AvalonBay Communities, Inc. is a real estate investment trust (REIT) . It is engaged in developing, acquiring, owning and operating apartment communities in high barrier to entry markets of the United States. As of January 31, 2013, it owned a direct or indirect ownership interest in 178 operating apartment communities containing 52,427 apartment homes in nine states and the District of Columbia, of which 155 communities containing 45,056 apartment homes were consolidated for financial reporting purposes, two communities containing 674 apartment homes were held by joint ventures in which it holds an ownership interest, and 21 communities containing 6,697 apartment homes were owned by the Funds.The Company�s real estate investments consist of the segments include Established Communities, Other Stabilized Communities and Development/Redevelopment Communities.