Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-08-17

Avalonbay Communities Inc. (AVB)

CEO Benjamin Schall was paid $9,663,500 in fiscal year 2025, ↑ up 6.3% from fiscal year 2024, the 20th percentile of its disclosed peer group (SEC filing 0001104659-26-039943 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$9,663,500 ↑
Benjamin Schall total, FY2025
20th
CEO pay percentile vs peers
136:1
CEO-to-median pay ratio
95.58%
Say-on-pay support, latest vote

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- Benjamin Schall (Chief Executive Officer and President), FY2025 total compensation $9,663,500 (base salary $1,000,000) [exec_comp, SEC accession 0001104659-26-039943, filed 2026-04-06]

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AVB's next annual pay disclosure, estimated April 10, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Benjamin Schall$1,000,000$0$6,319,735$482,365$1,815,540$0$45,860$9,663,500
Chief Executive Officer and President
Matthew Birenbaum680,00002,887,91201,157,088037,8204,762,820
Chief Investment Officer
Sean Breslin680,00002,951,94801,087,320037,6314,756,899
Chief Operating Officer
Kevin O'Shea628,00002,570,8800999,650037,8204,236,350
Chief Financial Officer
Pamela Thomas550,00001,577,9420912,450050,4553,090,847
Executive Vice President - Portfolio and Asset Management

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Benjamin Schall$9,663,500$9,090,073$9,479,687↑ +573,427
Matthew Birenbaum4,762,8204,453,0594,836,206↑ +309,761
Sean Breslin4,756,8994,584,7574,856,983↑ +172,142
Kevin O'Shea4,236,3504,124,0664,311,299↑ +112,284
Pamela Thomas3,090,8473,579,787—↓ −488,940

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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Data as of August 17, 2026 · Source: 0001104659-26-039943 · Velarion Executive Compensation Database, deposited on Zenodo (doi:10.5281/zenodo.22283855).

