AvalonBay Communities, Inc.

The full register, from 13F filings

The Register tab above is hand research: a dozen holders, each traced to the filing it came from. This asks the same question of the whole market for the quarter ended 31-mar-2026, where 737 managers reported a position. Broad where the research is deep, and shallow in the ways a 13F always is.

Built from 13F filings, which report US listed, long, US custodied positions only. A register from this source is a floor rather than a level: a holder's true position can be far larger, as BlackRock's ASML stake shows at 1.28m shares in a 13F against 26.3m in its 13G/A. Holdings held through derivatives, outside US custody, or below a manager's reporting obligation do not appear. Where a holder is marked as a family, its total sums several separate filing entities and describes something no single filing describes; the constituent entities and their share counts are listed so the total can be checked. That roll-up can legitimately exceed the family's own Schedule 13G, because a 13G is filed by one legal entity: Vanguard reports Alphabet through ten advisory entities, and The Vanguard Group Inc itself reported zero after its January 2026 disaggregation.

What a reader needs to know to read these numbers

• Holdings side: AvalonBay is a joint-venture-heavy multifamily REIT as the brief anticipated, but on a much smaller scale than Ball. As of 30 Jun 2026 (10-Q, Item 2 'Unconsolidated Operating Communities' and Note 5 'Investments'), AvalonBay had investments in exactly four unconsolidated real estate entities accounted for under the equity method, with ownership interests ranging from 20.0% to 28.6%: NYTA MF Investors, LLC (20.0%, five New York apartment communities), MVP I, LLC / Avalon at Mission Bay II (25.0%, San Francisco), Brandywine Apartments of Maryland, LLC (28.6%, Washington D.C.), and the Arts District Joint Venture / AVA Arts District (25.0%, Los Angeles, the only venture whose debt AvalonBay partially guarantees, 25% of the loan). All four pct_of_target values are written as whole percentages (20, 25, 28.6, 25) exactly as the 10-Q states them, not as fractions. The balance sheet carries these four ventures, plus separate unnamed direct equity investments in third-party property technology and sustainability-focused companies and investment management funds, inside a single combined 'Unconsolidated investments' line: $199,046,000 at 30 Jun 2026 (up from $193,441,000 at 31 Dec 2025). This combined figure is not disaggregated by entity anywhere in the 10-Q or the FY2025 10-K, so every one of the four holdings rows carries value_usd: null per the brief's rule against assigning a shared balance to one investee; the combined figure is recorded here and in unknowns rather than split. The 10-Q separately discloses total capitalized cost and property-level debt for each venture's real estate ($782.8m/$394.7m debt for NYTA; $131.2m/no debt for MVP I; $20.1m/$17.3m debt for Brandywine; $289.1m/$162.9m debt for Arts District): these are the underlying real estate's cost, not AvalonBay's equity investment value, and are recorded in method_note for context only, not as value_usd, per the brief's warning that a real-estate JV's property value is not the same thing as AvalonBay's equity stake in it.
• FY2025 10-K Exhibit 21.1 (subsidiaries list) was checked for an ownership-percentage column that might size these ventures more precisely, per the brief's suggested technique. AvalonBay's Exhibit 21.1 is a BARE NAME LIST with no percentage column at all (unlike PPG or Quest Diagnostics' exhibits cited in the chunk-prompt guidance): Brandywine Apartments of Maryland, LLC, MVP I, LLC, NYTA MF Investors, LLC and several AVA Arts District-related entities (AVA Arts District CM LLC, AVA Arts District Developer LLC, AVA Arts District GP LLC, AVA Arts District TRS LLC, AVA Arts District LP) all appear by name with no ownership figures. Treated as a genuine negative per the brief: the 10-Q's own percentage disclosures (20.0/25.0/28.6/25.0) remain the only sourced figures.
• No named individual proptech, sustainability-fund or 'investment management fund' investee was found anywhere in the 10-Q, the 10-K, or Exhibit 21.1: the filing only ever describes these as 'third-party property technology and sustainability focused companies and investment management funds' in the aggregate, with no company names disclosed (searched 'Fifth Wall', 'venture capital', 'property technology' and related terms). No holdings row could be created for any of them; recorded in unknowns.
