It is with tremendous pride that we reflect on all we have accomplished as a public company.

In 1994, Avalon and Bay were led by entrepreneurial executives who had a vision of creating an evergreen apartment company, united by a common purpose and set of values, which could become a leader in the modern REIT era.

AvalonBay today is largely a fulfillment of that vision—an apartment company that has successfully transitioned from one generation of leaders to another, all while maintaining our position as a leading apartment REIT serving the most attractive customer segments in the best performing markets.