Exhibit 4.4


 



UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (THE “DEPOSITARY”) (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 & CO. OR
SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY AND ANY PAYMENT IS MADE TO CEDE & 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 & CO.,
HAS AN INTEREST HEREIN.


 


UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN
PART FOR NOTES IN CERTIFICATED FORM, THIS NOTE MAY 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.


 


	CERTIFICATE 

No. 1	CUSIP No.:

053484 AC5	PRINCIPAL AMOUNT:

$400,000,000
	 	 	 
	 	ISIN:	 
	 	US053484AC59	 
	 	 	 
	 	AVALONBAY COMMUNITIES, 

INC.	 
	 	 	 
	 	1.900% Senior Notes due 2028	 
	 	 	 
	ORIGINAL ISSUE DATE:

November 18, 2021	
    INTEREST RATE: 1.900%

    DEFAULT RATE: N/A
	STATED MATURITY DATE: December 1, 2028
	 	 	 
	INTEREST PAYMENT DATE(S)*:	 ̈ CHECK IF DISCOUNT NOTE	FIRST INTEREST PAYMENT 
	x
    June 1 and December 1	Issue Price:  99.869%	DATE: June 1, 2022
	 ̈ Other:	 	 
	* See additional provisions herein	 	 
	 	 	 
	INITIAL REDEMPTION	INITIAL REDEMPTION	ANNUAL REDEMPTION
	DATE: 	At any time prior to Stated Maturity Date	PERCENTAGE:  See Other/Additional Provisions	PERCENTAGE

REDUCTION:  N/A
	 	 	 
	OPTIONAL REPAYMENT	 	 
	DATE(S): N/A	 	 
	 	 	 
	SPECIFIED CURRENCY:	AUTHORIZED DENOMINATION:	EXCHANGE RATE
	x United
States dollars

 ̈ Other:	x $2,000 and integral 

multiples of $1,000 in excess thereof	AGENT: N/A
	 	 ̈  Other:	 
	 	 	 
	ADDENDUM ATTACHED	OTHER/ADDITIONAL PROVISIONS:	 
	x Yes

   ̈ No	See the addendum, referred to as Annex A, attached to this Note	 



 






     


     


    

 


AVALONBAY
COMMUNITIES, INC., a Maryland corporation (the “Company”, which term includes any successor corporation under
the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & 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 “Maturity Date” 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 “Interest Payment Date”), commencing on June 1, 2022.
Interest on this Note will be computed on the basis of a 360-day year of twelve 30-day months.


 


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 “Interest Period”). 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 “Record Date”);
provided, however, 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 (“Defaulted Interest”) shall forthwith cease to be payable to the person in whose name this Note
is registered (the “Holder”) 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 “Special Record Date”) 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.


 


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; provided, however, 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; provided, however, 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.


 






     


     


    

 


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.


 


As used herein, “Business
Day” 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.


 


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
 “Specified Currency”). 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.


 


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.


 


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.


 






     


     


    

 


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 “Market
Exchange Rate” 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).


 


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.


 


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.


 






     


     


    

 


Notwithstanding any provisions
to the contrary contained herein, if the face of this Note specifies that an Addendum is attached hereto and/or that “Other/Additional
Provisions” apply to this Note, this Note shall be subject to the terms set forth in such Addendum and/or such “Other/Additional
Provisions,” and the terms set forth in such Addendum and/or such “Other/Additional Provisions” shall supersede any
provisions in this Note to the extent that there may be any conflict or ambiguity between (a) the terms in such Addendum and/or such
 “Other/Additional Provisions” and (b) the terms in this Note.


 


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.


 






     


     


    

 


IN WITNESS WHEREOF, the Company
has caused this Note to be duly executed by one of its duly authorized officers.


 


	Dated: November 18, 2021	AVALONBAY COMMUNITIES, INC.
	 	 
	 	     
	  	By: 	 
	 	Name: 	Kevin P. O’Shea
	 	Title: 	Chief Financial Officer
	 	 


 


[Corporate Seal]


 


Attest:


 


	By:		 
	Name: 	Edward M. Schulman	 
	Title: 	Executive Vice President – General Counsel and Secretary	 



 


TRUSTEE’S CERTIFICATE OF AUTHENTICATION:


 


This is one of the Debt Securities
of the series designated therein referred to in the within-mentioned Indenture.


 


	 	THE BANK OF NEW YORK MELLON,
	 	as Trustee
	 	 
	 	 
	Dated: ___________________	By: 	 
	 	Name:
	 	Title:



 






     


     


    

 


[REVERSE OF NOTE]


 


AVALONBAY COMMUNITIES, INC.


 


1.900% Senior Notes due 2028


 


This Note is one of a duly
authorized issue of Debt Securities (the “Debt Securities”) of the Company of the series hereinafter specified, all issued
and to be issued under the Indenture, dated as of February 23, 2018, as amended by the First Supplemental Indenture, dated as of
March 26, 2018 and the Second Supplemental Indenture, dated as of May 29, 2018 (collectively, the “Indenture”),
as further amended, modified or supplemented from time to time, each between the Company and THE BANK OF NEW YORK MELLON, as trustee (the
 “Trustee,” 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 “Notes”) of the Company.


