Targeted Growth
2011 Annual Report
AvalonBay Communities, Inc. is an equity REIT primarily engaged in developing, redeveloping, acquiring and managing quality apart-ment communities in high barrier-to-entry markets within the United States. Our markets are located in the Northeast, Mid-Atlantic, Pacific Northwest, and Northern and Southern California. Our strat-egy is to be leaders in customer insight, market research and capi-tal allocation, delivering a range of multifamily offerings tailored to serve the needs of the most attractive customer segments in the best-performing submarkets. At year-end 2011, our Total Market Capitalization was approximately $16 billion.AvalonBay Communities, Inc. common shares are traded on the New York Stock Exchange under the ticker symbol AVB and are included in the S&P 500 Index. More information about AvalonBay may be found on our website at www.avalonbay.com.FFONAVTSRAVB Multifamily Sector Avg.10 - Year Compound Annual Growth RateSource: Green Street Advisors, SNL FinancialLONG-TERM OUTPERFORMANCE(2)20%15%10%5%0%-5%-2.0%1.5%8.3%16.0%11.4%6.1%Cover: AVA™ Queen Anne, Seattle, WAThis Page: Avalon Charles Pond, Long Island, NY1 year3 year10 yearAVB Multifamily Sector Avg.Compound Annual Growth RateTOTAL SHAREHOLDER RETURN(1)40%30%20%10%0%11.9%19.4%34.6%16.0%11.4%28.2%Source: SNL Financial the best-performing
targeted
Customer
Markets
segments
distinct, tailored
Brands
2 AvalonBay Communities, Inc.2011 was a great year for AvalonBay. Led by impressive same store Net Operating Income (NOI) growth of over 8%, we enjoyed Funds from Opera-tions per Share (FFO) growth of just over 14% – our best performance in over ten years. Our development, investments, and redevelopment platforms were all active, laying the foundation for strong growth in the years to come. We con-tinued to fortify our already best-in-class balance sheet with additional capital raising activity of nearly $1 billion. For the year, our Total Shareholder Return was 19%, while our ten-year average Total Shareholder Return stands at 16%.Shareholdersto ourAVA Queen Anne, Seattle, WA AVA Queen Anne, Seattle, WA
Well established demographic trends created a powerful tailwind for rental performance, marked
by strong growth in younger age segments more likely to rent than own, and a continued decline
in the homeownership rate, particularly among young adults. This increased demand was met
with exceptionally low levels of new rental supply, with completions running at the lowest levels
in over 30 years.
We continue to enjoy an advantaged position within our industry, distinguished by our 25-year
history in some of the best markets in the US -- markets with key structural advantages. We use that
experience, including the established relationships and deep market knowledge that come with
it, to further add value through a diverse set of capabilities including operations, development,
redevelopment, and asset management. Additionally, our capital markets expertise and our con-
servative balance sheet management allow us to access capital on terms which further extend our
competitive advantage and provide opportunities that others may not be able to exploit.
As we begin 2012, Tim steps into the CEO role with a sharper focus on our time-tested
strategy. We plan to continue to build on our advantaged position and more deeply penetrate our
chosen markets. To appeal more specifically to the most profitable customer segments within our
markets, we recently announced the introduction of two new brands to complement our core
Avalon product offering. We are confident that our multi-brand strategy will contribute to out-
performance in the future, and we see tremendous opportunities to apply it within our portfolio
and submarket allocation strategy. By utilizing our proprietary insights from our growing capa-
bilities in market research and consumer insight, we look forward to Targeted Growth in 2012
and beyond.
The Year in Review
On a national and international level, 2011 was a year of uncertainty and unmet expectations
for economic recovery. The debt ceiling debate in Washington, sovereign debt crisis in Europe,
and continued fragile consumer confidence contributed to disappointing job growth, averaging
just shy of 150,000 net new jobs per month. The corporate sector, enjoying record liquidity, was
reluctant to expand due to lack of confidence in future growth given the uncertainty that seemed to
be everywhere.
