AvalonBay Inc. is a real estate investment trust that develops, owns, and operates apartment communities. The company focuses on upper-tier apartments. The company was founded in 1978 and reincorporated in 1995, when it began to focus on apartment communities. It currently has about 300 properties containing over 86,000 apartments, concentrated in high-wage regions. The company's portfolio is varied, with luxury high-rise urban buildings and smaller communities in suburban areas. The REIT's average same-store rent is just under $3,000 per month. The company has a concentration in New England, New York/New Jersey, and California, but has assets in 20 markets and 12 states. About 20% of same-store NOI is from Metro NY/NJ properties and 22% is