AvalonBay Communities, Inc. operates as a real estate investment trust (REIT). It engages in the development, redevelopment, acquisition, ownership, and operation of multifamily communities in high barrier-to-entry markets of the United States. As of January 31, 2006, the company owned or held a direct or indirect ownership interest in 140 operating apartment communities containing 40,939 apartment homes in 10 states and the District of Columbia, of which 2 communities containing 506 apartment homes were under reconstruction; and 15 communities under construction. In addition, it has rights to develop an additional 47 communities. As a REIT, the company would not be subject to federal tax...