
of the Federal Reserve System or any other regulation of such Board of Governors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(nn)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Forward-Looking Statements</I>. No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E
of the Exchange Act) contained in the Registration Statement, the Time of Sale Prospectus and the Prospectus has been made or reaffirmed
without a reasonable basis or has been disclosed other than in good faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(oo)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Statistical and Market Data</I>. Nothing has come to the attention of the Company that has caused the Company to believe that the statistical
and market-related data included in the Registration Statement, the Time of Sale Prospectus and the Prospectus is not based on or derived
from sources that are reliable and accurate in all material respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(pp)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Sarbanes-Oxley Act.</I> There is and has been no failure on the part of the Company or any of the Company&#8217;s directors or officers,
in their capacities as such, to comply in all material respects with any applicable provision of the Sarbanes-Oxley Act of 2002, as amended,
and the rules and regulations promulgated in connection therewith, including Section 402 related to loans and Sections 302 and 906 related
to certifications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 15; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(qq)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Disclosure Controls.</I> The Company and its subsidiaries maintain, on a consolidated basis, an effective system of &#8220;disclosure
controls and procedures&#8221; (as defined in Rule 13a-15(e) of the Exchange Act) that complies in all material respects with the requirements
of the Exchange Act and is reasonably designed to ensure that information required to be disclosed by the Company in reports that it files
or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Commission&#8217;s
rules and forms, including, but not limited to, controls and procedures designed to ensure that such information is accumulated and communicated
to the Company&#8217;s management as appropriate to allow timely decisions regarding required disclosure. The Company and its subsidiaries
have carried out evaluations of the effectiveness of their disclosure controls and procedures as required by Rule 13a-15 of the Exchange
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(rr)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Actively-Traded Securities</I>. The Common Stock is an &#8220;actively-traded security&#8221; excepted from the requirements of Rule
101 of Regulation M under the Exchange Act by Rule 101(c)(1) thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ss)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Cybersecurity; Data Protection</I>. The Company and its subsidiaries&#8217; information technology assets and equipment, computers,
systems, networks, hardware, software, websites, applications, and databases (collectively, &#8220;IT Systems&#8221;) are reasonably believed
by the Company to be adequate for, and operate and perform in all material respects as required in connection with the operation of the
business of the Company and its subsidiaries as currently conducted and, to the Company&#8217;s knowledge, free and clear of all material
bugs, errors, defects, Trojan horses, time bombs, malware and other corruptants, other than those not reasonably expected to have a Material
Adverse Effect. To the knowledge of the Company, (i)&nbsp;there have been no breaches or violations of (or unauthorized access to) the
Company or its subsidiaries&#8217; IT Systems or any personal, personally identifiable, sensitive, confidential or regulated data (&#8220;<U>Personal
Data</U>&#8221;) processed or stored by or on behalf of the Company or its subsidiaries, nor are there any pending internal investigations
relating to the same, (ii)&nbsp;the Company and its subsidiaries have implemented and maintained commercially reasonable controls, policies,
procedures and safeguards to maintain and protect their material confidential information and the integrity, continuous operation, redundancy
and security of all&nbsp;IT Systems&nbsp;and data (including Personal Data) and (iii)&nbsp;the Company and its subsidiaries are presently
in compliance in all material respects with all applicable laws, statutes and regulations and contractual obligations relating to the
privacy and security of&nbsp;IT Systems&nbsp;and Personal Data, in each case except as disclosed in the Registration Statement, the Prospectus
or the General Disclosure Package or as would not reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 16; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Further
Agreements of the Company</U>. The Company covenants and agrees with each Underwriter that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Required
Filings.</I> The Company will file the final Prospectus with the Commission within the time periods specified by Rule 424(b) and
Rule 430B under the Securities Act, will file any Issuer Free Writing Prospectus (including the Pricing Term Sheet referred to in
Annex B hereto) to the extent required by Rule 433 under the Securities Act; and the Company will file promptly all reports and any
definitive proxy or information statements required to be filed by the Company with the Commission pursuant to Section 13(a), 13(c),
14 or 15(d) of the Exchange Act subsequent to the date of the Prospectus and for so long as the delivery of a prospectus is required
in connection with the offering or sale of the Notes; and the Company will furnish copies of the Prospectus and each Issuer Free
Writing Prospectus (to the extent not previously delivered) to the Underwriters in New York City prior to 10:00 a.m., New York City
time, on the business day next succeeding the date of this Agreement in such quantities as the Representatives may reasonably
request. The Company will pay the registration fees for this offering within the time period required by Rule 456(b)(1)(i) under the
Securities Act (without giving effect to the proviso therein) and in any event prior to the Closing Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Delivery of Copies.</I> The Company will deliver, without charge, upon request (i) to the Representatives, two signed copies of the
Registration Statement as originally filed and each amendment thereto, in each case including all exhibits and consents filed therewith
and documents incorporated by reference therein; and (ii) to each Underwriter (A) a conformed copy of the Registration Statement as originally
filed and each amendment thereto, in each case including all exhibits and consents filed therewith and (B) during the Prospectus Delivery
Period (as defined below), as many copies of the Prospectus (including all amendments and supplements thereto and documents incorporated
by reference therein) and each Issuer Free Writing Prospectus as the Representatives may reasonably request. As used herein, the term
 &#8220;<U>Prospectus Delivery Period</U>&#8221; means such period of time after the first date of the public offering of the Notes as
in the opinion of counsel for the Underwriters a prospectus relating to the Notes is required by law to be delivered (or required to be
delivered but for Rule 172 under the Securities Act) in connection with sales of the Notes by any Underwriter or dealer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Amendments or Supplements; Issuer Free Writing Prospectuses.</I> Before preparing, using, authorizing, approving, referring to or filing
any Issuer Free Writing Prospectus, and before filing any amendment or supplement to the Registration Statement or the Prospectus, the
Company will furnish to the Representatives and counsel for the Underwriters a copy of the proposed Issuer Free Writing Prospectus, amendment
or supplement for review and will not make, prepare, use, authorize, approve, refer to or file any such Issuer Free Writing Prospectus
or file any such proposed amendment or supplement to which the Representatives reasonably object.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 17; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Notice
to the Representatives.</I> The Company will advise the Representatives promptly, and confirm such advice in writing, at any time on
or prior to the later of (x) the Prospectus Delivery Period and (y) the Closing Date, (i) when any amendment to the Registration
Statement has been filed or becomes effective; (ii) when any supplement to the Prospectus or any amendment to the Prospectus or any
Issuer Free Writing Prospectus has been filed; (iii) of any request by the Commission for any amendment to the Registration
Statement or any amendment or supplement to the Prospectus or the receipt of any comments from the Commission relating to the
Registration Statement or any other request by the Commission for any additional information; (iv) of the issuance by the Commission
of any order suspending the effectiveness of the Registration Statement or preventing or suspending the use of any Preliminary
Prospectus or the Prospectus or the initiation or threatening of any proceeding for that purpose or pursuant to Section 8A of the
Securities Act; (v) of the occurrence of any event within the Prospectus Delivery Period as a result of which the Prospectus, the
Time of Sale Prospectus or any Issuer Free Writing Prospectus as then amended or supplemented would include any untrue statement of
a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the
circumstances existing when the Prospectus, the Time of Sale Prospectus or any such Issuer Free Writing Prospectus is delivered to a
purchaser, not misleading; (vi) of the receipt by the Company of any notice of objection of the Commission to the use of the
Registration Statement or any post-effective amendment thereto pursuant to Rule 401(g)(2) under the Securities Act; and (viii)of the
receipt by the Company of any notice with respect to any suspension of the qualification of the Notes for offer and sale in any
jurisdiction or the initiation or threatening of any proceeding for such purpose; and the Company will use its reasonable best
efforts to prevent the issuance of any such order suspending the effectiveness of the Registration Statement, preventing or
suspending the use of any Preliminary Prospectus or the Prospectus, or suspending any such qualification of the Notes and, if any
such order is issued, will obtain as soon as possible the withdrawal thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Time of Sale Prospectus.</I> If at any time prior to the Closing Date (i) any event shall occur or condition shall exist as a result
of which any of the Time of Sale Prospectus as then amended or supplemented would include any untrue statement of a material fact or omit
to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were
made, not misleading or (ii) it is necessary to amend or supplement the Time of Sale Prospectus to comply with law, the Company will immediately
notify the Underwriters thereof and forthwith prepare and, subject to paragraph (c) above, file with the Commission (to the extent required)
and furnish to the Underwriters and to such dealers as the Representatives may designate, such amendments or supplements to the Time of
Sale Prospectus (or any document to be filed with the Commission and incorporated by reference therein) as may be necessary so that the
statements in the Time of Sale Prospectus as so amended or supplemented (including such documents to be incorporated by reference therein)
will not, in the light of the circumstances under which they were made, be misleading or so that any of the Time of Sale Prospectus will
comply with law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Ongoing
Compliance</I>. If during the Prospectus Delivery Period (i) any event shall occur or condition shall exist as a result of which the
Prospectus as then amended or supplemented would include any untrue statement of a material fact or omit to state any material fact
necessary in order to make the statements therein, in the light of the circumstances existing when the Prospectus is delivered to a
purchaser, not misleading or (ii) it is necessary to amend or supplement the Prospectus to comply with law, the Company will
immediately notify the Underwriters thereof and forthwith prepare and, subject to paragraph (c) above, file with the Commission and
furnish to the Underwriters and to such dealers as the Representatives may designate, such amendments or supplements to the
Prospectus (or any document to be filed with the Commission and incorporated by reference therein) as may be necessary so that the
statements in the Prospectus as so amended or supplemented (including such documents to be incorporated by reference therein) will
not, in the light of the circumstances existing when the Prospectus is delivered to a purchaser, be misleading or so that the
Prospectus will comply with law<I>.</I></P>

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

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

<!-- Field: Page; Sequence: 18; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Blue Sky Compliance.</I> The Company will qualify the Notes for offer and sale under the securities or Blue Sky laws of such jurisdictions
as the Representatives shall reasonably request and will continue such qualifications in effect so long as required for distribution of
the Notes; <U>provided</U> that the Company shall not be required to (i) qualify as a foreign corporation or other entity or as a dealer
in securities in any such jurisdiction where it would not otherwise be required to so qualify, (ii) file any general consent to service
of process in any such jurisdiction or (iii) subject itself to taxation in any such jurisdiction if it is not otherwise so subject.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Earnings Statement. </I>The Company will make generally available to its security holders and the Representatives as soon as practicable
an earnings statement that satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 of the Commission promulgated
thereunder covering a period of at least twelve months beginning with the first fiscal quarter of the Company occurring after the &#8220;effective
date&#8221; (as defined in Rule 158) of the Registration Statement; it being understood and agreed that such earnings statement shall
be deemed to have been made available by the Company if such earnings statement is made available on the Commission&#8217;s Electronic
Data Gathering, Analysis and Retrieval system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Clear Market.</I> During the period from the date hereof through and including the Closing Date, the Company will not, without the
prior written consent of the Representatives, offer, sell, contract to sell or otherwise dispose of any debt securities issued or guaranteed
by the Company and having a tenor of more than one year; provided that nothing in this clause (i) is intended to prevent (x) the prepayment
of any existing indebtedness of the Company or its subsidiaries or (y) the Company or its subsidiaries from entering into any revolving
credit facility or other lending arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Use of Proceeds.</I> The Company will apply the net proceeds from the sale of the Notes as described in each of the Registration Statement,
the Time of Sale Prospectus and the Prospectus under the heading &#8220;Use of Proceeds&#8221;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>No Stabilization.</I> The Company will not take, directly or indirectly, any action designed to or that could reasonably be expected
to cause or result in any stabilization or manipulation of the price of the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Record Retention</I>. The Company will, pursuant to reasonable procedures developed in good faith, retain copies of each Issuer Free
Writing Prospectus that is not filed with the Commission in accordance with Rule 433 under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 19; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Certain Agreements
of the Underwriters</U>.&#9; Each Underwriter hereby represents and agrees that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
It has not and will not use, authorize use of, refer to, or participate in the planning for use of, any &#8220;<U>free writing prospectus</U>&#8221;,
as defined in Rule 405 under the Securities Act (which term includes use of any written information furnished to the Commission by the
Company and not incorporated by reference into the Registration Statement and any press release issued by the Company) other than (i)
a free writing prospectus that, solely as a result of use by such Underwriter, would not trigger an obligation to file such free writing
prospectus with the Commission pursuant to Rule 433, (ii) any Issuer Free Writing Prospectus listed on Annex A or prepared pursuant to
Section 3(d) or Section 4(c) above (including any electronic road show), or (iii) any free writing prospectus prepared by such Underwriter
and approved by the Company in advance in writing (each such free writing prospectus referred to in clauses (i) or (iii), an &#8220;<U>Underwriter
Free Writing Prospectus</U>&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
It is not subject to any pending proceeding under Section 8A of the Securities Act with respect to the offering (and will promptly notify
the Company if any such proceeding against it is initiated during the Prospectus Delivery Period).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conditions
of Underwriters&#8217; Obligations.</U> The obligation of each Underwriter to purchase Notes on the Closing Date as provided herein is
subject to the performance by the Company of its covenants and other obligations hereunder and to the following additional conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Registration Compliance; No Stop Order.</I> No order suspending the effectiveness of the Registration Statement shall be in effect,
and no proceeding for such purpose, pursuant to Rule 401(g)(2) or pursuant to Section 8A under the Securities Act shall be pending before
or, to the Company&#8217;s knowledge, threatened by the Commission; the Prospectus and each Issuer Free Writing Prospectus shall have
been timely filed with the Commission under the Securities Act (in the case of any Issuer Free Writing Prospectus, to the extent required
by Rule 433 under the Securities Act) and in accordance with Section 4(a) hereof; and all requests by the Commission for additional information
shall have been complied with to the reasonable satisfaction of the Representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Representations and Warranties.</I> The representations and warranties of the Company contained herein shall be true and correct on
the date hereof and on and as of the Closing Date; and the statements of the Company and its officers made in any certificates delivered
pursuant to this Agreement shall be true and correct on and as of the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>No
Downgrade.</I> Subsequent to the earlier of (A) the Time of Sale and (B) the execution and delivery of this Agreement, (i) no
downgrading shall have occurred in the rating accorded the Notes or any other debt securities or preferred stock issued or
guaranteed by the Company or any of its subsidiaries by any &#8220;nationally recognized statistical rating organization&#8221;, as
such term is defined under Section 3(a)(62) under the Exchange Act and (ii) no such organization shall have publicly announced that
it has under surveillance or review, or has changed its outlook with respect to, its rating of the Notes or of any other debt
securities or preferred stock issued or guaranteed by the Company or any of its subsidiaries (other than an announcement with
positive implications of a possible upgrading).</P>

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

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

<!-- Field: Page; Sequence: 20; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>No Material Adverse Change.</I> No event or condition of a type described in Section 3(n) [<I>No Material Adverse Change]</I> hereof
shall have occurred or shall exist, which event or condition is not described in each of the Time of Sale Prospectus (excluding any amendment
or supplement thereto) and the Prospectus (excluding any amendment or supplement thereto), the effect of which in the judgment of the
Representatives makes it impracticable or inadvisable to proceed with the offering, sale or delivery of the Notes on the terms and in
the manner contemplated by this Agreement, the Time of Sale Prospectus and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Officer&#8217;s Certificate.</I> The Representatives shall have received on and as of the Closing Date a certificate of an executive
officer of the Company who has specific knowledge of the Company&#8217;s financial matters and is satisfactory to the Representatives
(i) confirming that such officer has carefully reviewed the Registration Statement, the Time of Sale Prospectus and the Prospectus and,
to the knowledge of such officer, the representations set forth in Sections 3(a) [<I>Effectiveness of Registration Statement]</I>, 3(b)
[<I>Compliance with Securities Act]</I> and 3(c) [<I>Accurate Disclosure]</I> hereof are true and correct, (ii) confirming that the other
representations and warranties of the Company in this Agreement are true and correct and that the Company has complied with all agreements
and satisfied all conditions on its part to be performed or satisfied hereunder at or prior to the Closing Date and (iii) to the effect
set forth in paragraphs (a), (c) and (d) above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Comfort Letters.</I> On the date of this Agreement and on the Closing Date, the Accountants shall have furnished to the Representatives,
at the request of the Company, letters, dated the respective dates of delivery thereof and addressed to the Underwriters, in form and
substance reasonably satisfactory to the Representatives, containing statements and information of the type customarily included in accountants&#8217;
 &#8220;comfort letters&#8221; to underwriters with respect to the financial statements and certain financial information contained or
incorporated by reference in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus; <U>provided</U> that
the letter delivered on the Closing Date shall use a &#8220;cut-off&#8221; date no more than three business days prior to the Closing
Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Opinion and 10b-5 Statement of Counsel for the Company.</I> Goodwin Procter LLP, counsel for the Company, shall have furnished to the
Representatives, at the request of the Company, their written opinion and 10b-5 statement, dated the Closing Date and addressed to the
Underwriters, in form and substance reasonably satisfactory to the Representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Opinion
of Tax Counsel for the Company.</I> Goodwin Procter LLP, tax counsel for the Company, shall have furnished to the Representatives,
at the request of the Company, their written opinion, dated the Closing Date and addressed to the Underwriters, to the effect that,
subject to the assumptions and qualifications therein commencing with the taxable year ending December 31, 1994, the form of
organization of the Company and its operations are such as to enable the Company to qualify as a &#8220;real estate investment
trust&#8221; under the applicable provisions of the Code.</P>

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

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

<!-- Field: Page; Sequence: 21; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Opinion and 10b-5 Statement of Counsel for the Underwriters.</I> The Representatives shall have received on and as of the Closing Date
an opinion and 10b-5 statement, addressed to the Underwriters, of McDermott Will &amp; Emery LLP, counsel for the Underwriters, with respect
to such matters as the Representatives may reasonably request, and such counsel shall have received such documents and information as
they may reasonably request to enable them to pass upon such matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>No Legal Impediment to Issuance.</I> No action shall have been taken and no statute, rule, regulation or order shall have been enacted,
adopted or issued by any federal, state or foreign governmental or regulatory authority that would, as of the Closing Date, prevent the
issuance or sale of the Notes; and no injunction or order of any federal, state or foreign court shall have been issued that would, as
of the Closing Date, prevent the issuance or sale of the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Good Standing</I>. The Representatives shall have received on and as of the Closing Date satisfactory evidence of the good standing
of the Company in its jurisdiction of organization and in such other jurisdictions as the Representatives may reasonably request, in writing
or any standard form of telecommunication from the appropriate governmental authorities of such jurisdictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Additional Documents.</I> On or prior to the Closing Date, the Company shall have furnished to the Representatives such further certificates
and documents as the Representatives may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All opinions, letters, certificates
and evidence mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the provisions hereof only if they
are in form and substance reasonably satisfactory to counsel for the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification
and Contribution</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Indemnification
of the Underwriters.</I> The Company agrees to indemnify and hold harmless each Underwriter, its affiliates, directors and officers
and each person, if any, who controls such Underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act, from and against any and all losses, claims, damages and liabilities (including, without limitation, reasonable legal
fees and other expenses incurred in connection with any suit, action or proceeding or any claim asserted, as such fees and expenses
are incurred), joint or several, that arise out of, or are based upon, (i) any untrue statement or alleged untrue statement of a
material fact contained in the Registration Statement or caused by any omission or alleged omission to state therein a material fact
required to be stated therein or necessary in order to make the statements therein, not misleading, or (ii) any untrue statement or
alleged untrue statement of a material fact contained in the Prospectus (or any amendment or supplement thereto), any Issuer Free
Writing Prospectus or any Time of Sale Prospectus, or caused by any omission or alleged omission to state therein a material fact
necessary in order to make the statements therein, in <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">light
of the circumstances under which they were made, not misleading, in each case except insofar as such losses, claims, damages or
liabilities arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in
reliance upon and in conformity with any information relating to any Underwriter furnished to the Company in writing by such
Underwriter through the Representatives expressly for use therein.</FONT></P>

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

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

<!-- Field: Page; Sequence: 22; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Indemnification of the Company.</I> Each Underwriter agrees, severally and not jointly, to indemnify and hold harmless the Company,
each of its directors and its officers who signed the Registration Statement and each person, if any, who controls the Company within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the indemnity set forth in paragraph
(a) above, but only with respect to any losses, claims, damages or liabilities that arise out of, or are based upon, any untrue statement
or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to such Underwriter
furnished to the Company in writing by such Underwriter through the Representatives expressly for use in the Registration Statement, the
Prospectus (or any amendment or supplement thereto), any Issuer Free Writing Prospectus or any Time of Sale Prospectus, it being understood
and agreed that the only such information consists of the following paragraphs in the Preliminary Prospectus and the Prospectus: the fourth
paragraph (regarding selling concessions) and the seventh paragraph (regarding short sales and stabilizing transactions) each under the
heading &#8220;Underwriting (Conflicts)&#8221; contained in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Notice and Procedures.</I> If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand
shall be brought or asserted against any person in respect of which indemnification may be sought pursuant to either paragraph (a) or
(b) above, such person (the &#8220;<U>Indemnified Person</U>&#8221;) shall promptly notify the person against whom such indemnification
may be sought (the &#8220;<U>Indemnifying Person</U>&#8221;) in writing; <U>provided</U> that the failure to notify the Indemnifying
Person shall not relieve it from any liability that it may have under paragraph (a) or (b) above except to the extent that it has been
materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and <U>provided</U>, <U>further</U>,
that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have to an Indemnified Person
otherwise than under paragraph (a) or (b) above. If any such proceeding shall be brought or asserted against an Indemnified Person and
it shall have notified the Indemnifying Person thereof, the Indemnifying Person shall retain counsel reasonably satisfactory to the Indemnified
Person (who shall not, without the consent of the Indemnified Person, be counsel to the Indemnifying Person) to represent the Indemnified
Person and any others entitled to indemnification pursuant to this Section 7 that the Indemnifying Person may designate in such proceeding
and shall pay the fees and expenses of such proceeding and shall pay the reasonable fees and expenses of such counsel related to such
proceeding, as incurred. In any such proceeding, any Indemnified Person shall have the right to retain its own counsel, but the fees
and expenses of such counsel shall be at the expense of such Indemnified Person unless (i) the Indemnifying Person and the Indemnified
Person shall have mutually agreed to the contrary; (ii) the Indemnifying Person has failed within a reasonable time to retain counsel
reasonably satisfactory to the Indemnified Person; (iii) the Indemnified Person shall have reasonably concluded that there may be legal
defenses available to it that are different from or in addition to those available to the Indemnifying Person; or (iv) the named parties
in any such proceeding (including any impleaded parties) include both the Indemnifying Person and the Indemnified Person and representation
of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood
and agreed that the Indemnifying Person shall not, in connection with any proceeding or related proceeding in the same jurisdiction,
be liable for the reasonable fees and expenses of more than one separate firm (in addition to any local counsel, which shall be limited
to one firm in each jurisdiction) for all Indemnified Persons, and that all such reasonable fees and expenses shall be paid or reimbursed
as they are incurred, upon receipt of a written request for payment thereof accompanied by a written statement with reasonable supporting
detail of such fees and expenses. Any such separate firm for any Underwriter, its affiliates, directors and officers and any control
persons of such Underwriter shall be designated in writing by the Representatives and any such separate firm for the Company, its directors
and officers who signed the Registration Statement and any control persons of the Company shall be designated in writing by the Company.
The Indemnifying Person shall not be liable for any settlement of any proceeding effected without its written consent, but if settled
with such consent or if there be a final judgment for the plaintiff, the Indemnifying Person agrees to indemnify each Indemnified Person
from and against any loss or liability by reason of such settlement or judgment. No Indemnifying Person shall, without the written consent
of the Indemnified Person, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Person is
or could have been a party and indemnification could have been sought hereunder by such Indemnified Person, unless such settlement (x)
includes an unconditional release of such Indemnified Person, in form and substance reasonably satisfactory to such Indemnified Person,
from all liability or claims that are the subject matter of such proceeding and (y) does not include any statement as to or any admission
of fault, culpability or a failure to act by or on behalf of any Indemnified Person.</P>

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

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

<!-- Field: Page; Sequence: 23; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Contribution.</I> If the indemnification provided for in paragraph (a) or (b) above is unavailable to an Indemnified Person or insufficient
in respect of any losses, claims, damages or liabilities referred to therein, then each Indemnifying Person under such paragraph, in
lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified Person as
a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received
by the Company on the one hand and the Underwriters on the other from the offering of the Notes or (ii) if the allocation provided by
clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred
to in clause (i) but also the relative fault of the Company on the one hand and the Underwriters on the other in connection with the
statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations.
The relative benefits received by the Company on the one hand and the Underwriters on the other shall be deemed to be in the same respective
proportions as the net proceeds (before deducting expenses) received by the Company from the sale of the Notes and the total underwriting
discounts and commissions received by the Underwriters in connection therewith, in each case as set forth in the table on the cover of
the Prospectus, bear to the aggregate offering price of the Notes. The relative fault of the Company on the one hand and the Underwriters
on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact
or the omission or alleged omission to state a material fact relates to information supplied by the Company or by the Underwriters and
the parties&#8217; relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.</P>

