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 June 30, 2014, the Company owned or held
a direct or indirect ownership interest in 275 apartment communities containing
82,348 apartment homes in twelve states and the District of Columbia, of which 32
communities were under construction and six communities were under reconstruction.
These 275 apartment communities are located in 18 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.