Company Information

AvalonBay Communities, Inc. (NYSE: AVB) is a leading multifamily real estate investment trust (REIT) with a 30-year track record of developing, redeveloping, acquiring and managing distinctive apartment communities in some of the best U.S. markets across 12 states and Washington, DC.

The metropolitan areas we focus on are characterized by growing employment in high-wage sectors of the economy, lower housing affordability and a diverse and vibrant quality of life. We believe these market characteristics offer the opportunity for superior risk-adjusted returns on apartment community investment relative to other markets that do not have these characteristics.

Our principal financial goal is to increase long-term shareholder value through the development, redevelopment, acquisition, ownership, operation and asset management and, when appropriate, disposition of apartment communities in our markets.

To help meet this goal, we regularly:

• Monitor our investment allocation by geographic market and product type.
• Develop, redevelop and acquire interests in apartment communities in our selected markets.
• Efficiently operate our communities to maximize resident satisfaction and shareholder return.
• Selectively sell apartment communities that no longer align with our long-term strategy or when there are opportunities to realize value and reinvest the proceeds.
• Maintain a capital structure that we believe is aligned with our business risks and allows us to maintain continuous access to cost-effective capital.