Profile: AvalonBay Communities Inc (AVB)
6 Dec 2013
AvalonBay Communities, Inc., incorporated on March 13, 1995, is a real estate investment trust (REIT) . It is engaged in developing, acquiring, owning and operating apartment communities in high barrier to entry markets of the United States. As of January 31, 2013, it owned a direct or indirect ownership interest in 178 operating apartment communities containing 52,427 apartment homes in nine states and the District of Columbia, of which 155 communities containing 45,056 apartment homes were consolidated for financial reporting purposes, two communities containing 674 apartment homes were held by joint ventures in which it holds an ownership interest, and 21 communities containing 6,697 apartment homes were owned by the Funds. Five of the consolidated communities containing 1,787 apartment homes were under redevelopment, 23 wholly-owned communities under construction that are expected to contain an aggregate of 6,599 apartment homes when completed and rights to develop an additional 34 communities that, if developed in the manner expected, will contain an estimated 9,602 apartment homes.
The Company’s real estate investments segments include Established Communities, Other Stabilized Communities and Development/Redevelopment Communities. Established Communities are generally operating communities that were owned and had stabilized occupancy and operating expenses as of the beginning of the prior year such that year-over-year comparisons are meaningful. Other Stabilized Communities are generally all other operating communities that have stabilized occupancy and operating expenses , but that were not owned or had not achieved stabilization as of the beginning of the prior year such that year-over-year comparisons are not meaningful, as well as communities that are planned for disposition . Development/Redevelopment Communities consists of communities that are under construction, communities where substantial redevelopment is in progress or is planned to begin and communities under lease-up.
The Company operates its apartment communities under three core brands Avalon, AVA, and Eaves by Avalon. The Avalon brand is its core offering, focusing on upscale apartment living and high end amenities and services in urban and suburban markets. Its AVA brand is designed for people who want to live in or near urban neighborhoods and in close proximity to public transportation, services, shopping and night-life. AVA apartments are generally smaller, many engineered for roommate living, and feature modern design and a technology focus. Its Eaves by Avalon brand is designed for renters who seek apartment living, often in a suburban setting, with practical amenities and services at a more modest price point.
AvalonBay Communities Inc
SUITE 800, 671 N. GLEBE ROAD
ARLINGTON VA 22203