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PRESS RELEASE For Immediate News Release April 28 , 2021 AvalonBay COMMUNITIES AVALONBAY COMMUNITIES , INC . ANNOUNCES FIRST QUARTER 2021 OPERATING RESULTS AND SECOND QUARTER 2021 FINANCIAL OUTLOOK ( Arlington , VA ) AvalonBay Communities , Inc. ( NYSE : AVB ) ( the " Company " ) reported today that Net Income Attributable to Common Stockholders for the three months ended March 31 , 2021 was $ 142,223,000 . This resulted in a decrease in Earnings per Share - diluted ( " EPS " ) for the three months ended March 31 , 2021 of 14.3 % to $ 1.02 from $ 1.19 for the prior year period , primarily attributable to a decrease in Established Community Residential NOI , as detailed in the table below . Funds from stockholders - Operations attributable to common diluted ( " FFO " ) per share for the three months ended March 31 , 2021 decreased 14.9 % to $ 1.94 from $ 2.28 for the prior year period . Core FFO per share ( as defined in this release ) for the three months ended March 31 , 2021 decreased 18.4 % to $ 1.95 from $ 2.39 for the prior year period . The following table compares the Company's actual results for EPS , FFO per share and Core FFO per share for the three months ended March 31 , 2021 to its results for the prior year period : Q1 2021 Results Compared to Q1 2020 The following table compares the Company's actual results for EPS , FFO per share and Core FFO per share for the first quarter of 2021 to its February 2021 outlook : Q1 2021 Results Compared to February 2021 Outlook Per Share ( 1 ) EPS FFO Core FFO Projected per share - February 2021 outlook ( 1 ) $ 0.96 $ 1.86 $ 1.90 Established Community Residential NOI Commercial and other Residential NOI Capital markets and transaction activity 0.03 0.03 0.03 0.02 0.02 0.02 0.02 0.02 Income taxes 0.01 0.01 Gain on sale of real estate and depreciation expense ( 0.02 ) $ 1.02 $ 1.94 $ 1.95 Q1 2021 per share reported results ( 1 ) The mid - point of the Company's February 2021 outlook . Established Communities Operating Results for the Three Months Ended March 31 , 2021 Compared to the Prior Year Period For Established Communities , total revenue decreased $ 50,375,000 , or 9.1 % , to $ 502,258,000 . Residential revenue decreased $ 49,570,000 , or 9.1 % , to $ 497,435,000 , with uncollectible lease revenue contributing $ 12,428,000 of this decrease . Residential rental revenue for Established Communities decreased 9.1 % , as detailed in the following table : Established Communities Change in Residential Rental Revenue Q1 2021 Compared to Q1 2020 Per Share ( 1 ) EPS Q1 2020 per share reported results $ FFO Core FFO 1.19 $ 2.28 $ 2.39 Established Community Residential NOI ( 2 ) ( 0.39 ) ( 0.39 ) ( 0.39 ) Development and Other Stabilized Community Residential NOI 0.04 0.04 0.04 Commercial NOI ( 0.01 ) ( 0.01 ) ( 0.01 ) Capital markets and transaction activity 0.01 ( 0.05 ) Joint venture income ( 0.01 ) ( 0.01 ) ( 0.01 ) Residential rental revenue Overhead and other 0.01 0.01 ( 0.02 ) Lease rates ( 3.6 ) % Income taxes 0.01 0.01 Gain on sale of real estate and depreciation expense 0.18 Q1 2021 per share reported results $ 1.02 $ 1.94 $ 1.95 Concessions and other discounts Economic occupancy Other rental revenue Uncollectible lease revenue ( 1 ) ( 2.4 ) % ( 0.6 ) % ( 0.2 ) % ( 2.3 ) % ( 1 ) For additional detail on reconciling items between EPS , FFO and Core FFO , see Attachment 11 , table 2 . ( 2 ) Established Community uncollectible Residential and Commercial lease revenue increased $ 0.09 over the prior year period . Total Residential rental revenue ( 9.1 ) % ( 1 ) Uncollectible lease revenue increased to 3.14 % of total residential revenue , as compared to 0.67 % of total residential revenue for the prior year period . Copyright © 2021 AvalonBay Communities , Inc. All Rights Reserved 1