We delivered strong financial and operating results in 2022, delivering the highest core FFO per share growth and same-store residential NOI growth in the company's history(1).However, financial markets softened during the year and our cost of funds increased.As a result, we have proactively adjusted our capital allocation plan to position us to end the year with a stronger balance sheet and access to significant liquidity.In 2023, we are prepared for a wider range of potential… Show more We delivered strong financial and operating results in 2022, delivering the highest core FFO per share growth and same-store residential NOI growth in the company's history(1).However, financial markets softened during the year and our cost of funds increased.As a result, we have proactively adjusted our capital allocation plan to position us to end the year with a stronger balance sheet and access to significant liquidity.In 2023, we are prepared for a wider range of potential economic outcomes than usual. In this uncertain environment, we believe our portfolio and apartment market fundamentals will continue to benefit from below-average vacancy rates in the real estate industry and the relatively limited supply of new apartments in the area.We continue to make strong progress across five strategic focus areas, including:* Transform our operating platform to provide greater value to residents while driving operationsefficiency.* Leverage our development capabilities to deliver further growth for all shareholders.* As we grow, including expanding into new markets and optimizing our product portfolio.* Leading in environmental, social and governance (“ESG”) areas.* Based on our core values: integrity, spirit, care for our employees and investment in our unique culture with a focus on continuous improvement.We believe these focus areas are critical to achieving our "Creating a Better Lifestyle" and our purpose. Show less

In 2016, we also made important progress in other business areas. We continue to expand our sustainability efforts, completing 44 light-emitting diode (LED) retrofits in existing communities and achieving Leadership in Energy and Environmental Design (LEED) certification in nine recently completed communities.In addition, our energy, water, waste and greenhouse gas (GHG) emissions data are independently verified for the first time by Lloyd's Quality Assurance (LRQA) so that we can more… Show more In 2016, we also made important progress in other business areas. We continue to expand our sustainability efforts, completing 44 light-emitting diode (LED) retrofits in existing communities and achieving Leadership in Energy and Environmental Design (LEED) certification in nine recently completed communities.In addition, our energy, water, waste and greenhouse gas (GHG) emissions data are independently verified for the first time by Lloyd's Quality Assurance (LRQA) so that we can more accurately report on our sustainability performance going forward. In 2016, we were recognized for our strong focus on providing sustainable communities and living experiences for our residents.AvalonBay has been awarded the Green Star for the second consecutive year and is recognized as an industry leader by the Global Real Estate Sustainability Benchmark (GRESB). Show less