艾芙隆海湾社区美股招股说明书(2025-11-20版)

AvalonBay Communities, Inc. 4.350% Senior Notes due 2030 The notes will bear interest at the rate of 4.350% per year. Interest on the notes will be payable on June1 and December 1of each year, beginning on June1, 2026. The notes will mature on December1, 2030 unless we redeem them earlier. We mayredeem the notes at our option, at any time in whole or in part, at the redemption price described in “Description of the Notes —Optional Redemption.” The notes will be our senior unsecured obligations and will rank equally in right of payment with all of our other seniorunsecured and unsubordinated indebtedness from time to time outstanding. Investing in the notes involves risks that are described in the “Risk Factors” section beginning on pageS-5of this prospectussupplement and page1of the accompanying prospectus. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of thesesecurities or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation tothe contrary is a criminal offense. (1)The public offering price does not include accrued interest, if any. Interest on the notes will accrue from December1, 2025. The underwriters expect to deliver the notes through the book-entry delivery system of The Depository Trust Company forthe accounts of its participants, including Clearstream Banking,société anonymeand Euroclear Bank SA/NV, as operator of theEuroclear system, on or about December1, 2025. Joint Book-Running Managers TABLE OF CONTENTS Prospectus Supplement ABOUT THIS PROSPECTUS SUPPLEMENTS-iiPROSPECTUS SUPPLEMENT SUMMARYS-1RISK FACTORSS-5CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTSS-9USE OF PROCEEDSS-11DESCRIPTION OF THE NOTESS-12SUPPLEMENTAL U.S. FEDERAL INCOME TAX CONSIDERATIONSS-17UNDERWRITINGS-18LEGAL MATTERSS-23EXPERTSS-23INCORPORATION OF CERTAIN INFORMATION BY REFERENCES-23 Prospectus Risk Factors1Forward-Looking Statements2About this Prospectus4Where You Can Find More Information4Incorporation of Certain Documents by Reference4About AvalonBay Communities, Inc.6Use of Proceeds8Description of Debt Securities9Description of Preferred Stock36Description of Common Stock42Material Provisions of Maryland Law and Our Charter and Bylaws44Limits on Ownership of Stock51Certain U.S. Federal Income Tax Considerations and Consequences of Your Investment53Selling Securityholders81Plan of Distribution82Experts83Legal Matters83 ABOUT THIS PROSPECTUS SUPPLEMENT This prospectus supplement and the accompanying prospectus are part of a registration statement thatwe filed with the Securities and Exchange Commission (the “SEC”) using an “automatic shelf” registrationstatement. Our shelf registration statement allows us to offer from time to time a variety of securities. In theaccompanying prospectus, we provide you with a general description of the securities we may offer fromtime to time under our shelf registration statement and other general information that may apply to thisoffering. In this prospectus supplement, we provide you with specific information about the notes that weare selling in this offering. Both this prospectus supplement and the accompanying prospectus includeimportant information about us, the notes offered hereby and other information that you should know beforeinvesting. This prospectus supplement also adds, updates and changes information contained in theaccompanying prospectus. Generally, when we refer to this “prospectus supplement,” we are referring to this prospectussupplement and the accompanying prospectus, as well as the documents incorporated by reference hereinand therein. If information in this prospectus supplement is inconsistent with the accompanying prospectus,this prospectus supplement will apply and supersede the information in the accompanying prospectus. It isimportant for you to read and carefully consider all information contained in this prospectus supplement andthe accompanying prospectus. You should carefully read this prospectus supplement and the accompanyingprospectus as well as additional information described under “Incorporation of Certain Information byReference” in this prospectus supplement before investing in our notes. You should rely only on the information contained or incorporated by reference in this prospectussupplement, the accompanying prospectus and any related free writing prospectus we authorize to be deliveredto you. We have not, and the underwriters have not, authorized anyone to provide you with additionalinformation or information different from that contained in this prospectus supplement, the accompanyingprospectus and any related free writing prospectus. If anyone provides you with different or additionalinformation, you should not rely on it. We are not, and the underwriters are not, making an offer to sell thenotes in any jurisdiction where the offer or sale is not permitted. You should not assume that the in