BUSINESS SUMMARY
AvalonBay Communities, Inc., together with its subsidiaries, engages in the development, redevelopment, acquisition, ownership, and operation of multifamily communities in the United States. At January 31, 2008, the company owned or held a direct or indirect ownership interest in 163 operating apartment communities containing 45,932 apartment homes in 10 states and District of Columbia, of which 12 communities containing 4,006 apartment homes were redevelopment communities. It also held a direct or indirect ownership interest in 20 communities containing 4,229 apartment homes. In addition, the company has 21 communities under construction that would contain an aggregate of 6,816 apartment homes. AvalonBay Communities qualifies as a real estate investment trust for federal income tax purposes. It generally would not be subject to federal corporate income tax, if it distributes at least 90% of its taxable income to its stockholders. The company, formerly known as Bay Apartment Communities, Inc., was founded in 1978 and changed its name to AvalonBay Communities, Inc. in 1998. AvalonBay Communities is based in Alexandria, Virginia with additional offices in Boston, Massachusetts; Chicago, Illinois; Long Island, New York; Los Angeles, California; New York, New York; Newport Beach, California; San Jose, California; Seattle, Washington; Shelton, Connecticut; and Woodbridge, New Jersey.
