What AvalonBay reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Our real estate investments consist primarily of current apartment operating communities ("Current Communities"), consolidated and unconsolidated communities in various stages of development ("Development" communities and "Unconsolidated Development" communities) and Development Rights (as defined below). Our Current Communities are further classified as Same Store communities, Other Stabilized communities, Redevelopment communities and Unconsolidated communities. While we generally establish the classification of communities on an annual basis, we update the classification of communities during the calendar year to the extent that our plans with regard to the disposition or redevelopment of a community change, or if something occurs that materially impacts the operations of a community such as a casualty loss. The following is a description of each category:
Current Communities are categorized as Same Store, Other Stabilized, Redevelopment or Unconsolidated according to the following attributes:
The rest of Item 2
•Same Store is composed of consolidated communities where a comparison of operating results from the prior year to the current year is meaningful as these communities were owned and had stabilized occupancy as of the beginning of the respective prior year. For the year ended December 31, 2025, Same Store communities are consolidated for financial reporting purposes, had stabilized occupancy as of January 1, 2024, are not conducting or expected to conduct substantial redevelopment activities and are not held for sale as of December 31, 2025. A community is considered to have stabilized occupancy at the earlier of (i) attainment of 90% physical occupancy or (ii) the one year anniversary of completion of development or redevelopment.
•Other Stabilized is composed of completed consolidated communities that we own and that are not Same Store but which have stabilized occupancy, as defined above, as of January 1, 2025, or which were acquired subsequent to January 1, 2024. Other Stabilized excludes communities that are conducting or conducted substantial redevelopment activities within the current year, as defined below.
•Redevelopment is composed of consolidated communities where substantial redevelopment occurred or is in progress. Redevelopment is considered substantial when (i) capital invested is expected to exceed the lesser of $5,000,000 or 10% of the community's pre-redevelopment basis and (ii) physical occupancy is below or is expected to be below 90% during, or as a result of, the redevelopment activity.
•Unconsolidated is composed of communities that we have an indirect ownership interest in through our investment interest in an unconsolidated joint venture.
Development is composed of consolidated communities that are either currently under construction, were under construction and were completed during the current year or where construction has been complete for less than one year and that do not have stabilized occupancy. These communities may be partially or fully complete and operating.
Development Rights are development opportunities in the early phase of the development process where we either have an option to acquire land or enter into a leasehold interest, where we are the buyer under a long-term conditional contract to purchase land, where we control the land through a ground lease or own land to develop a new community, or where we are the designated developer in a public-private partnership. We capitalize related pre-development costs incurred in pursuit of new developments for which we currently believe future development is probable.
We currently lease our corporate headquarters located in Arlington, Virginia, as well as our other regional and administrative offices, under operating leases.
As of December 31, 2025, communities that we owned or held a direct or indirect interest in were classified as follows:
Number ofcommunities · Number of apartment homes
Current Communities
Same Store:
New England · 38 · 9,535
Metro NY/NJ · 39 · 12,236
Mid-Atlantic · 38 · 13,714
Southeast Florida · 8 · 2,837
Denver, CO · 6 · 1,539
Pacific Northwest · 17 · 4,943
Northern California · 38 · 11,807
Southern California · 58 · 17,798
Other Expansion Regions · 9 · 2,512
Total Same Store · 251 · 76,921
Other Stabilized:
New England · 1 · 162
Metro NY/NJ · 3 · 966
Mid-Atlantic · 1 · 234
Southeast Florida · 2 · 524
Denver, CO · 2 · 653
Pacific Northwest · 4 · 1,049
Northern California · 2 · 742
Southern California · 1 · 100
Other Expansion Regions · 13 · 3,756
Total Other Stabilized · 29 · 8,186
Redevelopment · — · —
Unconsolidated · 8 · 2,394
Total Current · 288 · 87,501
Development · 32 · 11,193
Unconsolidated Development · — · —
Total Communities · 320 · 98,694
Development Rights · 32 · 9,032
Our holdings under each of the above categories are discussed on the following pages.
We generally establish the composition of our Same Store communities portfolio annually. Changes in the Same Store communities portfolios for the years ended December 31, 2025, 2024 and 2023 were as follows:
Number ofcommunities
Same Store communities as of December 31, 2022 · 235
Disposed communities · (4)
Same Store communities as of December 31, 2023 · 252
Disposed communities · (9)
Same Store communities as of December 31, 2024 · 253
Disposed communities · (11)
Same Store communities as of December 31, 2025 · 251
(1) Communities were removed from our Same Store portfolio if we believed that planned activity for the upcoming year would result in that community's expected operations not being comparable to the prior year, including (i) when we intended to undertake a significant capital renovation, such that the community was classified as a Redevelopment community; (ii) when we intended to dispose of a community; or (iii) when a significant casualty loss occurred.
Current Communities
