AvalonBay Communities

2012 ANNUAL REPORT

AvalonBay Communities, Inc.

An equity REIT primarily engaged 

in developing, redeveloping, 

acquiring and managing upscale 

apartment communities in high 

barrier-to-entry coastal markets 

within the United States.

TOTAL SHAREHOLDER RETURN (1)

%
9
.
1
2

%
9
.
0
2

%
2
.
8
1

%
2
.
2
1

%
8
.
6

%
9
.
6

e

t

a
R

t

h
w
o
r
G

l

a
u
n
n
A
d
n
u
o
p
m
o
C

25%

20%

15%

10%

5%

0%

1 Year

3 Year

10 Year

AVB
Multifamily Sector Average

Source: SNL Financial

LONG-TERM OUTPERFORMANCE (2)

e

t

a
R

t

h
w
o
r
G

l

a
u
n
n
A
d
n
u
o
p
m
o
C

r
a
e
Y
0
1

-

20%

15%

10%

5%

0%

%
7
.
1
1

%
1
.
8

%
1
.
4

%
6
.
0

FFO

NAV

AVB
Multifamily Sector Average

Source: SNL Financial, Green Street Advisors

These strategic capabilities enhance our long-standing 
competencies in development, construction, acquisitions, 
redevelopment and property management. Our capability 
led strategy sets us apart and positions us well to continue 
our long track record of delivering targeted growth and 
outsized long-term returns to our shareholders.

AVALON GREEN–ELMSFORD, NY

 
 
 
 
 
 
 
AVALONBAY COMMUNITIES, INC.

1

LETTER TO SHAREHOLDERS

2012 was another outstanding year for AvalonBay. Our same-store portfolio continued to contribute 
exceptional performance, as same-store NOI grew by 7.6% and FFO growth reached a record 16.4%. On the heels of our 

14.3% FFO growth in 2011, this equated to a two-year total growth rate of 33.0%, marking an exceptionally strong rebound 

from the depths of the downturn. We declared a 10.3% increase in our dividend for 2013 on top of an 8.7% increase in 2012. 

With just nine quarters of sequential year-over-year NOI growth behind us so far, we are confident we are still in the early 

stages of this cycle, as documented demographic and consumer trends are expected to continue to drive strong demand in our 

high barrier-to-entry coastal markets throughout the course of this decade.

Each of our growth platforms contributed to accretive investment returns in 2012.  Our development efforts ramped up, with 

total development under construction growing to $1.8 billion by year end. We invested an additional $76 million in capital 
to redevelop some of our existing communities.(3) And in the fourth quarter, we announced the largest portfolio acquisition in 

the Company’s history, as we teamed with Equity Residential to contract for the purchase of Archstone from the Lehman Brothers 

bankruptcy estate. 

Our record-setting pace of investment activity was matched with capital markets activity that also set records for the Company. 

Immediately after announcing the Archstone acquisition, we completed the largest follow-on public equity offering in U.S. REIT 

history  and  issued  10-year  unsecured  debt  at  an  interest  rate  that  was,  at  the  time,  the  lowest  rate  ever  achieved  by  a  REIT.            

We finished the year with liquidity and balance sheet capacity to spare, even after considering the closing of the Archstone 

transaction in the first quarter of 2013.

Capability Led 

Since our founding as a public company in the early 1990s, we have always been a fully integrated enterprise, with strong 

competencies in development, construction and property management. These establish the framework for outsized returns and 

value creation. Over time, we have also developed competencies in acquisitions and redevelopment, which we use to shape and 

position the portfolio. 

Informing all of our investment decisions are strategic capabilities we developed in market research, customer insight, design and 

capital management.  Over the past few years, we have increased our investment in these areas and built stronger connections 

between these central corporate functions and our regional offices, which drive our growth platforms. These capabilities help us 

extend our competitive advantage and make us better developers, acquirers and redevelopers. Let’s take a closer look at each one.

2 AVALONBAY COMMUNITIES, INC.

Market Research 

Most large real estate investment platforms have some level of market research function that tracks demand and 

supply fundamentals.  However, we believe that our market research group has taken the standard real estate 

research approach to a whole new level. We combine third-party data on market rents with internal supply pipeline 

estimates to generate a proprietary rent-growth model which provides unique, asset-class-specific projected rental 

growth rates for each submarket across our footprint.

