AvalonBay Communities, Inc. is a Maryland corporation structured as a real estate investment trust (REIT). The company develops, redevelops, acquires, owns, and operates multifamily apartment communities. Its primary focus is on leading metropolitan areas with growing employment in high-wage sectors, higher home ownership costs, and a vibrant quality of life. The company's geographic presence includes New England, the New York/New Jersey metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California, with expansion regions in Raleigh-Durham and Charlotte, North Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver, Colorado. AvalonBay operates under four core brands: Avalon, AVA, eaves by Avalon, and Kanso, targeting different customer segments and submarkets.

• Employees: 3,039 (as of January 31, 2024)
• Geographic Footprint: 12 states and the District of Columbia
• Headquarters: Arlington, Virginia
• Founded: 1994
• Number of locations/facilities: 279 operating apartment communities
• Revenue: $2.77 billion (FY2023)
• Market Capitalization: $26.79 billion (as of June 30, 2023)
• Key Subsidiaries/Brands: Avalon, AVA, eaves by Avalon, and Kanso

• CEO: Benjamin W. Schall
• CFO: Kevin P. O'Shea

• Annual Revenue: $2.77 billion (FY2023)
• Net Income: $928.8 million (FY2023)
• Market Cap: $26.79 billion (as of June 30, 2023)
• Total Assets: $20.68 billion (as of December 31, 2023)
• Employees: 3,039 (as of January 31, 2024)
• Key Financial Highlights: Net income decreased by 18.3% year-over-year primarily due to decreases in real estate sales and related gains, partially offset by an increase in NOI from communities. Same Store NOI increased by 6.2% year-over-year.

AvalonBay develops, redevelops, acquires, owns, and operates multifamily apartment communities. The company's core brands include:

• Avalon: Upscale apartment living with high-end amenities and services.
• AVA: Smaller apartments in high-energy, transit-served neighborhoods designed for roommate living and socialization.
• eaves by Avalon: Value-focused segment primarily in suburban areas.
• Kanso: High-quality apartment homes with limited community amenities at a moderate price point.

The company's operations are segmented into Same Store, Other Stabilized, and Development/Redevelopment communities. Revenue is primarily derived from rental income. Same Store communities are those that have been owned and had stabilized occupancy as of the beginning of the respective prior year. Other Stabilized communities are generally all other completed consolidated communities that have stabilized occupancy. Development/Redevelopment communities are those under construction or redevelopment.

AvalonBay's strategy focuses on increasing long-term shareholder value through various activities, including development, redevelopment, acquisition, ownership, operation, and asset management of apartment communities. Key strategic initiatives include:

• Monitoring investment allocation by geographic market and product type.
• Developing, redeveloping, and acquiring interests in apartment communities in selected markets.
• Efficiently operating communities to maximize resident satisfaction and shareholder return.
• Selectively selling apartment communities that no longer meet long-term strategy.
• Maintaining a capital structure aligned with business risks.
• Generating additional shareholder value from investments in other real estate-related ventures.

AvalonBay operates in the multifamily real estate industry, facing competition from other real estate investors, including insurance companies, pension and investment funds, and other REITs. The company also competes for prospective residents with other apartment operators, condominiums, and single-family homes. Key market trends include growing employment in high-wage sectors, higher home prices, and a diverse quality of life in its target markets. The company's market position is influenced by its ability to develop, acquire, and operate high-quality apartment communities in these competitive markets.

• Development and Construction Risks: These include potential cost overruns, delays, and difficulties in obtaining necessary permits and authorizations.
• Market Risks: Changes in market conditions, competition, and economic factors that could affect occupancy rates and rents.
• Regulatory Risks: Potential impacts from new or modified rent control regulations and other laws limiting the ability to charge market rents.
• Financial Risks: Risks related to debt financing, including refinancing risks and the potential for rising interest rates.
• Operational Risks: Risks related to technology, cybersecurity, and the ability to attract and retain talented associates.