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  December 31, 2016

Current
Communities
Development
Communities
Redevelopment
Communities
Total Communities
Comms Homes Comms Homes Comms Homes Comms Homes
Boston, MA 37 9,234 4 1,453 0 41 10,687
Fairfield-New Haven, CT 13 2,549 - - - - 13 2,549
New England 50 11,783 4 1,453 0 0 54 13,236
New York City, NY 11 4,083 3 1,178 - - 14 5,261
New York Suburban, NY 7 1,529 1 152 - - 8 1,681
Northern New Jersey 2,170 3 833 1 168 13 3,171
Central New Jersey 10 3,170 1 280 - - 11 3,450
Long Island, NY 10 2,984 2 356 - - 12 3,340
Metro NY/ NJ 47 13,936 10 2,799 1 168 58 16,903
Washington, DC 10 2,487 1 438 - - 11 2,925
Maryland Suburban, MD 9 3,924 3 995 - - 12 4,919
Northern Virginia, VA 19 7,121 - - 1 842 20 7,963
Mid-Atlantic/ Midwest 38 13,532 4 1,433 1 842 43 15,807
San Jose, CA 12 4,694 - - 1 211 13 4,905
San Francisco, CA 16 3,662 1 326 - - 17 3,988
Oakland-East Bay, CA 13 3,843 1 285 - - 14 4,128
Northern California 41 12,199 2 611 1 211 44 13,021
Los Angeles Other, CA 20 4,832 3 1,320 - - 23 6,152
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 4 1,698 1 450 63 18,459
Seattle, WA 17 4,092 3 1,135 - - 20 5,227
Pacific Northwest 17 4,092 3 1,135 - - 20 5,227
Non-Core 3 1,014 - - - - 3 1,014
Non-Core 3 1,014 - - - - 3 1,014
Total 254 72,867 27 9,129 4 1,671 285 83,667