Despite the backdrop of this weak macro environment, we did experience strong demand/supply
fundamentals in the apartment sector. Growth in jobs and households was concentrated among
young adults, who are more likely to rent than own. In fact, rental household growth of 1.2 million for
the year represented 84% of total household growth, a far higher share than long-run averages. And
AvalonBay Communities, Inc. 3
4 AvalonBay Communities, Inc.We have a 25-year history in some of the best-performing markets in the US – markets with key structural advantages.AVB MarketsU.S.HIGHER HOUSEHOLD INCOME$70,000$65,000$60,000$55,000$50,000$45,000Median Household IncomeAVB MarketsU.S.Median House Price (in thousands)Ratio: Price to IncomeHIGH BARRIERS TO HOMEOWNERSHIP$400$300$200$10006.04.02.00.0Median Existing Ratio: Median HomeHome Price Price to Median Household Income AVB MarketsU.S.Share of Population >25 Years Old with Bachelor’s Degree or HigherMORE COLLEGE-EDUCATED RESIDENTS35%30%20%24.0%32.0%Marketsthe best-performingSource: Moody’s Analytics with new completions of only 80,000 apartments, representing just 37% of the 15-year average,
demand/supply conditions were favorable for raising rents in 2011.
In our same store portfolio, we benefited from this imbalance of demand and supply with revenue
growth of 5%. Combined with a decline in operating expenses of over 1%, same store NOI
growth ended the year at over 8%. As the year progressed, rental revenue accelerated in our
West Coast markets, particularly those markets driven by technology, while East Coast markets,
which led our portfolio earlier in the year, enjoyed strong but moderating growth.
In addition to the operating performance of our existing portfolio, increased investment activity
also drove results, reflecting an organization creating value from multiple platforms, including:
Development
Development is the primary driver of Targeted Growth over time. We were early in ramp-
ing up our development activity, investing in anticipation of the strong fundamentals our
markets currently enjoy. The benefit of this foresight will accrue to us over time as we deliver
new development at an attractive cost basis and bring new communities on line in what we
expect will be a great environment for new lease-ups. In 2011, we completed six new
communities totaling over 1,100 apartment homes for a Total Capital Cost of almost $300
million, and started 11 additional communities representing 3,100 apartment homes at a
projected Total Capital Cost of approximately $900 million. At year end, we had about
$1.5 billion of development underway.
Portfolio Management
2011 was an ideal time to redevelop assets with greater Targeted Growth potential.
We invested additional capital early in the cycle and used our expanded brand portfolio
to target different customer segments based on the profile and location of the asset and
its residents. We started ten redevelopments during the year for a Total Capital Cost of
approximately $85 million, and completed seven redevelopments representing approxi-
mately $70 million of additional investment.[3] We also phased in our occupied turn
program at all but the most complex redevelopment communities. Under this pioneering
initiative, we typically renovate our apartment homes while our customer remains in resi-
dence, allowing for shorter, more predictable redevelopment schedules and lower
vacancy loss. This program is a real competitive advantage, and we are now applying it
as standard practice in redevelopment.
In addition, we were opportunistic in pursuing our broader portfolio allocation objectives
by selling several communities in the Washington, DC and Boston areas and acquiring
eight communities in Southern California, significantly increasing our presence there.
AvalonBay Communities, Inc. 5
Capital Management
As we grow our investment activity to take advantage of the opportunities we are finding
in the market, we are ever mindful of the need to source cost effective capital to fund this
activity while preserving and enhancing the strength of our balance sheet. To this end,
we raised over $950 million of equity in 2011, and reduced our debt outstanding by
$430 million. This reduction in leverage, combined with strong earnings growth,
resulted in a significant improvement in key credit metrics by year end:
(cid:85) Debt-to-Total Market Capitalization of approximately 23%, as compared to
the sector average of 38%.
(cid:85) Debt-to-EBITDA of 5.3x, as compared to the sector average of 7.4x.
(cid:85) An Interest Coverage ratio of 4.0 compared to a sector average of 2.8.