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01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Charles E. Mueller, JrIndependent Director$330,457
Christopher B. HowardIndependent Director$300,315
Conor C. FlynnIndependent Director$110,977
Glyn F. AeppelIndependent Director$300,045
Nnenna LynchIndependent Director$320,045
Richard J. LiebIndependent Director$312,545
Ronald L. Havner, JrIndependent Director$300,315
Stephen P. HillsIndependent Director$312,545
Susan SwanezyIndependent Director$320,045
Terry S. BrownLead Independent Director$350,426
Timothy J. NaughtonChair of the Board$550,045
W. Edward WalterFormer director (through FY2025)—
02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Conor C. FlynnDirector2026-05-19A135$0$0CommonForm 4 ↗
Terry S. BrownDirector2026-05-19A20300CommonForm 4 ↗
Charles E. Mueller, JrDirector2026-05-19A17600CommonForm 4 ↗
Ronald L. Havner, JrDirector2026-05-19A13500CommonForm 4 ↗
Christopher B. HowardDirector2026-05-19A13500CommonForm 4 ↗
Charles E. Mueller, JrDirector2026-05-28A1,08200CommonForm 4 ↗
Timothy J. NaughtonDirector2026-05-28A1,08200CommonForm 4 ↗
Terry S. BrownDirector2026-05-28A1,08200CommonForm 4 ↗
Ronald L. Havner, JrDirector2026-05-28A1,08200CommonForm 4 ↗
Glyn F. AeppelDirector2026-05-28A1,08200CommonForm 4 ↗
Stephen P. HillsDirector2026-05-28A1,08200CommonForm 4 ↗
Christopher B. HowardDirector2026-05-28A1,08200CommonForm 4 ↗
Richard J. LiebDirector2026-05-28A1,08200CommonForm 4 ↗
Conor C. FlynnDirector2026-05-28A1,08200CommonForm 4 ↗
Nnenna LynchDirector2026-05-28A1,08200CommonForm 4 ↗
Susan SwanezyDirector2026-05-28A1,08200CommonForm 4 ↗
Pamela ThomasExecutive Vice President2026-08-01D48018689,093CommonForm 4 ↗
Matthew BirenbaumChief Investment Officer2026-08-17D17,458——Derivative, Class A CommonForm 4 ↗
Kevin O'SheaChief Financial Officer2026-08-17D57,693.2800CommonForm 4 ↗
Glyn F. AeppelDirector2026-08-17D15,659.36——CommonForm 4 ↗
Susan SwanezyDirector2026-08-17D15,980.61——CommonForm 4 ↗
Timothy J. NaughtonDirector2026-08-17D69,832——Derivative, Class A CommonForm 4 ↗
Timothy J. NaughtonDirector2026-08-17D14,024——CommonForm 4 ↗
Charles E. Mueller, JrDirector2026-08-17D8,623.53——CommonForm 4 ↗
Nnenna LynchDirector2026-08-17D7,052.05——CommonForm 4 ↗
Richard J. LiebDirector2026-08-17D9,928.63——CommonForm 4 ↗
Ronald L. Havner, JrDirector2026-08-17D21,149.88——CommonForm 4 ↗
Benjamin SchallDirector2026-08-17D8,304——Derivative, Class A CommonForm 4 ↗
Benjamin SchallDirector2026-08-17D10,073——Derivative, Class A CommonForm 4 ↗
Benjamin SchallDirector2026-08-17D12,651——Derivative, Class A CommonForm 4 ↗
Benjamin SchallDirector2026-08-17D9,473——Derivative, Class A CommonForm 4 ↗
Benjamin SchallDirector2026-08-17D21,772——Derivative, Class A CommonForm 4 ↗
Benjamin SchallDirector2026-08-17D178,819.7600CommonForm 4 ↗
Benjamin SchallDirector2026-08-17A78,25700CommonForm 4 ↗
Sean Thomas WillsonSenior Vice President2026-08-17D5,902.7200CommonForm 4 ↗
Sean Thomas WillsonSenior Vice President2026-08-17A1,43000CommonForm 4 ↗
Alaine Susan WalshExecutive Vice President2026-08-17D2,444——Derivative, Class A CommonForm 4 ↗
Sean BreslinChief Operating Officer2026-08-17A27,73500CommonForm 4 ↗
Matthew BirenbaumChief Investment Officer2026-08-17D113,020.9400CommonForm 4 ↗
Matthew BirenbaumChief Investment Officer2026-08-17A27,73500CommonForm 4 ↗
Pamela ThomasExecutive Vice President2026-08-17D23,87900CommonForm 4 ↗
Kevin O'SheaChief Financial Officer2026-08-17D13,966——Derivative, Class A CommonForm 4 ↗
Timothy J. NaughtonDirector2026-08-17D111,593.92——CommonForm 4 ↗
Stephen P. HillsDirector2026-08-17D10,274.57——CommonForm 4 ↗
Conor C. FlynnDirector2026-08-17D2,021.94——CommonForm 4 ↗
Alaine Susan WalshExecutive Vice President2026-08-17D13,01900CommonForm 4 ↗
Alaine Susan WalshExecutive Vice President2026-08-17A3,59000CommonForm 4 ↗
Edward M. SchulmanEVP-General Counsel2026-08-17D36,177.7900CommonForm 4 ↗
Sean BreslinChief Operating Officer2026-08-17D17,458——Derivative, Class A CommonForm 4 ↗
Kevin O'SheaChief Financial Officer2026-08-17A24,46700CommonForm 4 ↗
Sean BreslinChief Operating Officer2026-08-17D106,920.2200CommonForm 4 ↗
Pamela ThomasExecutive Vice President2026-08-17A13,56100CommonForm 4 ↗
Terry S. BrownDirector2026-08-17D20,855.92——CommonForm 4 ↗
Christopher B. HowardDirector2026-08-17D7,596.03——CommonForm 4 ↗
Edward M. SchulmanEVP-General Counsel2026-08-17D6,983——Derivative, Class A CommonForm 4 ↗
Edward M. SchulmanEVP-General Counsel2026-08-17A12,77000CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Sean BreslinPSU2025-02-26—7,8453,92315,690$1,749,212
Benjamin SchallPSU2025-02-2610,92721,853—43,7064,872,596
Kevin O'Shea—2025-02-26——4,633—1,026,580
Pamela ThomasRSU2025-03-01——1,216—275,035
Kevin O'Shea—2025-02-26—6,9263,46313,8521,544,300
Pamela ThomasPSU2025-02-26—3,9931,9977,986890,325
Matthew BirenbaumPSU2025-02-26—7,8453,92315,6901,749,212
Sean BreslinRSU2025-02-26——5,428—1,202,736
Pamela ThomasRSU2025-02-26——1,862—412,582
Benjamin SchallRSU2025-02-26——6,531—1,447,139
Benjamin SchallOTHER2025-02-26——9,473—482,365
Benjamin SchallPSU2025-02-26—21,85310,92743,7064,872,596
Benjamin SchallPSU2025-02-263,4636,926—13,8521,544,300
Matthew BirenbaumRSU2025-02-26——5,139—1,138,700
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Sean Breslin$1,202,736$1,749,212$059.3%
Benjamin Schall1,447,13911,289,492088.6%
Pamela Thomas687,617890,325056.4%
Matthew Birenbaum1,138,7001,749,212060.6%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Pamela ThomasRSU1,862—$337,599
Pamela ThomasPSU3,873—702,214
Matthew BirenbaumRSU3,994—724,152
Benjamin SchallRSU6,531—1,184,136
Benjamin SchallRSU5,193—941,543
Benjamin SchallPSU24,855—4,506,460
Sean BreslinRSU14,276—2,588,382
Sean BreslinRSU5,428—984,151
Sean BreslinRSU4,408—799,214
Pamela ThomasRSU1,216—220,473
Pamela ThomasRSU6,153—1,115,600
Pamela ThomasPSU3,993—723,971
Benjamin SchallRSU3,958—717,625
Benjamin SchallOption8,434172.11—
Sean BreslinPSU7,845—1,422,377
Benjamin SchallRSU36,123—6,549,461
Matthew BirenbaumRSU14,317—2,595,815
Benjamin SchallRSU12,460—2,259,123
Benjamin SchallPSU21,853—3,962,167
Matthew BirenbaumPSU8,598—1,558,903
Matthew BirenbaumPSU7,845—1,422,377
Sean BreslinPSU8,598—1,558,903
Benjamin SchallPSU7,573—1,373,061
Benjamin SchallPSU6,926—1,255,753
Benjamin SchallOption3,358177.83—
Benjamin SchallRSU4,633—840,009
Matthew BirenbaumRSU5,139—931,752
Benjamin SchallOption9,473221.58—
05

Incentive-plan design — the Compensation Discussion & Analysis

AvalonBay's compensation program is designed to: (1) Attract, retain, motivate, and engage our employees; (2) Align the interests of management with the interests of stockholders; (3) Align pay with performance with clearly defined goals and measures of achievement; (4) Focus on total compensation, consisting of base salary and incentive compensation. Consistent with our total compensation philosophy, a substantial majority of the target pay for our NEOs is variable and contingent on performance.