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

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

<!-- Field: Page; Sequence: 24; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Limitation on Liability.</I> The Company and the Underwriters agree that it would not be just and equitable if contribution pursuant
to this Section 7 were determined by <U>pro rata</U> allocation (even if the Underwriters were treated as one entity for such purpose)
or by any other method of allocation that does not take account of the equitable considerations referred to in paragraph (d) above. The
amount paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred to in paragraph (d)
above shall be deemed to include, subject to the limitations set forth above, any legal or other expenses incurred by such Indemnified
Person in connection with any such action or claim. Notwithstanding the provisions of this Section 7, in no event shall an Underwriter
be required to contribute any amount in excess of the amount by which the total underwriting discounts and commissions received by such
Underwriter with respect to the offering of the Notes exceeds the amount of any damages that such Underwriter has otherwise been required
to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation. The Underwriters&#8217; obligations to contribute pursuant to this Section 7 are several in proportion to
their respective purchase obligations hereunder and not joint.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Non-Exclusive Remedies.</I> The remedies provided for in this Section 7 are not exclusive and shall not limit any rights or remedies
which may otherwise be available to any Indemnified Person at law or in equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effectiveness
of Agreement</U>. This Agreement shall become effective as of the date first written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination</U>.
This Agreement may be terminated in the absolute discretion of the Representatives, by notice to the Company, if after the execution and
delivery of this Agreement and on or prior to the Closing Date (i) trading generally shall have been suspended or materially limited on
the New York Stock Exchange; (ii) trading of any securities issued or guaranteed by the Company shall have been suspended on any exchange
or in any over-the-counter market; (iii) a general moratorium on commercial banking activities shall have been declared by federal or
New York State authorities; or (iv) there shall have occurred any outbreak or escalation of hostilities or any change in financial markets
or any calamity or crisis, either within or outside the United States, that, in the judgment of the Representatives, is material and adverse
and makes it impracticable or inadvisable to proceed with the offering, sale or delivery of the Notes on the terms and in the manner contemplated
by this Agreement, the Time of Sale Prospectus and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 25; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Defaulting
Underwriter</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If, on the Closing Date, any Underwriter defaults on its obligation to purchase the Notes that it has agreed to purchase hereunder, the
non-defaulting Underwriters may in their discretion arrange for the purchase of such Notes by other persons satisfactory to the Company
on the terms contained in this Agreement. If, within 36 hours after any such default by any Underwriter, the non-defaulting Underwriters
do not arrange for the purchase of such Notes, then the Company shall be entitled to a further period of 36 hours within which to procure
other persons satisfactory to the non-defaulting Underwriters to purchase such Notes on such terms. If other persons become obligated
or agree to purchase the Notes of a defaulting Underwriter, either the non&#45;defaulting Underwriters or the Company may postpone the
Closing Date for up to five full business days in order to effect any changes that in the opinion of counsel for the Company or counsel
for the Underwriters may be necessary in the Registration Statement, the Time of Sale Prospectus and the Prospectus or in any other document
or arrangement, and the Company agrees to promptly prepare any amendment or supplement to the Registration Statement, the Time of Sale
Prospectus and the Prospectus that effects any such changes. As used in this Agreement, the term &#8220;<U>Underwriter</U>&#8221; includes,
for all purposes of this Agreement unless the context otherwise requires, any person not listed in Schedule 1 hereto that, pursuant to
this Section 10, purchases Notes that a defaulting Underwriter agreed but failed to purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If, after giving effect to any arrangements for the purchase of the Notes of a defaulting Underwriter or Underwriters by the non-defaulting
Underwriters and the Company as provided in paragraph (a) above, the aggregate principal amount of such Notes that remains unpurchased
does not exceed one-eleventh of the aggregate principal amount of all the Notes, then the Company shall have the right to require each
non-defaulting Underwriter to purchase the principal amount of Notes that such Underwriter agreed to purchase hereunder plus such Underwriter&#8217;s
<U>pro rata</U> share (based on the principal amount of Notes that such Underwriter agreed to purchase hereunder) of the Notes of such
defaulting Underwriter or Underwriters for which such arrangements have not been made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If, after giving effect to any arrangements for the purchase of the Notes of a defaulting Underwriter or Underwriters by the non-defaulting
Underwriters and the Company as provided in paragraph (a) above, the aggregate principal amount of such Notes that remains unpurchased
exceeds one-eleventh of the aggregate principal amount of all the Notes, or if the Company shall not exercise the right described in paragraph
(b) above, then this Agreement shall terminate without liability on the part of the non-defaulting Underwriters. Any termination of this
Agreement pursuant to this Section 10 shall be without liability on the part of the Company, except that the Company will continue to
be liable for the payment of expenses as set forth in Section 11 hereof and except that the provisions of Section 7 hereof shall not terminate
and shall remain in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Nothing contained herein shall relieve a defaulting Underwriter of any liability it may have to the Company or any non-defaulting Underwriter
for damages caused by its default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 26; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment
of Expenses</U><I>.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Whether or not the transactions contemplated by this Agreement are consummated or this Agreement is terminated, the Company agrees to
pay or cause to be paid all costs and expenses incident to the performance of its obligations hereunder, including without limitation,
(i) the costs incident to the authorization, issuance, sale, preparation and delivery of the Notes and any taxes payable in that connection;
(ii) the costs incident to the preparation, printing and filing under the Securities Act of the Registration Statement, the Preliminary
Prospectus, any Issuer Free Writing Prospectus, any Time of Sale Prospectus and the Prospectus (including all exhibits, amendments and
supplements thereto) and the distribution thereof; (iii) the fees and expenses of the Company&#8217;s counsel and independent accountants;
(iv) the fees and expenses incurred in connection with the registration or qualification and determination of eligibility for investment
of the Notes under the laws of such jurisdictions as the Representatives may designate and the preparation, printing and distribution
of a Blue Sky Memorandum (including the related fees and expenses of counsel for the Underwriters relating to such registration or qualification
up to a maximum of $10,000); (v) any fees charged by rating agencies for rating the Notes; (vi) the fees and expenses of the Trustee and
any paying agent (including related fees and expenses of any counsel to such parties); (vii) all expenses and application fees incurred
in connection with any filing with, and clearance of the offering by, the Financial Industry Regulatory Authority, Inc., if any, and the
approval of the Notes for book-entry transfer by DTC; and (viii) all expenses incurred by the Company in connection with any &#8220;road
show&#8221; presentation to potential investors. For the avoidance of doubt, except as provided in this Section 11, the Underwriters will
pay all of their costs and expenses, including the fees of their counsel and their own travel and lodging expenses in connection with
any &#8220;road show&#8221; presentation to potential investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If (i) this Agreement is terminated pursuant to clause (ii) of Section 9, (ii) the Company for any reason fails to tender the Notes for
delivery to the Underwriters or (iii) the Underwriters decline to purchase the Notes for any reason permitted under this Agreement, the
Company agrees to reimburse the Underwriters for all documented out-of-pocket costs and expenses (including the reasonable and itemized
fees and expenses of their counsel) reasonably incurred by the Underwriters in connection with this Agreement and the offering contemplated
hereby; <U>provided</U> that in the case of a termination pursuant to Section 10(c), the Company shall have no obligation to reimburse
the defaulting Underwriter for such costs and expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Persons
Entitled to Benefit of Agreement</U>. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective
successors and the officers and directors and any controlling persons referred to herein, and the affiliates of each Underwriter referred
to in Section&nbsp;7 hereof. Nothing in this Agreement is intended or shall be construed to give any other person any legal or equitable
right, remedy or claim under or in respect of this Agreement or any provision contained herein. No purchaser of Notes from any Underwriter
shall be deemed to be a successor merely by reason of such purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Survival</U>.
The respective indemnities, rights of contribution, representations, warranties and agreements of the Company and the Underwriters
contained in this Agreement or made by or on behalf of the Company or the Underwriters pursuant to this Agreement or any certificate
delivered pursuant hereto shall survive the delivery of and payment for the Notes and shall remain in full force and effect,
regardless of any termination of this Agreement or any investigation made by or on behalf of the Company or the Underwriters.</P>

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

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

<!-- Field: Page; Sequence: 27; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Certain
Defined Terms</U>. For purposes of this Agreement, (a) except where otherwise expressly provided, the term &#8220;<U>affiliate</U>&#8221;
has the meaning set forth in Rule 405 under the Securities Act; (b) the term &#8220;<U>business day</U>&#8221; means any day other than
a day on which banks are permitted or required to be closed in New York City; and (c) the term &#8220;<U>subsidiary</U>&#8221; shall mean
any corporation, limited liability company, partnership, trust, association or other business entity of which more than&nbsp;50%<FONT STYLE="background-color: white">&nbsp;of
the total voting power of shares of capital stock or other equity interest entitled (without regard to the occurrence of any contingency)
to vote in the election of directors, managers, general partners, trustees or similar positions thereof is at the time owned or controlled,
directly or indirectly, by the Company or one or more of the other subsidiaries of the Company (or a combination thereof).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance
with USA Patriot Act</U>. In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October
26, 2001)), the Underwriters are required to obtain, verify and record information that identifies their respective clients, including
the Company, which information may include the name and address of their respective clients, as well as other information that will allow
the Underwriters to properly identify their respective clients.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Miscellaneous</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Authority of the Representatives.</I> Any action by the Underwriters hereunder may be taken by the Representatives on behalf of the
Underwriters, and any such action taken by the Representatives shall be binding upon the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify"><I>Notices.</I> All notices and other communications hereunder shall be in writing and shall be deemed
to have been duly given if mailed or transmitted and confirmed by any standard form of telecommunication. Notices to the Underwriters
shall be given to the Representatives, c/o BofA Securities, Inc. at 1540 Broadway, NY8-540-26-02, New York, New York 10036 (fax: (646)
855-5958; e-mail: dg.hg_ua_notices@bofa.com); Attention: High Grade Transaction Management/Legal, c/o Deutsche Bank Securities Inc., 1
Columbus Circle, New York, NY 10019, United States of America (fax: (646) 374-1071); Attention: Debt Capital Market Syndicate (with a
copy at the same address to Attention: General Counsel), c/o PNC Capital Markets LLC, 300 Fifth Ave, 10th Floor, Pittsburgh, PA 15222;
Attention: Debt Capital Markets, Fixed Income Transaction Execution, c/o Wells Fargo Securities, LLC 550 South Tryon Street, 5th Floor,
Charlotte, North Carolina 28202, with a copy (which shall not constitute notice) to: McDermott Will &amp; Emery LLP, 415 Mission Street,
Suite 5600, San Francisco, CA 94105-2533; Attention: Peter T. Healy. Notices to the Company shall be given to it at AvalonBay Communities,
Inc., 4040 Wilson Blvd., Suite 1000, Arlington, Virginia 22203 (fax: (703) 329-4830); Attention: Legal Department, with a copy (which
shall not constitute notice) to: Goodwin Procter
LLP, 100 Northern Avenue, Boston, Massachusetts 02210 (fax: (617) 523-1231); Attention: Gilbert G. Menna, Esq., John O. Newell, Esq. and
Audrey S. Leigh, Esq.</TD></TR></TABLE>

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

<!-- Field: Page; Sequence: 28; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Governing Law.</I> This Agreement and any claim, controversy or dispute arising under or related to this Agreement shall be governed
by and construed in accordance with the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Consent to Jurisdiction</I>. Each of the parties hereto agrees that any legal suit, action or proceeding arising out of or based upon
this Agreement or the transactions contemplated hereby (&#8220;<U>Related Proceedings</U>&#8221;) shall&nbsp;be instituted in (i)&nbsp;the
federal courts of the United States of America located in the City and County of New York, Borough of Manhattan or&nbsp;(ii) the courts
of the State of New York located in the City and County of New York, Borough of Manhattan (collectively, the &#8220;<U>Specified Courts</U>&#8221;),
and irrevocably submits to the exclusive jurisdiction (except for proceedings instituted in regard to the enforcement of a judgment of
any Specified Court (a &#8220;<U>Related Judgment</U>&#8221;), as to which such jurisdiction is non-exclusive) of the Specified Courts
in any such suit, action or proceeding. Service of any process, summons, notice or document by mail to such party&#8217;s address set
forth above shall be effective service of process for any suit, action or proceeding brought in any Specified Court. Each of the parties
hereto irrevocably and unconditionally waives any objection to the laying of venue of any suit, action or proceeding in the Specified
Courts and irrevocably and unconditionally waive and agree not to plead or claim in any Specified Court that any such suit, action or
proceeding brought in any Specified Court has been brought in an inconvenient forum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Waiver of Jury Trial</I>. Each of the parties hereto hereby waives any right to trial by jury in any suit or proceeding arising out
of or relating to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Recognition of the U.S. Special Resolution Regimes</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 31.5pt">(i) In the event
that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from
such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as
the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were
governed by the laws of the United States or a state of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 31.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 27pt">(ii) In the event
that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding under a U.S.
Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to be exercised
to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed
by the laws of the United States or a state of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 27pt"></P>

<!-- Field: Page; Sequence: 29; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">As used in this Section 16(f):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#8220;BHC Act Affiliate&#8221; has the
meaning assigned to the term &#8220;affiliate&#8221; in, and shall be interpreted in accordance with, 12 U.S.C. &sect; 1841(k).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#8220;Covered Entity&#8221; means any
of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: 0in">(i)&nbsp;&nbsp;&nbsp;
a &#8220;covered entity&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 252.82(b);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: 0in">(ii)&nbsp; a &#8220;covered
bank&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 47.3(b); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: 0in">(iii) a &#8220;covered
FSI&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 382.2(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#8220;Default Right&#8221; has the meaning
assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. &sect;&sect; 252.81, 47.2 or 382.1, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#8220;U.S. Special Resolution Regime&#8221;
means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall
Street Reform and Consumer Protection Act and the regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Counterparts.</I> This Agreement may be signed in counterparts, each of which shall be an original and all of which together shall
constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature
covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other
applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly
and validly delivered and be valid and effective for all purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Amendments or Waivers.</I> No amendment or waiver of any provision of this Agreement, nor any consent or approval to any departure
therefrom, shall in any event be effective unless the same shall be in writing and signed by the parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Headings.</I> The headings herein are included for convenience of reference only and are not intended to be part of, or to affect the
meaning or interpretation of, this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 30; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>




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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the foregoing is in accordance
with your understanding, please indicate your acceptance of this Agreement by signing in the space provided below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">AvalonBay Communities, Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; width: 3%"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; width: 47%"><FONT STYLE="font-size: 10pt">/s/ Kevin P. O&#8217;Shea</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Title: Chief Financial Officer</FONT></TD></TR>
  </TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[Signature Page to Underwriting Agreement]</P>

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

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

<!-- Field: Page; Sequence: 31 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Accepted: As of the date first
    written above</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">BOFA SECURITIES, INC.</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">By </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">/s/ Shawn Cepeda</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Name: Shawn Cepeda</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Title: Managing Director</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">DEUTSCHE BANK SECURITIES INC.</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 4%"><FONT STYLE="font-size: 10pt">By </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 45%"><FONT STYLE="font-size: 10pt">/s/ John C. McCabe</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 4%"><FONT STYLE="font-size: 10pt">By</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 45%"> <FONT STYLE="font-size: 10pt">/s/ Kevin Prior</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Name: John C. McCabe</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Name: Kevin Prior</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Title: Managing Director</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Title: Director</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: left"><FONT STYLE="font-size: 10pt">PNC
    CAPITAL MARKETS LLC</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">By </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">/s/ Valerie Shadeck</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Name: Valerie Shadeck</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Title: Managing Director</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: left"><FONT STYLE="font-size: 10pt">Wells
    fargo securities, LLC</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">By </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">/s/ Carolyn Hurley</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Name: Carolyn Hurley</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Title: Managing Director</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">For themselves and on behalf
    of the</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0in; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;several Underwriters listed</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;in Schedule 1 hereto.</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[Signature Page to Underwriting Agreement]</P>

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

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

<!-- Field: Page; Sequence: 32 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Schedule 1</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">Underwriter</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid; font-size: 10pt">Principal Amount</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 84%; text-align: left">BofA Securities, Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">46,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Deutsche Bank Securities Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">46,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">PNC Capital Markets LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">46,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Wells Fargo Securities, LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">46,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Barclays Capital Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">23,200,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Citigroup Global Markets Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">23,200,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Goldman Sachs &amp; Co. LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">23,200,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">J.P. Morgan Securities LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">23,200,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Morgan Stanley &amp; Co. LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">23,200,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Truist Securities, Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">23,200,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">TD Securities (USA) LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">16,800,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">BNY Mellon Capital Markets, LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">12,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">RBC Capital Markets, LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">12,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Samuel A. Ramirez &amp; Company, Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">12,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Scotia Capital (USA) Inc.</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">12,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">U.S. Bancorp Investments, Inc.</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">12,000,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: right; font-size: 10pt">Total</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">400,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Schedule 1</P>

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

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

<!-- Field: Page; Sequence: 33 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Annex A</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Time of Sale Prospectus</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Pricing
Term Sheet, dated November 8, 2021, substantially in the form of Annex&nbsp;B.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Annex A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 34 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">Annex B</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0.05in; margin-top: 0pt; margin-bottom: 0pt; text-align: right">Filed Pursuant
to Rule 433</P>

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

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

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

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

<P STYLE="font: 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: 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-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Issuer:</B></FONT></TD>
    <TD STYLE="width: 61%; font-size: 10pt"><FONT STYLE="font-size: 10pt">AvalonBay Communities, Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Principal Amount:</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">$400,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Maturity:</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">December 1, 2028</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Coupon:</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">1.900%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Price to Public:</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">99.869% of face amount</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Yield to Maturity:</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">1.920%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Spread to Benchmark Treasury:</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">T + 55 basis points</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Benchmark Treasury:</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">1.375% due October 31, 2028</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Benchmark Treasury Price and Yield:</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">100-01 / 1.370%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Interest Payment Dates:</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><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-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-bottom: 0pt">Make-whole call at T + 10 basis points</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; 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 STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Trade Date:</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">November 8, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><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-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-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>

<!-- Field: Page; Sequence: 35 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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>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:</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.1pt"><B>&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><FONT STYLE="font-size: 10pt"><B>Co-Managers:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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

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

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

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

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

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Annex B</P>

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

<!-- Field: Page; Sequence: 36; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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



<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.4
<SEQUENCE>3
<FILENAME>tm2133217d1_ex4-4.htm
<DESCRIPTION>EXHIBIT 4.4
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 412.5pt"><FONT><B>Exhibit&nbsp;4.4</B></FONT></P>

<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; text-align: justify">UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (THE &ldquo;DEPOSITARY&rdquo;) (55 WATER STREET, NEW YORK, NEW YORK) TO THE ISSUER HEREOF
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE&nbsp;&amp; CO. OR
SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY AND ANY PAYMENT IS MADE TO CEDE&nbsp;&amp; CO., ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE&nbsp;&amp; CO.,
HAS AN INTEREST HEREIN.</P>

<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; text-align: justify">UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN
PART&nbsp;FOR NOTES IN CERTIFICATED FORM, THIS NOTE MAY&nbsp;NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE
DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE
TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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 COLSPAN="2" STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CERTIFICATE <BR>
No.&nbsp;1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP No.:<BR>
053484 AC5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRINCIPAL AMOUNT:<BR>
$400,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ISIN:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US053484AC59</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AVALONBAY COMMUNITIES,&nbsp;<BR>
INC.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.900% Senior Notes due 2028</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ORIGINAL ISSUE DATE:<BR>
November&nbsp;18, 2021</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">INTEREST RATE: 1.900%</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">DEFAULT RATE: N/A</P></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">STATED MATURITY DATE: December&nbsp;1, 2028</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INTEREST PAYMENT DATE(S)*:</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHECK IF DISCOUNT NOTE</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FIRST INTEREST PAYMENT </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
    June&nbsp;1 and December&nbsp;1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issue Price:&nbsp;&nbsp;99.869%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DATE: June&nbsp;1, 2022</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT> <FONT STYLE="font-size: 10pt">See additional provisions herein</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INITIAL REDEMPTION</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INITIAL REDEMPTION</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ANNUAL REDEMPTION</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DATE: </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; width: 29%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At any time prior to Stated Maturity Date</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PERCENTAGE:&nbsp;&nbsp;See Other/Additional Provisions</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PERCENTAGE<BR>
REDUCTION:&nbsp;&nbsp;N/A</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OPTIONAL REPAYMENT</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DATE(S): N/A</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SPECIFIED CURRENCY:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AUTHORIZED DENOMINATION:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXCHANGE RATE</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">United
States dollars<BR>
<FONT STYLE="font-family: Wingdings">&#168;</FONT> Other:</FONT></TD>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 5.4pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> $2,000 and integral <BR>
multiples of $1,000 in excess thereof</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AGENT: N/A</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">  Other:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADDENDUM ATTACHED</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OTHER/ADDITIONAL PROVISIONS:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Yes<BR>
  <FONT STYLE="font-family: Wingdings">&#168;</FONT> No</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">See the addendum, referred to as Annex A, attached to this Note</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</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>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>AVALONBAY
COMMUNITIES,&nbsp;INC.</B></FONT>, a Maryland corporation (the &ldquo;Company&rdquo;, which term includes any successor corporation under
the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE&nbsp;&amp; CO., or registered assigns, the
Principal Amount of FOUR HUNDRED MILLION DOLLARS ($400,000,000), on the Stated Maturity Date specified above (or any Redemption Date or
Repayment Date, each as defined on the reverse hereof or in an addendum hereto, or any earlier date of acceleration of maturity) (each
such date being hereinafter referred to as the &ldquo;Maturity Date&rdquo; with respect to the principal repayable on such date) and to
pay interest thereon (and on any overdue principal, premium and/or interest to the extent legally enforceable) at the Interest Rate per
annum specified above, until the principal hereof is paid or duly made available for payment. The Company will pay interest in arrears
on each Interest Payment Date, if any, specified above (each, an &ldquo;Interest Payment Date&rdquo;), commencing on June&nbsp;1, 2022.
Interest on this Note will be computed on the basis of a 360-day year of twelve 30-day months.</P>

<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; text-align: justify; text-indent: 0.5in">Interest on this Note will
accrue from, and including, the immediately preceding Interest Payment Date to which interest has been paid or duly provided for (or from,
and including, the Original Issue Date if no interest has been paid or duly provided for) to, but excluding, the applicable Interest Payment
Date or the Maturity Date, as the case may be (each, an &ldquo;Interest Period&rdquo;). The interest so payable, and punctually paid or
duly provided for, on any Interest Payment Date will, subject to certain exceptions described herein, be paid to the person in whose name
this Note (or one or more predecessor Notes, as defined on the reverse hereof) is registered at the close of business on the fifteenth
calendar day (whether or not a Business Day, as defined below) immediately preceding such Interest Payment Date (the &ldquo;Record Date&rdquo;);
<U>provided</U>, <U>however</U>, that interest payable on the Maturity Date will be payable to the person to whom the principal hereof
and premium, if any, hereon shall be payable. Any such interest not so punctually paid or duly provided for on any Interest Payment Date
other than the Maturity Date (&ldquo;Defaulted Interest&rdquo;) shall forthwith cease to be payable to the person in whose name this Note
is registered (the &ldquo;Holder&rdquo;) on the close of business on any Record Date and, instead, shall be paid to the Holder at the
close of business on a special record date (the &ldquo;Special Record Date&rdquo;) for the payment of such Defaulted Interest to be fixed
by the Trustee hereinafter referred to, notice whereof shall be given to the Holder of this Note by the Trustee not less than 10 calendar
days prior to such Special Record Date or may be paid at any time in any other lawful manner, all as more fully provided for in the Indenture.</P>

<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; text-align: justify; text-indent: 0.5in">Payment of principal, premium,
if any, and interest in respect of this Note due on the Maturity Date will be made in immediately available funds upon presentation and
surrender of this Note (and, with respect to any applicable repayment of this Note, upon delivery of instructions as contemplated on the
reverse hereof) at the office or agency maintained by the Company for that purpose in the Borough of Manhattan, The City of New York,
currently the office of the Trustee located at 101 Barclay Street, New York, New York 10286, or at such other paying agency in the Borough
of Manhattan, The City of New York, as the Company may determine; <I>provided, however</I>, that if the Specified Currency (as defined
below) is other than United States dollars and such payment is to be made in the Specified Currency in accordance with the provisions
set forth below, such payment will be made by wire transfer of immediately available funds to an account with a bank designated by the
Holder hereof at least 15 calendar days prior to the Maturity Date, provided that such bank has appropriate facilities therefor and that
this Note is presented and surrendered and, if applicable, instructions are delivered at the aforementioned office or agency maintained
by the Company in time for the Trustee to make such payment in such funds in accordance with its normal procedures. Payment of interest
due on any Interest Payment Date other than the Maturity Date will be made at the aforementioned office or agency maintained by the Company
or, at the option of the Company, by check mailed to the address of the person entitled thereto as such address shall appear in the Security
Register maintained by the Trustee; <I>provided, however</I>, that a Holder of U.S. $10,000,000 (or, if the Specified Currency is other
than United States dollars, the equivalent thereof in the Specified Currency) or more in aggregate principal amount of Notes (whether
having identical or different terms and provisions) will be entitled to receive interest payments on such Interest Payment Date by wire
transfer of immediately available funds if such Holder has delivered appropriate wire transfer instructions in writing to the Trustee
not less than 15 calendar days prior to such Interest Payment Date. Any such wire transfer instructions received by the Trustee shall
remain in effect until revoked by such Holder.</P>