With significant Targeted Growth planned for 2012 and beyond, we enhanced our
liquidity position, finishing the year with $700 million in cash on hand and $750 million
of available capacity under our credit facility.
Adding it all up, FFO per share increased 14% for the full year, or 17% after adjusting
for non-routine items. Earnings per Share (EPS) increased 135%, driven by gains on assets
sold as we harvested value created over the past real estate cycle. [4] On the strength
of this performance and our outlook for 2012 and beyond, we announced a 9% divi-
dend increase in the first quarter of 2012.
Looking Forward: Targeted Growth
Outlook for 2012
Prospects for 2012 look promising. The consensus forecast for the US economy is for modestly
stronger growth, as the corporate sector starts to put some of its liquidity to work through increased
hiring and capital investment. Wage growth is also expected to improve after years of productivity
gains and suppressed income growth from soft labor market conditions. In the apartment market,
demand should remain strong, as the demographic tailwind continues and consumer psychology
continues to favor the flexibility of renting. Meanwhile, new completions nationwide in 2012 will
continue to run below the long-term average.
6 AvalonBay Communities, Inc.
AvalonBay Communities, Inc. 7Avalon Union City, CAThrough our proprietary market and consumer research, we can better identify the most attractive customer segments in each of our markets and tailor our product and service offerings to maximize appeal to those segments.targeted segmentsCustomer 8 AvalonBay Communities, Inc.For discerning residents who want to live comfortably and enjoy select advantages that complement their lifestyle.Moderately-priced apartments for residents who want a better standard in apartment living.We offer three distinct brands – Avalon®, AVA™ and eaves™ – allowing us to segment our markets by consumer preference and attitude as well as by location and price. Our expanded brand portfolio will help us reach new customers and better serve our existing customers.Avalon Union City, For urban-minded people who crave the energy of a vibrant neighborhood, social engage-ment and personal expression.Brandsdistinct, tailored™™® Similar to last year, we expect Targeted Growth to come from multiple platforms in 2012. With com-
pelling industry fundamentals, we expect another strong year from our stabilized portfolio. We will
continue to expand our investment activity through new development, with over $1.1 billion in new
starts planned for the year, while we bring on line approximately 2,100 apartments in communities
currently under construction. We also plan to invest in our existing portfolio through redevelopment
starts of another $125 million. Finally, we expect to address our portfolio allocation goals through
transaction activity, including both acquisitions and dispositions. This Targeted Growth will be
supported by our strong balance sheet and robust organizational capabilities.
Strategic Evolution
We’ve had a long-standing focus on structurally advantaged coastal markets with high house-
hold incomes, lower home affordability and constraints on new supply. In last year’s report,
we discussed the importance of submarket focus and price point/asset quality in optimiz-
ing overall portfolio performance. Because no single strategy or product type offers consistent
outperformance in each of our markets, the right market position for any particular asset will vary
depending on the asset and the submarket – our business is not “one size fits all”. Our brand strat-
egy is a natural extension of this conclusion, and provides a key vehicle for us to better target our
product and service offerings to multiple customer segments and geographic submarkets within
our footprint. Our expanded brand lineup includes three distinct offerings:
Avalon remains our core offering, focusing on upscale apartment living and high-end
amenities and services in leading urban and suburban submarkets. Avalon branded
properties will continue to grow primarily through new development.
AVA is designed to attract the increasing number of people, particularly the younger
“Gen Y” segment, who want to live in or near high energy, transit-served urban neigh-
borhoods. AVA communities will generally have smaller apartments, many designed for
roommate living, and feature modern design, a technology focus and amenities that
maximize the social experience of residents. The AVA brand will grow primarily through
new development and redevelopment.
eaves by Avalon rounds out our brand lineup, and is targeted to the resident seeking
moderately-priced, good quality apartment living with practical and functional amenities
and services. eaves by Avalon communities will tend to be located in suburban areas
and will generally be established assets, with the brand growing through redevelopment
and acquisitions, and, in certain circumstances, through the re-branding of existing assets.