CEO STI target (% of salary)175%
CEO LTI target (% of salary)—
Independent consultantFerguson Partners Consulting L.P.
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-20119,464,8705,518,957584,00395.58%Passed
20252025-05-21121,084,1186,909,826438,87594.6%Passed
20242024-05-16120,668,1615,640,027664,60195.53%Passed
20232023-05-24117,885,2387,435,926436,08994.07%Passed
20222022-05-19114,949,7826,367,584282,03294.75%Passed
20212021-05-20110,524,9387,814,348330,26293.4%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-2095.58%a
20252025-05-2194.6%b
20242024-05-1695.53%c

a. Approved under the standard stated in the filing — “The following proposals will be presented to stockholders at the Annual Meeting: ​ ​ ​ Voting options ​ ​ ​ Board recommendation ​ ​ ​ Vote required to adopt ​ ​ ​ Effect of abstentions ​ ​ ​ Broker discretionary voting allowed? Election of 12 directors ​ FOR, AGAINST, or ABSTAIN for each nominee ​ FOR each nominee ​ A majority of the total votes cast as to each nominee ​ No effect ​ No Adoption of a resolution to approve, on a non-binding, advisory basis, AvalonBay's named executive officer compensation ​ FOR, AGAINST, or ABSTAIN ​ FOR ​ A majority of the total votes cast ​ No effect ​ No Approval of AvalonBay's 2026 Equity Incentive Plan ​ FOR, AGAINST, or ABSTAIN ​ FOR ​ A majority of the total votes cast ​ No effect ​ No Ratification of the selection of Ernst & Young LLP as AvalonBay's independent auditors for 2026 ​ FOR, AGAINST, or ABSTAIN ​ FOR ​ A majority of the total votes cast ​ No effect ​ Yes ​ Q.”.

b. Approved under the standard stated in the filing — “Under Maryland law, abstentions and broker non-votes are not treated as votes cast.”.

c. Approved under the standard stated in the filing — “Under Maryland law, abstentions and broker non-votes are not treated as votes cast.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)136 : 1
CEO total compensation$9,663,500
Median employee compensation$70,971
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Timothy J. NaughtonNot independent · Board Chair · Investment and Finance$350,000$200,045$0—$0$550,045
Terry S. BrownIndependent · Lead Independent Director · Compensation · Nominating, Governance and Corporate Responsibility—350,4260—0350,426
Charles E. Mueller, JrIndependent · Audit (Chair) · Investment and Finance—330,4570—0330,457
Susan SwanezyIndependent · Compensation · Nominating, Governance and Corporate Responsibility (Chair)120,000200,0450—0320,045
Nnenna LynchIndependent · Audit · Investment and Finance (Chair)120,000200,0450—0320,045
Richard J. LiebIndependent · Audit · Compensation112,500200,0450—0312,545
Stephen P. HillsIndependent · Compensation (Chair) · Investment and Finance112,500200,0450—0312,545
Christopher B. HowardIndependent · Nominating, Governance and Corporate Responsibility · Investment and Finance—300,3150—0300,315
Ronald L. Havner, JrIndependent · Audit · Investment and Finance—300,3150—0300,315
Glyn F. AeppelIndependent · Investment and Finance · Nominating, Governance and Corporate Responsibility100,000200,0450—0300,045
Conor C. FlynnIndependent · Partial-year service · Newly elected0110,9770—0110,977
Benjamin W. SchallEmployee director · Investment and Finance000—00
W. Edward WalterIndependent · Not standing for re-election · Departed during FY000—00
09

Board fee structure and ownership guideline

Annual cash retainer$100,000
Annual equity retainer$200,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)30,000 / 25,000 / 20,000
Stock ownership guideline5x annual cash retainer ($500,000)
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$915,000
Equity awards (grant-date value)$2,592,760
All other compensation$0
Total cost of the board$3,507,760

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Avalonbay Communities Inc. names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Avalonbay Communities Inc..

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Welltower Inc.2025Shankh Mitra$1,300,000$813,178,818$0$6,500,000$821,090,355
2Boston Properties2025Owen Thomas950,00019,317,94302,758,90023,047,305
3Digital Realty Trust2025Andrew Power978,84614,174,68403,700,00021,071,498
4Ventas, Inc.2025Debra Cafaro1,162,72012,015,05104,087,30317,501,073
5Realty Income2025Sumit Roy1,000,0009,149,49604,981,01216,251,931
6Extra Space Storage2025Joseph Margolis940,00011,138,71501,616,21314,186,887
7Invitation Homes Inc.2025Dallas Tanner1,000,00010,965,04602,108,00014,096,335
8Equity Residential2025Mark Parrell900,0008,023,6681,498,7412,317,61312,759,187
9Simon Property Group2025David Simon1,250,0007,000,2610011,663,678
10Kimco Realty Corp.2025Conor Flynn1,000,0007,080,40103,398,40011,581,750
11Regency Centers Corp.2025Lisa Palmer1,050,0007,099,09802,925,00011,092,432
12Essex Property Trust, Inc.2025Angela Kleiman944,5204,733,25404,362,21010,096,804
13UDR, Inc.2025Thomas Toomey900,0009,010,120009,933,438
14Federal Realty Investment Trust2025Donald Wood1,000,0007,554,43401,350,0009,929,147
15Public Storage2025Joseph Russell1,000,0003,982,3712,907,5832,005,8239,909,777
16Sun Communities, Inc.2025Charles Young218,7257,921,66101,725,0009,865,401
17Avalonbay Communities Inc.2025Benjamin Schall1,000,0006,319,735482,3651,815,5409,663,500
18American Homes 4 Rent2025Bryan Smith850,0005,114,70001,556,3717,535,178
19Mid-America Apartment Communities, Inc.2025A. Bradley Hill712,0193,412,409—1,183,9005,453,480
20Camden Property Trust2025Alexander Jessett646,5963,010,54801,491,0315,151,175
21Equity LifeStyle Properties2025Marguerite Nader683,2381,814,22201,492,4574,003,917