Customer Insight & Design

While we interact with our customers thousands of times every day, it takes a focused effort to ensure that the 

voice of the customer finds its way into our strategic thinking on an ongoing basis. Our customer insight and 

branding group works with all of the different functional groups across the Company to gather data on customer 

preferences  and  use  that  data  to  inform  the  product  and  service  decisions  we  make  every  day.  Our  design  

department works closely with each regional office on the design of new developments, redevelopments and 

major remerchandising and capital expense projects across our portfolio. They help to ensure adherence to our 

brand standards, and along with our sector-leading development team, work with local architects and design 

professionals to maximize the potential of each community. 

Capital Management

Real estate is a capital intensive business. To support our objective of achieving attractive, risk-adjusted returns on 

investment activity, we seek to match fund new investments with long-term capital, which is generally sourced at 

the same time that we make an investment commitment. We refer to this as integrated capital management.  This        

approach to capital management allows us to lock in the spread between the projected investment return and our 

cost of capital and mitigate risk arising from any future adverse change in the capital markets. With a wide array 

of cost-effective capital sources available to us, we developed a proprietary set of capital market monitors and 

analytical tools that we use to assess our current cost of capital in the equity and debt markets. Each quarter, we 

update  these  analytical  tools,  discuss  our  capital-sourcing  alternatives,  and  compare  current  pricing  against 

historical  pricing  and  projected  returns  on  new  investments.  This  process  allows  us  to  access  different  funding 

sources based on their relative attractiveness at any particular point in time.

Putting it All Together–The Archstone Acquisition

As we evaluated the Archstone transaction, including which assets to select and how to structure the acquisition, 

we were able to leverage our strategic capabilities to great advantage. In-depth market and submarket analysis 

from our market research group informed our strategy on specific asset selection. Our multi-brand platform, led 

by our customer insight group, allowed us to identify a long-term branding strategy that will help unlock future 

growth potential through remerchandising and redeveloping some of the Archstone assets we are acquiring. And 

our integrated capital management discipline drove our financing strategy for the transaction, as we match funded 

our commitment with long-term capital put in place rapidly after announcing the transaction. 

Our Path to Targeted Growth

We have come a long way from our early days as a regional developer building walk-up garden apartments in the 

Northeast and Mid-Atlantic. Our increasing strategic capabilities in market research, customer insight, design and 

capital management are helping us better execute on our long-standing competencies in development, construction, 

acquisitions, redevelopment and property management.  As our sector and our industry continue to mature, our 

capability led strategy sets us apart and positions us well to continue our long-term track record of delivering 

outsized risk-adjusted returns to shareholders.

TIMOTHY NAUGHTON, CEO & PRESIDENT

AVALONBAY COMMUNITIES, INC.

3

By investing in the best data 
available and carefully studying 
their dynamics from submarkets 
all the way down to zip-code 
and census block, we confidently 
project what a market needs 
from our apartment homes and 
how these homes are likely to 
perform now and in the future. 

SUBMARKET ANNUAL NEW SUPPLY 
AS SHARE OF APARTMENT STOCK

5%

4%

3%

2%

1%

0%

s
i
s
y

l

a
n
A

e

l

p
m
a
x
E

%
4

%
3

%
1

%
1

Last 
10 Years

Next 
10 Years 

(projected)

Submarket rental revenue
Annual new supply as share of apartment stock

NEIGHBORHOOD DEMOGRAPHICS

10% 8%

13%

9%

22%

38%

Couple w/wo children
Single dad
Male alone

Single mom
Female alone
Roommates

RESIDENT LOUNGE AT AVALON
WEST LONG BRANCH–NJ

4 AVALONBAY COMMUNITIES, INC.

AVALON FORT GREENE–BROOKLYN, NY

 
Data driven. Deep market knowledge. Our market 
research team combines the best third-party and publicly 
available data with internal company metrics to develop 
actionable information for decision-making. The market 
research team identifies the best submarkets for growth and 
provides recommendations for product type, unit mix and 
pricing. Our proprietary revenue model generates growth 
rates for over 200 submarkets, which are embedded into 
our underwriting of new investments, helping us maximize 
portfolio performance. Often challenging conventional 
wisdom, the data-driven insights from our market research 
capability guide us to smart, targeted growth.