<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>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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; text-align: justify; text-indent: 0.5in">If any Interest Payment Date
or the Maturity Date falls on a day that is not a Business Day, the required payment of principal, premium, if any, and/or interest shall
be made on the next succeeding Business Day with the same force and effect as if made on the date such payment was due, and no interest
shall accrue with respect to such payment for the period from and after such Interest Payment Date or the Maturity Date, as the case may
be, to the date of such payment on the next succeeding Business Day.</P>

<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; text-align: justify; text-indent: 0.5in">As used herein, &ldquo;Business
Day&rdquo; means any day other than a Saturday, Sunday or other day on which banking institutions in The City of New York are authorized
or obligated by law, regulation or executive order to close; provided that such term shall mean, when used with respect to any payment
of principal of, or premium or interest, if any, on, or Additional Amounts with respect to, the Notes to be made at any Place of Payment
for such Notes, any day other than a Saturday, Sunday or other day on which banking institutions in such Place of Payment are authorized
or obligated by law, regulation or executive order to close.</P>

<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; text-align: justify; text-indent: 0.5in">The Company is obligated to
make payment of principal, premium, if any, and interest in respect of this Note in the Specified Currency specified above (or, if such
Specified Currency is not at the time of such payment legal tender for the payment of public and private debts in the country issuing
such Specified Currency or, if such Specified Currency is Euro, in the member states of the European Union that have adopted the single
currency in accordance with the Treaty establishing the European Community, as amended by the Treaty on European Union, then in the currency
which is at the time of such payment legal tender in the related country or in the adopting member states of the European Union) (the
 &ldquo;Specified Currency&rdquo;). If the Specified Currency is other than United States dollars, except as otherwise provided below,
any such amounts so payable by the Company will be converted by the Exchange Rate Agent specified above into United States dollars for
payment to the Holder of this Note.</P>

<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; text-align: justify; text-indent: 0.5in">If the Specified Currency
is other than United States dollars, the Holder of this Note may elect to receive any amounts payable hereunder in such Specified Currency.
If the Holder of this Note shall not have duly made an election to receive all or a specified portion of any payment of principal, premium,
if any, and/or interest in respect of this Note in the Specified Currency, any United States dollar amount to be received by the Holder
of this Note will be based on the highest bid quotation in The City of New York received by the Exchange Rate Agent at approximately 11:00
A.M., New York City time, on the second Business Day preceding the applicable payment date from three recognized foreign exchange dealers
(one of whom may be the Exchange Rate Agent) selected by the Exchange Rate Agent and approved by the Company for the purchase by the quoting
dealer of the Specified Currency for United States dollars for settlement on such payment date in the aggregate amount of the Specified
Currency payable to all Holders of Notes scheduled to receive United States dollar payments and at which the applicable dealer commits
to execute a contract. All currency exchange costs will be borne by the Holder of this Note by deductions from such payments. If three
such bid quotations are not available, payments on this Note will be made in the Specified Currency.</P>

<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; text-align: justify; text-indent: 0.5in">If the Specified Currency
is other than United States dollars, the Holder of this Note may elect to receive all or a specified portion of any payment of principal,
premium, if any, and/or interest in respect of this Note in the Specified Currency by submitting a written request for such payment to
the Trustee at its corporate trust office in The City of New York on or prior to the applicable Record Date or at least 15 calendar days
prior to the Maturity Date, as the case may be. Such written request may be mailed or hand delivered or sent by cable, telex or other
form of facsimile transmission. The Holder of this Note may elect to receive all or a specified portion of all future payments in the
Specified Currency in respect of such principal, premium, if any, and/or interest and need not file a separate election for each payment.
Such election will remain in effect until revoked by written notice to the Trustee, but written notice of any such revocation must be
received by the Trustee on or prior to the applicable Record Date or at least 15 calendar days prior to the Maturity Date, as the case
may be.</P>

<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>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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; text-align: justify; text-indent: 0.5in">If the Specified Currency
is other than United States dollars and the Holder of this Note shall have duly made an election to receive all or a specified portion
of any payment of principal, premium, if any, and/or interest in respect of this Note in the Specified Currency, but the Specified Currency
is not available due to the imposition of exchange controls or other circumstances beyond the control of the Company, the Company will
be entitled to satisfy its obligations to the Holder of this Note by making such payment in United States dollars on the basis of the
Market Exchange Rate (as defined below) determined by the Exchange Rate Agent on the second Business Day prior to such payment date or,
if such Market Exchange Rate is not then available, on the basis of the most recently available Market Exchange Rate. The &ldquo;Market
Exchange Rate&rdquo; for the Specified Currency means the noon dollar buying rate in The City of New York for cable transfers for the
Specified Currency as certified for customs purposes (or, if not so certified, as otherwise determined) by the Federal Reserve Bank of
New York. Any payment made in United States dollars under such circumstances shall not constitute an Event of Default (as defined in the
Indenture).</P>

<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; text-align: justify; text-indent: 0.5in">All determinations referred
to above made by the Exchange Rate Agent shall be at its sole discretion and shall, in the absence of manifest error, be conclusive for
all purposes and binding on the Holder of this Note.</P>

<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; text-align: justify; text-indent: 0.5in">Reference is hereby made to
the further provisions of this Note set forth on the reverse hereof and, if so specified on the face hereof, in an Addendum hereto, which
further provisions shall have the same force and effect as if set forth on the face hereof.</P>

<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>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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; text-align: justify; text-indent: 0.5in">Notwithstanding any provisions
to the contrary contained herein, if the face of this Note specifies that an Addendum is attached hereto and/or that &ldquo;Other/Additional
Provisions&rdquo; apply to this Note, this Note shall be subject to the terms set forth in such Addendum and/or such &ldquo;Other/Additional
Provisions,&rdquo; and the terms set forth in such Addendum and/or such &ldquo;Other/Additional Provisions&rdquo; shall supersede any
provisions in this Note to the extent that there may be any conflict or ambiguity between (a)&nbsp;the terms in such Addendum and/or such
 &ldquo;Other/Additional Provisions&rdquo; and (b)&nbsp;the terms in this Note.</P>

<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; text-align: justify; text-indent: 0.5in">Unless the Certificate of
Authentication hereon has been executed by the Trustee by manual signature, this Note shall not be entitled to any benefit under the Indenture
or be valid or obligatory for any purpose.</P>

<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>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, the Company
has caused this Note to be duly executed by one of its duly authorized officers.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated: November&nbsp;18, 2021</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AVALONBAY COMMUNITIES,&nbsp;INC.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%">&nbsp;&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 44%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kevin P. O&rsquo;Shea</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</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">[Corporate Seal]</P>

<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">Attest:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid"></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Edward M. Schulman</FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive Vice President &ndash; General Counsel and Secretary</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TRUSTEE&rsquo;S CERTIFICATE OF AUTHENTICATION:</B></P>

<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; text-align: justify; text-indent: 0.5in">This is one of the Debt Securities
of the series designated therein referred to in the within-mentioned Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THE BANK OF NEW YORK MELLON,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as Trustee</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated: ___________________</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 48%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></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>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[REVERSE OF NOTE]</P>

<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; text-align: center"><B>AVALONBAY COMMUNITIES,&nbsp;INC.</B></P>

<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; text-align: center"><B>1.900% Senior Notes due 2028</B></P>

<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; text-align: justify; text-indent: 0.5in">This Note is one of a duly
authorized issue of Debt Securities (the &ldquo;Debt Securities&rdquo;) of the Company of the series hereinafter specified, all issued
and to be issued under the Indenture, dated as of February&nbsp;23, 2018, as amended by the First Supplemental Indenture, dated as of
March&nbsp;26, 2018 and the Second Supplemental Indenture, dated as of May&nbsp;29, 2018 (collectively, the &ldquo;Indenture&rdquo;),
as further amended, modified or supplemented from time to time, each between the Company and THE BANK OF NEW YORK MELLON, as trustee (the
 &ldquo;Trustee,&rdquo; which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of
the Company, the Trustee and the Holders of the Debt Securities, and of the terms upon which the Debt Securities are, and are to be, authenticated
and delivered. All terms used but not defined in this Note or in an Addendum hereto shall have the meanings assigned to such terms in
the Indenture or on the face hereof, as the case may be. This Note is one of a series of Debt Securities designated as the 1.900% Senior
Notes due 2028 (collectively, the &ldquo;Notes&rdquo;) of the Company.</P>

<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; text-align: justify; text-indent: 0.5in">This Note is issuable only
in registered form without coupons in minimum denominations of U.S. $2,000 and integral multiples $1,000 in excess thereof, or other Authorized
Denomination specified on the face hereof.</P>

<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; text-align: justify; text-indent: 0.5in">This Note will not be subject
to any sinking fund and, unless otherwise specified on the face hereof in accordance with the provisions of the following two paragraphs
or in an Addendum referred to on the face hereof, will not be redeemable or repayable prior to the Stated Maturity Date.</P>

<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; text-align: justify; text-indent: 0.5in">This Note will be subject
to redemption at the option of the Company on any date on or after the Initial Redemption Date, if any, specified on the face hereof,
in whole or from time to time in part in increments of U.S. $2,000 or other integral multiple of an Authorized Denomination (provided
that any remaining principal amount hereof shall be at least U.S. $2,000 or such other minimum Authorized Denomination), at the Redemption
Price (as defined below), together with unpaid interest accrued thereon to the date fixed for redemption (the &ldquo;Redemption Date&rdquo;),
on written notice given to the Holder hereof (in accordance with the provisions of the Indenture) not more than 60 nor less than 15 calendar
days prior to the Redemption Date. The &ldquo;Redemption Price&rdquo; shall be the Initial Redemption Percentage specified on the face
hereof (as adjusted by the Annual Redemption Percentage Reduction, if any, specified on the face hereof as set forth below) multiplied
by the unpaid principal amount of this Note to be redeemed. The Initial Redemption Percentage shall decline at each anniversary of the
Initial Redemption Date by the Annual Redemption Percentage Reduction, if any, until the Redemption Price is 100% of unpaid principal
amount to be redeemed. In the event of redemption of this Note in part only, a new Note of like tenor for the unredeemed portion hereof
and otherwise having the same terms and provisions as this Note shall be issued by the Company in the name of the Holder hereof upon the
presentation and surrender hereof.</P>

<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>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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; text-align: justify; text-indent: 0.5in">This Note will be subject
to repayment by the Company at the option of the Holder hereof on the Optional Repayment Date(s), if any, specified on the face hereof,
in whole or in part in increments of U.S. $2,000 or other integral multiple of an Authorized Denomination (provided that any remaining
principal amount hereof shall be at least U.S. $2,000 or such other minimum Authorized Denomination), at a repayment price equal to 100%
of the unpaid principal amount to be repaid, together with unpaid interest accrued thereon to the date fixed for repayment (the &ldquo;Repayment
Date&rdquo;). For this Note to be repaid, the Trustee must receive at its corporate trust office not more than 60 nor less than 5 calendar
days prior to the Repayment Date, such Note and instructions to such effect forwarded by the Holder hereof. Exercise of such repayment
option by the Holder hereof shall be irrevocable. In the event of repayment of this Note in part only, a new Note of like tenor for the
unrepaid portion hereof and otherwise having the same terms and provisions as this Note shall be issued by the Company in the name of
the Holder hereof upon the presentation and surrender hereof.</P>

<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; text-align: justify; text-indent: 0.5in">If this Note is specified
on the face hereof to be a Discount Note, the amount payable to the Holder of this Note in the event of redemption, repayment or acceleration
of maturity will be equal to the sum of (1)&nbsp;the Issue Price specified on the face hereof (increased by any accruals of the Discount,
as defined below) and, in the event of any redemption of this Note (if applicable), multiplied by the Initial Redemption Percentage (as
adjusted by the Annual Redemption Percentage Reduction, if applicable) and (2)&nbsp;any unpaid interest accrued thereon to the Redemption
Date, Repayment Date or date of acceleration of maturity, as the case may be. The difference between the Issue Price and 100% of the principal
amount of this Note is referred to herein as the &ldquo;Discount&rdquo;.</P>

<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; text-align: justify; text-indent: 0.5in">For purposes of determining
the amount of Discount that has accrued as of any Redemption Date, Repayment Date or date of acceleration of maturity of this Note, such
Discount will be accrued so as to cause the yield on the Note to be constant. The constant yield will be calculated using a 30-day month,
360-day year convention, a compounding period that, except for the Initial Period (as defined below), corresponds to the shortest period
between Interest Payment Dates (with ratable accruals within a compounding period) and an assumption that the maturity of this Note will
not be accelerated. If the period from the Original Issue Date to the initial Interest Payment Date (the &ldquo;Initial Period&rdquo;)
is shorter than the compounding period for this Note, a proportionate amount of the yield for an entire compounding period will be accrued.
If the Initial Period is longer than the compounding period, then such period will be divided into a regular compounding period and a
short period, with the short period being treated as provided in the preceding sentence.</P>

<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; text-align: justify; text-indent: 0.5in">If an Event of Default, as
defined in the Indenture, shall occur and be continuing, the principal of the Notes may be declared due and payable in the manner and
with the effect provided in the Indenture.</P>

<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; text-align: justify; text-indent: 0.5in">The Indenture contains provisions
for defeasance of (i)&nbsp;the entire indebtedness of the Notes or (ii)&nbsp;certain covenants and Events of Default with respect to the
Notes, in each case upon compliance with certain conditions set forth therein, which provisions apply to the Notes.</P>

<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>

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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; text-align: justify; text-indent: 0.5in">The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the
rights of the Holders of the Debt Securities at any time by the Company and the Trustee with the consent of the Holders of a majority
of the aggregate principal amount of all Debt Securities at the time outstanding and affected thereby. The Indenture also contains provisions
permitting the Holders of a majority of the aggregate principal amount of the outstanding Debt Securities of any series, on behalf of
the Holders of all such Debt Securities, to waive compliance by the Company with certain provisions of the Indenture. Furthermore, provisions
in the Indenture permit the Holders of a majority of the aggregate principal amount of the outstanding Debt Securities of any series,
in certain instances, to waive, on behalf of all of the Holders of Debt Securities of such series, certain past defaults under the Indenture
and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon
all future Holders of this Note and other Notes issued upon the registration of transfer hereof or in exchange heretofore or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Note.</P>

<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; text-align: justify; text-indent: 0.5in">No reference herein to the
Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and
unconditional, to pay principal, premium, if any, and interest in respect of this Note at the times, places and rate or formula, and in
the coin or currency, herein prescribed.</P>

<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; text-align: justify; text-indent: 0.5in">As provided in the Indenture
and subject to certain limitations therein and herein set forth, the transfer of this Note is registrable in the Security Register of
the Company upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal
hereof and any premium or interest hereon are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory
to the Company and the Security Registrar duly executed by, the Holder hereof or by his attorney duly authorized in writing, and thereupon
one or more new Notes having the same terms and provisions, of Authorized Denominations and for the same aggregate principal amount, will
be issued by the Company to the designated transferee or transferees.</P>

<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; text-align: justify; text-indent: 0.5in">As provided in the Indenture
and subject to certain limitations therein and herein set forth, this Note is exchangeable for a like aggregate principal amount of Notes
of different Authorized Denominations but otherwise having the same terms and provisions, as requested by the Holder hereof surrendering
the same.</P>

<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; text-align: justify; text-indent: 0.5in">No service charge shall be
made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other
governmental charge payable in connection therewith.</P>

<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; text-align: justify; text-indent: 0.5in">Prior to due presentment of
this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Holder as the
owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected
by notice to the contrary, except as required by law.</P>

<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; text-align: justify; text-indent: 0.5in">This Note and all documents,
agreements, understandings and arrangements relating to any transaction contemplated hereby or thereby have been executed or entered into
by the undersigned in his/her capacity as an officer of the Company which has been formed as a Maryland corporation, and not individually.
No recourse under or upon any obligation, covenant or agreement contained in the Indenture or in this Note, or because of any indebtedness
evidenced hereby or thereby, shall be had against any promoter, as such, or against any past, present or future shareholder, officer or
director, as such, of the Company or of any successor, either directly or through the Company or any successor, under any rule&nbsp;of
law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise,
all such liability being expressly waived and released by the acceptance of this Note by the holder thereof and as part of the consideration
for the issue of this Note.</P>

<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>

<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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; text-align: justify; text-indent: 0.5in">THE INDENTURE AND THIS NOTE
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures, the Company has caused &ldquo;CUSIP&rdquo; numbers to be printed on the Securities
of this series as a convenience to the holders of such Securities. No representation is made as to the correctness or accuracy of such
CUSIP numbers as printed on the Securities, and reliance may be placed only on the other identification numbers printed hereon.</P>

<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>

<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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; text-align: center">ABBREVIATIONS</P>

<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; text-align: justify; text-indent: 0.5in">The following abbreviations,
when used in the inscription on the face of this Note, shall be construed as though they were written out in full according to applicable
laws or regulations:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TEN COM </FONT></TD>
    <TD STYLE="width: 36%; padding-right: 5.4pt; padding-left: 8.1pt; text-indent: -8.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">- as tenants in common</FONT></TD>
    <TD STYLE="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UNIF GIFT MIN ACT</FONT></TD>
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">- ________ Custodian ______</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TEN ENT</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 8.1pt; text-indent: -8.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">- as tenants by the entireties</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;(Cust)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Minor)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">JT TEN</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 8.1pt; text-indent: -8.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">- as joint tenants with right of survivorship and not as tenants in common</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <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 0pt 2.25in; text-indent: -2.25in">Under Uniform Gifts to Minors Act_____________<BR>
    (State)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 8.1pt; text-indent: -8.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional abbreviations may also be used though not in the above list.</FONT></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>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0 auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<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; text-align: center">ASSIGNMENT</P>

<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; text-indent: 0.5in">FOR VALUE RECEIVED, the undersigned hereby sell(s),
assign(s)&nbsp;and transfer(s)&nbsp;unto</P>

<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; text-align: justify">PLEASE INSERT SOCIAL SECURITY OR</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">OTHER</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">IDENTIFYING NUMBER OF ASSIGNEE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 18%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; width: 82%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  </TABLE>


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

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Please print or typewrite name and address including postal zip code
of assignee)</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">this Note and all rights thereunder hereby irrevocably constituting and appointing</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">Attorney to transfer this Note on the books of the Trustee, with full power of substitution in the premises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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: 8%; padding-right: 0.05in; padding-left: 0.05in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:</FONT></TD>
    <TD STYLE="width: 25%; padding-right: 0.05in; padding-left: 0.05in">&nbsp;</TD>
    <TD STYLE="width: 18%; padding-right: 0.05in; padding-left: 0.05in">&nbsp;</TD>
    <TD STYLE="width: 49%; padding-right: 0.05in; padding-left: 0.05in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 0.05in; padding-left: 0.05in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 0.05in; padding-left: 0.05in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 0.05in; padding-left: 18.9pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice:&nbsp;&nbsp;The signature(s)&nbsp;on this Assignment must correspond with the name(s)&nbsp;as written upon the face of this Note in every particular, without alteration or enlargement or any change whatsoever.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

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

<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ANNEX A TO</B></P>

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

<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; text-align: center"><B>Certificate No.&nbsp;1 -- $400,000,000 Principal
Amount</B></P>

<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; text-align: justify; text-indent: 0.5in"><B>Other/Additional Provisions:</B></P>

<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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Optional
Redemption.</I></FONT> The Notes may be redeemed at any time at the option of the Company, in whole or in part, upon notice of not more
than 60 nor less than 15 days prior to the date fixed for redemption (each, a &ldquo;Redemption Date&rdquo;), at a redemption price equal
to the sum of (i)&nbsp;the principal amount of the Notes being redeemed, plus accrued interest thereon to, but excluding, the Redemption
Date and (ii)&nbsp;the Make-Whole Amount (as defined below), if any, with respect to such Notes. If the Notes are redeemed on or after
October&nbsp;1, 2028 (two months prior to the Maturity Date) (the &ldquo;Par Call Date&rdquo;), the redemption price shall equal the principal
amount of the Notes being redeemed plus accrued and unpaid interest thereon to, but excluding, the Redemption Date, without any payment
of a Make-Whole Amount.</P>

<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; text-align: justify; text-indent: 0.5in">If notice of redemption has
been given as provided in the Indenture and funds for the redemption of any Notes called for redemption have been made available on the
Redemption Date, the Notes will cease to bear interest on the Redemption Date and the only right of the holders of the Notes from and
after the Redemption Date will be to receive payment of the redemption price upon surrender of the Notes in accordance with the notice.</P>

<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; text-align: justify; text-indent: 0.5in">Notice of a redemption of
any Notes will be given to holders at their addresses, as shown in the security register. The notice of redemption will specify, among
other items, the redemption price and the principal amount of the Notes held by the holders to be redeemed. Any such redemption may, in
the Company&rsquo;s discretion, be subject to the satisfaction of one or more conditions precedent, as specified in such redemption notice.</P>

<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; text-align: justify; text-indent: 0.5in">If less than all the Notes
are to be redeemed at the Company&rsquo;s option, the Company will notify the Trustee under the Indenture at least 45 days prior to the
giving of notice of redemption, or such shorter period as may be satisfactory to the Trustee, of the aggregate principal amount of the
Notes to be redeemed and their redemption date. The Trustee under the Indenture will select, in such manner as it deems fair and appropriate,
no less than 45 days prior to the date of redemption, the Notes to be redeemed in part.</P>

<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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Acceleration
of Maturity</I></FONT>. If an Event of Default with respect to the Notes that are then outstanding occurs and is continuing, and pursuant
to Section&nbsp;502 of the Indenture, the Trustee or the Holders of not less than 25% in aggregate principal amount of the then outstanding
Notes shall have declared the principal of, and premium, if any, on all the Notes, or such lesser amount as may be provided for in the
Notes, and accrued and unpaid interest, if any, thereon to be due and payable immediately, by a notice in writing to the Company (and
to the Trustee if given by the Holders), then upon any such declaration such principal, or specified portion thereof, plus accrued interest
to the date the Notes are paid, plus the Make-Whole Amount on the Notes, shall become immediately due and payable.</P>

<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>

<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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; text-align: justify; text-indent: 0.5in">If an Event of Default set
forth in Section&nbsp;501(5)&nbsp;of the Indenture occurs with respect to the Notes, such that pursuant to Section&nbsp;502 of the Indenture,
the principal of, and premium, if any, on all of the Notes, or such lesser amount as may be provided for in the Notes, and accrued and
unpaid interest, if any, thereon, shall be immediately due and payable, without declaration or other act on the part of the Trustee or
any Holder of the Notes, then the Make-Whole Amount on the Notes, if any, shall also be immediately due and payable.</P>

<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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Definitions;
Calculation of Make-Whole Amount.</I></FONT> Terms used but not defined herein shall have the meanings set forth in the Indenture. The
following terms shall have the following meanings:</P>

<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; text-align: justify; text-indent: 0.5in">&ldquo;Make-Whole Amount&rdquo;
means, in connection with any optional redemption or accelerated payment of any Notes, the excess, if any, of (i)&nbsp;the aggregate present
value as of the date of such redemption or accelerated payment of each dollar of principal being redeemed or paid and the amount of interest
(exclusive of interest accrued to the date of redemption) that would have been payable in respect of each dollar through the Par Call
Date if the redemption had been made on the Par Call Date, determined by discounting, on a semi-annual basis (on the basis of a 360-day
year consisting of twelve 30-day months), the principal and interest at the Adjusted Treasury Rate (as defined below) plus 10 basis points
(0.10%), from the respective dates on which the principal and interest would have been payable if the redemption had been made on the
Par Call Date, over (ii)&nbsp;the aggregate principal amount of the Notes being redeemed or paid. The Trustee shall have no responsibility
for determining any Make-Whole Amount.</P>

<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; text-align: justify; text-indent: 0.25in">&ldquo;Adjusted Treasury
Rate&rdquo; means, with respect to any Redemption Date, (i)&nbsp;the yield, under the heading which represents the average for the immediately
preceding week, appearing in the most recently published statistical release designated &ldquo;H.15&rdquo; or any successor publication
which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United
States Treasury securities adjusted to constant maturity under the caption &ldquo;Treasury Constant Maturities,&rdquo; for the maturity
corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the Remaining Life (as defined below),
yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined and the Adjusted
Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month) or (ii)&nbsp;if
such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields,
the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for
the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption
date. The Company will calculate the Adjusted Treasury Rate on the third business day preceding the date on which notice of redemption
is first given by the Trustee to any Holder of the Notes.</P>