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Avalonbay Communities Inc.104.8%PSU 100NoFerguson Partners Consulting L.P.
American Homes 4 Rent104.6%PSU 60 · RSU 40Yes — Relative TSRSemler Brossy
Boston Properties117.4%PSU 55 · RSU 45Yes — Relative TSR with aTSR ModifierFW Cook
Camden Property Trustnot disclosedPSU 100Yes — Total Shareholder Return (TSR)CBIZ Talent and Compensation Solutions
Digital Realty Trust378%PSU 60 · LTIP Units 40NoSemler Brossy
Equity LifeStyle Properties63%RSU 100NoFerguson Partners
Equity Residentialnot disclosedLTI Awards 100not disclosedFerguson Partners Consulting
Essex Property Trust, Inc.153%PRSU 85 · RSU 15Yes — Relative TSR to Nareit Apartment IndexMercer LLC
Extra Space Storage98.25%PSU 75 · RSU 25Yes — Relative TSRMeridian
Federal Realty Investment Trust120%not disclosedNoSemler Brossy Consulting Group
Invitation Homes Inc.105.4%PSU 75 · RSU 25Yes — TSR Relative to RMS Index CAGRFerguson Partners Consulting
Kimco Realty Corp.189%PSU 67 · RSU 33Yes — Total Stockholder Return (TSR)Pay Governance LLC
Mid-America Apartment Communities, Inc.not disclosedPSU 80 · RSU 20Yes — Compounded Annualized Three-Year Relative Total Shareholder Return (TSR)Pearl Meyer
Public Storagenot disclosedPSU 80 · Options 20NoFerguson Partners Consulting
Realty Income199%PSU 75 · RSU 25Yes — TSR ranking relative to MSCI US REIT IndexFPC
Regency Centers Corp.not disclosedPSU 80 · RSU 20Yes — Relative Total Shareholder Return (TSR)Semler Brossy
Simon Property Group49.63%LTIP Units 75 · RSU 25Yes — TSR modifierSemler Brossy
Sun Communities, Inc.not disclosedPSU 60 · RSU 40Yes — Relative TSR vs. MSCI US REIT IndexFerguson Partners Consulting, LP
UDR, Inc.not disclosedPSU 100Yes — Relative cumulative TSR versus apartment peersFPL Associates
Ventas, Inc.352%PSU 70 · RSU 30Yes — TSR Relative to the Nareit Health Care IndexSemler Brossy
Welltower Inc.200%not disclosedYes — TSR vs FTSE NAREIT Equity Health Care IndexFerguson Partners Consulting

