AVB Overview

292 operating apartment communities containing 88,768 apartment homes in 11 states and the District of Columbia, of which 284 communities containing 86,374 apartment homes were consolidated for financial reporting purposes and eight communities containing 2,394 apartment homes were held by unconsolidated entities in which we hold an ownership interest. 27 wholly-owned development apartment communities that are under construction or completed and in lease-up and are expected to contain an aggregate of 9,692 apartment homes when completed. Rights to develop an additional 33 communities that, if developed as expected, will contain 10,532 apartment homes. We generally obtain ownership in an apartment community by developing a new community on either vacant land or land with improvements that we raze, or by acquiring an existing community. In selecting sites for development or acquisition, we favor locations that are near expanding employment centers and convenient to transportation, recreation areas, entertainment, shopping and dining. Our principal financial goal is to increase long-term shareholder value through the development, redevelopment, acquisition, ownership, operation and asset management and, when appropriate, disposition of apartment communities in our markets.