<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; text-align: justify; text-indent: 0.25in">&ldquo;Comparable Treasury
Issue&rdquo; means, with respect to any Redemption Date, the United States Treasury security selected by the Company as having an actual
or interpolated maturity comparable to the remaining term (the &ldquo;Remaining Life&rdquo;) of the Notes to be redeemed, calculated as
if the maturity date of such Notes were the Par Call Date, that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of comparable maturity to the Remaining Life of such Notes.</P>

<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>

<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Comparable Treasury Price&rdquo; means,
with respect to any Redemption Date, (1)&nbsp;the average of the Reference Treasury Dealer Quotations for such Redemption Date, after
excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2)&nbsp;if the Company obtains fewer than four such
Reference Treasury Dealer Quotations, the average of all such Quotations.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Reference Treasury Dealer&rdquo; means,
with respect to any Redemption Date, each of (1)&nbsp;BofA Securities,&nbsp;Inc., (2)&nbsp;Deutsche Bank Securities Inc., (3)&nbsp;a Primary
Treasury Dealer selected by PNC Capital Markets LLC, (4)&nbsp;Wells Fargo Securities, LLC or (5)&nbsp;any two other Primary Treasury Dealers
selected by us; provided, however, that if any of the Reference Treasury Dealers referred to in clause&nbsp;(1), (2), (3)&nbsp;or (4)&nbsp;above
ceases to be a primary U.S. Government securities dealer (&ldquo;Primary Treasury Dealer&rdquo;), the Company will substitute therefor
another Primary Treasury Dealer.</P>

<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; text-align: justify; text-indent: 0.25in">&ldquo;Reference Treasury
Dealer Quotations&rdquo; means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by
the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Company by such Reference Treasury Dealer at 5:00&nbsp;p.m., New York City time, on the third business day preceding
the notice of such Redemption Date.</P>

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

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 14; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>tm2133217d1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.1</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 43%; font-size: 10pt"><IMG SRC="tm2133217d1_ex5-1img001.jpg" ALT="" STYLE="height: 44px; width: 200px"></TD>
    <TD STYLE="width: 37%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 20%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: #848a8e"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #848a8e">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #848a8e"><FONT STYLE="color: Black">Goodwin Procter LLP</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #848a8e"><FONT STYLE="color: Black">100 Northern Avenue<BR>
    Boston, MA 02210</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #848a8e"><FONT STYLE="color: Black">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #848a8e"><FONT STYLE="color: Black">goodwinlaw.com</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #848a8e"><FONT STYLE="color: Black">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #848a8e"><FONT STYLE="color: Black">+1 617 570 1000</FONT></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 0pt 6.75in">November 18, 2021</P>

<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">AvalonBay Communities, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">4040 Wilson Blvd., Suite 1000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Arlington, Virginia 22203</P>

<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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re:</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Securities
Registered under Registration Statement on Form&nbsp;S-3</U></FONT></P>

<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">We have acted as counsel to you in connection with your filing of a
Registration Statement on Form&nbsp;S-3 (File No.&nbsp;333-253532) (as amended or supplemented, the &ldquo;<B>Registration Statement</B>&rdquo;)
filed on February&nbsp;25, 2021 with the Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) pursuant to the Securities
Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;), relating to the registration of the offer of, among other securities,
debt securities (the &ldquo;<B>Debt Securities</B>&rdquo;) of AvalonBay Communities,&nbsp;Inc., a Maryland corporation (the &ldquo;<B>Company</B>&rdquo;).
The Registration Statement became effective upon filing with the Commission on February&nbsp;25, 2021.</P>

<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">Reference is made to our opinion letter dated February&nbsp;25, 2021
and included as Exhibit&nbsp;5.1 to the Registration Statement. We are delivering this supplemental opinion letter in connection with
the prospectus supplement (the &ldquo;<B>Prospectus Supplement</B>&rdquo;) filed on November&nbsp;9, 2021 by the Company with the Commission
pursuant to Rule&nbsp;424 under the Securities Act. The Prospectus Supplement relates to the offering by the Company of $400,000,000 aggregate
principal amount of Debt Securities in the form of 1.900% Senior Notes due 2028 (the &ldquo;<B>Notes</B>&rdquo;). The Notes are being
sold to the several underwriters named in, and pursuant to, an underwriting agreement among the Company and such underwriters (the &ldquo;<B>Underwriting
Agreement</B>&rdquo;).</P>

<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">We have reviewed such documents and made such examination of law as
we have deemed appropriate to give the opinion set forth below. We have relied, without independent verification, on certificates of public
officials and, as to matters of fact material to the opinion set forth below, on certificates of officers of the Company.</P>

<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"><FONT STYLE="font-family: Times New Roman, Times, Serif">We refer to
the </FONT>Indenture, dated as of February&nbsp;23, 2018, between the Company and The Bank of New York Mellon, as trustee (the &ldquo;<B>Trustee</B>&rdquo;)
(the &ldquo;<B>2018 Indenture</B>&rdquo;), as amended and supplemented by the First Supplemental Indenture, dated as of March&nbsp;26,
2018, between the Company and the Trustee (the &ldquo;<B>First Supplemental Indenture</B>&rdquo;) and the Second Supplemental Indenture
dated as of May&nbsp;29, 2018 between the Company and the Trustee (collectively with the 2018 Indenture and the First Supplemental Indenture,
the &ldquo;<B>Indenture</B>&rdquo;). We refer to the Indenture and the Notes as the &ldquo;<B>Subject Documents</B>.&rdquo;</P>

<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>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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"><IMG SRC="tm2133217d1_ex5-1img001.jpg" ALT="" STYLE="height: 44px; width: 200px"></P>

<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">AvalonBay Communities, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">November 18, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 2</P>


<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">In our examination of the Subject Documents and other documents relevant
to the opinion set forth below, we have assumed, without independent verification, (i)&nbsp;the genuineness of all signatures, (ii)&nbsp;the
legal capacity of all natural persons, (iii)&nbsp;the authenticity and completeness of all Subject Documents submitted to us as originals,
(iv)&nbsp;the conformity to originals of any Subject Documents submitted to us as copies or by facsimile or other means of electronic
transmission and (v)&nbsp;the truth, accuracy and completeness of information, representations and warranties contained in the Subject
Documents. We have also assumed the validity and constitutionality of each relevant statute, rule, regulation and action by governmental
agencies covered by this opinion letter, unless a reported decision of a court in the relevant jurisdiction has held otherwise.</P>

<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">The opinion set forth below is limited to the Maryland General Corporation
Law and the law of New York (without regard to the possible application under New York choice-of-law rules&nbsp;of the substantive law
of any other jurisdiction).</P>

<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">Based on the foregoing, and subject to the additional qualifications
set forth below, we are of the opinion that: upon the execution, authentication and issuance of the Notes against payment therefor pursuant
to the Underwriting Agreement and in accordance with the terms of the Indenture, the Notes will be valid and binding obligations of the
Company, enforceable against the Company in accordance with their terms.</P>

<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; text-align: justify">The opinion set forth above is subject to the
following additional qualifications:</P>

<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; text-indent: 0.5in">(i) Our opinion set forth above as to
enforceability is subject to and limited by the effect of any applicable bankruptcy, insolvency, fraudulent transfer,
reorganization, moratorium and other similar laws of general application affecting the rights and remedies of creditors and to
general principles of equity.</P>

<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; text-indent: 0.5in">(ii) We express no opinion with respect to
any provision of any of the Subject Documents relating to: (a)&nbsp;non-reliance, exculpation, disclaimer, limitation of liability, indemnification,
contribution, waiver, limitation or exclusion of remedies; (b)&nbsp;liquidated damages, forfeitures, default interest, late charges, make-whole
premiums, payment of attorneys' fees, collection upon acceleration of amounts that might be determined to constitute unearned interest
thereon, or other economic remedies, in each case to the extent it constitutes a penalty or is prohibited by law; (c)&nbsp;concepts of
materiality, reasonableness, good faith, fair dealing or unconscionability; (d)&nbsp;governing law (except for the enforceability of any
provision choosing New York law as a Subject Document&rsquo;s governing law pursuant to the statutes referred to in paragraph (iii)&nbsp;below);
(e)&nbsp;the waiver of the right to trial by jury or of usury, stay, extension and similar laws; (f)&nbsp;rights or remedies not being
exclusive, not preventing the concurrent assertion of any other right or remedy, being cumulative and exercisable in addition to any other
right and remedy, or any delay or omission to exercise any right or remedy not impairing any right or remedy or not constituting a waiver
thereof; (g)&nbsp;any obligation or agreement to use best efforts, reasonable best efforts or commercially reasonable efforts; (h)&nbsp;any
requirement that a party take further action or enter into further agreements or instruments or provide further assurances; (i)&nbsp;any
requirement that amendments or waivers be in writing insofar as they suggest that oral or other modifications, amendments or waivers could
not be effectively agreed upon by the parties or that the doctrine of promissory estoppel might not apply; (j)&nbsp;service of process
by any method not provided for under applicable statute or court rule; and (k)&nbsp;the severability of any provisions to the foregoing
effect to the extent such provisions are unenforceable.</P>

<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>

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

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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"><IMG SRC="tm2133217d1_ex5-1img001.jpg" ALT="" STYLE="height: 44px; width: 200px"></P>

<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">AvalonBay Communities,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">November 18, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 3</P>

<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; text-indent: 0.5in">(iii) To the extent that any opinion set
forth herein relates to the enforceability of the choice of New York law, selection of a New York forum or exclusive jurisdiction provisions
in any of the Subject Documents, such opinion is rendered solely in reliance upon N.Y. Gen. Oblig. Law &sect;&sect;&nbsp;5-1401, 5-1402
(McKinney 2010) and N.Y. CPLR&nbsp;327(b)&nbsp;(McKinney 2010) and is subject to the qualifications that such enforceability may be limited
by public policy or other considerations of any jurisdiction, other than the State of New York, in which enforcement of such provisions,
or of a judgment upon an agreement containing such provisions, is sought and by constitutional limitations.</P>

<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; text-indent: 0.5in">(iv) Our opinion set forth above does not
cover, without limitation, the following: the Defense Production Act of 1950, as amended, and the Foreign Investment Risk Review Modernization
Act of 2018, including all implementing regulations thereunder; banking, tax, antitrust, trade regulation, anti-fraud or unfair competition
laws; insolvency or fraudulent transfer; compliance with fiduciary duty requirements; pension or employee benefits; environmental or energy
laws; Financial Industry Regulatory rules; stock exchange rules; consumer protection laws; utilities laws; foreign trade, national security,
anti-terrorism, anti-money laundering laws; laws regulating derivatives, investment and brokerage services; or other laws customarily
understood to be excluded even though they are not expressly stated to be excluded, except to the extent expressly covered.</P>

<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">We hereby consent to the inclusion of this opinion as Exhibit&nbsp;5.1
to the Company&rsquo;s Current Report on Form-8-K, dated November&nbsp;18, 2021, which is incorporated by reference into the Registration
Statement and to the references to our firm under the caption &ldquo;Legal Matters&rdquo; in the Registration Statement and the Prospectus
Supplement. In giving our consent, we do not admit that we are in the category of persons whose consent is required under Section&nbsp;7
of the Securities Act or the rules&nbsp;and regulations thereunder.</P>

<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">This opinion letter and the opinions it contains shall be interpreted
in accordance with the Core Opinion Principles as published in 74 <I>Business Lawyer</I> 815 (Summer 2019).</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White; width: 50%">Very truly yours,</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">/s/ Goodwin Procter LLP</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">GOODWIN PROCTER LLP</TD></TR>
  </TABLE>