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

10d

Frequently asked questions

Who was the highest-paid executive at Avalonbay Communities Inc. in fiscal 2025?
As disclosed, Benjamin Schall (Chief Executive Officer and President) was the highest-paid executive at Avalonbay Communities Inc. in fiscal 2025, with total compensation of $9,663,500.
How does Avalonbay Communities Inc.'s chief executive pay compare to its disclosed peer group?
As disclosed, Benjamin Schall's total compensation ranked at the 20th percentile of Avalonbay Communities Inc.'s disclosed peer group.
What is Avalonbay Communities Inc.'s CEO-to-median employee pay ratio?
As disclosed, Avalonbay Communities Inc.'s CEO-to-median employee pay ratio was 136:1.
How did shareholders vote on Avalonbay Communities Inc.'s executive compensation?
As disclosed, 95.58% of shareholders supported Avalonbay Communities Inc.'s executive compensation in the latest say-on-pay vote.
How much does Avalonbay Communities Inc. spend in total on board compensation for fiscal 2025?
As disclosed, Avalonbay Communities Inc. reported total board compensation of $3,507,760 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Benjamin SchallDEF 14A2026-04-060001104659-26-039943Section “Summary Compensation Table” · page 67. As printed: 9,663,500. Filing ↗machine: t263 · r9 · c18 · span 1661086–1661095
2Section 01, Matthew BirenbaumDEF 14A2026-04-060001104659-26-039943Section “Summary Compensation Table” · page 67. As printed: 4,762,820. Filing ↗machine: t263 · r15 · c18 · span 1689705–1689714
3Section 01, Sean BreslinDEF 14A2026-04-060001104659-26-039943Section “Summary Compensation Table” · page 67. As printed: 4,756,899. Filing ↗machine: t263 · r18 · c18 · span 1703957–1703966
4Section 01, Kevin O'SheaDEF 14A2026-04-060001104659-26-039943Section “Executive Compensation”. As printed: 4,236,350. Filing ↗
5Section 01, Pamela ThomasDEF 14A2026-04-060001104659-26-039943Section “Summary Compensation Table” · page 67. As printed: 3,090,847. Filing ↗machine: t263 · r21 · c18 · span 1718211–1718220
6Section 03, Sean Breslin PSUDEF 14A2026-04-060001104659-26-039943Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t284 · r30 · c18 · span 2108741–2108746
7Section 03, Benjamin Schall PSUDEF 14A2026-04-060001104659-26-039943Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t284 · r18 · c18 · span 2044262–2044268
8Section 03, Kevin O'Shea DEF 14A2026-04-060001104659-26-039943Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t284 · r22 · c14 · span 2064335–2064340
9Section 03, Pamela Thomas RSUDEF 14A2026-04-060001104659-26-039943Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t284 · r33 · c14 · span 2123681–2123686
10Section 03, Kevin O'Shea DEF 14A2026-04-060001104659-26-039943Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t284 · r22 · c18 · span 2065613–2065618
11Section 03, Pamela Thomas PSUDEF 14A2026-04-060001104659-26-039943Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t284 · r32 · c18 · span 2119169–2119174
12Section 03, Matthew Birenbaum PSUDEF 14A2026-04-060001104659-26-039943Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t284 · r26 · c18 · span 2087452–2087457
13Section 03, Sean Breslin RSUDEF 14A2026-04-060001104659-26-039943Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t284 · r30 · c14 · span 2107463–2107468
14Section 03, Pamela Thomas RSUDEF 14A2026-04-060001104659-26-039943Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t284 · r32 · c14 · span 2118019–2118024
15Section 03, Benjamin Schall RSUDEF 14A2026-04-060001104659-26-039943Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t284 · r18 · c14 · span 2042982–2042987
16Section 03, Benjamin Schall OTHERDEF 14A2026-04-060001104659-26-039943Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t263 · r9 · c10 · span 1659226–1659233
17Section 03, Benjamin Schall PSUDEF 14A2026-04-060001104659-26-039943Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t284 · r18 · c18 · span 2044262–2044268
18Section 03, Benjamin Schall PSUDEF 14A2026-04-060001104659-26-039943Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
19Section 03, Matthew Birenbaum RSUDEF 14A2026-04-060001104659-26-039943Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t284 · r26 · c14 · span 2086174–2086179
20Section 07, pay ratioDEF 14A2026-04-060001104659-26-039943Section “CEO Pay Ratio”. As printed: 136 : 1. Filing ↗machine: span 2490724–2490732
21Section 08, Timothy J. NaughtonDEF 14A2026-04-060001104659-26-039943Section “Director Compensation”. As printed: 550,045. Filing ↗machine: t80 · r18 · c14 · span 689047–689213
22Section 08, Terry S. BrownDEF 14A2026-04-060001104659-26-039943Section “Director Compensation”. As printed: 350,426. Filing ↗machine: t80 · r10 · c4 · span 657847–658013
23Section 08, Charles E. Mueller, JrDEF 14A2026-04-060001104659-26-039943Section “Director Compensation”. As printed: 330,457. Filing ↗machine: t80 · r17 · c4 · span 683058–683224
24Section 08, Susan SwanezyDEF 14A2026-04-060001104659-26-039943Section “Director Compensation”. As printed: 320,045. Filing ↗machine: t80 · r19 · c14 · span 692921–693087
25Section 08, Nnenna LynchDEF 14A2026-04-060001104659-26-039943Section “Director Compensation”. As printed: 320,045. Filing ↗machine: t80 · r16 · c14 · span 681917–682083
26Section 08, Richard J. LiebDEF 14A2026-04-060001104659-26-039943Section “Director Compensation”. As printed: 312,545. Filing ↗machine: t80 · r15 · c14 · span 678269–678435
27Section 08, Stephen P. HillsDEF 14A2026-04-060001104659-26-039943Section “Director Compensation”. As printed: 312,545. Filing ↗machine: t80 · r13 · c14 · span 671246–671412
28Section 08, Christopher B. HowardDEF 14A2026-04-060001104659-26-039943Section “Director Compensation”. As printed: 300,315. Filing ↗machine: t80 · r14 · c4 · span 672480–672646
