AvalonBay Communities is a REIT that develops, owns, and operates apartment communities across major U.S. metro areas. The company owns or has an interest in roughly 292 communities with nearly 89,000 apartment homes, concentrated in high-barrier coastal markets including New England, New York/New Jersey, the Mid-Atlantic, Pacific Northwest, and Northern and Southern California, with a growing presence in expansion markets like Texas, Florida, Denver, and the Carolinas. AvalonBay operates four brands targeting different price points: Avalon (upscale), AVA (urban/transit-oriented), eaves by Avalon (value suburban), and Kanso (simplified, self-service). Revenue is driven by occupancy, lease rates, and ancillary services such as bulk internet, parking, and smart access. A key feature of AvalonBay's model is its integrated development platform — the company acts as its own developer and general contractor, targeting development yields above its cost of capital, creating an incremental NOI stream as new projects lease up. AvalonBay currently has ~$3B of projects underway. The company is also executing a multi-year operating model transformation targeting $80M of annual incremental NOI from AI, technology, and centralized services. Beyond same-store operations and development, AvalonBay actively trades its portfolio — selling older urban assets and redeploying capital into suburban expansion markets — and runs a Structured Investment Program providing mezzanine loans and preferred equity to third-party multifamily developers.