Portfolio Overview

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Building new communities

Portfolio Overview

AvalonBay operates in 18 leading metropolitan areas characterized by a limited supply of new apartment homes and a high cost of single-family housing, leading to more favorable demand/supply fundamentals over the long-term. Our strategy is to deeply penetrate these core markets through a broad range of products and services and an intense focus on our customer. We continually assess our portfolio composition and make capital allocation decisions with a goal of achieving desired market concentrations and the highest risk-adjusted returns. We operate in the following markets and our current concentration in each market is as follows:

Portfolio Overview - As of  September 30, 2016

Current
Communities
Development
Communities
Redevelopment
Communities
Total Communities
Comms Homes Comms Homes Comms Homes Comms Homes
Boston, MA 36 8,963 4 1,453 1 271 41 10,687
Fairfield-New Haven, CT 13 2,549 - - - - 13 2,549
New England 49 11,512 4 1,453 1 271 54 13,236
New York City, NY 10 3,481 2 1,006 1 602 13 5,089
New York Suburban, NY 7 1,529 1 152 - - 8 1,681
Northern New Jersey 2,170 2 585 1 168 12 2,923
Central New Jersey 10 3,170 1 280 - - 11 3,450
Long Island, NY 9 2,875 2 356 1 109 12 3,340
Metro NY/ NJ 45 13,225 8 2,379 3 879 56 16,483
Washington, DC 10 2,487 1 438 - - 11 2,925
Maryland Suburban, MD 10 4,134 3 995 - - 13 5,129
Northern Virginia, VA 19 7,121 - - 1 842 20 7,963
Mid-Atlantic/ Midwest 39 13,742 4 1,433 1 842 44 16,017
San Jose, CA 11 3,984 - - 2 921 13 4,905
San Francisco, CA 16 3,662 1 326 - - 17 3,988
Oakland-East Bay, CA 13 3,843 - - - - 13 3,843
Northern California 40 11,489 1 326 2 921 43 12,736
Los Angeles Other, CA 20 4,832 2 625 - - 22 5,457
San Fernando Valley, CA 17 6,009 - - 1 450 18 6,459
Orange County, CA 12 3,243 1 378 - - 13 3,621
San Diego, CA 9 2,227 - - - - 9 2,227
Southern California 58 16,311 3 1,003 1 450 62 17,764
Seattle, WA 19 4,598 2 860 - - 21 5,458
Pacific Northwest 19 4,598 2 860 - - 21 5,458
Non-Core 3 1,014 - - - - 3 1,014
Non-Core 3 1,014 - - - - 3 1,014
Total 253 71,891 22 7,454 8 3,363 283 82,708