AvalonBay Communities

AvalonBay Communities, Inc. is a publicly traded real estate investment trust that invests in apartments.

AvalonBay Communities, Inc.
TypePublic company
IndustryReal estate investment trust
PredecessorAvalon Properties Inc.
Bay Apartment Communities, Inc.
Founded1978 (1978)
Headquarters
Arlington County, Virginia
Key people
Timothy J. Naughton, Chairman & CEO
Kevin P. O’Shea, CFO
Revenue $2.324 billion (2019)
$0.785 billion (2019)
Total assets $19.121 billion (2019)
Total equity $10.990 billion (2019)
Number of employees
3,122 (2019)
Websitewww.avaloncommunities.com
Footnotes / references
[1]

As of January 31, 2020, the company owned 79,636 apartment units, all of which were in New England, the New York City metropolitan area, the Washington, D.C. metropolitan area, Seattle, and California. It is the 3rd largest owner of apartments in the United States.[2]

History

The company was formed by the 1998 merger between Avalon Properties Inc. and Bay Apartment Communities Inc.[3][4][5] The merged company owned 40,506 apartment units.[3] Avalon Properties was formed in 1993 as a spinoff from Trammell Crow Company and was led by Richard Michaux, as Chairman and CEO and Chuck Berman, President.[6][7][8] Bay Apartment Communities was formed in 1994 from the apartment business established by Mike Meyer in 1978.[9]

In February 2001, Bryce Blair was named CEO, and the additional role of Chairman in January 2002.[10]

In 2003, the company sold $450 million in assets and reinvested the proceeds in its development pipeline.[11]

In 2007, the company was added to the S&P 500 Index.[12]

In 2011, Timothy J. Naughton was named CEO, and the additional role of chairman in January 2013.[10][13]

On February 27, 2013, AvalonBay Communities and Equity Residential closed a $9 billion deal to acquire Archstone from Lehman Brothers.[14]

The company in 2017 had units in locations such as Denver, Colorado.[15]

In 2017, a lawsuit was filed by former tenants of Avalon at Edgewater, an AvalonBay community in Edgewater, New Jersey, who allege that AvalonBay breached its duty of care by allegedly violating fire standards and safety procedures following a five-alarm fire at the community in 2015.[16]

References
  1. "AVALONBAY COMMUNITIES, INC. 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. "NMHC 50 Largest Apartment Owners". National Multifamily Housing Council.
  3. HOLSON, LAURA M. (March 9, 1998). "Real Estate Trusts Plan $2 Billion Merger". The New York Times.
  4. "Avalon moves into Bay". CNN. March 9, 1998.
  5. Pacelle, Mitchell (March 9, 1998). "Avalon Properties, Bay Apartment Agree to Merge in a Stock Swap". The Wall Street Journal.
  6. PRESTON, HOLLY HUBBARD (February 5, 2009). "A venture capitalist for a cause". The New York Times.
  7. King, Carrie (June 1, 1997). "Trammell Crow Residential: Right around the corner and on every block". National Real Estate Investor.
  8. CHARLES, ELEANOR (November 21, 1993). "In the Region/Connecticut; Avalon (Nee Trammell Crow) Runs Into Opposition". The New York Times.
  9. "AvalonBay Communities Announces Planned Retirement of Gilbert M. Meyer from the Board of Directors and Announces 2010 Annual Meeting Details" (Press release). Business Wire. February 10, 2010.
  10. Bala, Vaishnavi (June 6, 2011). "AvalonBay Communities names new CEO". Reuters.
  11. Shaver, Les (April 25, 2005). "The Scaling Heights". Multifamily Executive.
  12. "AvalonBay to join S&P 500, replacing Symbol". Reuters. January 21, 2007.
  13. Wotapka, Dawn (June 6, 2011). "AvalonBay Lays Plan as CEO Resigns". The Wall Street Journal.
  14. "AvalonBay Completes Archstone Acquisition" (Press release). Business Wire. February 27, 2013.
  15. "AvalonBay Communities, Inc. Enters Denver Market with Acquisition of The Lodge Denver West" (Press release). Business Wire. September 5, 2017.
  16. Shkolnikova, Svetlana (September 20, 2017). "Avalon fire lawsuit will go to trial". The Record (Bergen County, New Jersey).
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