AVALONBAY COMMUNITIES, INC.

5

Open kitchens with ample storage. 
Islands for eating, working and 
entertaining. Built-in utility stations 
for recharging electronic devices 
and recycling. Unique sliding 
doors and walls to maximize living 
space in urban apartment homes. 
Top-of-the-line fitness centers. 
Pet-friendly amenities. Bike parking. 
These are just some of the customer-
centric design features found in 
our communities.

PICTURED TOP TO BOTTOM: KITCHEN
AT AVALON PARK CREST–VA, FITNESS
CENTER AT AVALON NORTH 
BERGEN–NJ AND UNIQUE ONE
BEDROOM AT AVA H STREET–DC.

6 AVALONBAY COMMUNITIES, INC.

Customer focused. Thoughtful design. At AvalonBay, the 
voice of the customer is at the center of decision-making.  
Through on-line discussion forums, focus groups, regular 
customer surveys and social media conversations, we 
constantly listen to customers. Our design team translates 
customer needs to create distinctive living environments 
and design standards. Together, our customer insight 
and design capabilities drive our brand offerings–
Avalon, AVA and eaves by Avalon–allowing us to 
more deeply penetrate our core markets, reach new 
customers and better serve existing residents.  

AVALONBAY COMMUNITIES, INC.

7

Our 2013 dividend increase is 
supported by the performance 
of our core portfolio, future 
growth prospects from our 
development pipeline and the 
Archstone acquisition.

LONG-TERM DIVIDEND GROWTH

e
g
n
a
h
C
d
n
e
d

i
v
i
D

r
a
e
Y
0
1

-

e

t

a
R

t

h
w
o
r
G

l

a
u
n
n
A
d
n
u
o
p
m
o
C

5%

4%

3%

2%

1%

0%

-1%

-2%

-3%

%
3
.
4

AVB

%
4
.
1

-

Multifamily 
Sector Avg.

Source: SNL Financial

LOW DEBT-TO-MARKET 
CAPITALIZATION RATIO

Floating 
Debt 2%

Fixed 
Debt 
18%

Equity 80%

As of 12/31/12

8 AVALONBAY COMMUNITIES, INC.

AVALON WEST CHELSEA/AVA HIGH LINE–NEW YORK CITY, NY (UNDER DEVELOPMENT)

 
 
 
 
 
 
Balance sheet strength. Financial flexibility. We are active 
in the capital markets with access to a wide variety of 
cost-effective capital sources to fund our investment activity, 
including unsecured bond offerings, secured mortgage 
loans, common and preferred equity, investment fund 
vehicles, one-off joint ventures, and asset sales. Our
integrated capital management approach, marked by 
proprietary capital market monitors and analytical tools, 
allows us to access the most effective source of capital at 
any given point in time and position our balance sheet 
to best support growth from new investment.

AVALONBAY COMMUNITIES, INC.

9

The Archstone transaction adds 
an attractive collection of assets, 
which complements our portfolio 
on three important dimensions: 
geographic allocation, submarket 
positioning, and price point. The 
addition of these communities 
and future developments provides 
important scale benefits for market 
presence, brand penetration and 
G&A leverage, which we believe 
will strengthen our competitive 
position over time.

INCREASED MARKET PENETRATION 
FOR AVALONBAY

+21%

+39%

+73%

+11%

+12%

+68%

% increase in apartment homes post Archstone acquisition

10 AVALONBAY COMMUNITIES, INC.

ARCHSTONE FIRST AND M–WASHINGTON, DC

In November 2012, we announced that we would 
acquire approximately 40% of the assets of Archstone. 
This sizable transaction accelerates our growth, 
consistent with our long-stated strategy of more 
deeply penetrating our core coastal markets.

AVALONBAY COMMUNITIES, INC.

11

AVA H STREET LOBBY–WASHINGTON, DC

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.

