About AvalonBay

BUILDING LASTING VALUE

AvalonBay Communities, Inc., an equity REIT, has a long-term track record of developing, redeveloping, acquiring and managing distinctive apartment homes in some of the best U.S. markets, and delivering outsized, risk-adjusted returns to shareholders. With equal parts experience and vision, we’ve established a leadership position rooted in building value for the long term.

Our strategy

TARGETING THE BEST US MARKETS

We have a more than 20-year history in some of the best performing US markets – those with key structural advantages. These markets are located in the Northeast, Mid-Atlantic, Pacific Northwest, and Northern and Southern California regions of the country. Our in-house market research team, guided by their proprietary models, identifies the best submarkets for growth. Often challenging conventional wisdom, their data-driven insights guide us to smart, targeted growth.

CREATING DISTINCTIVE BRANDS AND EXPERIENCES

We have created three distinct apartment community brands based on a deep knowledge of our customers and what they are looking for in an apartment living experience. Our three offerings – Avalon, AVA and eaves by Avalon – allow us to address different needs of the renter market, more deeply penetrate our core markets, reach new customers, and better serve existing residents.

GENERATING GROWTH WITH PROVEN PLATFORMS: DEVELOPMENT, REDEVELOPMENT, ACQUISITIONS

Our decentralized, fully integrated development and construction platform has been integral to our success and a leading generator of value since our founding as a public company. We understand what it takes to bring sites through the entitlements process while minimizing risk along the way. And, since development is a local business, we maintain 11 regional offices, each fully staffed with a team of professionals in development, construction, and residential services. We choose to act as our own general contractor in most cases, allowing us to further control costs and quality while ensuring that the communities we develop are built to last. In addition to developing new communities, redeveloping current communities has proven an effective way to improve our competitive position, reshape our portfolio and create value. Our redevelopment teams keep our communities fresh and help implement our three-brand framework. We also grow through acquisitions of existing assets, particularly at select points in the cycle when values are more compelling. Our acquisition activity also provides a platform for growth in job markets that are not receptive to new development, and allows us to serve customer segments that are at lower price points than our newly built product.

ALLOCATING CAPITAL FOR GROWTH

Our strategy of growing through development, redevelopment and acquisitions is supported by a solid financial foundation. Our capital management strategy emphasizes matching long-term investments with long-term capital and focuses on accessing the most cost-effective mix of capital from a variety of sources. We have a track record of maintaining low leverage and healthy debt service coverage, and producing sector-leading dividend growth.

VALUING OUR CULTURE AND CAPABILITIES

Our culture is grounded in our core values of a commitment to integrity, a spirit of caring, and a focus on continuous improvement. Our decentralized development and operating structure depends upon a culture of collaboration and responsibility to balance regional autonomy with centralized support and capabilities located in our Arlington, VA headquarters. Regions are able to continuously improve execution by drawing on strategic capabilities that include market research, customer insight, design, and capital management.

PURPOSE

At AvalonBay, we're driven by a bold purpose: creating a better way to live. We do this by providing distinctive apartment living experiences and contributing to the vitality of local communities. All AvalonBay associates, from community maintenance managers to development directors to accounts payable analysts, have a role to play in bringing our purpose to life. Our core values and cultural norms define our standards of behavior and guide our decisions.

CORE VALUES

A Commitment to Integrity Do the right thing - always. A Spirit of Caring Have genuine kindness and concern for others. A Focus on Continuous Improvement Always try to get better.

CULTURAL NORMS

We Collaborate. We solve problems together in the best interests of all AvalonBay stakeholders—our customers, associates, shareholders and communities. In making decisions, we consider other perspectives and listen to each other, our customers and the market. We share our time and knowledge with each other, and we actively seek ideas and support from others. We Excel. We expect the best from ourselves and our colleagues. By being highly engaged in this way, we produce outstanding results. We are motivated self-starters who care and work intensely for AvalonBay’s success. We Innovate. We challenge convention and recognize problems as the seeds for innovation. We generate new ideas, offer better solutions and embrace change at all levels. Knowing that not all ideas will work, we test new concepts before implementing them full-scale, and we discuss and learn from our failures. We Act Like Owners. We use the company’s resources responsibly. We take smart risks by weighing the pros and cons of decisions, and we take ownership of and accountability for our choices and actions. We act in ways that focus on creating value for our customers, investors and associates. We Are Thoughtful And Thorough. We use reliable data and sound judgment when making decisions and taking action. That means we do our homework and avoid jumping to conclusions. We plan well, think through the big picture and evaluate the consequences of our decisions in order to best manage risks. We Show Appreciation. We recognize and reward excellent performance, celebrating successes of all sizes in all areas. We provide open, honest feedback and we acknowledge the contributions of others.