• AvalonBay is currently the subject of a pending, unanimously board-approved stock-for-stock merger of equals with Equity Residential (Merger Agreement disclosed in the Q2 2026 10-Q): each AvalonBay common share will convert into 2.793 Equity Residential common shares at closing, with legacy Equity Residential shareholders and former AvalonBay stockholders expected to own approximately 49% and 51% of the combined company respectively. This is not a holding or an investee stake and is not recorded as one; it is noted here because it will eventually replace AvalonBay's entire register and because a termination fee of $1.070 billion would be payable to Equity Residential under some circumstances. All register and holdings figures in this file are dated before this transaction closes.
• CORRECTION, 19 Aug 2026, made by the chunk-43 coordinator after Equity Residential was researched and the two sides were compared. THE MERGER DESCRIBED IN THE PRECEDING NOTE HAS CLOSED. It completed on 17 Aug 2026, not at some future date, per Equity Residential's own 8-K filed that day. The 2.793 exchange ratio recorded above is correct and unchanged; only the STATUS was wrong, because this file was researched while the transaction was still pending. Verified first-hand against EDGAR rather than taken from the other file: the SEC submissions record for CIK 0000906107 now returns name VIVMARK RESIDENTIAL with formerNames EQUITY RESIDENTIAL and EQUITY RESIDENTIAL PROPERTIES TRUST, and ticker VMRK in place of EQR; AvalonBay's own CIK 0000915912 shows a cluster of Form 4 filings dated 17 Aug 2026 and the surviving registrant a cluster of Form 3 filings dated 18 Aug 2026, which is the insider-filing signature of a completed combination. Every register and holdings figure in this file remains valid AS OF ITS OWN STATED DATE and has deliberately NOT been restated: they describe AvalonBay as a standalone registrant before 17 Aug 2026. See data/research/equity-residential.json for the surviving company.
• AvalonBay is structured with certain joint venture partnerships and DownREIT Units (subsidiary partnerships) that are consolidated onto the balance sheet and classified as noncontrolling interests, not common stock; per the brief's UPREIT/DownREIT trap warning, this was checked specifically. No holder in this register's top institutional or insider positions was found to be denominated in DownREIT Units rather than common shares: every register row here is common stock, CUSIP 053484101, cross-checked by the ~$188.69 implied per-share price appearing consistently across nearly every row. No unit-denominated register row was required.
• T. Rowe Price: BOTH registrants named in the brief were checked. T. Rowe Price Associates, Inc. (CIK 0000080255) holds 4,060,560 shares as of Q2 2026; its information table reports value in THOUSANDS ($766,188 in the raw XML = $766,188,000 actual), which was caught and corrected here via the implied-price check (raw value/shares gave $0.19/share, off by exactly 1000x from the ~$188.69 seen elsewhere). T. Rowe Price Investment Management, Inc. (CIK 0001897612), the separate registrant the brief specifically warns about, was checked directly against its own Q2 2026 13F-HR information table (738 rows) and holds ZERO AvalonBay shares: no row recorded for it, per the brief's rule that a holder checked and found at zero is a note, not a null row.
• Cohen & Steers, Inc. (CIK 0001284812, the operating company registrant; its adviser subsidiary Cohen & Steers Capital Management Inc, CIK 0000845563, filed a 13F-NT with no holdings) DOES appear in this register as the brief warned it might, given AvalonBay is a REIT specialist target. Its Q2 2026 13F-HR information table reports 85,343 shares against a raw value of $16,103, which is VALUES IN THOUSANDS exactly as flagged: $16,103 thousand = $16,103,000 actual value, giving an implied price of ~$188.66/share, consistent with every other row. At 85,343 shares (0.06% of the company), this position is far too small to rank in the top 8-12 holders, so it is recorded here as a note rather than a register row, per the brief's guidance to report the top 8-12 plus anything strategic; it is not strategic at this size.
• Capital Group family: all eight registrants named in the chunk-prompt guidance were checked directly against their own Q2 2026 13F filings and hold NOTHING in AvalonBay. Three filed 13F-NT with no holdings at all (Capital Research & Management Co 0000017283, Capital Group Companies Inc 0000732812, Capital Group International Inc 0000949308); the five that filed 13F-HR were each checked directly against CUSIP 053484101 with zero matches: Capital World Investors 0001422849, Capital International Investors 0001562230, Capital Research Global Investors 0001422848, Capital Group Investment Management Pte Ltd 0001939970, Capital Group Private Client Services Inc 0001857666, Capital International Inc/CA/ 0000895213, Capital International Ltd/CA/ 0001065350, Capital International Sarl 0001065349. No row recorded; a genuine negative rather than an omission.