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 Disclosures About Market Risk

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Consolidated Financial Statements

Form 10-K Page 

46 

47 

50 

75 

76 

F-3 

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.

The Multifamily Sector Average is a weighted average based on Total Market Capitalization per SNL Financial. The weighted 

average for “Total Shareholder Return”, “FFO” and “Long-Term Dividend Growth” 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 Stock Performance Graph provides a comparison, from December 2007 through December 2012, 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.

AVALONBAY COMMUNITIES, INC.

13

STOCK PERFORMANCE

l

e
u
a
V

x
e
d
n

I

$200

$175

$150

$125

$100

$75

$50

$25

Dec. 07  Dec. 08  Dec. 09  Dec. 10  Dec. 11  Dec. 12

AVB

FTSE NAREIT Apartment REIT Index

S&P 500

Period Ending

Index

Dec. 07

Dec. 08

Dec. 09

Dec. 10

Dec. 11

Dec. 12

AvalonBay Communities, Inc.

FTSE NAREIT Apartment REIT Index

S&P 500

100

100

100

70

75

63 

100

98

80 

142

144

 92 

170

165

  94 

181

177

 109 

Ten Year FFO Reconciliation to Net Income

For the Year Ended

(dollars in thousands)

12/31/12

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

Net income

$     423,869 $     441,622 $     175,331 $    155,647 $     411,487 $    358,160 $    266,546 $    310,468 $    207,779 $    262,503

Dividends attributable 
to preferred stock

Depreciation—real estate 
assets, including 
discontinued operations 
and joint venture 
adjustments

Distributions to noncontrol-
ling interests, including 
discontinued operations

Cumulative effect of 
change in accounting 
principle

Gain on acquisition of 
unconsolidated entities

Gain on sale of 
unconsolidated entities

Gain on sale of 
operating communities

Funds from Operations 
attributable to common 
stockholders

Weighted average 
common shares 
outstanding—diluted

28

—

(14,194)

—

—

—

—

(10,454)

(8,700)

(8,700)

(8,700)

(8,700)

(10,744)

265,627

256,986 

237,041 

 221,415 

  203,082 

 184,731 

 165,982 

 163,252 

 159,221 

 129,207

27

55

66

216

280

391

1,363

 3,048 

 1,263

—

—

—

—

—

—

—

—

—

—

—

—

—

—

 (3,483)

 (59,927)

 (6,609)

—

—

—

(4,547)

—

—

—

—

—

(7,972)

(3,063) 

(146,311)

(281,090) 

(74,074)

 (63,887)

 (284,901)

 (106,487)

 (97,411)

 (195,287)

 (121,287)

 (159,756)

$    521,047 $    414,482  $    338,353  $     313,241  $    315,947  $    368,057  $    320,199  $    271,096  $    235,514  $    222,473

98,025,152 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

EPS—diluted

$         4.32 $         4.87 $         2.07 $          1.93 $         5.17 $         4.38 $         3.42  $         4.05 $         2.75 $         3.60

FFO per common 
share—diluted

$         5.32 $         4.57 $         4.00 $         3.89 $         4.07 $         4.61 $         4.24 $         3.63 $          3.21 $          3.17

14 AVALONBAY COMMUNITIES, INC.

 
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

Officers

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

Sean J. Breslin
Executive Vice President
Investments, Asset 
Management & 
Property Operations

William M. McLaughlin
Executive Vice President
Development & Construction– 
Northeast