29Section 08, Ronald L. Havner, JrDEF 14A2026-04-060001104659-26-039943Section “Director Compensation”. As printed: 300,315. Filing ↗machine: t80 · r12 · c4 · span 665456–665622
30Section 08, Glyn F. AeppelDEF 14A2026-04-060001104659-26-039943Section “Director Compensation”. As printed: 300,045. Filing ↗machine: t80 · r9 · c14 · span 656620–656786
31Section 08, Conor C. FlynnDEF 14A2026-04-060001104659-26-039943Section “Director Compensation”. As printed: 110,977. Filing ↗machine: t80 · r11 · c4 · span 661615–661781
32Section 08, Benjamin W. SchallDEF 14A2026-04-060001104659-26-039943Section “Director Compensation”. As printed: 0. Filing ↗
33Section 08, W. Edward WalterDEF 14A2026-04-060001104659-26-039943Section “Director Compensation”. As printed: 0. Filing ↗
34Section 02, Conor C. Flynn 2026-05-19Form 42026-05-210001193125-26-234636Insider equity transaction reported since the proxy statement. Filing ↗
35Section 02, Terry S. Brown 2026-05-19Form 42026-05-210001193125-26-234639Insider equity transaction reported since the proxy statement. Filing ↗
36Section 02, Charles E. Mueller, Jr 2026-05-19Form 42026-05-210001193125-26-234644Insider equity transaction reported since the proxy statement. Filing ↗
37Section 02, Ronald L. Havner, Jr 2026-05-19Form 42026-05-210001193125-26-234647Insider equity transaction reported since the proxy statement. Filing ↗
38Section 02, Christopher B. Howard 2026-05-19Form 42026-05-210001193125-26-234649Insider equity transaction reported since the proxy statement. Filing ↗
39Section 02, Charles E. Mueller, Jr 2026-05-28Form 42026-06-010001193125-26-252144Insider equity transaction reported since the proxy statement. Filing ↗
40Section 02, Timothy J. Naughton 2026-05-28Form 42026-06-010001193125-26-252114Insider equity transaction reported since the proxy statement. Filing ↗
41Section 02, Terry S. Brown 2026-05-28Form 42026-06-010001193125-26-252120Insider equity transaction reported since the proxy statement. Filing ↗
42Section 02, Ronald L. Havner, Jr 2026-05-28Form 42026-06-010001193125-26-252123Insider equity transaction reported since the proxy statement. Filing ↗
43Section 02, Glyn F. Aeppel 2026-05-28Form 42026-06-010001193125-26-252129Insider equity transaction reported since the proxy statement. Filing ↗
44Section 02, Stephen P. Hills 2026-05-28Form 42026-06-010001193125-26-252133Insider equity transaction reported since the proxy statement. Filing ↗
45Section 02, Christopher B. Howard 2026-05-28Form 42026-06-010001193125-26-252141Insider equity transaction reported since the proxy statement. Filing ↗
46Section 02, Richard J. Lieb 2026-05-28Form 42026-06-010001193125-26-252147Insider equity transaction reported since the proxy statement. Filing ↗
47Section 02, Conor C. Flynn 2026-05-28Form 42026-06-010001193125-26-252117Insider equity transaction reported since the proxy statement. Filing ↗
48Section 02, Nnenna Lynch 2026-05-28Form 42026-06-010001193125-26-252137Insider equity transaction reported since the proxy statement. Filing ↗
49Section 02, Susan Swanezy 2026-05-28Form 42026-06-010001193125-26-252151Insider equity transaction reported since the proxy statement. Filing ↗
50Section 02, Pamela Thomas 2026-08-01Form 42026-08-040001193125-26-333043Insider equity transaction reported since the proxy statement. Filing ↗
51Section 02, Matthew Birenbaum 2026-08-17Form 42026-08-170001193125-26-354224Insider equity transaction reported since the proxy statement. Filing ↗
52Section 02, Kevin O'Shea 2026-08-17Form 42026-08-170001193125-26-354228Insider equity transaction reported since the proxy statement. Filing ↗
53Section 02, Glyn F. Aeppel 2026-08-17Form 42026-08-170001193125-26-354180Insider equity transaction reported since the proxy statement. Filing ↗
54Section 02, Susan Swanezy 2026-08-17Form 42026-08-170001193125-26-354182Insider equity transaction reported since the proxy statement. Filing ↗
55Section 02, Timothy J. Naughton 2026-08-17Form 42026-08-170001193125-26-354184Insider equity transaction reported since the proxy statement. Filing ↗
56Section 02, Timothy J. Naughton 2026-08-17Form 42026-08-170001193125-26-354184Insider equity transaction reported since the proxy statement. Filing ↗
57Section 02, Charles E. Mueller, Jr 2026-08-17Form 42026-08-170001193125-26-354185Insider equity transaction reported since the proxy statement. Filing ↗
58Section 02, Nnenna Lynch 2026-08-17Form 42026-08-170001193125-26-354186Insider equity transaction reported since the proxy statement. Filing ↗
59Section 02, Richard J. Lieb 2026-08-17Form 42026-08-170001193125-26-354191Insider equity transaction reported since the proxy statement. Filing ↗
60Section 02, Ronald L. Havner, Jr 2026-08-17Form 42026-08-170001193125-26-354199Insider equity transaction reported since the proxy statement. Filing ↗
61Section 02, Benjamin Schall 2026-08-17Form 42026-08-170001193125-26-354205Insider equity transaction reported since the proxy statement. Filing ↗
62Section 02, Benjamin Schall 2026-08-17Form 42026-08-170001193125-26-354205Insider equity transaction reported since the proxy statement. Filing ↗
63Section 02, Benjamin Schall 2026-08-17Form 42026-08-170001193125-26-354205Insider equity transaction reported since the proxy statement. Filing ↗
64Section 02, Benjamin Schall 2026-08-17Form 42026-08-170001193125-26-354205Insider equity transaction reported since the proxy statement. Filing ↗
65Section 02, Benjamin Schall 2026-08-17Form 42026-08-170001193125-26-354205Insider equity transaction reported since the proxy statement. Filing ↗
66Section 02, Benjamin Schall 2026-08-17Form 42026-08-170001193125-26-354205Insider equity transaction reported since the proxy statement. Filing ↗
67Section 02, Benjamin Schall 2026-08-17Form 42026-08-170001193125-26-354205Insider equity transaction reported since the proxy statement. Filing ↗
68Section 02, Sean Thomas Willson 2026-08-17Form 42026-08-170001193125-26-354209Insider equity transaction reported since the proxy statement. Filing ↗
