AvalonBay Communities

Last updated
AvalonBay Communities, Inc.
Company type Public company
Industry Real estate investment trust
PredecessorAvalon Properties Inc.
Bay Apartment Communities, Inc.
Founded1978;46 years ago (1978)
Headquarters Arlington County, Virginia, U.S.
Key people
Timothy J. Naughton (Chairman)
Benjamin Schall (CEO)
Kevin P. O’Shea (CFO)
RevenueDecrease2.svg US$2.301 billion (2020)
1,765,786,000 United States dollar (2022)  OOjs UI icon edit-ltr-progressive.svg
Increase2.svg US$827 million (2020)
Total assets Increase2.svg US$19.199 billion (2020)
Total equity Decrease2.svg US$10.752 billion (2020)
Number of employees
3,090 (2021)
Website www.avaloncommunities.com
Footnotes /references
[1]

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

Contents

As of January 31, 2021, the company owned 79,856 apartment units 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, COO and Board member. [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 to reinvest the proceeds in its development pipeline. [11] In 2007, the company was added to the S&P 500. [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]

In 2017, a lawsuit was filed by former tenants of Avalon at Edgewater, an AvalonBay community in Edgewater, New Jersey, who alleged 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. [15] The class action lawsuit by former Russell Building at the Avalon at Edgewater tenants was settled in 2017. Tenants were able to submit a claim for full losses from the fire by September 11, 2017. [16]

In 2024, AvalonBay reported its intention to focus more resources on build-to-rent development and acquisitions during their 3rd quarter earnings call. [17]

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References

  1. ↑ "AVALONBAY COMMUNITIES, INC. 2020 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ↑ "NMHC 50 Largest Apartment Owners". National Multifamily Housing Council.
  3. 1 2 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. Archived from the original on September 5, 2017.
  10. 1 2 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. ↑ Shkolnikova, Svetlana (September 20, 2017). "Avalon fire lawsuit will go to trial". The Record (Bergen County, New Jersey) .
  16. ↑ "Court Grants Final Approval to Settlement in Class Action Brought by Avalon at Edgewater Russell Building Tenants" (Press release). Wilentz, Goldman & Spitzer, P.A. July 10, 2017.
  17. ↑ "AvalonBay expands build-to-rent operations, plans future acquisitions". Multifamily Dive. Retrieved 9 December 2024.
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