Kevin P. O’Shea
Executive Vice President
Capital Markets

Edward M. Schulman
Executive Vice President
General Counsel & Secretary

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

Suzanne Jakstavich
Senior Vice President
Human Resources

Ronald S. Ladell
Senior Vice President
Development–NJ

Joanne M. Lockridge
Senior Vice President
Finance

J. Richard Morris
Senior Vice President
Construction

Christopher L. Payne
Senior Vice President
Development–Southern CA

Martin Piazzola
Senior Vice President
Development–NY

Matthew T. Smith
Senior Vice President
Property Operations–East Coast

Matthew B. Whalen
Senior Vice President
Development–
CT/Long Island/Westchester

Danyell D. Alders
Vice President
Property Operations–
Southern CA

Lisa B. Bongardt
Vice President
Property Operations–
Mid-Atlantic

Jonathan R. Busch-Vogel
Vice President
Development–NY

Randall Caraway
Vice President
Property Operations–
Southern CA 

Duane W. Carlson
Vice President
Construction–
Northern CA/Pacific NW

Jong M. Chung
Vice President
Design

Sean M. Clark
Vice President
Redevelopment & Asset 
Management–West Coast

Heather J. Duffy
Vice President
Property Operations–
Northern CA

Linda Early
Vice President
Property Operations–NY

Stephen M. Fabian
Vice President
Customer Care Center

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 Audit

Mark Janda
Vice President
Development–Southern CA

Scott R. Kinter
Vice President
Construction – Northeast

Lyn C. Lansdale
Vice President
Strategic Business Services

David Lewis
Vice President
Engineering

Sarah K. Mathewson
Vice President
Property Operations–
CT/MA/NJ/RI

Michael J. Roberts
Vice President
Development–MA

Robert S. Salkovitz
Vice President
Construction–Southern CA

Brian Schley
Vice President
Risk Management

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

Catherine T. White
Vice President
Associate General Counsel

Sean Willson
Vice President
Corporate Controller

AVALONBAY COMMUNITIES, INC.

15

AvalonBay Corporate Information

San Jose, CA
400 Race Street
Suite 200
San Jose, CA 95126
Phone 408.983.1500
Fax 408.287.9167

Seattle, WA
11808 Northup Way
Suite W311
Bellevue, WA 98005
Phone 425.576.2100
Fax 425.576.8447

Virginia Beach, VA
2901 Sabre Street
Suite 100
Virginia Beach, VA 23452
Phone 757.631.5000
Fax 757.486.1063

Woodbridge, NJ
Woodbridge Place
517 Route One South
Suite 5500
Iselin, NJ 08830
Phone 732.404.4800
Fax 732.283.9105

Investor Relations

Investor Relations
AvalonBay Communities, Inc.
Ballston Tower
671 N. Glebe Road
Suite 800
Arlington, VA 22203
Phone 703.329.6300 
ext. 4681
ir@avalonbay.com

Website

www.avalonbay.com

Transfer Agent

Computershare
P.O. Box 358015
Pittsburgh, PA 15252-8015
Phone 866.230.0668
www.cpushareownerservices.
com/cpuportal/index.jsp 

Independent Auditors

Ernst & Young, LLP
8484 Westpark Drive
McLean, VA 22102
Phone 703.747.1000

Form 10-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 Annual Report and also 
may be obtained without charge 
by contacting Investor Relations.

Stock Listings

NYSE–AVB

Forward-Looking Statements

This Annual Report contains 
“forward-looking statements” 
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 69 of our Annual Report 
on Form 10-K for a discussion 
regarding risks associated with 
these statements.

Headquarters

Washington, DC
Ballston Tower
671 N. Glebe Road
Suite 800
Arlington, VA 22203
Phone 703.329.6300
Fax 703.329.9130

Regional Offices

Boston, MA
51 Sleeper Street
Suite 750
Boston, MA 02210
Phone 617.654.9500
Fax 617.426.1610

Fairfield, CT
1499 Post Road 
Second Floor
Fairfield, CT 06824
Phone 203.926.2300
Fax 203.926.9744

Long Island, NY
135 Pinelawn Road
Suite 130 South
Melville, NY 11747
Phone 631.843.0736
Fax 631.843.0737

Los Angeles, CA
16255 Ventura Boulevard
Suite 950
Encino, CA 91436
Phone 818.784.2800
Fax 818.784.2810

Newport Beach, CA
4440 Von Karman Avenue
Suite 300
Newport Beach, CA 92660
Phone 949.955.6200
Fax 949.724.9208

New York, NY
275 Seventh Avenue
25th Floor
New York, NY 10001
Phone 212.370.9269
Fax 212.370.1415

San Francisco, CA
455 Market Street
Suite 1650
San Francisco, CA 94105
Phone 415.284.9080
Fax 415.546.4138 

16 AVALONBAY COMMUNITIES, INC.

I

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.

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