69Section 02, Sean Thomas Willson 2026-08-17Form 42026-08-170001193125-26-354209Insider equity transaction reported since the proxy statement. Filing ↗
70Section 02, Alaine Susan Walsh 2026-08-17Form 42026-08-170001193125-26-354211Insider equity transaction reported since the proxy statement. Filing ↗
71Section 02, Sean Breslin 2026-08-17Form 42026-08-170001193125-26-354214Insider equity transaction reported since the proxy statement. Filing ↗
72Section 02, Matthew Birenbaum 2026-08-17Form 42026-08-170001193125-26-354224Insider equity transaction reported since the proxy statement. Filing ↗
73Section 02, Matthew Birenbaum 2026-08-17Form 42026-08-170001193125-26-354224Insider equity transaction reported since the proxy statement. Filing ↗
74Section 02, Pamela Thomas 2026-08-17Form 42026-08-170001193125-26-354226Insider equity transaction reported since the proxy statement. Filing ↗
75Section 02, Kevin O'Shea 2026-08-17Form 42026-08-170001193125-26-354228Insider equity transaction reported since the proxy statement. Filing ↗
76Section 02, Timothy J. Naughton 2026-08-17Form 42026-08-170001193125-26-354184Insider equity transaction reported since the proxy statement. Filing ↗
77Section 02, Stephen P. Hills 2026-08-17Form 42026-08-170001193125-26-354192Insider equity transaction reported since the proxy statement. Filing ↗
78Section 02, Conor C. Flynn 2026-08-17Form 42026-08-170001193125-26-354203Insider equity transaction reported since the proxy statement. Filing ↗
79Section 02, Alaine Susan Walsh 2026-08-17Form 42026-08-170001193125-26-354211Insider equity transaction reported since the proxy statement. Filing ↗
80Section 02, Alaine Susan Walsh 2026-08-17Form 42026-08-170001193125-26-354211Insider equity transaction reported since the proxy statement. Filing ↗
81Section 02, Edward M. Schulman 2026-08-17Form 42026-08-170001193125-26-354212Insider equity transaction reported since the proxy statement. Filing ↗
82Section 02, Sean Breslin 2026-08-17Form 42026-08-170001193125-26-354214Insider equity transaction reported since the proxy statement. Filing ↗
83Section 02, Kevin O'Shea 2026-08-17Form 42026-08-170001193125-26-354228Insider equity transaction reported since the proxy statement. Filing ↗
84Section 02, Sean Breslin 2026-08-17Form 42026-08-170001193125-26-354214Insider equity transaction reported since the proxy statement. Filing ↗
85Section 02, Pamela Thomas 2026-08-17Form 42026-08-170001193125-26-354226Insider equity transaction reported since the proxy statement. Filing ↗
86Section 02, Terry S. Brown 2026-08-17Form 42026-08-170001193125-26-354195Insider equity transaction reported since the proxy statement. Filing ↗
87Section 02, Christopher B. Howard 2026-08-17Form 42026-08-170001193125-26-354204Insider equity transaction reported since the proxy statement. Filing ↗
88Section 02, Edward M. Schulman 2026-08-17Form 42026-08-170001193125-26-354212Insider equity transaction reported since the proxy statement. Filing ↗
89Section 02, Edward M. Schulman 2026-08-17Form 42026-08-170001193125-26-354212Insider equity transaction reported since the proxy statement. Filing ↗
90Section 06, 2026 voteForm 8-K2026-05-220001104659-26-065770Item 5.07 · say-on-pay result. As reported: 95.58% (votes for as printed: 119,464,870). Filing ↗
91Section 06, 2025 voteForm 8-K2025-05-220001104659-25-051999Item 5.07 · say-on-pay result. As reported: 94.6% (votes for as printed: 121,084,118). Filing ↗
92Section 06, 2024 voteForm 8-K2024-05-170001104659-24-063013Item 5.07 · say-on-pay result. As reported: 95.53% (votes for as printed: 120,668,161). Filing ↗
93Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
94Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
95Section 09b board cost (computed)Computed——Cash 915,000 + equity 2,592,760 + all other 0 = 3,507,760, summed across the director compensation table rows.machine: formula: Σ = 3,507,760
96Welltower Inc., Section 10b CEO totalDEF 14A2026-04-100000766704-26-000014CEO total compensation as printed in Welltower Inc.'s own proxy. As printed: 821,090,355. Filing ↗machine: r3 · c24 · span 1124520–1124531
97Boston Properties, Section 10b CEO totalDEF 14A2026-04-100001037540-26-000010CEO total compensation as printed in Boston Properties's own proxy. As printed: 23,047,305. Filing ↗machine: span 1785714–1785724
98Digital Realty Trust, Section 10b CEO totalDEF 14A2026-04-170001308179-26-000296CEO total compensation as printed in Digital Realty Trust's own proxy. As printed: 21,071,498. Filing ↗machine: r2 · c14 · span 644147–644157
99Ventas, Inc., Section 10b CEO totalDEF 14A2026-04-010000740260-26-000010CEO total compensation as printed in Ventas, Inc.'s own proxy. As printed: 17,501,073. Filing ↗machine: r2 · c42 · span 1775799–1775810
100Realty Income, Section 10b CEO totalDEF 14A2026-03-250000726728-26-000021CEO total compensation as printed in Realty Income's own proxy. As printed: 16,251,931. Filing ↗machine: r3 · c18 · span 1118130–1118140
101Extra Space Storage, Section 10b CEO totalDEF 14A2026-04-010001289490-26-000027CEO total compensation as printed in Extra Space Storage's own proxy. As printed: 14,186,887. Filing ↗machine: r2 · c21 · span 521873–521883
102Invitation Homes Inc., Section 10b CEO totalDEF 14A2026-03-260001193125-26-126310CEO total compensation as printed in Invitation Homes Inc.'s own proxy. As printed: 14,096,335. Filing ↗machine: t266 · r3 · c39 · span 1039962–1039973
103Equity Residential, Section 10b CEO totalDEF 14A2026-04-140001193125-26-155007CEO total compensation as printed in Equity Residential's own proxy. As printed: 12,759,187. Filing ↗machine: r5 · c25 · span 1751089–1751100
104Simon Property Group, Section 10b CEO totalDEF 14A2026-04-010001104659-26-038320CEO total compensation as printed in Simon Property Group's own proxy. As printed: 11,663,678. Filing ↗machine: t240 · r4 · c17 · span 1804893–1804903