Avalon Union City, Oakland/East Bay, CA
AvalonBay Communities, Inc. 9
We opened our first three AVA communities in 2011 (two redevelopments and one development
community), and anticipate having approximately 20 open or under construction by the end of
2013. We plan to re-brand over 40 existing communities to eaves by Avalon by the end of 2013.
The addition of these new brands will allow us to further penetrate our existing markets, and pro-
vide for Targeted Growth by segmenting our markets by consumer preference and attitude as well
as by location and price. By delivering distinctive offerings to different customer segments, AVA
and eaves by Avalon will help us reach new customers and better serve our existing customers,
all while staying within our established geography.
Conclusion
This is an exciting time for our industry and for AvalonBay. Tim’s transition to CEO is a reflection of
stable and steady leadership, resulting from a senior management team that has worked together
for 20 years with leadership from Bryce over the last ten years, providing deep institutional knowl-
edge and perspective. The fundamentals look great, our markets continue to be the strongest in the
country, and we are in an enviable competitive position given our track record and long-standing
commitment to our markets. Through a well-designed extension of our time-tested strategy, we are
positioned for Targeted Growth in the future that will enhance our sector-leading performance.
As always, thank you to our shareholders for your continued support, to our associates for your
extraordinary efforts, and to our residents who have chosen to make an AvalonBay community
their home.
Bryce Blair,
Chairman
Tim Naughton,
Chief Executive Officer & President
10 AvalonBay Communities, Inc.
Avalon Wilton, Fairfield County, CT
AvalonBay Communities, Inc. 11We have the strongest balance sheet in our sector. With a debt to total market capitalization of just 23%, we have the financial flexibility to fund new investment and protect our liquidity from volatile capital markets.Avalon Wilton, Fairfield County, CTa strong Balance SheetDec 2009Dec 2010Dec 2011AVB Multifamily Sector Avg.STRONG AND IMPROVING DEBT-TO-EBITDA10x9x8x7x6x5xLOW DEBT-TO-MARKET CAPITALIZATION RATIOFixed Debt19%Equity77%Floating Debt3%AVB10-Year Dividend Change (2001-2011)Compound Annual Growth RateLONG-TERM DIVIDEND GROWTH10.0%5.0%0%-5.0%Multifamily Sector Avg.-2.7%3.4%Source: SNL Financial 12 AvalonBay Communities, Inc.
Avalon Walnut Creek, Oakland/East Bay, CA
Notes
1. Total Shareholder Return: The change in value over the period stated with all dividends reinvested. Total Shareholder Return is
sometimes presented as the compound annual growth rate. The Total Shareholder Return for each year within the timeframe
presented may vary.
2. NAV per Share Growth: The estimated compound annual growth rate of Net Asset Value (NAV) per Share as estimated by
Green Street Advisors, Inc. during the periods indicated. NAV per Share Growth for each year within the timeframe presented
may vary.
3. Redevelopment investment is shown excluding dollars invested prior to start of redevelopment.
4. A significant portion of the increase in EPS came from the sale of an asset subject to a ground lease. Upon sale, prior straight-
line lease expense in excess of cash payments totaling $1.35 per share was reversed, increasing the gain on sale.
Table Of Contents
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Selected Financial Data
Management’s Discussion and Analysis of Financial Condition and Results of Operations
Quantitative and Qualitative Disclosure About Market Risk
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Consolidated Financial Statements
32
33
36
56
57
F-3
Form 10-K Page
Definitions And Reconciliations Of Non-GAAP Financial Measures And Other Terms
This Annual Report contains certain non-GAAP financial measures and other terms. The definition and calculation of these non-GAAP
financial measures and other terms may differ from the definitions and methodologies used by other REITs and, accordingly, may
not be comparable. The non-GAAP financial measures referred to below should not be considered an alternative to net income as
an indication of our performance. In addition, these non-GAAP financial measures do not represent cash generated from operating
activities in accordance with GAAP and therefore should not be considered as an alternative measure of liquidity or as indicative of
cash available to fund cash needs. The definitions of non-GAAP financial measures and other terms not included below (Funds from
Operations, Net Operating Income, Established/Same Store Communities) are contained in our Annual Report on Form 10-K which
is distributed with and a part of this Annual Report.
