Welcome to AvalonBay Communities, Inc. 

We are a real estate investment trust (a "REIT") focused on owning, operating, developing, redeveloping and acquiring quality apartment communities in high barrier-to-entry markets of the United States. These markets are in the Northeast, Mid-Atlantic, Midwest, Pacific Northwest, Northern California and Southern California regions of the country. At September 30, 2007, AvalonBay owned or held an interest in 182 apartment communities containing 51,898 apartment homes in ten states and the District of Columbia, of which 19 communities were under construction and 9 communities were under reconstruction. In addition, we held future development rights for 52 communities. 

Strategy

Our strategy is to deeply penetrate our chosen markets through a broad range of products and services and an intense focus on our customer. We operate in premier apartment markets that are generally 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.  

We continue to expand our product in our chosen high barrier-to-entry markets.  Our portfolio, which is comprised of garden, townhome and mid- and high-rise communities in both suburban and urban locations serving both the A and B product segments, is geographically distributed across 16 markets and is relatively young in age (approximately 9.9 years).  The relatively young age of the portfolio results in lower overall maintenance costs and capital expenditures.  Our portfolio will continue to evolve over time in an effort to meet the changing needs and preferences of our multiple customer segments.

AvalonBay is led by a seasoned management team with a proven track record of creating significant shareholder value. Our high barrier-to-entry strategy and sound financial practices have contributed to sector-leading financial performance over the entire business cycle.  Over the last ten years, AvalonBay's average annual Funds from Operations (FFO) per share growth and dividend growth have exceeded the industry average.

Strong FFO per share growth and dividend growth have led to outsized returns for our shareholders.  During the period September 30, 1997 - September 30, 2007, our Compound Annual Growth Rate of 17% has outperformed the Multifamily Sector, the RMS, S&P 500 and the NASDAQ. 

09/30/97 - 09/30/07

Source: SNL Financial

Please review the remainder of the AvalonBay website or contact our Investor Relations Department for additional information.  Thank you for visiting AvalonBay Communities, Inc.'s website, and we hope your time with us is... Time Well Spent.