105Kimco Realty Corp., Section 10b CEO totalDEF 14A2026-04-080001206774-26-000197CEO total compensation as printed in Kimco Realty Corp.'s own proxy. As printed: 11,581,750. Filing ↗machine: t133 · r4 · c7 · span 542175–542185
106Regency Centers Corp., Section 10b CEO totalDEF 14A2026-03-250001193125-26-122880CEO total compensation as printed in Regency Centers Corp.'s own proxy. As printed: 11,092,432. Filing ↗machine: r7 · c23 · span 803410–803421
107Essex Property Trust, Inc., Section 10b CEO totalDEF 14A2026-03-270000920522-26-000011CEO total compensation as printed in Essex Property Trust, Inc.'s own proxy. As printed: 10,096,804. Filing ↗machine: r2 · c21 · span 1017592–1017602
108UDR, Inc., Section 10b CEO totalDEF 14A2026-04-020000074208-26-000037CEO total compensation as printed in UDR, Inc.'s own proxy. As printed: 9,933,438. Filing ↗machine: t322 · r11 · c18 · span 3007170–3007179
109Federal Realty Investment Trust, Section 10b CEO totalDEF 14A2026-03-270001193125-26-127642CEO total compensation as printed in Federal Realty Investment Trust's own proxy. As printed: 9,929,147. Filing ↗machine: t136 · r3 · c27 · span 657645–657654
110Public Storage, Section 10b CEO totalDEF 14A2026-03-270001193125-26-128991CEO total compensation as printed in Public Storage's own proxy. As printed: 9,909,777. Filing ↗machine: t75 · r4 · c29 · span 2764941–2764950
111Sun Communities, Inc., Section 10b CEO totalDEF 14A2026-03-300000912593-26-000141CEO total compensation as printed in Sun Communities, Inc.'s own proxy. As printed: 9,865,401. Filing ↗machine: span 1532781–1532790
112Avalonbay Communities Inc. (subject), Section 10b CEO totalDEF 14A2026-04-060001104659-26-039943CEO total compensation as printed in Avalonbay Communities Inc.'s own proxy. As printed: 9,663,500. Filing ↗machine: t263 · r9 · c18 · span 1661086–1661095
113American Homes 4 Rent, Section 10b CEO totalDEF 14A2026-03-270001562401-26-000018CEO total compensation as printed in American Homes 4 Rent's own proxy. As printed: 7,535,178. Filing ↗machine: r2 · c8 · span 1506459–1506468
114Mid-America Apartment Communities, Inc., Section 10b CEO totalDEF 14A2026-04-060001140361-26-013212CEO total compensation as printed in Mid-America Apartment Communities, Inc.'s own proxy. As printed: 5,453,480. Filing ↗
115Camden Property Trust, Section 10b CEO totalDEF 14A2026-03-270001628280-26-021581CEO total compensation as printed in Camden Property Trust's own proxy. As printed: 5,151,175. Filing ↗machine: span 767748–767757
116Equity LifeStyle Properties, Section 10b CEO totalDEF 14A2026-03-170001628280-26-018799CEO total compensation as printed in Equity LifeStyle Properties's own proxy. As printed: 4,003,917. Filing ↗machine: span 504578–504587
117Section 10a, Equity Residential reciprocityDEF 14A—0001193125-26-155007Equity Residential names Avalonbay Communities Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
118Section 10a, Invitation Homes Inc. reciprocityDEF 14A—0001193125-26-126310Invitation Homes Inc. names Avalonbay Communities Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
119Section 10a, Ventas, Inc. reciprocityDEF 14A—0000740260-26-000010Ventas, Inc. names Avalonbay Communities Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
120Section 10a, Extra Space Storage reciprocityDEF 14A—0001289490-26-000027Extra Space Storage names Avalonbay Communities Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
121Section 10a, Essex Property Trust, Inc. reciprocityDEF 14A—0000920522-26-000011Essex Property Trust, Inc. names Avalonbay Communities Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
122Section 10a, Camden Property Trust reciprocityDEF 14A—0000906345-25-000014Camden Property Trust names Avalonbay Communities Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
123Section 10a, Sun Communities, Inc. reciprocityDEF 14A—0000912593-26-000141Sun Communities, Inc. names Avalonbay Communities Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
124Section 10a, UDR, Inc. reciprocityDEF 14A—0000074208-26-000037UDR, Inc. names Avalonbay Communities Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
125Section 10a, Digital Realty Trust reciprocityDEF 14A—0001308179-26-000296Digital Realty Trust's most recent proxy was read; its disclosed peer group does not include Avalonbay Communities Inc.. Filing ↗
126Section 10a, Public Storage reciprocityDEF 14A—0001193125-26-128991Public Storage names Avalonbay Communities Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
127Section 10a, Welltower Inc. reciprocityDEF 14A—0000766704-26-000014Welltower Inc. names Avalonbay Communities Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
128Section 10a, Regency Centers Corp. reciprocityDEF 14A—0001193125-26-122880Regency Centers Corp. names Avalonbay Communities Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
129Section 10a, Realty Income reciprocityDEF 14A—0000726728-26-000021Realty Income names Avalonbay Communities Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
130Section 10a, Equity LifeStyle Properties reciprocityDEF 14A—0001628280-26-018799Equity LifeStyle Properties names Avalonbay Communities Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
131Section 10a, Federal Realty Investment Trust reciprocityDEF 14A—0001193125-25-066328Federal Realty Investment Trust's most recent proxy was read; its disclosed peer group does not include Avalonbay Communities Inc.. Filing ↗
132Section 10a, American Homes 4 Rent reciprocityDEF 14A—0001562401-26-000018American Homes 4 Rent names Avalonbay Communities Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
133Section 10a, Boston Properties reciprocityDEF 14A—0001037540-26-000010Boston Properties's most recent proxy was read; its disclosed peer group does not include Avalonbay Communities Inc.. Filing ↗

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