AVALONBAY COMMUNITIES INC

AVALONBAY COMMUNITIES INC

Previous company name
AVALON BAY COMMUNITIES INC
Name change date
6/18/1998
Company Overview
AvalonBay Communities, Inc. is a public company involved in the activities of real estate investment trusts (REITs). The company was formed after the merger between Avalon Properties, Inc. and Bay Apartment Communities, Inc. in June 1998. The registered headquarters of the company is located in Alexandria, Virginia.
AvalonBay Communities is one of the leading REITs with apartment communities located in high barrier-to-entry markets of Northern and Southern California, Northeast, Mid-Atlantic, Midwest, and Pacific Northwest regions of the United States. The company comprises its business activities in the acquisition, development, construction, marketing, leasing and management of apartment communities in the country.
In March 2007, AvalonBay owned or held interest in 171 apartment communities containing 49,402 apartment homes in 10 states and the District of Columbia, of which 16 communities were under construction and six communities were under reconstruction. In addition, the company held future development rights for 56 communities. AvalonBay’s common stock trades on the New York Stock Exchange and under the ticker symbol “AVB.”
AvalonBay Communities is the proud recipient of the 2007 “Property Management Company of the Year” and the 2005 “Development Firm of the Year” awards, as presented by the National Association of Home Builders. The company aims to enhance the lives of its residents.
Business Summary
AvalonBay Communities, Inc. is a real estate investment trust (REIT). The Company is engaged in the development, redevelopment, acquisition, ownership and operation of multifamily communities in high barrier-to-entry markets of the United States. Its markets are located in New England, the New York/New Jersey metro area, the Washington DC Metro area, the Midwest, the Pacific Northwest, and the Northern and Southern California regions of the United States. The Company’s real estate investments consist of three reportable segments: Established Communities, Other Stabilized Communities and Development/Redevelopment Communities. The Company holds 31.3% interest in AvalonBay Value Added Fund II, L.P. (Fund II) and 15.2% interest in AvalonBay Value Added Fund, L.P. (Fund I). Fund I and Fund II are collectively known as the Funds.
Description and history
AvalonBay Communities, Inc., incorporated in 1978, is a real estate investment trust (REIT). The Company is engaged in the development, redevelopment, acquisition, ownership and operation of multifamily communities in high barrier-to-entry markets of the United States. Its markets are located in New England, the New York/New Jersey metro area, the Washington DC Metro area, the Midwest, the Pacific Northwest, and the Northern and Southern California regions of the United States. The Company’s real estate investments consist of three reportable segments: Established Communities, Other Stabilized Communities and Development/Redevelopment Communities. The Company holds 31.3% interest in AvalonBay Value Added Fund II, L.P. (Fund II) and 15.2% interest in AvalonBay Value Added Fund, L.P. (Fund I). Fund I and Fund II are collectively known as the Funds. As of January 31, 2010, the Company owned or held a direct or indirect ownership interest in 164 operating apartment communities containing 47,631 apartment homes in 10 states and the District of Columbia, of which, 140 were consolidated communities containing 42,108 apartment homes, three communities containing 983 apartment homes were held by joint ventures in which it owned an interest, and 21 communities containing 4,540 apartment homes were owned by the Funds; seven communities under construction that are expected to contain an aggregate of 2,438 apartment homes when completed, and rights to develop an additional 28 communities. During the year ended December 31, 2009, it sold seven real estate assets.

Established Communities (also known as Same Store Communities) are communities where a comparison of operating results from the prior year to the current year is meaningful, as these communities were owned and had stabilized occupancy and operating expenses as of the beginning of the prior year. During 2009, the Established Communities are communities that are consolidated for financial reporting purposes, had stabilized occupancy and operating expenses, and are not conducting or planning to conduct redevelopment activities and are not held for sale or planned for disposition within the year. A community is considered to have stabilized occupancy at the earlier of attainment of 95% physical occupancy or the one-year anniversary of completion of development or redevelopment. Other Stabilized Communities includes all other completed communities that have stabilized occupancy. Other Stabilized Communities do not include communities that are conducting or planning to conduct substantial redevelopment activities within the year. Development/Redevelopment Communities consists of communities that are under construction and have not received a final certificate of occupancy, communities where the Company owns a majority interest and where redevelopment is in progress or is planned to begin during the year and communities under lease-up that had not reached stabilized occupancy.

Formed after the merger between Avalon Properties, Inc. And Bay Apartment Communities, Inc

Business Line
Involved in the activities of real estate investment trusts
Subsidiary
4100 MASSACHUSETTS AVENUE ASSOCIATES LP
Advisor
ERNST & YOUNG LLP
IPO date
3/1994
US SIC Code
6798
Company Address
Suite 300
2900, Eisenhower Avenue
City province or state postal code
22314, ALEXANDRIA, VA
Phone: +1 703 329 6300
Fax: +1 703 329 1459
Country address: UNITED STATES OF AMERICA
Website url: www.avalonbay.com