 


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.


 


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.


 


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 “Redemption Date”),
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 “Redemption Price” 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.


 






     


     


    

 


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 “Repayment
Date”). 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.


 


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) 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) 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 “Discount”.


 


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 “Initial Period”)
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.


 


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.


 


The Indenture contains provisions
for defeasance of (i) the entire indebtedness of the Notes or (ii) 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.


 






     


     


    

 


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.


 


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.


 


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.


 


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.


 


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.


 


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.


 


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 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.


 






     


     


    

 


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.


 


Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures, the Company has caused “CUSIP” 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.


 






     


     


    

 


ABBREVIATIONS


 


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:


 


	TEN COM 	- as tenants in common	UNIF GIFT MIN ACT	- ________ Custodian ______
	TEN ENT	- as tenants by the entireties	 	    (Cust)                          (Minor)
	JT TEN	- as joint tenants with right of survivorship and not as tenants in common	
     

    Under Uniform Gifts to Minors Act_____________

    (State)

	 	 	 
	 	Additional abbreviations may also be used though not in the above list.


 





 



 


ASSIGNMENT


 


FOR VALUE RECEIVED, the undersigned hereby sell(s),
assign(s) and transfer(s) unto


 


PLEASE INSERT SOCIAL SECURITY OR


OTHER


IDENTIFYING NUMBER OF ASSIGNEE


 


	 	 
	 	 







 


(Please print or typewrite name and address including postal zip code
of assignee)


 


this Note and all rights thereunder hereby irrevocably constituting and appointing


 


Attorney to transfer this Note on the books of the Trustee, with full power of substitution in the premises.


 


	Dated:	 	 	 
	 	 	 	 
	 	 	 	Notice:  The signature(s) on this Assignment must correspond with the name(s) as written upon the face of this Note in every particular, without alteration or enlargement or any change whatsoever.


 






     


     


    

 


ANNEX A TO


AVALONBAY COMMUNITIES, INC.


 


Certificate No. 1 -- $400,000,000 Principal
Amount


 


Other/Additional Provisions:


 


Optional
Redemption. 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 “Redemption Date”), at a redemption price equal
to the sum of (i) the principal amount of the Notes being redeemed, plus accrued interest thereon to, but excluding, the Redemption
Date and (ii) the Make-Whole Amount (as defined below), if any, with respect to such Notes. If the Notes are redeemed on or after
October 1, 2028 (two months prior to the Maturity Date) (the “Par Call Date”), 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.


 


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.


 


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’s discretion, be subject to the satisfaction of one or more conditions precedent, as specified in such redemption notice.


 


If less than all the Notes
are to be redeemed at the Company’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.


 


Acceleration
of Maturity. If an Event of Default with respect to the Notes that are then outstanding occurs and is continuing, and pursuant
to Section 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.


 






     


     


    

 


If an Event of Default set
forth in Section 501(5) of the Indenture occurs with respect to the Notes, such that pursuant to Section 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.


 


Definitions;
Calculation of Make-Whole Amount. Terms used but not defined herein shall have the meanings set forth in the Indenture. The
following terms shall have the following meanings:


 


“Make-Whole Amount”
means, in connection with any optional redemption or accelerated payment of any Notes, the excess, if any, of (i) 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) the aggregate principal amount of the Notes being redeemed or paid. The Trustee shall have no responsibility
for determining any Make-Whole Amount.


 


“Adjusted Treasury
Rate” means, with respect to any Redemption Date, (i) the yield, under the heading which represents the average for the immediately
preceding week, appearing in the most recently published statistical release designated “H.15” 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 “Treasury Constant Maturities,” 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) 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.


 


“Comparable Treasury
Issue” 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 “Remaining Life”) 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.


 






     


     


    

 


“Comparable Treasury Price” means,
with respect to any Redemption Date, (1) 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) if the Company obtains fewer than four such
Reference Treasury Dealer Quotations, the average of all such Quotations.


 


“Reference Treasury Dealer” means,
with respect to any Redemption Date, each of (1) BofA Securities, Inc., (2) Deutsche Bank Securities Inc., (3) a Primary
Treasury Dealer selected by PNC Capital Markets LLC, (4) Wells Fargo Securities, LLC or (5) any two other Primary Treasury Dealers
selected by us; provided, however, that if any of the Reference Treasury Dealers referred to in clause (1), (2), (3) or (4) above
ceases to be a primary U.S. Government securities dealer (“Primary Treasury Dealer”), the Company will substitute therefor
another Primary Treasury Dealer.


 


“Reference Treasury
Dealer Quotations” 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 p.m., New York City time, on the third business day preceding
the notice of such Redemption Date.