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

<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>

<!-- Field: Page; Sequence: 3; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>5
<FILENAME>avb-20211118.xsd
<DESCRIPTION>XBRL TAXONOMY EXTENSION SCHEMA
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" ?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.10b -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
    <!-- Field: Doc-Info; Name: Misc; Value: +aA5w7xRiXgen8uLa3ZcWaGKGbOdzZR+WYkxtmB/bblKfygiqJ/UzSoqdc82YeMC -->
<schema xmlns="http://www.w3.org/2001/XMLSchema" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:dei="http://xbrl.sec.gov/dei/2021" xmlns:us-gaap="http://fasb.org/us-gaap/2021-01-31" xmlns:srt="http://fasb.org/srt/2021-01-31" xmlns:srt-types="http://fasb.org/srt-types/2021-01-31" xmlns:avb="http://avalonbay.com/20211118" elementFormDefault="qualified" targetNamespace="http://avalonbay.com/20211118">
    <annotation>
      <appinfo>
	<link:roleType roleURI="http://avalonbay.com/role/Cover" id="Cover">
	  <link:definition>00000001 - Document - Cover</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:linkbaseRef xlink:type="simple" xlink:href="avb-20211118_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Presentation Links" />
	<link:linkbaseRef xlink:type="simple" xlink:href="avb-20211118_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Label Links" />
      </appinfo>
    </annotation>
    <import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd" />
    <import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" />
    <import namespace="http://xbrl.sec.gov/dei/2021" schemaLocation="https://xbrl.sec.gov/dei/2021/dei-2021.xsd" />
    <import namespace="http://fasb.org/us-gaap/2021-01-31" schemaLocation="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd" />
    <import namespace="http://fasb.org/us-types/2021-01-31" schemaLocation="https://xbrl.fasb.org/us-gaap/2021/elts/us-types-2021-01-31.xsd" />
    <import namespace="http://www.xbrl.org/dtr/type/2020-01-21" schemaLocation="https://www.xbrl.org/dtr/type/2020-01-21/types.xsd" />
    <import namespace="http://xbrl.sec.gov/country/2021" schemaLocation="https://xbrl.sec.gov/country/2021/country-2021.xsd" />
    <import namespace="http://fasb.org/srt/2021-01-31" schemaLocation="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd" />
    <import namespace="http://fasb.org/srt-types/2021-01-31" schemaLocation="https://xbrl.fasb.org/srt/2021/elts/srt-types-2021-01-31.xsd" />
</schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>6
<FILENAME>avb-20211118_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.10b -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" roleURI="http://www.xbrl.org/2009/role/negatedLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel" roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel" roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" roleURI="http://www.xbrl.org/2009/role/netLabel" />
    <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_CoverAbstract" xlink:label="dei_CoverAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CoverAbstract" xlink:to="dei_CoverAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CoverAbstract_lbl" xml:lang="en-US">Cover [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentType" xlink:label="dei_DocumentType" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentType_lbl" xml:lang="en-US">Document Type</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US">Amendment Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_AmendmentDescription" xlink:label="dei_AmendmentDescription" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentDescription" xlink:to="dei_AmendmentDescription_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentDescription_lbl" xml:lang="en-US">Amendment Description</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentRegistrationStatement" xlink:label="dei_DocumentRegistrationStatement" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentRegistrationStatement" xlink:to="dei_DocumentRegistrationStatement_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentRegistrationStatement_lbl" xml:lang="en-US">Document Registration Statement</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentAnnualReport" xlink:label="dei_DocumentAnnualReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAnnualReport" xlink:to="dei_DocumentAnnualReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAnnualReport_lbl" xml:lang="en-US">Document Annual Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentQuarterlyReport" xlink:label="dei_DocumentQuarterlyReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentQuarterlyReport" xlink:to="dei_DocumentQuarterlyReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentQuarterlyReport_lbl" xml:lang="en-US">Document Quarterly Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentTransitionReport" xlink:label="dei_DocumentTransitionReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentTransitionReport" xlink:to="dei_DocumentTransitionReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentTransitionReport_lbl" xml:lang="en-US">Document Transition Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentShellCompanyReport" xlink:label="dei_DocumentShellCompanyReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentShellCompanyReport" xlink:to="dei_DocumentShellCompanyReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentShellCompanyReport_lbl" xml:lang="en-US">Document Shell Company Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentShellCompanyEventDate" xlink:label="dei_DocumentShellCompanyEventDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentShellCompanyEventDate" xlink:to="dei_DocumentShellCompanyEventDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentShellCompanyEventDate_lbl" xml:lang="en-US">Document Shell Company Event Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentPeriodStartDate" xlink:label="dei_DocumentPeriodStartDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodStartDate" xlink:to="dei_DocumentPeriodStartDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodStartDate_lbl" xml:lang="en-US">Document Period Start Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US">Entity File Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityPrimarySicNumber" xlink:label="dei_EntityPrimarySicNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPrimarySicNumber" xlink:to="dei_EntityPrimarySicNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressAddressLine2" xlink:label="dei_EntityAddressAddressLine2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressAddressLine3" xlink:label="dei_EntityAddressAddressLine3" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US">Entity Address, Address Line Three</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressCountry" xlink:label="dei_EntityAddressCountry" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_CountryRegion" xlink:label="dei_CountryRegion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CountryRegion" xlink:to="dei_CountryRegion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_Extension" xlink:label="dei_Extension" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Extension" xlink:to="dei_Extension_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Extension_lbl" xml:lang="en-US">Extension</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_WrittenCommunications" xlink:label="dei_WrittenCommunications" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_NoTradingSymbolFlag" xlink:label="dei_NoTradingSymbolFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_NoTradingSymbolFlag" xlink:to="dei_NoTradingSymbolFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_Security12gTitle" xlink:label="dei_Security12gTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12gTitle" xlink:to="dei_Security12gTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_SecurityReportingObligation" xlink:label="dei_SecurityReportingObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityReportingObligation" xlink:to="dei_SecurityReportingObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityReportingObligation_lbl" xml:lang="en-US">Security Reporting Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_AnnualInformationForm" xlink:label="dei_AnnualInformationForm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AnnualInformationForm" xlink:to="dei_AnnualInformationForm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AnnualInformationForm_lbl" xml:lang="en-US">Annual Information Form</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="dei_AuditedAnnualFinancialStatements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditedAnnualFinancialStatements" xlink:to="dei_AuditedAnnualFinancialStatements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditedAnnualFinancialStatements_lbl" xml:lang="en-US">Audited Annual Financial Statements</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityInteractiveDataCurrent" xlink:label="dei_EntityInteractiveDataCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xml:lang="en-US">Entity Interactive Data Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntitySmallBusiness" xlink:label="dei_EntitySmallBusiness" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntitySmallBusiness" xlink:to="dei_EntitySmallBusiness_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntitySmallBusiness_lbl" xml:lang="en-US">Entity Small Business</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US">Entity Emerging Growth Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityExTransitionPeriod" xlink:label="dei_EntityExTransitionPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityExTransitionPeriod" xlink:to="dei_EntityExTransitionPeriod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityExTransitionPeriod_lbl" xml:lang="en-US">Elected Not To Use the Extended Transition Period</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentAccountingStandard" xlink:label="dei_DocumentAccountingStandard" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAccountingStandard" xlink:to="dei_DocumentAccountingStandard_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAccountingStandard_lbl" xml:lang="en-US">Document Accounting Standard</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_OtherReportingStandardItemNumber" xlink:label="dei_OtherReportingStandardItemNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_OtherReportingStandardItemNumber" xlink:to="dei_OtherReportingStandardItemNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_OtherReportingStandardItemNumber_lbl" xml:lang="en-US">Other Reporting Standard Item Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityShellCompany" xlink:label="dei_EntityShellCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityShellCompany" xlink:to="dei_EntityShellCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityShellCompany_lbl" xml:lang="en-US">Entity Shell Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityPublicFloat" xlink:label="dei_EntityPublicFloat" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPublicFloat" xlink:to="dei_EntityPublicFloat_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPublicFloat_lbl" xml:lang="en-US">Entity Public Float</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityBankruptcyProceedingsReportingCurrent" xlink:label="dei_EntityBankruptcyProceedingsReportingCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityBankruptcyProceedingsReportingCurrent" xlink:to="dei_EntityBankruptcyProceedingsReportingCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityBankruptcyProceedingsReportingCurrent_lbl" xml:lang="en-US">Entity Bankruptcy Proceedings, Reporting Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xml:lang="en-US">Entity Common Stock, Shares Outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentsIncorporatedByReferenceTextBlock" xlink:label="dei_DocumentsIncorporatedByReferenceTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentsIncorporatedByReferenceTextBlock" xlink:to="dei_DocumentsIncorporatedByReferenceTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentsIncorporatedByReferenceTextBlock_lbl" xml:lang="en-US">Documents Incorporated by Reference [Text Block]</link:label>
    </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>7
<FILENAME>avb-20211118_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.10b -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
    <link:roleRef roleURI="http://avalonbay.com/role/Cover" xlink:href="avb-20211118.xsd#Cover" xlink:type="simple" />
    <link:presentationLink xlink:type="extended" xlink:role="http://avalonbay.com/role/Cover" xlink:title="00000001 - Document - Cover">
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_CoverAbstract" xlink:label="loc_deiCoverAbstract" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentType" xlink:label="loc_deiDocumentType" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentType" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_AmendmentFlag" xlink:label="loc_deiAmendmentFlag" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiAmendmentFlag" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_AmendmentDescription" xlink:label="loc_deiAmendmentDescription" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiAmendmentDescription" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentRegistrationStatement" xlink:label="loc_deiDocumentRegistrationStatement" />
      <link:presentationArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentRegistrationStatement" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentAnnualReport" xlink:label="loc_deiDocumentAnnualReport" />
      <link:presentationArc order="40" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentAnnualReport" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentQuarterlyReport" xlink:label="loc_deiDocumentQuarterlyReport" />
      <link:presentationArc order="50" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentQuarterlyReport" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentTransitionReport" xlink:label="loc_deiDocumentTransitionReport" />
      <link:presentationArc order="60" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentTransitionReport" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentShellCompanyReport" xlink:label="loc_deiDocumentShellCompanyReport" />
      <link:presentationArc order="70" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentShellCompanyReport" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentShellCompanyEventDate" xlink:label="loc_deiDocumentShellCompanyEventDate" />
      <link:presentationArc order="80" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentShellCompanyEventDate" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentPeriodStartDate" xlink:label="loc_deiDocumentPeriodStartDate" />
      <link:presentationArc order="90" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentPeriodStartDate" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentPeriodEndDate" xlink:label="loc_deiDocumentPeriodEndDate" />
      <link:presentationArc order="100" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentPeriodEndDate" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="loc_deiDocumentFiscalPeriodFocus" />
      <link:presentationArc order="110" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentFiscalPeriodFocus" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentFiscalYearFocus" xlink:label="loc_deiDocumentFiscalYearFocus" />
      <link:presentationArc order="120" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentFiscalYearFocus" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_CurrentFiscalYearEndDate" xlink:label="loc_deiCurrentFiscalYearEndDate" />
      <link:presentationArc order="130" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiCurrentFiscalYearEndDate" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityFileNumber" xlink:label="loc_deiEntityFileNumber" />
      <link:presentationArc order="140" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityFileNumber" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityRegistrantName" xlink:label="loc_deiEntityRegistrantName" />
      <link:presentationArc order="150" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityRegistrantName" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityCentralIndexKey" xlink:label="loc_deiEntityCentralIndexKey" />
      <link:presentationArc order="160" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityCentralIndexKey" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityPrimarySicNumber" xlink:label="loc_deiEntityPrimarySicNumber" />
      <link:presentationArc order="170" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityPrimarySicNumber" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityTaxIdentificationNumber" xlink:label="loc_deiEntityTaxIdentificationNumber" />
      <link:presentationArc order="180" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityTaxIdentificationNumber" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="loc_deiEntityIncorporationStateCountryCode" />
      <link:presentationArc order="190" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityIncorporationStateCountryCode" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressAddressLine1" xlink:label="loc_deiEntityAddressAddressLine1" />
      <link:presentationArc order="200" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityAddressAddressLine1" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressAddressLine2" xlink:label="loc_deiEntityAddressAddressLine2" />
      <link:presentationArc order="210" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityAddressAddressLine2" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressAddressLine3" xlink:label="loc_deiEntityAddressAddressLine3" />
      <link:presentationArc order="220" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityAddressAddressLine3" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressCityOrTown" xlink:label="loc_deiEntityAddressCityOrTown" />
      <link:presentationArc order="230" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityAddressCityOrTown" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressStateOrProvince" xlink:label="loc_deiEntityAddressStateOrProvince" />
      <link:presentationArc order="240" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityAddressStateOrProvince" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressCountry" xlink:label="loc_deiEntityAddressCountry" />
      <link:presentationArc order="250" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityAddressCountry" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressPostalZipCode" xlink:label="loc_deiEntityAddressPostalZipCode" />
      <link:presentationArc order="260" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityAddressPostalZipCode" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_CountryRegion" xlink:label="loc_deiCountryRegion" />
      <link:presentationArc order="270" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiCountryRegion" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_CityAreaCode" xlink:label="loc_deiCityAreaCode" />
      <link:presentationArc order="280" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiCityAreaCode" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_LocalPhoneNumber" xlink:label="loc_deiLocalPhoneNumber" />
      <link:presentationArc order="290" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiLocalPhoneNumber" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_Extension" xlink:label="loc_deiExtension" />
      <link:presentationArc order="300" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiExtension" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_WrittenCommunications" xlink:label="loc_deiWrittenCommunications" />
      <link:presentationArc order="310" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiWrittenCommunications" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_SolicitingMaterial" xlink:label="loc_deiSolicitingMaterial" />
      <link:presentationArc order="320" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiSolicitingMaterial" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_PreCommencementTenderOffer" xlink:label="loc_deiPreCommencementTenderOffer" />
      <link:presentationArc order="330" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiPreCommencementTenderOffer" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="loc_deiPreCommencementIssuerTenderOffer" />
      <link:presentationArc order="340" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiPreCommencementIssuerTenderOffer" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_Security12bTitle" xlink:label="loc_deiSecurity12bTitle" />
      <link:presentationArc order="350" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiSecurity12bTitle" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_NoTradingSymbolFlag" xlink:label="loc_deiNoTradingSymbolFlag" />
      <link:presentationArc order="360" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiNoTradingSymbolFlag" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_TradingSymbol" xlink:label="loc_deiTradingSymbol" />
      <link:presentationArc order="370" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiTradingSymbol" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_SecurityExchangeName" xlink:label="loc_deiSecurityExchangeName" />
      <link:presentationArc order="380" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiSecurityExchangeName" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_Security12gTitle" xlink:label="loc_deiSecurity12gTitle" />
      <link:presentationArc order="390" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiSecurity12gTitle" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_SecurityReportingObligation" xlink:label="loc_deiSecurityReportingObligation" />
      <link:presentationArc order="400" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiSecurityReportingObligation" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_AnnualInformationForm" xlink:label="loc_deiAnnualInformationForm" />
      <link:presentationArc order="410" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiAnnualInformationForm" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="loc_deiAuditedAnnualFinancialStatements" />
      <link:presentationArc order="420" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiAuditedAnnualFinancialStatements" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="loc_deiEntityWellKnownSeasonedIssuer" />
      <link:presentationArc order="430" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityWellKnownSeasonedIssuer" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityVoluntaryFilers" xlink:label="loc_deiEntityVoluntaryFilers" />
      <link:presentationArc order="440" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityVoluntaryFilers" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityCurrentReportingStatus" xlink:label="loc_deiEntityCurrentReportingStatus" />
      <link:presentationArc order="450" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityCurrentReportingStatus" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityInteractiveDataCurrent" xlink:label="loc_deiEntityInteractiveDataCurrent" />
      <link:presentationArc order="460" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityInteractiveDataCurrent" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityFilerCategory" xlink:label="loc_deiEntityFilerCategory" />
      <link:presentationArc order="470" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityFilerCategory" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntitySmallBusiness" xlink:label="loc_deiEntitySmallBusiness" />
      <link:presentationArc order="480" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntitySmallBusiness" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityEmergingGrowthCompany" xlink:label="loc_deiEntityEmergingGrowthCompany" />
      <link:presentationArc order="490" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityEmergingGrowthCompany" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityExTransitionPeriod" xlink:label="loc_deiEntityExTransitionPeriod" />
      <link:presentationArc order="500" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityExTransitionPeriod" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentAccountingStandard" xlink:label="loc_deiDocumentAccountingStandard" />
      <link:presentationArc order="510" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentAccountingStandard" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_OtherReportingStandardItemNumber" xlink:label="loc_deiOtherReportingStandardItemNumber" />
      <link:presentationArc order="520" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiOtherReportingStandardItemNumber" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityShellCompany" xlink:label="loc_deiEntityShellCompany" />
      <link:presentationArc order="530" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityShellCompany" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityPublicFloat" xlink:label="loc_deiEntityPublicFloat" />
      <link:presentationArc order="540" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityPublicFloat" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityBankruptcyProceedingsReportingCurrent" xlink:label="loc_deiEntityBankruptcyProceedingsReportingCurrent" />
      <link:presentationArc order="550" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityBankruptcyProceedingsReportingCurrent" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="loc_deiEntityCommonStockSharesOutstanding" />
      <link:presentationArc order="560" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityCommonStockSharesOutstanding" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentsIncorporatedByReferenceTextBlock" xlink:label="loc_deiDocumentsIncorporatedByReferenceTextBlock" />
      <link:presentationArc order="570" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentsIncorporatedByReferenceTextBlock" xlink:type="arc" />
    </link:presentationLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>tm2133217d1_ex5-1img001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2133217d1_ex5-1img001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !; 9\# 2(  A$! Q$!_\0
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M:W=O=PB2WE61#W4YKQX-5BWNY[67S+>9XG]5.*[Z.95(:5-4>57RJ$M:>C_
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M+7S;#\4?%L,F\ZD)/]F2%2/Y5V_AGXRQ7,T=MK]NENS' N(<[ ?]H$Y ]^:
M/6\TF:BBE2>)98G5XW&Y64Y!![@UX?XW\7^+/#OBR]L8=4D6WW>9 /+7A&Y
MZ=NGX4 >Z@YI:Y;P!KTGB+PE:WEQ)ONES%,W'+ ]>/48/XUU-,!-PI:\(\:_
M$77;7Q;?VNE:@8;6W?R@H13EEX8\CUS7??#'Q-<^(_#<CWTWFWEO,4D; !(/
M*G _$?A2 [FDSB@UXO\ $?Q[K&E^*WT_2+TV\5O$HD 53ESR>H]"*8'M&:,U
MQWPXO-7U+PJNH:Q=-/+<2,T6Y0-J#@=!Z@FN)^)/C/7]#\726>G:@T%N(48(
M$4\D<]12 ]GS1FN4^'FJWNL^#[:^U"8S7#NX9R ,X; Z5G_%37=2\/\ AZTN
M=,N3;S/="-F"@Y7:QQS]!0!W8.:6O!/"?Q4U2#7(DUV[-Q8S?NV8H 8B>C<8
MX]?:O=XW62-71@RL,JP.01ZTP'DXHS4%X[1V4[J<,L;$'WQ7SC_PLOQ=_P!!
M=_\ OVG^% '4!J>&JN'IX:OD'$^Z:/0? 9S8W?\ UU'\JZZN/\ '-A=?]=1_
M(5V%?2X+^!$^0Q_^\S]1,8J"XNH+6)I+B5(HQU9S@5.>17D?B6>:77+I))79
M(W(16.0H]J,5B/81O:]PP6$^LSY;VL=-JOCV" -'IT1F?_GHW"_EU-</J6L:
MAJK[KJX9E[(#A1^%5V%1&O'J8FI5?O,^GPV!HT/A6O<C(J6S'^GVW_75?YBH
MS4MG_P ?]M_UU7^8J8O4[9OW&>]#I2T@Z4M?1H^ "BBBF!Q?Q)\4/X;\,L;9
MMM[=-Y4)_N_WF_ ?J17A?ACPY>^*]<6RMVQGYYIGY"+W)]37=_'"5SJVDPD_
MNU@=Q]2P!_D*U?@A;1#2=4NL#SFG6,^H4+D?JQ_*D!UFB_#WPYHL"HFFPW,H
M',UT@D8G\1@?@*LZEX'\-ZI$T<^D6BDC[\,8C<?BN*Z(G KSZ[^+WA^SO)K6
M2&],D,AC8K&,9!QZT#*.A_".UTKQ2;Z:Y%S80X>WB<?-O_VNQ _6O3P,"O/(
M/C#X=GN(X4AO@TCA!F,8R3CUKOIF(MY& )(4D#\* /GGXG>*9=<\22V44A^P
M63F.-0>&8<,Q_'@>U;OP^^&,.JV46L:X'^SR?-!; XWC^\QZX]!7F,7^DWR>
M:W^ME&]C[GFOK>"&."".&)0L<:A54=@.!0!E1^$_#L4(B70].V 8P;9#^I'-
M</XT^%-A<V4M[H,(MKN-2WV=?N2 =@.Q_2O4Z0@'K0(^6_"7B.Y\+>((;R,M
MY6[9<1?WTSR,>H[5]/P2I/!'-&P:.10RL.X/(KYB\<6\5KXXUB&' C%RQ '0
M9Y(_ DU[[X)GDE^'^E2N?G%H!GZ# _E0!XW\3O%,NM^(I;&*0_8+)S&B@\,X
MX9OSX'M6W\/OAE%JUG'J^MAOL\G,%N#C>/[S'KCT%>8J3<WX,QP99?G)]SS7
MUM;P1VUM%!"NV.-0B@=@!@4 9<?A/P]%"(ET/3M@&,&V0Y^I(YKA_&GPIL+J
MSEO=!A%M>1@L;=3\D@] .Q_2O4Z0@&@#Y:\*>(KKPKX@AO(RPC#;+B(_Q)GD
M$>H[>]?4%O-'<V\<\3!HY%#JP[@\BOF3QW;Q6OCG6(H0!&+@L .Q(!/ZDU[Y
MX!F:?P)HSRYW"W"\^@R!^@H \(^(O_)0-8_Z[#_T$5[-X.\-:#<^#M)GGT73
MI9I+5&>22U1F8XZDD<UXS\1?^2@:Q_UV'_H(KWOP-_R(VB?]><?\J!C;SP/X
M8OH#%)H=B@/\4,*QL/Q4 UXKX_\  <GA.Y2XMG>;39VPC-]Z-O[K?T-?1M<C
M\2K>*X\ ZIYJ@^6BR+[,&&*!'&_!SQ1+-YWA^ZD+B-#+;%CT'\2_KD?C1\;=
M(W1:?K4:_=/V:4CT.67_ -F_.N(^&DKQ?$#2]AQN=E/T*FO=_&6CC7/">H6(
M7,C1%HO]]>5_44#/-_@EJVRYU+2';AU%Q&/<?*W\U_*O5]9U%-*T:]OY/NV\
M+2?4@<#\3Q7S?X'U4Z)XSTZY8[4,HBE]E;Y3GZ9S^%>L_&+5OL7A-+%&Q)>S
M!3S_  +R?UQ^= 'A\<%WJMU<RHAED"/<2D>@Y8UWOP:U;['XHFT]VQ'>0G:/
M]M>1^FZM+X-Z"EW;:OJ%Q'F.6/[&N1U!&7_]EK@;=YO"GC5"V0^GWN&]PK8/
MYC^= CZAGF2WMY)Y#A(U+L3V &37RM=RS^)/%$LB@M-?W?R#W=N!^HKWKXE:
MVMAX NI8I/FO56",CN'Z_P#CN:\N^$>C?VEXQ6[=<PV,9E)Q_&>%'ZD_A0![
MSI=A'IFEVMC$ ([>)8EQ[#%>#?&#_D?9/^O>/^1KZ&KYY^,'_(^R?]>\?\C0
M!Z?\)_\ D0+/_KI)_P"A&LGXW?\ (J6/_7ZO_H#UK?"?_D0+/_KI)_Z$:R?C
M=_R*EC_U^K_Z ] 'A6TE2V#@=3BO8OA1XW\Q4\/:E+\ZC_0Y&/4?\\_KZ?E7
M/?"O1K37GUS3KQ-T4MJHSW4[N&'N*Y/7-&O_  GX@>TF+)/ X>*9>-PS\KC\
MJ!GU'?'-A<_]<F_D:^1J^B/!OC&/Q5X6N!,P74K:!EG3^]\OWP/0_P Z^=Z!
M'I"O4JO54-3PU?+N)]\T>E?#TYT^[_ZZC^0KLJXGX<G.G7G_ %V'\A7;5]!@
M_P"#$^-S#_>9^HT\UY%XA_Y#][_UT->N ]JR)_#.F7.H&^F@WRMR06.TGUQ4
M8RA*M%*)6 Q4<--RDMT>8V.D7VIR;;6!F'=^BC\:T=7\'W.E:3]NDN$<H1O0
M+TR<<'O7J4<:0QA(U"(.@ P!7/>-W0>&IT+*&8IM!/)^85S/ PITVV[L[89I
M6JUHQBK*YY.:ELO^/^V_ZZK_ #%,(J2R'^GVW_75?YBO.AN?13^!GO Z4M(.
M@I:^E1\$%%%%,#ROXT:+)=Z-::M$N?L;E)<#HCXY_ @?G7&?"[Q;#X=UF6TO
MI/+LKT -(>D;CH3[<D5[_=VL-Y:RVUQ&LD,JE'1AD$'K7@/C/X8ZEH4\EUIL
M4EYII.1L&7B'HPZD>X_&D,^@E=9%#(05(R"#P17G%[\'-)O+ZXNGU&\5II&D
M( 7 ).?2O)M(\:>(M B$-AJ<L<*](G =1] P./PJ?4OB#XIU:$PW.K2B-A@K
M"JQY_P"^0#0(S1;+9^*5M48LD-Z(P3U(#XKZM(!4@]"*^;O"/@37=;U&VN5M
M9+>S219&N)AM! .?E!Y;\*^DESCF@9\K>*M'ET#Q/>V+J5"2EHCZH>5(_"O>
M? 'B^V\3:)"CR@:C @2XC)Y)'&X>QIOCKP/;^+;!7C80ZC #Y,I'##^ZWM_*
MO!K_ $K7?"6I+]IAN+&X0_)*A(!]U8<&@#ZKW5C>(_$5CX:TF6_O) , B.//
MS2-V45X+'\4/&$<(B&K9P,!F@C+?GMK%>37/%>I@,UUJ-XW '+$#^0% B&1K
MSQ#KS.%,EY?3YVJ.K,:^I-'T]-,T2STY>5MX%BSZX&*X;X>?#@>'V&J:KM?4
MBN(XQR( >O/=O?M7I- 'RMXMT:70/%%]8LI"K*7B/JAY4BO=OA]XPMO$NB0Q
M-(!J-N@2>,GDXXWCV-+XY\#VWBW3U9&6'4( ?)F(X(_NM[?RKP;4-(USPGJ2
M_:8;BRN$;]W,A(!]U8=:!GU5D5C^(O$-CX:TF6_O9 H48C3^*1NR@5X)'\4/
M&$4(C&K9 & S01LWYE:Q9)M<\5ZFN]KK4;MN%'+$?AT H$0SR7?B#7GDVF2[
MOI\A5'5F/2OJ/1-/72=$LM/4Y%O"L>?4@<FN&^'?PX_L!AJFJ[7U$K^[C'(@
MSUY[M_*O2@,4 ?,GQ%_Y*!K'_78?^@BO>_ __(CZ)_UYQ_RKP3XB_P#)0-8_
MZ[#_ -!%%C\1?%6FV,%E::IY=O @2-/L\1VJ.@R5S0!]-9KR;XO>++=-./A^
MUE#W$K!KG:<^6HYVGW)Q^ KSZ]^(GBS4(3%/K,VPC!$2)'G\5 IOAOP/KGBF
MY5H;=X[9CE[N8$+]1_>/TH Z#X.Z-)>^*GU$K^XLHB=V."[< ?ED_A7OF.*Q
M_#?AZS\,Z1%IUFORK\SR'K(_=C6Q0!\Q>/-(.A>-+^!!MC>3SXO]UN?T.1^%
M2^-O%!\32:20Q(M[)%<?]-3]_P#D/RKN_C;H^ZWT_647E&-M(1Z'++^N[\Z\
MQ\+:4=:\3Z=I^,I+,OF?[@Y;] : /H/P!I']C^#-.@*[99(Q-*/]IN?T! _"
MO)_C#I'V#Q>MXBXCOH0^?]M?E/\ [+^=>_JJHH51@ 8 ':O._C%I/V[PFEZB
MYDLI@Y/^PW!_7!_"@#RWQ)XI;6?#'A_3=Q+64)$WNP.U?_'1^M>J?"#1?[/\
M)-?2+B6^D,@/^P.%_J?QKPG3[.34=1MK*$9DN)5B7ZDXKZPT^RCT_3[:SA&(
M[>)8E'LHP* +5?//Q@_Y'V3_ *]X_P"1KZ&KYY^,'_(^R?\ 7O'_ "-,#T_X
M3_\ (@6?_723_P!"-9/QN_Y%2Q_Z_5_] >M;X3_\B!9_]=)/_0C63\;O^14L
M?^OU?_0'I <]\#O^0UJO_7NO_H5=Y\0/!T?BK1R8E5=1M@6MW_O>J'V/\ZX/
MX'?\AK5?^O=?_0J]MP* /E#2]3O_  WJYF@W13Q[HI8V&,CHRD5F5[)\6?!'
MFHWB/3HOG4?Z9&HZC_GI^'?\_6O&Z /0X89)ONJ<>IZ5?BLE7ESN/IVKT?4?
M!UG."]F?LS_W0,I^7:N2U'1+[36(GA)3_GHG*_\ UOQKYS$T*]/=:>1];2S*
MG7TB[/L4K:YGLG#VTC1D=P:ZG3?&SH!'J$.[_II'U_$5R5(:PHXFI2?NL=;"
M4JR]]'K5GJEG?Q^9;SI(O?!Y'U%-OM7L=.CWW,Z)Z#J3]!7DN2#D$@^HIC$D
MY)R?4UZ']J2Y?AU//63KF^+0ZO4_'$\H,=A'Y:_\]).3^72N1N;B:[E,EQ*\
MDA_B<YH-,(KCJ5ZE5WFSU:&%I45[B(&%2Z?&\NIVJ1J2S3* !]16IIGAG4M6
M(:*(QQG_ ):R<#\/6NZT+PA:Z/*+AW,UR!@.1@+]!71A\-4J-.VACB\QHTHN
M*=V=.*6D'TI:]]'R04444 %(12T4 9-[X<T;493)>:7:3N>K/""3^-)9^&M$
MT^026FE6<+#HR0J"/QK7HH 0#%+110 5#/#%<Q&*:-)$;JKJ"#^!J:B@#!;P
M;X;>3S&T.P+>OD+6I:V-K8Q^7:6T4"?W8D"C]*M44@"BBBF 5#/;Q7,3131I
M)&W574,#^!J:B@#";P9X;=][:'8%O7R!6E::?:6$7E6=M#;Q_P!V) H_2K=%
M !1110!DW'AS1KNX>>YTNTFF<Y9WA!)/N:9_PB?A_P#Z UC_ -^%_P *V:*
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M]2\-:CIY+&+SHA_'$,_F.HKU#&*0UPUL#2JKF2LSMH9A6I>[>Z\SQ@BF$$G
M&2>U=YXLTZS6U2X6W196/S.HP3]?6I_"^G6:V N/LZ&;^^1DUY2PC]K[.Y[/
M]HI4?:<OD<MIWA34K\AW3[/$>\@P3]!UKL=-\):;IX5VB^T3#^.09Q]!VK?7
MD4&O8I8.E1UM=GC8C'UJSLW9>0H7'3I2XI:*[#B$Q2T44 %%%% !1110 444
M4 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
; 4444 %%%% !1110 4444 %%%% !1110!__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>9
<FILENAME>tm2133217d1_8k_htm.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version="1.0" encoding="utf-8"?>
<xbrl
  xmlns="http://www.xbrl.org/2003/instance"
  xmlns:dei="http://xbrl.sec.gov/dei/2021"
  xmlns:iso4217="http://www.xbrl.org/2003/iso4217"
  xmlns:link="http://www.xbrl.org/2003/linkbase"
  xmlns:xlink="http://www.w3.org/1999/xlink">
    <link:schemaRef xlink:href="avb-20211118.xsd" xlink:type="simple"/>
    <context id="From2021-11-18to2021-11-18">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0000915912</identifier>
        </entity>
        <period>
            <startDate>2021-11-18</startDate>
            <endDate>2021-11-18</endDate>
        </period>
    </context>
    <unit id="USD">
        <measure>iso4217:USD</measure>
    </unit>
    <unit id="Shares">
        <measure>shares</measure>
    </unit>
    <unit id="USDPShares">
        <divide>
            <unitNumerator>
                <measure>iso4217:USD</measure>
            </unitNumerator>
            <unitDenominator>
                <measure>shares</measure>
            </unitDenominator>
        </divide>
    </unit>
    <dei:EntityCentralIndexKey contextRef="From2021-11-18to2021-11-18">0000915912</dei:EntityCentralIndexKey>
    <dei:AmendmentFlag contextRef="From2021-11-18to2021-11-18">false</dei:AmendmentFlag>
    <dei:DocumentType contextRef="From2021-11-18to2021-11-18">8-K</dei:DocumentType>
    <dei:DocumentPeriodEndDate contextRef="From2021-11-18to2021-11-18">2021-11-18</dei:DocumentPeriodEndDate>
    <dei:EntityRegistrantName contextRef="From2021-11-18to2021-11-18">AVALONBAY COMMUNITIES,&#160;INC.</dei:EntityRegistrantName>
    <dei:EntityIncorporationStateCountryCode contextRef="From2021-11-18to2021-11-18">MD</dei:EntityIncorporationStateCountryCode>
    <dei:EntityFileNumber contextRef="From2021-11-18to2021-11-18">1-12672</dei:EntityFileNumber>
    <dei:EntityTaxIdentificationNumber contextRef="From2021-11-18to2021-11-18">77-0404318</dei:EntityTaxIdentificationNumber>
    <dei:EntityAddressAddressLine1 contextRef="From2021-11-18to2021-11-18">4040 Wilson Blvd., Suite 1000</dei:EntityAddressAddressLine1>
    <dei:EntityAddressCityOrTown contextRef="From2021-11-18to2021-11-18">Arlington</dei:EntityAddressCityOrTown>
    <dei:EntityAddressStateOrProvince contextRef="From2021-11-18to2021-11-18">VA</dei:EntityAddressStateOrProvince>
    <dei:EntityAddressPostalZipCode contextRef="From2021-11-18to2021-11-18">22203</dei:EntityAddressPostalZipCode>
    <dei:CityAreaCode contextRef="From2021-11-18to2021-11-18">703</dei:CityAreaCode>
    <dei:LocalPhoneNumber contextRef="From2021-11-18to2021-11-18">329-6300</dei:LocalPhoneNumber>
    <dei:WrittenCommunications contextRef="From2021-11-18to2021-11-18">false</dei:WrittenCommunications>
    <dei:SolicitingMaterial contextRef="From2021-11-18to2021-11-18">false</dei:SolicitingMaterial>
    <dei:PreCommencementTenderOffer contextRef="From2021-11-18to2021-11-18">false</dei:PreCommencementTenderOffer>
    <dei:PreCommencementIssuerTenderOffer contextRef="From2021-11-18to2021-11-18">false</dei:PreCommencementIssuerTenderOffer>
    <dei:Security12bTitle contextRef="From2021-11-18to2021-11-18">Common Stock, par value $0.01 per share</dei:Security12bTitle>
    <dei:TradingSymbol contextRef="From2021-11-18to2021-11-18">AVB</dei:TradingSymbol>
    <dei:SecurityExchangeName contextRef="From2021-11-18to2021-11-18">NYSE</dei:SecurityExchangeName>
    <dei:EntityEmergingGrowthCompany contextRef="From2021-11-18to2021-11-18">false</dei:EntityEmergingGrowthCompany>
</xbrl>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>10
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.2</span><table class="report" border="0" cellspacing="2" id="idm140562964142520">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Nov. 18, 2021</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Nov. 18,  2021<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">1-12672<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">AVALONBAY COMMUNITIES,&#160;INC.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000915912<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">77-0404318<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">MD<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">4040 Wilson Blvd., Suite 1000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Arlington<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">VA<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">22203<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">703<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">329-6300<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Stock, par value $0.01 per share<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">AVB<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EXCEL
<SEQUENCE>11
<FILENAME>Financial_Report.xlsx
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 Financial_Report.xlsx
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M3YI"5S%NV G&D3S'$)C%^(QF&5*=##[Q_F"G)$WS/(X %F>0IA@"IQ%', ;
M 4/2='@//GL?)=-[*CG_5U/\!%!+ P04    " !,B')3EXJ[',     3 @
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MY68R#/; @L4?>M>9_+2'V#-B#Q]6C>1FEJE@A1REW^CUK7H\@RX/J!5Z0B?
M:ROPS-0V&(Z=C*9(;V+T/8SG4.*<_U,C5146L*:B]1!DZ)'!=09#K+&))@G6
M0VY6= ;N\N@#FW+()FKJIBF>HPYX4P[V1D\E5!B@?%.9J+SV4VPYZ8Y>9WK_
M,'G4'EKG5LJ]AU>RY1AQ_)[E#U!+ P04    " !,B')3)!Z;HJT   #X 0
M&@   'AL+U]R96QS+W=O<FMB;V]K+GAM;"YR96QSM9$]#H,P#(6O$N4 -5"I
M0P5,75@K+A %\R,2$L6N"K<OA0&0.G1ALIXM?^_)3I]H%'=NH+;S)$9K!LID
MR^SO *1;M(HNSN,P3VH7K.)9A@:\TKUJ$)(HND'8,V2>[IFBG#S^0W1UW6E\
M./VR./ /,+Q=Z*E%9"E*%1KD3,)HMC;!4N++3):BJ#(9BBJ6<%H@XLD@;6E6
M?;!/3K3G>1<W]T6NS>,)KM\,<'AT_@%02P,$%     @ 3(AR4V60>9(9 0
MSP,  !,   !;0V]N=&5N=%]4>7!E<UTN>&ULK9--3L,P$(6O$F5;)2XL6*"F
M&V +77 !8T\:J_Z39UK2VS-.VDJ@$A6%3:QXWKS/GI>LWH\1L.B=]=B4'5%\
M% )5!TYB'2)XKK0A.4G\FK8B2K636Q#WR^6#4,$3>*HH>Y3KU3.T<F^I>.EY
M&TWP39G 8ED\C<+,:DH9HS5*$M?%P>L?E.I$J+EST&!G(BY84(JKA%SY'7#J
M>SM 2D9#L9&)7J5CE>BM0#I:P'K:XLH90]L:!3JHO>.6&F,"J;$#(&?KT70Q
M32:>,(S/N]G\P68*R,I-"A$YL01_QYTCR=U59"-(9*:O>"&R]>S[04Y;@[Z1
MS>/]#&DWY(%B6.;/^'O&%_\;SO$1PNZ_/[&\UDX:?^:+X3]>?P%02P$"% ,4
M    " !,B')3!T%-8H$   "Q    $               @ $     9&]C4')O
M<',O87!P+GAM;%!+ 0(4 Q0    ( $R(<E.>?]NM[@   "L"   1
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M96QS+RYR96QS4$L! A0#%     @ 3(AR4ZK$(A8S 0  (@(   \
M     ( !1Q   'AL+W=O<FMB;V]K+GAM;%!+ 0(4 Q0    ( $R(<E,D'INB
MK0   /@!   :              "  :<1  !X;"]?<F5L<R]W;W)K8F]O:RYX
M;6PN<F5L<U!+ 0(4 Q0    ( $R(<E-ED'F2&0$  ,\#   3
M  "  8P2  !;0V]N=&5N=%]4>7!E<UTN>&UL4$L%!@     )  D /@(  -83
$      $!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>12
<FILENAME>Show.js
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
// Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission.  Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105.
var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0);
e.removeAttribute('id');a.parentNode.appendChild(e)}}
if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'}
e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>13
<FILENAME>report.css
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/* Updated 2009-11-04 */
/* v2.2.0.24 */