Debt to EBITDA is calculated as the par value of debt (excluding preferred shares) net of cash / forward 12-month cash EBITDA
(Earnings Before Interest, Taxes, Depreciation and Amortization).
Interest Coverage is calculated by the Company as EBITDA from continuing operations, excluding land gains and gain on the sale
of investments in real estate joint ventures, divided by the sum of interest expense, net, and preferred dividends. Interest Coverage is
presented by the Company because it provides rating agencies and investors an additional means of comparing our ability to service
debt obligations to that of other companies. EBITDA is defined by the Company as net income or loss attributable to the Company
before interest income and expense, income taxes, depreciation and amortization. A reconciliation of EBITDA and a calculation of
Interest Coverage for the fourth quarter of 2011 are as follows (dollars in thousands):
$323,085
Net income attributable to common stockholders
37,718
Interest expense, net
Interest expense (discontinued operations)
808
Depreciation expense 63,008
306
Depreciation expense (discontinued operations)
EBITDA
EBITDA from continuing operations
EBITDA from discontinued operations
EBITDA
EBITDA from continuing operations
Interest expense, net
Interest coverage
$424,925
$152,656
272,269
$424,925
$152,656
37,718
4.0
AvalonBay Communities, Inc. 13
Avalon Walnut Creek, Oakland/East Bay, CA
Total Capital Cost includes all capitalized costs projected to be or actually incurred to develop the respective Development or Redevelopment Community
or Development Right, including land acquisition costs, construction costs, real estate taxes, capitalized interest and loan fees, permits, professional fees,
allocated development overhead and other regulatory fees, all as determined in accordance with GAAP. For Redevelopment Communities, Total Capital Cost
excludes costs incurred prior to the start of redevelopment when indicated. With respect to communities where development or redevelopment was completed
in a prior or the current period, Total Capital Cost reflects the actual cost incurred, plus any contingency estimate made by management. Total Capital Cost
for communities identified as having joint venture ownership, either during construction or upon construction completion, represents the total projected joint
venture contribution amount. For joint ventures not in construction, Total Capital Cost is equal to gross real estate cost.
Redevelopment Communities are communities where the Company owns a majority interest and where substantial redevelopment is in progress or is planned
to begin during the current year. Redevelopment is generally considered substantial when capital invested during the reconstruction effort is expected to exceed
either $5,000,000 or 10% of the community’s pre-development basis and is expected to have a material impact on the community’s operations, including
occupancy levels and future rental rates.
Development Rights are development opportunities in the early phase of the development process for which the Company either has an option to acquire
land or enter into a leasehold interest, for which the Company is the buyer under a long-term conditional contract to purchase land or where the Company
controls the land through a ground lease or owns land to develop a new community. The Company capitalizes related pre-development costs incurred in
pursuit of new developments for which future development is probable.
Total Market Capitalization represents the aggregate of the market value of the Company’s common stock, the market value of the Company’s operating
partnership units outstanding (based on the market value of the Company’s common stock) and the outstanding principal balance of the Company’s debt.
Leverage is total debt as a percentage of Total Market Capitalization. Management believes that Leverage can be one useful measure of a real estate
operating company’s long-term liquidity and balance sheet strength, because it shows an approximate relationship between a company’s total debt and the
current total market value of its assets based on the current price at which the Company’s common stock trades. Changes in Leverage also can influence
changes in per share results. A calculation of Leverage as of December 31, 2011 is as follows (dollars in thousands):
Common stock
Preferred stock
Operating partnership units
Total debt
Total market capitalization
Debt as % of capitalization
$12,429,943
–
7,500
$3,633,125
$16,064,000
22.6%
Because Leverage changes with fluctuations in the Company’s stock price, which occur regularly, the Company’s Leverage may change even when the
Company’s earnings, interest and debt levels remain stable. Investors should also note that the net realizable value of the Company’s assets in liquidation is
not easily determinable and may differ substantially from the Company’s Total Market Capitalization.
