Exhibit 99.2

Planned Evolution

Customer Evolution

Knowing and Serving Our Customer

•Projected growth from “empty nester” baby boomers and
“echo-boomers”

1

Planned Evolution

Outsized Performance

Dividends - Safety and Growth

2

Market Research: Application

Short-Term

Corporate Profits % Change vs. Year Ago

3

Market Research: Application

Short-Term

Consumer Confidence

4

Market Research: Application

Short-Term

GDP Growth

5

Market Research: Application

Short-Term

Annual Employment Growth

6

Market Research: Application

Short-Term

Single-Family Home Sales

7

Market Research: Application

Short-Term

New Supply as a % Total Inventory

8

Market Research: Application

Short-Term

Demand/Supply Ratio

9

Market Research: Application

Short-Term

Occupancy (REIS)

10

Market Research: Application

Short-Term

Annualized Rental Rate Growth (REIS)

11

Market Research: Application

Short-Term

Traffic/Available Homes

12

Market Research: Application

Short-Term

Economic Occupancy

13

Market Research: Application

Short-Term

Market Rent Growth

14

Market Research:  Application

Longer-Term

Average Annual Employment Growth (1998 – 2003)

Source:  Economy.com (non-farm, non-construction employment)

15

Market Research:  Application

Longer-Term

Completions as % of Inventory (1998-2003)

Defined as New Supply as % Total Apartment Inventory

Source:  Reis Reports/AVB

16

Market Research:  Application

Longer-Term

Demand/Supply (1998 – 2003)

Source:  REIS, Economy.com, AVB

D/S= (Household Growth/Employ. Growth) x Employ. ) / New Supply

17

Market Research:  Application

Longer-Term

Housing Affordability  (4Q01)

Source:  NAHB. Based on % of households that can afford median sales price.

18

Market Research:  Application

Longer-Term

Market Rent Growth (1998 – 2003)

Source:  REIS Reports

19

AVB Resident Profile

73% of Residents in $50,000+ Income Bracket

Household Income	Percent
< $25,000	7%
$25,000 - $49,999	20%
$50,000 - $74,999	24%
$75,000 - $99,999	20%
$100,000 or more	29%

20

What is the right approach at AVB?

	Ø	Operating Excellence is our Competitive Advantage
	Ø	Operating Excellence will Maximize Shareholder Value
	Ø	Customer Knowledge and Service fall within Operating Excellence

21

What is the right approach at AVB?

	Where we want to be in the Future

22

The Customer Focus Journey

23

How will this affect our Residents?

Customer Focus Emotional Bond with Brand Customer
Loyalty

24

How will Customer Focus benefit AVB?

25

Decentralized Execution

26

Experienced Management Team

27

Business Update

Market & Operating Trends

Employment Growth (by sequential quarter)

1999       |         2000      |         2001       |       2002          |        2003

28

Business Update

Average Economic Occupancy

29

Business Update

Annual Market Rent Growth

May 2002

30

Business Update

Market Rent & Gross Potential Per Apt

31

Business Update

Same Store Revenue

Historical

$ Millions per month

32