/* DefRef Styles */
..report table.authRefData{
	background-color: #def;
	border: 2px solid #2F4497;
	font-size: 1em;
	position: absolute;
}

..report table.authRefData a {
	display: block;
	font-weight: bold;
}

..report table.authRefData p {
	margin-top: 0px;
}

..report table.authRefData .hide {
	background-color: #2F4497;
	padding: 1px 3px 0px 0px;
	text-align: right;
}

..report table.authRefData .hide a:hover {
	background-color: #2F4497;
}

..report table.authRefData .body {
	height: 150px;
	overflow: auto;
	width: 400px;
}

..report table.authRefData table{
	font-size: 1em;
}

/* Report Styles */
..pl a, .pl a:visited {
	color: black;
	text-decoration: none;
}

/* table */
..report {
	background-color: white;
	border: 2px solid #acf;
	clear: both;
	color: black;
	font: normal 8pt Helvetica, Arial, san-serif;
	margin-bottom: 2em;
}

..report hr {
	border: 1px solid #acf;
}

/* Top labels */
..report th {
	background-color: #acf;
	color: black;
	font-weight: bold;
	text-align: center;
}

..report th.void	{
	background-color: transparent;
	color: #000000;
	font: bold 10pt Helvetica, Arial, san-serif;
	text-align: left;
}

..report .pl {
	text-align: left;
	vertical-align: top;
	white-space: normal;
	width: 200px;
	white-space: normal; /* word-wrap: break-word; */
}

..report td.pl a.a {
	cursor: pointer;
	display: block;
	width: 200px;
	overflow: hidden;
}

..report td.pl div.a {
	width: 200px;
}

..report td.pl a:hover {
	background-color: #ffc;
}

/* Header rows... */
..report tr.rh {
	background-color: #acf;
	color: black;
	font-weight: bold;
}

/* Calendars... */
..report .rc {
	background-color: #f0f0f0;
}

/* Even rows... */
..report .re, .report .reu {
	background-color: #def;
}

..report .reu td {
	border-bottom: 1px solid black;
}

/* Odd rows... */
..report .ro, .report .rou {
	background-color: white;
}

..report .rou td {
	border-bottom: 1px solid black;
}

..report .rou table td, .report .reu table td {
	border-bottom: 0px solid black;
}

/* styles for footnote marker */
..report .fn {
	white-space: nowrap;
}

/* styles for numeric types */
..report .num, .report .nump {
	text-align: right;
	white-space: nowrap;
}

..report .nump {
	padding-left: 2em;
}

..report .nump {
	padding: 0px 0.4em 0px 2em;
}

/* styles for text types */
..report .text {
	text-align: left;
	white-space: normal;
}