The Multifamily Sector Average is a weighted average based on Total Market Capitalization per SNL Financial. The weighted average for “Total Shareholder
Return” includes AIV, BRE, CPT, EQR, ESS, HME, and UDR. The weighted average for “NAV per Share Growth” includes all companies under Green Street
Advisors, Inc.’s coverage for which data is available during each of the time periods presented and includes AEC, BRE, CPT, EQR, PPS and UDR. The
weighted average for “Leverage”, “Fixed Charge Coverage” and “Debt to EBITDA” includes AIV, BRE, CPT, EQR, ESS, HME, and UDR.
The Stock Performance Graph provides a comparison, from December 2006 through December 2011, of the cumulative total shareholder return (assuming
reinvestment of dividends) among the Company, the Standard & Poor’s 500 Index, and a peer group index (the FTSE NAREIT Apartment REIT Index)
composed of 15 publicly-traded apartment REITs, including the Company based on an initial purchase price of $100. The FTSE NAREIT Apartment REIT Index
includes only REITs that invest directly or indirectly primarily in the equity ownership of multifamily residential apartment communities. Upon written request to
the Company’s Secretary, the Company will provide any stockholder with a list of REITs included in the FTSE NAREIT Apartment REIT Index. The historical
information set forth below is not necessarily indicative of future performance. Data for the FTSE NAREIT Apartment REIT Index and the S&P 500 Index were
provided to the Company by NAREIT.
STOCK PERFORMANCE
$200
$150
$100
$50
$0
2006
2007
2008
2009
2010
2011
AVB FTSE NAREIT Apartment REIT Index S&P 500 Index
Source: NAREIT Benchmarked at 12/06=$100
14 AvalonBay Communities, Inc.
Dec 2006
Dec 2007
Dec 2008
Dec 2009
Dec 2010
Dec 2011
AvalonBay
FTSE NAREIT Apartment REIT Index
S&P 500 Index
$100
100
100
$75
75
105
$52
56
66
$74
73
84
$106
107
97
$126
123
99
Ten Year FFO Reconciliation to Net Income (dollars in thousands):
For the Year Ended
(Dollars in thousands)
12-31-11
12-31--10
12-31-09
12-31-08
12-31-07
12-31-06
12-31-05
12-31-04
12-31-03
12-31-02
Net income
Dividends attributable to preferred stock
Depreciation—real estate assets,
including discontinued operations
and joint venture adjustments
Distributions to noncontrolling interests,
including discontinued operations
Cumulative effect of change in
accounting principle
Gain on sale of unconsolidated entities
$441,622
—
$175,331
—
$155,647
—
$411,487
(10,454)
$358,160
(8,700)
$266,546
(8,700)
$310,468
(8,700)
$207,779
(8,700)
$262,503
(10,744)
$173,125
(17,896)
256,986
237,041
221,415
203,082
184,731
165,982
163,252
159,221
129,207
143,026
27
—
(3,063)
55
—
—
66
—
—
216
280
391
1,363
3,048
1,263
1,601
—
(3,483)
—
(59,927)
—
(6,609)
—
—
(4,547)
—
—
—
—
—
Gain on sale of operating communities
(281,090)
(74,074)
(63,887)
(284,901)
(106,487)
(97,411)
(195,287)
(121,287)
(159,756)
(48,893)
Funds from Operations attributable
to common stockholders
Weighted average common shares
outstanding—diluted
$414,482
$338,353
$313,241
$315,947
$368,057
$320,199
$271,096
$235,514
$222,473
$250,963
90,777,462 84,632,869 80,599,657 77,578,852 79,856,927 75,586,898 74,759,318 73,354,956 70,203,467 70,674,211
EPS—diluted
$4.87
$2.07
$1.93
$5.17
$4.38
$3.42
$4.05
$2.75
$3.60
$2.22
FFO per common share—diluted
$4.57
$4.00
$3.89
$4.07
$4.61
$4.24
$3.63
$3.21
$3.17
$3.55
AvalonBay Communities, Inc. 15
AvalonBay Corporate Information
BOARD OF DIRECTORS
Bryce Blair (4)
Chairman of the Board
AvalonBay Communities, Inc.
