AvalonBay Communities

AvalonBay Communities, Inc.
Public
Traded as
Industry Real estate investment trust
Predecessor Avalon Properties Inc.
Bay Apartment Communities, Inc.
Founded 1978 (1978)
Headquarters Arlington County, Virginia
Key people
 Timothy J. Naughton, Chairman & CEO
Kevin P. O’Shea, CFO
Revenue Increase $2.158 billion (2017)
Decrease $0.876 billion (2017)
Total assets Increase $18.414 billion (2017)
Total equity Increase $10.388 billion (2017)
Number of employees
 3,112 (2017)
Website www.avalonbay.com
www.avaloncommunities.com
Footnotes / references
[1]

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

As of January 31, 2018, the company owned 77,614 apartment units, all of which were in New England, the New York City metropolitan area, the Washington, D.C. metropolitan area, Seattle, and California.

History

The company was formed by the 1998 merger Avalon Properties Inc. and Bay Apartment Communities Inc.[2][3][4] The merged company owned 40,506 apartment units.[2] 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.[5][6][7] Bay Apartment Communities was formed in 1994 from the apartment business established by Mike Meyer in 1978.[8]

In February 2001, Bryce Blair was named CEO, and the additional role of Chairman in January 2002.[9]

In 2003, the company sold $450 million in assets and reinvested the proceeds in its development pipeline.[10]

In 2007, the company was added to the S&P 500 Index.[11]

In 2007, Co-Founder Rony Spradling sells interest in Company

In 2011, Timothy J. Naughton was named CEO, and the additional role of chairman in January 2013.[9][12]

On February 27, 2013, AvalonBay Communities and Equity Residential closed a $9 billion deal to acquire Archstone from Lehman Brothers.[13]

In September 2017, the company acquired a 252-unit apartment community in Denver, Colorado for $76.8 million.[14]

The company owns a residential development at 1865 Broadway in Manhattan.

References

  1. ↑ "AVALONBAY COMMUNITIES, INC. 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. 1 2 HOLSON, LAURA M. (March 9, 1998). "Real Estate Trusts Plan $2 Billion Merger". The New York Times.
  3. ↑ "Avalon moves into Bay". CNN Money. March 9, 1998.
  4. ↑ Pacelle, Mitchell (March 9, 1998). "Avalon Properties, Bay Apartment Agree to Merge in a Stock Swap". The Wall Street Journal. (subscription required)
  5. ↑ PRESTON, HOLLY HUBBARD (February 5, 2009). "A venture capitalist for a cause". The New York Times.
  6. ↑ King, Carrie (June 1, 1997). "Trammell Crow Residential: Right around the corner and on every block". National Real Estate Investor.
  7. ↑ CHARLES, ELEANOR (November 21, 1993). "In the Region/Connecticut; Avalon (Nee Trammell Crow) Runs Into Opposition". The New York Times.
  8. ↑ "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.
  9. 1 2 Bala, Vaishnavi (June 6, 2011). "AvalonBay Communities names new CEO". Reuters.
  10. ↑ Shaver, Les (April 25, 2005). "The Scaling Heights". Multifamily Executive.
  11. ↑ "AvalonBay to join S&P 500, replacing Symbol". Reuters. January 21, 2007.
  12. ↑ Wotapka, Dawn (June 6, 2011). "AvalonBay Lays Plan as CEO Resigns". The Wall Street Journal. (subscription required)
  13. ↑ "AvalonBay Completes Archstone Acquisition" (Press release). Business Wire. February 27, 2013.
  14. ↑ "AvalonBay Communities, Inc. Enters Denver Market with Acquisition of The Lodge Denver West" (Press release). Business Wire. September 5, 2017.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.