..report .text .big {
	margin-bottom: 1em;
	width: 17em;
}

..report .text .more {
	display: none;
}

..report .text .note {
	font-style: italic;
	font-weight: bold;
}

..report .text .small {
	width: 10em;
}

..report sup {
	font-style: italic;
}

..report .outerFootnotes {
	font-size: 1em;
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>14
<FILENAME>FilingSummary.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version='1.0' encoding='utf-8'?>
<FilingSummary>
  <Version>3.21.2</Version>
  <ProcessingTime/>
  <ReportFormat>html</ReportFormat>
  <ContextCount>1</ContextCount>
  <ElementCount>96</ElementCount>
  <EntityCount>1</EntityCount>
  <FootnotesReported>false</FootnotesReported>
  <SegmentCount>0</SegmentCount>
  <ScenarioCount>0</ScenarioCount>
  <TuplesReported>false</TuplesReported>
  <UnitCount>3</UnitCount>
  <MyReports>
    <Report instance="tm2133217d1_8k.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R1.htm</HtmlFileName>
      <LongName>00000001 - Document - Cover</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://avalonbay.com/role/Cover</Role>
      <ShortName>Cover</ShortName>
      <MenuCategory>Cover</MenuCategory>
      <Position>1</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <LongName>All Reports</LongName>
      <ReportType>Book</ReportType>
      <ShortName>All Reports</ShortName>
    </Report>
  </MyReports>
  <InputFiles>
    <File doctype="8-K" original="tm2133217d1_8k.htm">tm2133217d1_8k.htm</File>
    <File>avb-20211118.xsd</File>
    <File>avb-20211118_lab.xml</File>
    <File>avb-20211118_pre.xml</File>
    <File>tm2133217d1_ex1-1.htm</File>
    <File>tm2133217d1_ex4-4.htm</File>
    <File>tm2133217d1_ex5-1.htm</File>
  </InputFiles>
  <SupplementalFiles/>
  <BaseTaxonomies>
    <BaseTaxonomy>http://xbrl.sec.gov/dei/2021</BaseTaxonomy>
  </BaseTaxonomies>
  <HasPresentationLinkbase>true</HasPresentationLinkbase>
  <HasCalculationLinkbase>false</HasCalculationLinkbase>
</FilingSummary>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>JSON
<SEQUENCE>16
<FILENAME>MetaLinks.json
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
{
 "instance": {
  "tm2133217d1_8k.htm": {
   "axisCustom": 0,
   "axisStandard": 0,
   "contextCount": 1,
   "dts": {
    "inline": {
     "local": [
      "tm2133217d1_8k.htm"
     ]
    },
    "labelLink": {
     "local": [
      "avb-20211118_lab.xml"
     ]
    },
    "presentationLink": {
     "local": [
      "avb-20211118_pre.xml"
     ]
    },
    "schema": {
     "local": [
      "avb-20211118.xsd"
     ],
     "remote": [
      "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xl-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xlink-2003-12-31.xsd",
      "https://xbrl.sec.gov/dei/2021/dei-2021.xsd",
      "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd",
      "http://www.xbrl.org/2005/xbrldt-2005.xsd",
      "https://www.xbrl.org/dtr/type/2020-01-21/types.xsd",
      "http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd",
      "http://www.xbrl.org/lrr/role/net-2009-12-16.xsd",
      "https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd",
      "https://www.xbrl.org/2020/extensible-enumerations-2.0.xsd",
      "http://www.xbrl.org/2006/ref-2006-02-27.xsd",
      "https://xbrl.fasb.org/us-gaap/2021/elts/us-types-2021-01-31.xsd",
      "https://xbrl.fasb.org/srt/2021/elts/srt-types-2021-01-31.xsd",
      "https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd",
      "https://xbrl.sec.gov/country/2021/country-2021.xsd",
      "https://xbrl.fasb.org/srt/2021/elts/srt-roles-2021-01-31.xsd",
      "https://xbrl.fasb.org/us-gaap/2021/elts/us-roles-2021-01-31.xsd"
     ]
    }
   },
   "elementCount": 59,
   "entityCount": 1,
   "hidden": {
    "http://xbrl.sec.gov/dei/2021": 2,
    "total": 2
   },
   "keyCustom": 0,
   "keyStandard": 96,
   "memberCustom": 0,
   "memberStandard": 0,
   "nsprefix": "avb",
   "nsuri": "http://avalonbay.com/20211118",
   "report": {
    "R1": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "p",
       "body",
       "html"
      ],
      "baseRef": "tm2133217d1_8k.htm",
      "contextRef": "From2021-11-18to2021-11-18",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "dei:DocumentType",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "document",
     "isDefault": "true",
     "longName": "00000001 - Document - Cover",
     "role": "http://avalonbay.com/role/Cover",
     "shortName": "Cover",
     "subGroupType": "",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "p",
       "body",
       "html"
      ],
      "baseRef": "tm2133217d1_8k.htm",
      "contextRef": "From2021-11-18to2021-11-18",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "dei:DocumentType",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    }
   },
   "segmentCount": 0,
   "tag": {
    "dei_AmendmentDescription": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Description of changes contained within amended document.",
        "label": "Amendment Description"
       }
      }
     },
     "localname": "AmendmentDescription",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "stringItemType"
    },
    "dei_AmendmentFlag": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.",
        "label": "Amendment Flag"
       }
      }
     },
     "localname": "AmendmentFlag",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_AnnualInformationForm": {
     "auth_ref": [
      "r12"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag with value true on a form if it is an annual report containing an annual information form.",
        "label": "Annual Information Form"
       }
      }
     },
     "localname": "AnnualInformationForm",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_AuditedAnnualFinancialStatements": {
     "auth_ref": [
      "r12"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag with value true on a form if it is an annual report containing audited financial statements.",
        "label": "Audited Annual Financial Statements"
       }
      }
     },
     "localname": "AuditedAnnualFinancialStatements",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_CityAreaCode": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Area code of city",
        "label": "City Area Code"
       }
      }
     },
     "localname": "CityAreaCode",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_CountryRegion": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Region code of country",
        "label": "Country Region"
       }
      }
     },
     "localname": "CountryRegion",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_CoverAbstract": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Cover page.",
        "label": "Cover [Abstract]"
       }
      }
     },
     "localname": "CoverAbstract",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "xbrltype": "stringItemType"
    },
    "dei_CurrentFiscalYearEndDate": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "End date of current fiscal year in the format --MM-DD.",
        "label": "Current Fiscal Year End Date"
       }
      }
     },
     "localname": "CurrentFiscalYearEndDate",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "gMonthDayItemType"
    },
    "dei_DocumentAccountingStandard": {
     "auth_ref": [
      "r11"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The basis of accounting the registrant has used to prepare the financial statements included in this filing This can either be 'U.S. GAAP', 'International Financial Reporting Standards', or 'Other'.",
        "label": "Document Accounting Standard"
       }
      }
     },
     "localname": "DocumentAccountingStandard",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "accountingStandardItemType"
    },
    "dei_DocumentAnnualReport": {
     "auth_ref": [
      "r9",
      "r11",
      "r12"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true only for a form used as an annual report.",
        "label": "Document Annual Report"
       }
      }
     },
     "localname": "DocumentAnnualReport",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_DocumentFiscalPeriodFocus": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Fiscal period values are FY, Q1, Q2, and Q3.  1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY.",
        "label": "Document Fiscal Period Focus"
       }
      }
     },
     "localname": "DocumentFiscalPeriodFocus",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "fiscalPeriodItemType"
    },
    "dei_DocumentFiscalYearFocus": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "This is focus fiscal year of the document report in YYYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.",
        "label": "Document Fiscal Year Focus"
       }
      }
     },
     "localname": "DocumentFiscalYearFocus",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "gYearItemType"
    },
    "dei_DocumentPeriodEndDate": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.",
        "label": "Document Period End Date"
       }
      }
     },
     "localname": "DocumentPeriodEndDate",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "dateItemType"
    },
    "dei_DocumentPeriodStartDate": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The start date of the period covered in the document, in YYYY-MM-DD format.",
        "label": "Document Period Start Date"
       }
      }
     },
     "localname": "DocumentPeriodStartDate",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "dateItemType"
    },
    "dei_DocumentQuarterlyReport": {
     "auth_ref": [
      "r10"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true only for a form used as an quarterly report.",
        "label": "Document Quarterly Report"
       }
      }
     },
     "localname": "DocumentQuarterlyReport",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_DocumentRegistrationStatement": {
     "auth_ref": [
      "r18"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true only for a form used as a registration statement.",
        "label": "Document Registration Statement"
       }
      }
     },
     "localname": "DocumentRegistrationStatement",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_DocumentShellCompanyEventDate": {
     "auth_ref": [
      "r11"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Date of event requiring a shell company report.",
        "label": "Document Shell Company Event Date"
       }
      }
     },
     "localname": "DocumentShellCompanyEventDate",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "dateItemType"
    },
    "dei_DocumentShellCompanyReport": {
     "auth_ref": [
      "r11"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true for a Shell Company Report pursuant to section 13 or 15(d) of the Exchange Act.",
        "label": "Document Shell Company Report"
       }
      }
     },
     "localname": "DocumentShellCompanyReport",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_DocumentTransitionReport": {
     "auth_ref": [
      "r13"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true only for a form used as a transition report.",
        "label": "Document Transition Report"
       }
      }
     },
     "localname": "DocumentTransitionReport",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_DocumentType": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.",
        "label": "Document Type"
       }
      }
     },
     "localname": "DocumentType",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "submissionTypeItemType"
    },
    "dei_DocumentsIncorporatedByReferenceTextBlock": {
     "auth_ref": [
      "r1"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Documents incorporated by reference.",
        "label": "Documents Incorporated by Reference [Text Block]"
       }
      }
     },
     "localname": "DocumentsIncorporatedByReferenceTextBlock",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "textBlockItemType"
    },
    "dei_EntityAddressAddressLine1": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Address Line 1 such as Attn, Building Name, Street Name",
        "label": "Entity Address, Address Line One"
       }
      }
     },
     "localname": "EntityAddressAddressLine1",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityAddressAddressLine2": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Address Line 2 such as Street or Suite number",
        "label": "Entity Address, Address Line Two"
       }
      }
     },
     "localname": "EntityAddressAddressLine2",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityAddressAddressLine3": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Address Line 3 such as an Office Park",
        "label": "Entity Address, Address Line Three"
       }
      }
     },
     "localname": "EntityAddressAddressLine3",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityAddressCityOrTown": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Name of the City or Town",
        "label": "Entity Address, City or Town"
       }
      }
     },
     "localname": "EntityAddressCityOrTown",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityAddressCountry": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "ISO 3166-1 alpha-2 country code.",
        "label": "Entity Address, Country"
       }
      }
     },
     "localname": "EntityAddressCountry",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "countryCodeItemType"
    },
    "dei_EntityAddressPostalZipCode": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Code for the postal or zip code",
        "label": "Entity Address, Postal Zip Code"
       }
      }
     },
     "localname": "EntityAddressPostalZipCode",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityAddressStateOrProvince": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Name of the state or province.",
        "label": "Entity Address, State or Province"
       }
      }
     },
     "localname": "EntityAddressStateOrProvince",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "stateOrProvinceItemType"
    },
    "dei_EntityBankruptcyProceedingsReportingCurrent": {
     "auth_ref": [
      "r4"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "For registrants involved in bankruptcy proceedings during the preceding five years, the value Yes indicates that the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court; the value No indicates the registrant has not.  Registrants not involved in bankruptcy proceedings during the preceding five years should not report this element.",
        "label": "Entity Bankruptcy Proceedings, Reporting Current"
       }
      }
     },
     "localname": "EntityBankruptcyProceedingsReportingCurrent",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_EntityCentralIndexKey": {
     "auth_ref": [
      "r14"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.",
        "label": "Entity Central Index Key"
       }
      }
     },
     "localname": "EntityCentralIndexKey",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "centralIndexKeyItemType"
    },
    "dei_EntityCommonStockSharesOutstanding": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.",
        "label": "Entity Common Stock, Shares Outstanding"
       }
      }
     },
     "localname": "EntityCommonStockSharesOutstanding",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "sharesItemType"
    },
    "dei_EntityCurrentReportingStatus": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Indicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.",
        "label": "Entity Current Reporting Status"
       }
      }
     },
     "localname": "EntityCurrentReportingStatus",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "yesNoItemType"
    },
    "dei_EntityEmergingGrowthCompany": {
     "auth_ref": [
      "r14"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Indicate if registrant meets the emerging growth company criteria.",
        "label": "Entity Emerging Growth Company"
       }
      }
     },
     "localname": "EntityEmergingGrowthCompany",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_EntityExTransitionPeriod": {
     "auth_ref": [
      "r17"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Indicate if an emerging growth company has elected not to use the extended transition period for complying with any new or revised financial accounting standards.",
        "label": "Elected Not To Use the Extended Transition Period"
       }
      }
     },
     "localname": "EntityExTransitionPeriod",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_EntityFileNumber": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.",
        "label": "Entity File Number"
       }
      }
     },
     "localname": "EntityFileNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "fileNumberItemType"
    },
    "dei_EntityFilerCategory": {
     "auth_ref": [
      "r14"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Indicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.",
        "label": "Entity Filer Category"
       }
      }
     },
     "localname": "EntityFilerCategory",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "filerCategoryItemType"
    },
    "dei_EntityIncorporationStateCountryCode": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Two-character EDGAR code representing the state or country of incorporation.",
        "label": "Entity Incorporation, State or Country Code"
       }
      }
     },
     "localname": "EntityIncorporationStateCountryCode",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "edgarStateCountryItemType"
    },
    "dei_EntityInteractiveDataCurrent": {
     "auth_ref": [
      "r15"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).",
        "label": "Entity Interactive Data Current"
       }
      }
     },
     "localname": "EntityInteractiveDataCurrent",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "yesNoItemType"
    },
    "dei_EntityPrimarySicNumber": {
     "auth_ref": [
      "r12"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Primary Standard Industrial Classification (SIC) Number for the Entity.",
        "label": "Entity Primary SIC Number"
       }
      }
     },
     "localname": "EntityPrimarySicNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "sicNumberItemType"
    },
    "dei_EntityPublicFloat": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter.",
        "label": "Entity Public Float"
       }
      }
     },
     "localname": "EntityPublicFloat",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "monetaryItemType"
    },
    "dei_EntityRegistrantName": {
     "auth_ref": [
      "r14"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.",
        "label": "Entity Registrant Name"
       }
      }
     },
     "localname": "EntityRegistrantName",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityShellCompany": {
     "auth_ref": [
      "r14"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.",
        "label": "Entity Shell Company"
       }
      }
     },
     "localname": "EntityShellCompany",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_EntitySmallBusiness": {
     "auth_ref": [
      "r14"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Indicates that the company is a Smaller Reporting Company (SRC).",
        "label": "Entity Small Business"
       }
      }
     },
     "localname": "EntitySmallBusiness",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_EntityTaxIdentificationNumber": {
     "auth_ref": [
      "r14"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.",
        "label": "Entity Tax Identification Number"
       }
      }
     },
     "localname": "EntityTaxIdentificationNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "employerIdItemType"
    },
    "dei_EntityVoluntaryFilers": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Indicate 'Yes' or 'No' if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.",
        "label": "Entity Voluntary Filers"
       }
      }
     },
     "localname": "EntityVoluntaryFilers",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "yesNoItemType"
    },
    "dei_EntityWellKnownSeasonedIssuer": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Indicate 'Yes' or 'No' if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.",
        "label": "Entity Well-known Seasoned Issuer"
       }
      }
     },
     "localname": "EntityWellKnownSeasonedIssuer",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "yesNoItemType"
    },
    "dei_Extension": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Extension number for local phone number.",
        "label": "Extension"
       }
      }
     },
     "localname": "Extension",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_LocalPhoneNumber": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Local phone number for entity.",
        "label": "Local Phone Number"
       }
      }
     },
     "localname": "LocalPhoneNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_NoTradingSymbolFlag": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true only for a security having no trading symbol.",
        "label": "No Trading Symbol Flag"
       }
      }
     },
     "localname": "NoTradingSymbolFlag",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_OtherReportingStandardItemNumber": {
     "auth_ref": [
      "r11"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "\"Item 17\" or \"Item 18\" specified when the basis of accounting is neither US GAAP nor IFRS.",
        "label": "Other Reporting Standard Item Number"
       }
      }
     },
     "localname": "OtherReportingStandardItemNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "otherReportingStandardItemNumberItemType"
    },
    "dei_PreCommencementIssuerTenderOffer": {
     "auth_ref": [
      "r5"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.",
        "label": "Pre-commencement Issuer Tender Offer"
       }
      }
     },
     "localname": "PreCommencementIssuerTenderOffer",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_PreCommencementTenderOffer": {
     "auth_ref": [
      "r6"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.",
        "label": "Pre-commencement Tender Offer"
       }
      }
     },
     "localname": "PreCommencementTenderOffer",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_Security12bTitle": {
     "auth_ref": [
      "r0"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Title of a 12(b) registered security.",
        "label": "Title of 12(b) Security"
       }
      }
     },
     "localname": "Security12bTitle",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "securityTitleItemType"
    },
    "dei_Security12gTitle": {
     "auth_ref": [
      "r3"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Title of a 12(g) registered security.",
        "label": "Title of 12(g) Security"
       }
      }
     },
     "localname": "Security12gTitle",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "securityTitleItemType"
    },
    "dei_SecurityExchangeName": {
     "auth_ref": [
      "r2"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Name of the Exchange on which a security is registered.",
        "label": "Security Exchange Name"
       }
      }
     },
     "localname": "SecurityExchangeName",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "edgarExchangeCodeItemType"
    },
    "dei_SecurityReportingObligation": {
     "auth_ref": [
      "r7"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "15(d), indicating whether the security has a reporting obligation under that section of the Exchange Act.",
        "label": "Security Reporting Obligation"
       }
      }
     },
     "localname": "SecurityReportingObligation",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "securityReportingObligationItemType"
    },
    "dei_SolicitingMaterial": {
     "auth_ref": [
      "r8"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.",
        "label": "Soliciting Material"
       }
      }
     },
     "localname": "SolicitingMaterial",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_TradingSymbol": {
     "auth_ref": [],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Trading symbol of an instrument as listed on an exchange.",
        "label": "Trading Symbol"
       }
      }
     },
     "localname": "TradingSymbol",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "tradingSymbolItemType"
    },
    "dei_WrittenCommunications": {
     "auth_ref": [
      "r16"
     ],
     "lang": {