Alan B. Buckelew (2, 4)
CEO and President
Princess Cruises, Inc.
A global cruise line
Bruce A. Choate (4,5)
President and CEO
Watson Land Company
A real estate investment trust
John J. Healy, Jr. (2,5)
Private Investor
Timothy J. Naughton (4)
Chief Executive Officer and President
AvalonBay Communities, Inc.
Lance R. Primis (1,3,5)
Managing Partner
Lance R. Primis and Partners, LLC
A management consulting firm
Peter S. Rummell (3,4)
Private Investor
H. Jay Sarles (2,3)
Private Investor
W. Edward Walter (2,4)
President and CEO
Host Hotels & Resorts, Inc
A real estate investment trust
1 Lead Independent Director
2 Audit Committee
3 Compensation Committee
4 Investment and Finance Committee
5 Nominating and Corporate
Governance Committee
OF F I C ER S
Bryce Blair
Chairman of the Board
Timothy J. Naughton
Chief Executive Officer and President
Thomas J. Sargeant
Chief Financial Officer
Leo S. Horey III
Chief Administrative Officer
Matthew H. Birenbaum
Executive Vice President
Corporate Strategy
16 AvalonBay Communities, Inc.
Sean J. Breslin
Executive Vice President
Investments, Asset Management &
Property Operations
William M. McLaughlin
Executive Vice President
Development & Construction –
Northeast
Edward M. Schulman
Executive Vice President
General Counsel
Stephen W. Wilson
Executive Vice President
Development & Construction –
West Coast, Mid-Atlantic
David W. Bellman
Senior Vice President
Construction - East Coast
Kurt D. Conway
Senior Vice President
Brand Strategy
Deborah A. Coombs
Senior Vice President
Property Operations - West Coast
Jonathan B. Cox
Senior Vice President
Development - Mid-Atlantic
Scott W. Dale
Senior Vice President
Development – MA
Ronald S. Ladell
Senior Vice President
Development - NJ
Joanne M. Lockridge
Senior Vice President
Finance, Assistant Treasurer and
Assistant Secretary
J. Richard Morris
Senior Vice President
Construction
Kevin P. O’Shea
Senior Vice President
Investment Management
Christopher L. Payne
Senior Vice President
Development - Southern CA
Martin Piazzola
Senior Vice President
Development - NY
Bernard J. Ward
Senior Vice President
National Operations
Suzanne Jakstavich
Vice President
Human Resources
Danyell D. Alders
Vice President
Property Operations - Southern CA
Scott R. Kinter
Vice President
Construction - Northeast
Lisa B. Bongardt
Vice President
Property Operations - Mid-Atlantic
Lyn C. Lansdale
Vice President
Strategic Business Services
Jonathan R. Busch-Vogel
Vice President
Development – NY
Sarah K. Mathewson
Vice President
Property Operations - MA, RI
Duane W. Carlson
Vice President
Construction - Northern CA, Pacific NW
Michael J. Roberts
Vice President
Development - MA
Jong M. Chung
Vice President
Design
Robert S. Salkovitz
Vice President
Construction - Southern CA
Sean M. Clark
Vice President
Redevelopment & Asset Management -
West Coast
Keri A. Shea
Vice President
Finance & Treasurer
Elizabeth A. Smith
Vice President
Redevelopment & Asset Management -
East Coast
Margaret A. Spriggs
Vice President
Development - Northern CA
Mona R. Stahling
Vice President
Operations
Craig F. Thomas
Vice President
Market Research
Alaine Walsh
Vice President
Corporate and Investment Services
Timothy M. Walters
Vice President
Investments – West Coast
Matthew B. Whalen
Vice President
Development – Long Island
