AvalonBay Communities, Inc. has elected to be treated as a real estate investment trust for federal income tax purposes under the Internal Revenue Code of 1986, as amended. We develop, redevelop, acquire, own and operate apartment communities in New England, the New York/New Jersey metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California, as well as in our expansion regions of Raleigh-Durham and Charlotte, North Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver, Colorado. At September 30, 2025, we owned or held a direct or indirect ownership interest in 314 apartment communities containing 97,219 homes in 11 states and the District of Columbia, of which 21 communities were under development.