AvalonBay Communities, Inc. is a real estate investment trust (a "REIT")
focused on developing, redeveloping, acquiring and managing high-quality apartment
communities in high barrier-to-entry markets of the United States. These markets
are in the Northeast, Mid-Atlantic, Pacific Northwest, Northern California and Southern
California regions of the country. As of December 31, 2013, the Company owned or held
a direct or indirect ownership interest in 273 apartment communities containing
81,522 apartment homes in twelve states and the District of Columbia, of which 29
communities were under construction and three communities were under reconstruction.
These 273 apartment communities are located in 16 high barrier-to-entry markets
characterized by a low supply of zoned apartment land and lengthy and contentious
entitlement processes. Our strategy is to focus on our chosen core markets and to
become the market leader in each of these markets. Please see our
Portfolio Overview page
for a listing of the markets.