Catherine T. White
Vice President
Associate General Counsel
Heather J. Duffy
Vice President
Property Operations - CT, NY
Stephen M. Fabian
Vice President
Customer Care Center
Mark Forlenza
Vice President
Development - CT
Brian E. Fritz
Vice President
Development - Pacific NW
Patrick Gniadek
Vice President
Investments - East Coast
Christopher B. Helsabeck
Vice President
Development - Mid-Atlantic
Kurt R. Hesser
Vice President
Finance
Karen A. Hollinger
Vice President
Information Services
David A. Hutchins
Vice President
Internal Audi
AvalonBay Corporate Information
HEADQUARTERS
Washington, DC
Ballston Tower
671 N. Glebe Road
Suite 800
Arlington, VA 22203
Phone:
Fax:
(703) 329-6300
(703) 329-9130
REGIONAL OFFICES
Boston, MA
51 Sleeper Street
Suite 750
Boston, MA 02210
Phone:
Fax:
(617) 654-9500
(617) 426-1610
Shelton, CT
1000 Bridgeport Avenue
Suite 258
Shelton, CT 06484
Phone:
Fax:
(203) 926-2300
(203) 926-2355
Long Island, NY
135 Pinelawn Road
Suite 130 South
Melville, NY 11747
Phone:
Fax:
(631) 843-0736
(631) 843-0737
Los Angeles, CA
16255 Ventura Boulevard
Suite 950
Encino, CA 91436
Phone:
Fax:
(818) 784-2800
(818) 784-2810
Newport Beach, CA
4440 Von Karman Avenue
Suite 300
Newport Beach, CA 92660
Phone:
Fax:
(949) 955-6200
(949) 724-9208
New York, NY
275 Seventh Avenue
25th Floor
New York, NY 10001
Phone:
Fax:
(212) 370-9269
(212) 370-1415
San Francisco, CA
185 Berry Street
Suite 3500
San Francisco, CA 94107
Phone:
Fax:
(415) 284-9080
(415) 546-4138
San Jose, CA
400 Race Street
Suite 200
San Jose, CA 95126
Phone:
Fax:
(408) 983-1500
(408) 287-9167
Seattle, WA
11808 Northup Way
Suite W311
Bellevue, WA 98005
Phone:
Fax:
(425) 576-2100
(425) 576-8447
Virginia Beach, VA
2901 Sabre Street
Suite 100
Virginia Beach, VA 23452
Phone:
Fax:
(757) 631-5000
(757) 486-1063
Woodbridge, NJ
Woodbridge Place
517 Route One South
Suite 5500
Iselin, NJ 08830
Phone:
Fax:
(732) 404-4800
(732) 283-9105
INV ESTO R REL ATI ON S
Investor Relations
AvalonBay Communities, Inc.
Ballston Tower
671 N. Glebe Road
Suite 800
Arlington, VA 22203
Phone:
ir@avalonbay.com
(703) 329-6300 ext. 4747
Back Cover: Avalon at Mission Bay North, San Francisco, CA
WE BSI TE
www.avalonbay.com
TRA N SFER A GEN T*
Computershare
P.O. Box 358015
Pittsburgh, PA 15252-8015
Phone:
www.bnymellon.com/shareowner/equityaccess
(866) 230-0668
IN D EP EN DEN T A UDIT ORS
Ernst & Young, LLP
8484 Westpark Drive
McLean, VA 22102
Phone:
(703) 747-1000
FO RM 1 0- K
A copy of the Company’s Annual Report
on Form 10-K as filed with the Securities and
Exchange Commission is being distributed with this An-
nual Report and also may be obtained without charge
by contacting Investor Relations.
ST OC K L ISTI N GS
NYSE–AVB
FO RWA RD- LO OKI NG STATEM EN TS
This Annual Report contains “forward-looking state-
ments” within the meaning of the Securities Act of
1933 and the Securities Exchange Act of 1934.
Please see our discussion titled “Forward-Looking
Statements” on page 53 of our Annual Report on Form
10-K for a discussion regarding risks associated with
these statements.
* Computershare acquired BNY Mellon Shareowner
Services effective 12/31/11.
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Ballston Tower
671 N. Glebe Road, Suite 800
Arlington, VA 22203
Tel: (703) 329-6300
www.avalonbay.com