• Vanguard family sweep went beyond the seven successors this project's own AVB.json register lists: three further entities filing under the Vanguard name (Vanguard Advisers Inc 0000947529, Vanguard Marketing Corporation 0000217448, Vanguard National Trust Co 0001984256) were also checked directly and confirmed to hold ZERO AvalonBay shares as of Q2 2026, so the seven-entity sum used in the register row is complete as far as this sweep could determine. A tenth Vanguard-named filer, 'Vanguard Capital Wealth Advisors' (CIK 0001730578), was excluded as an apparently unrelated small independent RIA rather than part of The Vanguard Group family.
• No SC 13D or SC 13G/A has been filed against AvalonBay Communities since 13 Feb 2024 (checked EDGAR's full SC 13 filing history for CIK 0000915912), so there is no fresher activist or strategic filing than the register sweep performed here; Norges Bank's position is instead sourced to its own fresh Q2 2026 13F, per the brief's preference for a fresh 13F over a stale 13G quoted in a proxy.
• Self-gate computed from this final file, following the chart's own arithmetic (members at full value, an aggregate reduced only by members that roll into it; here no register row rolls into another, so every row counts at full value): 13 register rows, 84,705,226 total shares (Vanguard 22,744,823 + BlackRock 17,852,876 + State Street 9,062,583 + Norges Bank 7,691,120 + JPMorgan 4,577,744 + Geode 4,273,269 + T. Rowe Price 4,060,560 + Schwab 3,534,645 + Principal 3,518,162 + Northern Trust 2,622,247 + Dimensional 2,132,560 + Bank of America 1,898,748 + directors/officers aggregate 735,889), against shares_outstanding 142,797,963 = 59.32% of the company. This is ABOVE the brief's expected 25-45% band. The cause was investigated rather than shipped blind: the top four holders alone (Vanguard 15.93%, BlackRock 12.50%, State Street 6.35%, Norges Bank 5.39%) already sum to 40.17%, and every one of these four figures independently cross-checks against the 2026 proxy's own 5%-owner table (Vanguard 16.22%, BlackRock 11.7%, State Street 7.13%, Norges Bank 5.44%, all as of 15 Mar 2026, all in the same order of magnitude as the fresher Q2 2026 13F figures used here) and against a consistent ~$188.69 implied per-share price across nearly every one of the 13 rows. AvalonBay, a mid-cap ($26bn) REIT with no dual-class structure and no founder block, is simply unusually concentrated among its largest few institutional holders; this is consistent with the brief's own observation that 'large Vanguard and BlackRock rows are normal, not a defect' for REITs, taken to its logical extent rather than evidence of a units, thousands, or double-counting error, all of which were specifically checked for and ruled out (see the T. Rowe Price and Cohen & Steers notes above for confirmed and corrected thousands-convention catches elsewhere in this same research).
• Market cap is a computed figure: a live-ish Yahoo Finance quote, $184.06 as of 2026-08-14 (the most recent trading data available at fetch time, 19 Aug 2026), multiplied by the 24 Jul 2026 10-Q cover-page share count, 142,797,963. The two dates are about three weeks apart because no single filing carries both a current price and a current share count; disclosed rather than treated as precise. Yahoo Finance's 'longName' field for this quote oddly returned 'Vivmark Residential' while 'shortName' correctly returned 'AvalonBay Communities, Inc.'; this appears to be a data artifact on Yahoo's side (possibly related to the pending Equity Residential merger) and was not used for company.name, which is taken from AvalonBay's own SEC filings.
• CORRECTION, 19 Aug 2026: the 'Vivmark Residential' longName described above was NOT a data artifact. It was correct. The surviving company was renamed Vivmark Residential on completion of the merger on 17 Aug 2026, confirmed from the SEC submissions record for CIK 0000906107. The decision recorded above, to take company.name from AvalonBay's own SEC filings rather than from a vendor field, was still the right one and is unchanged. What was wrong was only the inference that the field was noise. Worth remembering as a case where a vendor disagreeing with the filings was early rather than incorrect.