      "en-us": {
       "role": {
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.",
        "label": "Written Communications"
       }
      }
     },
     "localname": "WrittenCommunications",
     "nsuri": "http://xbrl.sec.gov/dei/2021",
     "presentation": [
      "http://avalonbay.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    }
   },
   "unitCount": 3
  }
 },
 "std_ref": {
  "r0": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12",
   "Subsection": "b"
  },
  "r1": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12",
   "Subsection": "b-23"
  },
  "r10": {
   "Name": "Form 10-Q",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "308",
   "Subsection": "a"
  },
  "r11": {
   "Name": "Form 20-F",
   "Number": "249",
   "Publisher": "SEC",
   "Section": "220",
   "Subsection": "f"
  },
  "r12": {
   "Name": "Form 40-F",
   "Number": "249",
   "Publisher": "SEC",
   "Section": "240",
   "Subsection": "f"
  },
  "r13": {
   "Name": "Forms 10-K, 10-Q, 20-F",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "13",
   "Subsection": "a-1"
  },
  "r14": {
   "Name": "Regulation 12B",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12",
   "Subsection": "b-2"
  },
  "r15": {
   "Name": "Regulation S-T",
   "Number": "232",
   "Publisher": "SEC",
   "Section": "405"
  },
  "r16": {
   "Name": "Securities Act",
   "Number": "230",
   "Publisher": "SEC",
   "Section": "425"
  },
  "r17": {
   "Name": "Securities Act",
   "Number": "7A",
   "Publisher": "SEC",
   "Section": "B",
   "Subsection": "2"
  },
  "r18": {
   "Name": "Securities Act",
   "Number": "Section",
   "Publisher": "SEC",
   "Section": "12"
  },
  "r2": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12",
   "Subsection": "d1-1"
  },
  "r3": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12",
   "Subsection": "g"
  },
  "r4": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12, 13, 15d"
  },
  "r5": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "13e",
   "Subsection": "4c"
  },
  "r6": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "14d",
   "Subsection": "2b"
  },
  "r7": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "15",
   "Subsection": "d"
  },
  "r8": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "14a",
   "Subsection": "12"
  },
  "r9": {
   "Name": "Form 10-K",
   "Number": "249",
   "Publisher": "SEC",
   "Section": "310"
  }
 },
 "version": "2.1"
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ZIP
<SEQUENCE>17
<FILENAME>0001104659-21-141251-xbrl.zip
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 0001104659-21-141251-xbrl.zip
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M072RS9'9RY4&*9&O;OY"TD@DSVHYW]6.ALQYIUM,MOJ^I@D+@;8QF(2:UM/
M?D_6B9I:E 5U?DO4QHYA#-"['OH[;9MS@54<!#1#'(*S13T(55&>.+I@;(OI
M/7GFH@N?ILPU-3:3)BQU35",6(R!:!1:5(@]$?'K5IZQ$T'WO5"TE*ZY *R:
M:!BRH.BP>P,!J>1^&5D*S-)$#6"]D+2ESD\W +.M4P]#%Q0G@#GXE*32^R5E
M\4@H5?<#,.L?4&QBU[3 ADU>VLJ@B 'M@<SD$:@,"0>;RQ>U.I?+I(&-K>E]
MPM.RW<5/)0X6(=/A0(KR,*3B/)%4NPW1PU!+Z9H>P*K)C2$+BAB[-Y"50HYR
MO7](+ED\")%*YP<0PZ8=CU(4(!Q-9WUH2+5/,*Z2-,*T\'(EMZ4=S;-H70,"
MVC4A:0F# @5R!\)2!&AF\A"OP/R+8#$,EYK2#RPMJW94*EF H)C>^C!1>B^0
MS+9"-%S#,PXL=793ML=L=7\6T 4!2H^YUEW;0MX Q=,,=,FR)-NKY^ENMIL5
M$9;&M26NV(#,:2;,\B!8 $R9#!0RI'2H$'KI>7V7@&7J(4:P.:;,+0%VDTT*
MFIJ 2+ : V@X:/-G2KT0,9,CD\!TSF*R^YGLP7:U=&Z9 &PVH3!$ 5%A=P9@
M48I1KD92[@6,.Y%LL-@ODJAGJF@+W:(!&6VR8:H"@@.P!M!1JM%B/O,YDRSQ
M;AY+4).'I'@>O(<24.\6EA[;368 <4#H=#L$"))!J!GE$Z0YB[AXYK7''69\
M*P? _8S'\ JE)\HM5(.:T$2K,R0@P(;X!#!KA'XHGDE!7+W'DU> 5 U>B+N(
M8WF@TO*?ZX21*=A^J]8M71UVFTQ9A &1!+L#^"F5'_0'I&+0+0L%FI,W-/7$
M/S0G0Z$Y"1J:D_= LWSE@4!S^H:FGOJ'YG0H-*=!0W/Z+FADQWL=:V;RXZU8
M\E?;P]F@T@LR;:M68 ZR\'!I>>N#106H]8P*\8E)OK"Z%7>"OR0L@I?,D-P+
M,(!I*S6&-CQT[ ;[^*D6Q#K.ZUA3+,I[OR1:YF>4:9JT#S&%)CQ(FL9Z!Y="
M[1.).YYFF/X[>>X\$;>+O>!A-6R%I*$,#Q6;O3Y@BA@D@WR<6)>XJAL:UE?)
MC')WKP!;;!U> :X5!@&!S5'[%>#BZDDA<MW-BE%!,# B-(N==;+%5-7'M;(P
MNKAMJ-7#^?=::GQ\D55V%WKWR!G\@$!;XJJG(7.ZM\WR('H<,&7V>BY#N<[3
MU7B582*U#]^U,F<SNVFGFLAU01"]:[II3=.ZW'%O_B:23.YYQC>;+2OO\MB>
M&P1TKGJYTZ;N<:LHB-[O<F:24&I14^P8BP6G291D"5O_(D\^18)MK;*)7 $!
M&]0TM!5!H #:,CDX")%6.H;@3A %(9$=D;\$J!(+B=N'!^MLWR5V!46_80T'
MK P"DEY[)BPR8!S5(E 1@O(8O]C,TW1+Q)O@L81X0@@T#X#4TH>($V2R%ZHB
MT"=;"Q)MY?RXGYZLEDE&;2>7;8FS.0DP5\U(1GD0; "F3!;R,L0?T/3DKZN_
M(1WEN/MO^%)@E3QVL=^L. 6R3UE5KB#HL*@YL$B"0 'V9=)PPU$I18761W:J
MAEE+<XQR5P!8;>FN;Q0&T>DV1ZTO?Z.O/0WYE[OH49HBP L)=IGKH=]FTAS^
MZYH@$.@PUCHI*:5(:WV\D'"8LM;]BX"UMT7 NF<1L YQ$; >N@A8>UL$Z-T6
M*4+DN'2[HLD: \D).]6NH>BP;/)AD0:%"NP/'#.J$'2(<9W1,D]QIM+SBTV^
M_ROYP=)*0.<LIV67S2JII4T4!"-=SEII+8ND<S4Q4FK77&SC)"-Q8>8J89A%
M":95>D3;%?'^$&>T##1?@=.C#X.A829;.!5A.I=A%7A(=>GZ4GKQ ,9OA-*?
M&7]E"X)3SDA<7$NQW2GJUKM]8J;'=O.A&4 <!$Y#' */SJB@\9.*0CJLO!+F
MA:1OG&Y9AD7^+KFPC4R SBTY@,TF,88H(%+LS@!"*C$JU'Y>T"ZR1U2+K.)W
MA\ &0G+'KVMWFC;>VK9J V*FTR#T#G>9\^.P-BZB/+UBF1'U>Q')"_F",UQZ
M ]L+R5V_5-EEVGR;TJ8-"*%.@^#[DU6,2A6#-5/>4L:(F5QJK7G'4^*&RGWB
MF);%=NZ82A(0'C9?'1ED!-):+RPL-IC2S]LT822%)R)#Y98%J\4F"PU)0"S8
M? $LY%*DM5Y8N-P0L9;3VT^"OV:/97Y6L&V VBT;G9:;C%BE ;'2Y0]@1H>@
M(D:GU/4#S^Z04+S(L@BWU")UC UHUF"FI0L)&,A<BQ9*(G6]Y89G:,G1UY2@
M[)&@R_)GZ.J9X(MZ?/W22!2I%R**53F+L; AU"5V_JLCH.'6;X^TE$& U&L/
M_AV2*@+I$,?4W$J&1?T\+C<QS\@&?-NA/\0504/-:X[Z]$'0--"DR50>UCRY
MS@.1BO29S:B>W!Y>XC5$CE?&%H/&PKBF"((1T!:T+*[_5H"?W'G;%4VB*\HQ
M?)6EH7&<,:]MSTB6=Q $1$#;%90B+Q>B7.FE_S]C]B2VSUFTOQ,\(D0]9956
MHU7?];>!T6Z9>5.3FC0-"@V(L[?X!0@\5(%J=7RHS5@^+^:IA\95-C<>/2T>
ML3R M]LL53.H- 9?!>\,<GQ[84 #C)L,'1$!H3? )G3#(8]$>>@'5 2C6K2G
M\[/TD 60Q)_W]^2!"/7>P9+LLL]R1T\=9Q@#8EV?O0UNCGDRUQL8!(1O=0N=
MZJ6H7@%:J6?$RBK0[ZH2E-=B^_WR^J9K^4ENUIOD7RN<$KGEOU!+ P04
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MI>>K%]X5%#Q@G4U[U-3TK1DQJ*\>'>)N\(,HP<$'9;8<=:BAQX;4ZB<.>;J
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M$M"IK5&!^N#IK^[#]_J]4UX8V"9X/?XGCAS^;Y8'T622X-IWK%?><A^#')\
MCXDR7(>0G@T_FMGIUN8J0\%E6I3P5'P.W/3R/()=F\7Z'/@S/LH=QUYP"I_P
MC"\3^/8HYEV?!/-%42[0'(<1P1/>TOE;%+#HDPB''I' >1./B@6<M>#@$-WQ
M86.]Z#/S8W?AX%W591QG-"@YBW383M5HA><;Z_P]G, \PTGT>U4!5R..ZZ\Z
MY8_]G8=A@N2#]T^"T9)>]28IRBKXO)C/24B@567&%[AS@SLT/@\.'LO$G.'V
M>^YX\:&G[4-:]2YO+?0Y8!'D\)_K1]?OO8?+?_"L.;A@P[&M?)4S.'Q."'(D
M3>,Q'K=T"4<%=#>M@[^]YI6KYLT'VHZC=4'NW$/Y-EK)//__V=V%18G3R7-P
M;\_B%_"0?R[B;!S#NUX$'^8H(\KG^++/N,IY]B+X[RA=X)^#W5U)-_STZNU_
M^ZF!W2J?PU<.YI6.9W<$]E4^>QX\QL]&>0&7W7SV,HW&X.C"@$LPNR8P/C/O
M9F#//)'>L=_R"O@,'O'FPZ^G[NKMELF_8EY"^*LS<9WRB^!T.8=O'!?1*!F_
M"'Z%"\K+\FN.DQVZ/_I1?X5_^>E'?!FMZD\_PF*TK,NHB*,ONZ,85 D\=$YK
M[<[C<<L\</W<M7!VUCTHWBO=(>+0>9?^VN>UW=0X=40*:A80HR XIDDQ U&,
M>C/2.+.1"^TV OQJ'!<9*G3\#BB8\7E4BH$1@084 Y;4$4GN*0B=_+*\8SNN
M?=I_WH(/]_C=F_R_9/B<@3'!)AY87V 32-#_MY]9O9O-@Q4%NV$.ILF$%GV:
MI/!?9M.<&!'^]?57V)[LC'X_ Z.@W8*4O]24F355H@5<,1C;&,R1.)V"'6='
M&Y0Z6,>"F<33)(-A+?#H!)_0,GJT?R3_K WS>$S&V_#9X:&KZ4.CAPKX.9Q2
M_">\>)'2:XVGY$R,C#9^Q\!5=75EY;_<-S7@,6_R8A9\WCT,!F]@;>$D[P6'
MAX>[!T>'1X<'._W>.(=[82_ *(5UR:=3_LR]!W!1J@AM./L^.VC<S1!L[7&Z
MF.C#Y-)T+5,(=G4"UHS9CGYOU7Z /3&&Q0QB&!NM1+"8P]_AP.#[S(EQ%M U
M%WG3'A\,XAT=M3^:/3 -8#"%=W+MRW7WP!<IY_#^!<D.N#'5@MT!D.N%&-KP
M_(%="5BQ.((GCU&NX".2#!3!C-X *S8-:.4F**XF+4,^W'_9[W6>-/@:F,?T
M:IE5Q^)%%=OL( WPFV81L[@LZU=(7PSVD1FI>ZQVP*E+T/V!0X+W%@8AYKV8
M\ZX'Y(S&DP/R,#+E:EZ"=2^<)WTLXC29)1D:]A_-)CA/ZO?0K4 YL71W"7X6
MT0Z)J]@^HF! PT +%>\K?E3R9E;Y3ETHK3QB!X\&T<Z*'6LY2'Q6.!2R8HBU
M+40UYV\CN&=P#&8)#YW&T^_5]M'*H<;ZMJQIP$O:&"]]@L^$I4&KFC9O )[R
M+)J \KR(DC0:I7)#"[26RJK?@T&K@@75VUBZX9/#3EFQ@R^%"Y>Q)<I[(2J?
MUPD>CH*J]#3V7G ,6TH'E>PU&GF"TM?8!P/\P%D')T/MJ(^5AR>D@]-^0(.<
MI^-\PCXP7%N^\^ [YCQ$=FLG>A[H=Y-\O.#3")]*W(3]1CNK2FZ?NZ)O86A@
M1)(_K J@6Q"+^T81 R->T;/3U>PXDC(Y_6:)$G33=3#./PG&&7B.HYA.)^I&
M;WJY4=QX-V5/0N]#5V'#F^1/I7'V]&]T;HJ8AK!F4WD8U]W5H&M3\:%V4UFR
M1%.XC+QZM)1M&]7O&>/'FAB/5I@8P>U9&.Z;/?L"CPS(' PLV6ECO&;=6=W3
M[!'X91,21:(!1HLJR/+*F%Q>W.@\NN!;@6()9'H9G*'L@Y>"JL;5XP>M$:.R
M2';O[MBQOV^V_#'=VWF1Y'0X#Y^#AICOS?9@-TUHZR2IEJ1IR(2LXUM"JX@N
MSV']FX(WN,2 (RL'T@GUN)@HL<]16@N.>:&L\VABW0/6.>A]L5EE=-KJP^N^
MJMURV'DN!Z+MJFMLL;X&=([(L+.OFH+JV%6HT[Q5H0X<=Z)I/*QP*L"FL ':
M8U"$7X-CB<[>A_.[(IATL,5QHX.'N%%W!)+_S_<7G3JX6K#DH]C$'!/X7(\Z
M4=#D>P@]MR\6>$N;KY;[__9[;B")#/K6#*%12:MRA12&RB\2XX6!3V \@=#*
M>N='I!E)6XVB,BFM_VWS8&!UA<%E5!0@Y#6$93P/,!GC"ITHL$C5?<9!+T9_
M.,8IYD,2MM_J7P]ETJ%.*5WR$4+[Z8\\R2I2AKF-:DZ+?.:E8WC I*;0XF_+
M0O+:V7?G\WE>POS97'76 S7<\,F+,L"T?K_7EM9'%S;"MX (!%$84?[VV;.]
M@T>/_D/7KS$&#:G,4["RH_&X6- >P1O!J;0!%)J;4=)#T=+D7-&,4Q@U:.57
M:%^[2G@4@T&QXT<E*>V(JPBF;#Z"0TP6 #QI A8"+#49\9ZY$W\=QW#PR=^=
M1TLR-#%S'/$)!,M*C^#(1IDGWK$3P_@>Z/)O>?M'MW+[R6@J*SC\$@6I)Y7I
MP&2TA[/H2XRGL!;I]+83]J7,82O9,?/<8HJTT)==$0$7S_@=?RPF9^P=J^_L
MPP3@=]'D(BDQ0A**;PA7'.\OCH]&Y(R%I8RX-O8>RLLZK-N]FG0<?\GR2W U
MSUPIU+56Z(OS*(P4-<>7'-\B7YR=<[1LBO%7<?^CS'V..%I1Q8XTB0O[]<YW
MV,L!?F-2M;S3><>VW9;QM6_+1U<HP8J+)*N),<5;<!B/CP;L$LAK1A^,7\$I
M!$LS^!V_^+=H-G\1O)[A8]Z]^Q@&CX9'P7N)+2B0[_,"E<71X_U]^&_,PKP!
M;3A.RG$>!B?'P;-'P_TC3$8<XON&^\_W]X,(G=%@G2\Z-,XH3JGB R8X%;H4
MX.."CQ#K!2HC_M!^CUV[D"1]&E4*<"$_DT"FHP7H#+SODVC)>H@$@HE<U6^V
MAA;TVN$AIYO&B@&NK#B'K&YHF!3P\@)HJC^\;=HPWNZJ.<?MW+9[,KF5>V+O
MA0GNT<48H850P/[!22Y1A,%.)+-9/$')!D+<QK^G"])(;(* [8(&S:#<"5!*
M)]/$ H",09:SN= X66=1DI65/0_RS"R?P0FELX,GZE5,QED.7R"$C7GNP!Z1
M5Z<G382;,SZ5"*Y*""EXGV=T@6;@C@9G:3Z*R$B*'2"<E_E;'9;YA1^ W_2'
M0R%:6@M=WBKZBHHA6N*:DF59SP3P_:XY3@'8GDOX65)?9;Y]S@!J<L]N7XY[
MR^8QO$J>4MN;?J\F/X8HP^:K9!@^Q9,M)AA7-U6W[>+&M^,,KC)WZGX<V6.,
MZ2SS%.^OF%;C:!Z-<=_8M(F*F7%QTC@[XP04'%*PMZ(4\^@+=$HP%VNNIW4H
MFFD'U_+D\XJ/BV?SE+P-@;7XB>3ZN9_$:!8FBE\!;X>L1+D%^@:&\N$IQ60!
MZ+8,-3!Z6&B&PL%#!0H?3Q;P*<D6UJDPYS.V8T-O-KDX0*1KYR >\@SLS6,#
M*\7+GL4)J^(6-9EY#ZAO!8Y)Y<B*-Y+NR^GC-#Z+4LQ%1%\1@@"OJ,1M9XE&
MBUQH+@2%XRRJQ"N@!_RQ*))RDM#"^IX@"W[,]"]2P1)A>C6_S'3Q7 R19"'T
MZ639JN; W8?')"I7P VA396GX468QW0;9 KH=>)&T_F=SXL(/(94MY9D8S3F
MP(![;OH]/C@V&>29]DX>)<OMF, HKVB5P3B7?ZP\P1)WENSJ10)R@(5CO^>]
MKHX/63ET/?)X(&FC=1W=%#ZG>=Q'J.R&8X$9 5P"N<>JV$;@M$V35L7F[)'Z
M^R#G8_A@6AO\=Q&"VPS]>;C% ?O#AX#]?8H.'UX5=^@%7SD<^KL-P/I7N@E'
M-(8L"P8)W9*B:9@-:$QL&0KT!K'ZG][^_+H>0FM/T.\%/_WX]F?:EHX,/EH)
MV;7 G()70-3I"$L3NH%=J WBJ$@3&Q5 /WX)GY6^N4Z^.\>H7XBA!>_-YP&)
M/U!8)>IUM6B\.")Y52N@"@E9*/R34)\]+_)Q'$\(_C#5>,9\46")% 4]G*RR
M />#I\?MH$=";LCP^CT67/",L*;]C=UKS.J0U@/&F7D^K*S>'ABTN((8YT>_
MD3(: M*J0U#X18M2?3?T?5L7HR5;/AR<[0P.=KJ!N&:CBW@<PZ(W/,$MN[_7
MC[;#_<4U _L0U2'=F#KN^"T(T]<H)5<?:@5:PGFM=BW:S,"XU+H,6P"/_9X?
MAQ?L* ):\<6"0:I!V-J<+\\&; 7=#J9XM+#("&>-L(N"34WZ8$EA"*IE0\<?
MG2EY0VG%"0(?DT*2?1WWSZV'<HJ6%)6W&;3+R)%K8+M:WNP5/?&6=L#@FE@J
M5KD>D):#KHK$:]]>VK[+J.R6R,Y.D&JV6Q%T[42_=X6M8$.@EKUUK0#\GJ:&
MR\6H%)%FG0=PTCB#8[0._2 O8'MD$J5-P78C*E=>#@,\W!"6*,^SJ&88C+L=
M!N4<#!(1#G4XLC.X:? :Q(SZB[@X_]\"!,\T&0L0B["FI[M#5R:WG#"#-M4Z
M0!C3(-$!4!0N0:$MXH:BYYPH(] OO 3?S^ZX@P-S'<5:IBB8+L!%!Q-A4M-M
M=)$5LS5:-M+:)O74%LF(O^*_2_$U%Z7%-VZ98KE^8@H4R_$8+B)*ZE=).4[S
MDNHN49O\Z@616N]+5C_@GGSQ,/(2?\600T2I?[#J%EE5+&*WT .#?5:43*,Q
MW3E$U0L&@+[:^(X(& 7 TI<F>AKP"1E8(&6)]Y7^/6%D,"6C*7IM9 9=#/H5
M"A40'&D<34S.J"/?:Z2I^_<PF"0<]Y,Y!YPKQRD':V9,,JOJGN_&T]$U"%6<
MI,B9IC)XG!3CQ0PS]YAB9)G!54'PUR6A2/L]E =AZVK4T.3R4!>X7E-6&R@F
MQZAPHO']WBO*%1IHR-67-+BE%34'Y-I+&G2OZ)45(!9MK=6 P9458.,^JV[K
MN "DUM;HOH[]OEW%YY;^M&L^^Z=OH?CZO2[-%_P%%=]]"I,^VN(PZ:.',.E]
M"I/> /  ]M=;1,P6P1L,</TN L&!DE$\[D-E"&! 7JX0X"')LQ5."GT!OD$N
M'U9,J!#J]YP:PZY:!_SUQ4Y-TL.'%SLD^&+T<XL\2\9!D4>8VLDO2<9>)#M>
MZ97J<*^"U]$F+,0U?G8PB'8&P_T=^)\.1SZ7NO#AX:,5=7:N]'4SN\188,+.
M-5XA!%_8U6]$+UA9)87-5R-Z$83Y#H6_<)Y:0A-2C56(%=?G>8&E5R&E%O,+
MCF^X""/C9#L/@)'  YS?FY^;7ZL&L@$&'&<5H_XB4JAQO9S80^/"9-97P@2,
M*KS,%^G$[F'L!(43/M'NZ7)V=^6+#[OK)&5SZB@LPG[:=R-]S,H+Y<-=%EF*
MD2S2OJU+1>%NW21'92>4@B8S07.O-2TML9O5H]&P2MD91FEE8Z#C;,*K&AL#
MSV> W\9%,;&=.3PNGSB8)V>MM;8:WST>@R:TX<66]1]4'JN5];DX<\PXATD>
MEWJ[IVDRKIPPD&LS63]P9;U@N,KJ; 9<MLWQOSY@!Q6/6R;Z2HMBV?='9V23
MXN<--J\E8.GN9[_GN9&;AB^I\I%<*B&F@._!?^4^144G14C!GACZ*%0IF2)P
MH37NV58F+<Z %Y:F3[IOL=R=MDBH6]\K)=@9@?T$D6KWP0V>;.KWPB: $XNI
MGK,85R]<'TTQOC#5;]Q%5*'5!7YA=A]\)E*Y9N8(*M%J;:[FOI7SN-JIE4/F
M[P&H&STP[7'R6ST.OAW@!#W01+K5J,>--UJ-MHV"'5LFIJ?7%-..L/Y0G$59
M\B]A$?F87TKMQC$;@XR3-,B*MRU$3V0J$"@WYV?I92J#"YC%!/X0?X5;(_2:
MD4<4BB;%68YV!);YX%>L;$VC2YO5J23Z9^A&S269FS%'9LQPZK#$;H$G7:H%
M$5AVP9):_J3%*"$Q#2!<#Z%R,1&%Z8_*,F8H'\MD^JO6L. KR82_3,K8?24:
M_@8(3-9H.2Z2T48V2;_7992T,!QX>P'K_4^.7DE56^X,@H--_DHKA9&+DR13
M%&\:6WI91!$NV83N)52)!Q(&D;.P'_J350N(@D%L9+#HXJP42.<_W2 <*"T5
M)J$6Y%TR\:G6'TVC)"6Z1_0:DHEP7,$6TE]1PYHJKNCLK(C/..9+C@8*D (&
ME6?1*$4MC$&P>"QZC""55KB!D)Y<@'>FMD =]<VDMG'!/-MF]=5'*4-;^!D,
M+&!7H9%XCG;8YT)@*AU^?%R#Z8,S7+2I%4=MDTD2%?16ULITT2[/\Q3+(AT?
MYKV*Z6.9",-WMI00\VB+8WU'#[&^>Q7K.[N)R[5>B^._##E/I+"MSX[H8.U^
MW))O\ZOFW6B7\<I14')%J)(TP91)AF>5)Z!61&EX/L.#T>Z!8P6X9NN.#T6J
MX]C<]Q"7700:+JMP^C7[!&0L.UJ==%7&,J4_*!2)%(IYS9)"5A3)<8V:,,#X
M*&H0K!K)0,R>)W/*9.GG%H\_-AR+;=92F]:N14MHB%BJ,"?SV?\N/8ET'PW<
M5?1>1DLM+=0F#G& 9QB@+G).64!%5-ZLKZV<":QQ?>W<H=,V/RMDQDX7*>CW
M6S$F@QO:DN0>WX8QV1G@:MJ2'=O7[]V1<76#O<-Z'&?S5MF]=W9[B!U^_:T/
M5E_Z-MDCKKW[MM)8Y<$JHQR+U;Z551ZL,,JE7NK.K?+NLT,#@J,K\R^K' PR
M4X"D+"/F]=YQPM =W#+&+-W*+?,CD:WJ$W8"83T%?(?T%!:.R;^H:(]GC+^@
M3]UOT"[R8=.):0%<"?O.Y1&T J2";,$=AHBJI;,:5!"Y],\TG)0<?!25^/)+
MUJF\X;2;]LTE#>PBF2R(^<*$A7R0PA[Q'N*I04B.\:%O1;:U45*FIL0N7U3F
M@O/Z$,QV+%VO:D>E;8W$$# V@"^DVDT"WD ;*<&3H>K>INW$I:.N&"$'D!>I
M%CMSG4"VBW>W))815E,H">@>MQ^?&C0^Y.P9]6N!6U_HIJ=)C%A<6) SS >"
M*["8C9#2(0Z5&=HN0XA&0E6H89 %%[E68YKJ;N^HC=,HF>FKP)XL6$@NZQAF
MZZ>^@_&4-5)*D3.F.L(>_)&\B#:??AHX#)9WHB_I,GF2C\;$+S="+/1O ^U,
M7>)=6\YM6;#S_)H.4H!%#I[G0YZ.7UM^;E2QYR)%-6Z>>&TAQ)4U@N/JG',4
M6Z^!/^@]]9Q.ZU)L4^)VYT<$[Q/=@&EI*JH"R1<&_[Z_MS_$VXGR:4%I7I:3
M;8S\-''X6:T1CER6IJBUXC-F'PT)P$SJ7490%Y5&/!IYIY)3)6532FXB)-'K
MN(*4I)MMC)T;"J&N<JBK6^TWD4)(F'W?Q=!]"A<^WN)PX>.'<.&]"A<F-TK]
M.:'#-R8-8:20A +;+/1:!00Q:-+7&O$R,A;!ZF.<4&D)B9A<J+*P?(0E%#,8
M );A[B*?7S3!R2ON<$?==+H?]'Z;.W%RRJ:8+F;B"?]%-3/=H,*].!;:X%?-
M^V\NK==5MMF<)D+NP=,F8J0KU!O6$!^E\YR0E1'K!(/H;UU'%S ?22<6-UKH
M,]87;8,1P!K& (I5$UZQL41YY5<72]K+BU"SOSGF=G7F +2ES_2O/'AR_N&L
MG@=3;/QD3J<<5XMK$^0KAS1:EJO?LP:+(35O ?;_MO=Y+SB+,Z9T15P<W!H<
MM&6S$9)4*@6=2WEJ1HYD5B)P%KOE$"FM8/C!P'+'+$U_+'(N&,0M5QBOA;G!
MCKF&:"BP<\E:$XK7LO.:K$7'./VAKGQ-KG)Z_'J)EFHMIZX&7\4H93)/R36U
M6^H^Z=K37B4</*N_9=H63 'S1%BH*:IIO::R2C5IS"%!<Z3 O 5KHSUW;$@Q
M9)WKRXDHZTS/$K,"D5"/3!5V1#[1_U2Q,""]U+CKIUB/TCNX; M4Q9W+:*+_
MMQ+LT<F8R6UZ>N#VP/=PU85+TVR'>ZO;X*P6I66R"[:>^VR1(+M?%KO"V"BE
MKL%A?*Q 9D FX_P';.<9DG'6G;!CWNF(=+9'MW>>TP2$63!FI$ $SB &5G%S
M6@OHZUD25S;W>YU:U\B+4%@\7-XKINZ@,0@[KW,^L=-/P-CBFN+K:'<23?*Y
MJFE_\>V5XK<<V[=\0(>%$&8O\Z@ (?!;1B%Y.F3ECM8&&ODASZZ5DF]9O.6/
MV[(PG8TX06J]/$4\M9#!6%+5A$"(&#@MER7V.8+KKL!_%#O8V7C,OP]0SSE2
ML5!QLR*[W.\-#Z/=X=%@:HH]O-0RVT<&-K^28\#]X5[P.9$6. ':KAWYQEE>
M5L17@OSMJ*GA/3%;/.58;-^0Y8*5/%DNUHJJFOI3-UZ8P##DJ*Q)B>:9G/R0
M@IG$16MB &GR)4X%OEG[07BSH;B.13W-<GMQD?+*FQ+4]Z3?,YOB@NRH)/8R
M*F(-:!OI?0E>+JH_F]A:MTAE,+@\)_AT@$>,J&;)Z("7W#40Z[X)G$TB,$^V
M. +SY"$"<]^/\.#+#7(4TA;&I":8/;8[&E[CF"96XQ(9C\9.HV.7!,D'<AFI
M:0K9N4Z":A/P7> DP,LPUVN]:VM.RMNUX+W#-/:(:VW%/*CG<C'3O,0$&[O(
MO R4"$POMLK;:.WMD_QAH#<KE-I*MZXE!8)!8+U":G::BVSW2?(IN4"3)0):
M7(=1PDD,:1K2 L;EE'AJB_%KY*1^WWI]58S>QSCF-(6,VX]1P?2;JYH4O*ZA
M=I4)A357GB<*DR@07(-Z%&5?BL6\&E-F"$3=!0B0)4;^<P\^.$,G#39C,>/H
M7)G,DC0J&"7F<A*@H\0U4?#O,9P*Y"@O1=D%!1K<:L"C;H-%-O$/B:K(O]W(
M!Z:(..L^P-1$,4F54D\UI3--U,<EAD(8\^"PZ)%GRL_):>@[H>/[H]T!#I@3
M7@(3M4"F6.+*DP[&W')6'BAQ!";YI1S)B((PE=0N>W8B)WXD[UUWM/"YTA6#
MR<\ET 9O!A&#PT5+A-OQ@ ."3O*2VK!&!&E9\273HX38)OB%6NU%8]G!<<-=
M@,M4<;^=G -3DSQ-D0.1AET(\C-6,Q<\8&1/ISN 9Y*QH4I37>MYYYPX6'8.
MNL#ZG*$]F.'HD*+:!=<10 I[):?1DGL8YN?)*.&[((3*F"CD&XUG85'A9::_
M>Y[<"DZTUWK7&(+U#M_)5UF=9A#"#9T]C>#H+Y^OTQ<-_4[W1HH#7.+WL"8-
M;ES4U<9%0NA5Y!A!#"PKA+ IC1VIMW8 1IYS'G/.(K"2%DZ-DMLK!+WV'-OE
M[C,U?Z)ED-Z:-^TI<+/S38_:0!HT[-95*45F+<N"-JRWK[LJT_8*JX\\@\(O
M!G/9"%B==]D07O\&^[;UC_.,@Z9%1.E[PR. @06KVU6EVX[1=>S$>N7L6#Q.
MC2]?,KD;!B]0AYUBQP)'C>E5$LVBD%&94+?LVC(7<3"[PBVBVP*NTXD0!C@5
MZ,:\#*UI21%Q)IMWV!=LKX)Z(433?N;KTK#!#8VG-"'3-!1V'YC9-N=T=CI)
M]&DT&]Q-5ZQCH )-P!IC@JDO8[,#/<,Q?7J1Y*D9CM,+3]1&P4WM2C%_0[9!
M+$T'!MPB?"QE"D/G)?J0)&,+L]^;Y1,+)4;+9CR.4[7.Y=G^[\?(2ZQU!S,W
M.5B'+Q(DQN(7F6V+MI+,).J>@SP<#)F6!,*K&"R&?#ZK_3T8T.*TP>X[@E$[
MJWE9G6>[ 7L+S9TZN2F%:?NNAOUFO?C/-<.X>WUBSR98]=59A!S/DSCFB!C:
M#F&0YM02Q+2\,^!71S92PQSX/@NKW &C;S J)I9C1X6L?N?XP4^\8T?I3'/,
MS-7!G77PZT9(6R[=P.4U<\B[&[ U?I*?+=&.$DNWY-AY"2B:J[WE)3VIT0([
M@'<GXY11YF.L$Z5+('@)%R^,K!,RFL(O(_)V1=+;=47FG*25=2],4^?M"/ZF
M(0C0CD? &V@=O.J(G>,&*^QNA$QL&%+*QNG)XCR!W2MSM'QGX(R<E[SV\2B?
MH!%S@;/S*Y$N!(B@.Z30X 8&!7R>!49CR1$VR=]H!$\()<\G54HJ(T.1AZ%=
MA% %6[A2S+CL17>,_"5V$%,GX<;G"3M#7Z7X#7^;WJK-8&I@]5QU'K>L<0(<
MBO?86.ELF2VR2;CZZ1:'JY\^A*OO^Q$>9#<*5_=[#?ET0O&B.GRPT=[VEI)\
M7 A()ZNR01)3OLKP,(:+L<'B07S*X P;#JP;TY6*NP2L*-XK]YZ*,S]+Z&=T
M_<*C :O'VPM$(;E@OT?Q-^YYXT;JT+O(ETQ7RTCXW)0\870Q!F>$-:"$LT,9
MIFD]GCLE4BAOJ-UX"D[,'2+>A0=1WB,>L]IG#)G"I^%Y(&;PP>4.#Z"([;BG
M3D6"6\G@5&/P5)T?@5T*BSB[?D71.@"8F9F\:(.Y?=WQG<X5$YMK8WOP?HMQ
MPJN02RP/W;^8J\[A4PG=NTWFR4FC^&/7"]QRCQIKMQC)%!6]HWHLM>'7KT2_
M1TM1Q!,X_VIL<TR\%(L5/33Z75M)KRD&A.5?[G2M!D,0N4*%*LC!VH\PH:.7
MK@PZ.IY.$!BGECQZ!=Q..!C\B_=:.Z+JBRD3 ,-4WXRZ;J\ZW4SM4W<,N#<R
M!AV2;)'#@LK%OO&I7R,TB? FS;.S70P1P&M&]5C<"M\RU+^1J4U(#Q1E6)PX
MH@ // ^< "))12T44=Y@B@Z,I!-"KANBK,ZD&?5AV0V/X-Y6K=*:"%QE4<!2
M8V9<='CXBFDQ^HX9;)-.B'6"G8T3C4BRBSR]\*EL4<P:?5)_!E.SV\0<>;9M
M!$7]WMTR% 5M!$4./Q%X2TA0)$$!M[6H/B#KWGE2L&3A:A[+-!>.QB:L9)QB
MK<JMU2/W>QN.5;B4& Z\H'(UCCM%MLNF]9Y"ITZ;;]297(W;&(4+9+[.JI5@
M$UJVQS3'HTW5<# HA3:;GJCFB)#VF2882@)/%7-:.,]IBI0)QJ\?1VF$D/?0
M)&L9RQ0H,ATI!K)R(97%2,."C^48PPA'@9=W48Q8A--=GG/(@;[$6ROQ!OI[
M/"YB@\0R48:H&"459;$;887<:QEK$B%F<[ Q16O-^F:;\VT36G^*UY#?M-V8
M), 1*/S6]/7M)AE4S)WE@;8_&ELMAKA/.B;*3R#?%JA=&D],N\#1<J.GJ3W&
M 7"NXYRZB<[FZ+49Q/#9HWTW/+EEP9'!_-8\R[$Q4#_:%HEWZ6$VZ#J*F(^@
MME0,G%:*IG5B(VKL=%+T.C^'1HB5"Z9H<4 KFFBD"*NGP3>(L_LI!#>+85I
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MXQ@5%4+Y6#4A_.,87)*OP4N"E9.%Z]%'-*(LJ\@>.Z#O-';,WU U9$1=B#C
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MF^&@X,/5J-N**U;15OR1""62Y89H2L"&G&#Q ,;?4>).E\TXC]PPS8-6Y_1
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MDTU%$4G']FVC<QM<MY5,XS;^QH?UHQ#[=N&2YNAOXYYF<659@,TU;=0O>4S
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M<2V[C_,?2=35N3ZA$R^NBN3LC$+Y#K44K@>%A[E-H/-F(@%;1>#1A*@>'DK
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ME9A^$*IPW.GA_FCWR"4\PS8 /L.Q7'\62[_D^>023AEBR7'CW[W[&#8XD8W
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M.*9SI,'*@6[;A;A1!2[:_J@1R(RUY98WSQMX#EV,08[,5LE2068I;[7[;2/
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M_V+;*'K2!#M85^>J=L48*P1@4E#7NHBJ$U-+]Z!+/ >O$038=(4-V9:I9Q;
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MB$$R5Y"A*#0JIE'%?L$84(GEW['B$M8!8NMH2'$'-\-4UD&B'&\2%]%FV@D
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MT"8XW0O^'D?ILG$G&\6UYC8B31/8O1=1FF<O08N=\-VFQ>OW^-@^VH?[!S/
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MF[U/YB >'!WL/3T8C';^W-6X%QNB.Q+4-P',J"C[<F=[\.C)WB'N -AB#YO
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MO$&::G[]^>TOORI1UP%AQ7[+$CJKK^W#3MUT.'R9@ZG.%S[KVSCM]8D*)80
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MF.4/S827*<;&>E3_E9#XF/2:L)<2$ATQB9+(96(6_2%F$:_M+L#J\P+O;+[
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MZ$1;?.M+RYNL4/FAU!KW)>6!E!OU>N=^KAG%GF&)5EMM/.V'F1@1D=-7X$7
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MLP :?:S#R_XDKG^DKUECPCQ]X),'A@'Z/.'C&H"%)P4"DF <B=L#;&![X$H
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M)5;)[O0BAN1&D!Q0>.<@]WR%)).S=(GVTIRTVF),$<S5N<VHK^84[6::!8Z
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MZ'::[GE5)LI1V!GN^*B^% O@?QN"#'(E<\X;,<Q+DAV/!+7$"5SF/W<&@][
M_2_D9 *_Q4SP@_&1SB!*^&J9<GQ8\CZ2*E$;(X9R^-AXC?(; R!Y"U$0 W&I
M2 :OEF7*;UO^Q;MQDTB[(P5^NYW<)''81:Z@;C#$ KD##\KF(H7?D3GU.#PV
MI$@/ZJ&T>8G-.?&X\-.4!$W.RVC:)K[$](\-:@B:@5QK&T_9?4,NM6JNU9WR
M.XY-5-(V7()AK^;GZAY0)ZT".$HE.&NW<^>)Q+1Y^&\&'X*QP&A(3Q,*?FQR
MW@%S59"!P.)'*C%W[+V>B413[B1O,&4A"'EEBN&7(+<>ZXC7[I%?1=2GX2?8
M+IC)RE&BHVX'AJTC+1/FG5,7>)C)@K6'<6/ !OH,>C*IO&$U:RL7X@4\L8:]
M/&DU_Q]!*]N'I0@/0;GPZ/'A&6NEM*KG([MD>2S%]VV*=E1KC51QIU3ZP+_(
MP8]E>DMSB8>?C;T5[U62D)))=;8$D%7+7G?C'K?QT](86EA4;+:120//."^O
MD5N(AV^US8M&_(2M/+)GH(=HZC?\ GCE\SNFSS>K=_6Y)5NY)=!!W#7X<_4,
M *<6DT$GKYU.OHQ!ZI(Z^)(TDE1;M-6LSXK,64^]V94[XU 0[(UI/ES%YX-\
M"6%?EZ-/X%2<AM!%=#<\X2?MFH'4?_3[$*%*XCUQ*2=J'^-_*0E9@:SH]T,'
MZ/3LI["FH]0O3(8APZSJX/='IBC,;$^\H&>^]1V><6]';&%Q)%(=@X'+-CWF
MK+G1@TVLN6+YD57RMC]2")C@,6.>FRR]6,$1L?E[EVP(9I,DXX3Q1+7Y]5O_
M3]=T_YP.U;=LVK$Y#0/!IRGELY3KJ27LQ?%_.>9QD'0E= WA@*K4'  8$?@W
MP$[ <3+/,?>+@-BZ?NXV3(0G*BUUJE*5<\Z122)R/0'/B-\YC6T,[G82E!6)
MB&0F(UTLP@0>C><9$)9)W:SF&K+$S[30/,?5[#/DFZ*UZD/!Y.5HI@O*AQ!"
MR?G#6 TQ R@B-ZWK>6,-9%4J8&@%*F;#.*:.+/E%U"-(F?"B)4 !S)GK&362
M\-GI9Z9DRA05)5AK4L*NJ&S3//0#:'/K3;8 AHHIP$N$:DM&JW>OF7.O'*LR
M")XR,7UVUG$G+1;A6@W;+"3T%8>JS6^LVZEV5F-S[-\$P^#!\'T=UTI(\T(7
M):V#YTZ=2J)D"-8G<G!1%L!.%J4L\38I$V?-1$"Z,ARRFL#=;>KP0[<#_T3-
MR<S.N:')\ RE?;N:[Z%(2T@$DC8-F\;(6$4Z]]XBJ4=HB[#1BJE/J%OS6+O%
MIU#;%&G&:>A.Y^I)8_J;QUV9>C$)#,Y;)&VYZG&]@ZV0@YW4O:YNYYPJ.0^P
MJ*IKPO'U$ 6H#V K@IF!F8Y@TBCW$A\/?&.BFAI-#4JEOAGWB2@I/G=B\ $,
M?@.S2+D]AA%4O+&'.1=I*N=I5]'',G?-'M_[4!.CTTG/%Q<N6GBQR1A.PUXB
M?BGA*B&4HHQ>%8^I[Q%:I5[7Q52"2^XFTF-UKZ+2^7L5&VN_0BPI)77G/!&/
MGB?P>V#U3"ZX^4'B)AA7-4NJ7-'L;XBCNEO"_3H*10"73+\J#N"-LZHV;I1,
M]>IW&B%ZY",(DQHAP7!K'B7\Q <K1Z';\;5)3R@*;9&2;'-^ \WB934_VCJ.
MGK#]M.].?$+II<>+Q_Q;CA (!?<VFW;5[8Q1JID[;FH]9F)[3UX&2V=M0!?B
M0Z.7O"P&;NYT.Y5E:$X];>&0?858Z&M[UY,/Z=S'+S*KD4QO;9D5$<P-]F62
M.;(/_AY;6<:(7N0JE*)1H (T6&7L1*;Z5Y]N9Q1.@1;*60.'<=Z7EL(;V_3$
MA]]FU)3NC,#W'_GRC$O6EOIIVK6=(F0_#?+N#6T[D/)]V<2-0]$((3Q]<W^@
M:NCZ(X4SPBRY2$VE=79E/,R<1NFT8$%M^GF=WEWC>C4F;AQ#[8EUZ0%5:M(^
M]1LI6""VW$=EDGD]QCJ/$HD- %:PY=0-3^UMK,>0>);62+C;(3AE]<C'XCM)
M)Q%M @3BHZ0,7 ?M[HOUD><JT=">Z]O$<@;P QG"ML=*>PP=J[$L$P(R=+Z;
M%UB VJS1%!*F]S-YJ_IW4Y-POU[-8(QX&N(\B0IUN$W5(O\O,58T([1X*'M3
M3D$,!3JJ3^E<KS_GM"-F9)L4NV-%497!(WRL@G\*"$!)ZS"EXY ;/W 5ZMH&
M\$M]*S/3424"DJ?#BQ%2:<B5,!/B6A>-!0CBH121"6%,2[X.2^##(N??\#/(
M,_+RQ+Q(904Y1K<3FKZL/ZLDZ@OR>H+./4&W?X#3-2%L_$(!I:0[+K;8$ZT?
M44AUZL<*L5_!P54:2!!G'0K&>J0SMX-V9'*F2IH)Q@N$9'*:76$FUU3'+I<M
M^9G-J9>5B_:2RX>X'F?GKH]FG8(@W4Q:.;$RFS8K*@8:S_=1 *E&H>%L-W@4
MQR.FSAUSR!C C(6/ 66.OWNT*&5HTE=5NS0C'P0V]@OX\(;I571+31$.=[R#
MS.&3]!0F/"=$XT,CJ;/$G@B!Y#GUY1O^SY;EF W$%SU'5T""7&W,71\1F,FB
M.."83[#!)TR7+CPIQ'>F5<7A!1LPO8\149P 0JV&B9ZFXA%+;/!>-&"*YB.W
M52/P%PVJ"RD:YS417 B1='WBQ<A\5G").:O0&1>A=%X&A(1<AX29-PV^]8)F
MHHB<$?,HG1?-<7X(5IW6JU+>0Y"R?BF*"I*,BXIE!!\Q+OG.8:CH*.BE[KP5
M;%4O Z^\/D$Y6U8?V3OB!B5@6$MQFCC1G^>$NOH5(2>]G.(5M!Q0+"7VL;2^
MA;P 5IA,5.X)&$JH=9%NXAH]]1ZACLHRB;L=9\3U>3]$R;N,75CUT(,$Y?L"
MO!X]BTT$UTH9HV/O9%,&#@:>3):IQ ==HD^@@8+/)R\$N,!<1V$B!(0J8K1@
M^YHI%&VQ=R*69\Q1R55H#<SCXX6S ZJ1J4S;=]V'VT90<$>MK4!6)^'J6+DJ
M?N#*#F6U8SD?(S:F47V#E%%#^R<,7+YJ,_9+VO[#??$A<\B=Z%Z[-+TO?I))
M2:__G%.!I=MF[6HE8N=N]_T'*]9TU]0:>PV[W!<WBPRDC\BVHGUQ 2=SDK@P
MM+]AJ_T?9M&;[T<3WX\F?N?11'WMZ^]T/O&WNR++ %/<M *_2\\$6NI:GIH6
M5,P3N$&"7KJA]! [,P3DEF*K00F "02J0A7#[=[J)6B@'J]++R# 5M.WSD7=
M#D'!SU22/9>]P@8T06S*IG1K!@57PBVH4%.ZK'^Q\?,&=5PWQ ?":AN"&JW/
M<I#=]S_=#;?^ULY@JR?X]Q!H_'WT;YVB2J.C]H$[\&=2)Y?G5_XBZO!E536N
M&OZ@0[34"W(*<;=ZVH*>P6D 9'S/A &%NULC,J2&:%'#(P*K !:V[MB1^)KB
M[?F16,P?,="=O:;VN/*[F^J:CU"I+D$%5-BNY)!8(9[P*%>PI@WHZ\\T".<M
MSV>1F#)@>FRK?6K1*-7_!MW"!RXW_WRK+#:NT*(^!3<F0E>_WG7/(SC?1]SC
MCZ>H(M.<+Q7&I7.9ZFKP[J!YE:977P1!U@4Z$&?I'""6]7*E\UMQQ9?,Q'L3
M4_WZJS][\.3<M1EW"92+GR2ADLE=):$']8E1[AK6#&7WN6G'W?9"WA,/T"A=
M7^E1JRY6C6GN99^;>:ZLYT*?CM!4H1TSKEBM>W\T;D7W;]\=O.FZU3S6$(^6
MP.UQ65 5554FH)?YLIC"$*:9A:(B+%5C36]5.M?6I.&:*A5,RDX6@9FW.L4R
MVMVFP<:PQ)7;$U4)?*BR#Q1O@-]4N KNGY*!(W9Q257X\.B(PN83=V/3?1Y[
ME;',>L*=,V-)?^]ZT:.N&X0'L&<-_'OFA3DS%'82R;KP+0F0XVYGD#R>TLLY
MU]_<ZJG,@AW1FEO$D F5&%S.8'X58IA0A%W#+ZQ.(!1>"9\--S:HXKKW]X:I
M52#(J"=35]E1<4$%D.\I(D!3L:.6)W+[C[HV[5*EGN7/'I]P4' 7.<&DCVJJ
M[@>Q1X668^OH=,4]Z^K<QQ^J5#VG$]]VN>+3U? UB?ZK_K_#9;CV/>> A7H^
MMFNZ&ARNU[M.G:UOCJ<KKG=W._5=>M?Q]D>W?E8>+IJ/M9TU;D1'DDNF<#7L
MG&\9O'?W/_UUL' ,_,C-_1#&ZGO4X*6ZU;8!-Z0[K=P;+&T0-Y_6Q<:5Z3%"
MJDNP_@C/+TAW2"?DM52PNPL.D(_)5:4T!A4<.L)W=WS5Y\3ZDH]('U[\%K[?
MV#AB=7VK52'S2=OQS</#_4HA_G'N.\*4Z)'2I](=)W+#&2[+H.61P\D3A#G4
MU([Z97UN E=@C)-/W6V(ESOBX.SP&'[#%RN VA;*'FR>'8I76[MB_;JDAAFE
MK-??\F"Z_F)\\XOPRU^4#R7O8]]P;WT3_C>_[NZJ8<JJT>W$&AA,WW\IU$Y&
MZ\/!3F^X_:HWW-U]ON);\5^^\8?D/TX!-RM>=XG5SWV'_2LO]9."5P(W(-K3
M=\7RWM(W7)^JP+ZQD%KDOTOC<#/?%"N_ZO]=/$3^W8</IQ_/+L3EU8>3FS=7
M*T13?5/\Z75D_Y*;W=N-%N^YS(O_#RW=[2]OZ?YY_=5-^C=UW#^R0_\6S_\"
M4$L! A0#%     @ 3(AR4\2AP,,R P  [0L  !               ( !
M &%V8BTR,#(Q,3$Q."YX<V102P$"% ,4    " !,B')3V<>GZOT*  " A@
M%               @ %@ P  879B+3(P,C$Q,3$X7VQA8BYX;6Q02P$"% ,4
M    " !,B')3[3A[,%4'  #65P  %               @ &/#@  879B+3(P
M,C$Q,3$X7W!R92YX;6Q02P$"% ,4    " !,B')3,?0@HL<8  #U@0  $@
M            @ $6%@  =&TR,3,S,C$W9#%?.&LN:'1M4$L! A0#%     @
M3(AR4WVYA;  @P  ^"$# !4              ( !#2\  '1M,C$S,S(Q-V0Q
M7V5X,2TQ+FAT;5!+ 0(4 Q0    ( $R(<E-O<-_.)#4  &<Q 0 5
M      "  4"R  !T;3(Q,S,R,3=D,5]E>#0M-"YH=&U02P$"% ,4    " !,
MB')3SX(E[_\1  "21P  %0              @ &7YP  =&TR,3,S,C$W9#%?
?97@U+3$N:'1M4$L%!@     '  < RP$  ,GY      $!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
