AvalonBay Communities
 | |
| Public company | |
| Traded as |
NYSE: AVB S&P 500 Component |
| Industry | Apartments |
| Predecessor |
Avalon Properties Inc. Bay Apartment Communities, Inc. |
| Founded | 1978 |
| Headquarters | Arlington, Virginia |
Key people |
Timothy J. Naughton, Chairman, Chief Executive Officer and President Kevin P. O’Shea, Chief Financial Officer[1] |
| Revenue |
 US$2.045 billion (2016)[1] |
|
US$1.033 billion (2016)[1] | |
| Total assets |
US$17.867 billion (2016)[1] |
| Total equity |
US$10.171 billion (2016)[1] |
Number of employees | 3,071 |
| Website |
www |
AvalonBay Communities, Inc. is a publicly traded real estate investment trust.
As of January 31, 2017, the company owned 75,038 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 of 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 spin off from Trammell Crow Company and was led by Richard Michaux.[5][6][7]
In February 2001, Bryce Blair was named CEO.[8]
In 2003, the company sold $450 million in assets and reinvested the proceeds in its development pipeline.[9]
In 2007, AvalonBay was added to the S&P 500 Index.[10]
In 2011, Timothy J. Naughton was named CEO.[8][11]
On February 27, 2013, AvalonBay Communities and Equity Residential closed a $9 billion deal to acquire Archstone from Lehman Brothers.[12]
References
- 1 2 3 4 5 AVALONBAY COMMUNITIES, INC. 2016 Form 10-K
- 1 2 HOLSON, LAURA M. (March 9, 1998). "Real Estate Trusts Plan $2 Billion Merger". The New York Times.
- ↑ "Avalon moves into Bay". CNN Money. March 9, 1998.
- ↑ Pacelle, Mitchell (March 9, 1998). "Avalon Properties, Bay Apartment Agree to Merge in a Stock Swap". The Wall Street Journal.(subscription required)
- ↑ PRESTON, HOLLY HUBBARD (February 5, 2009). "A venture capitalist for a cause". The New York Times.
- ↑ King, Carrie (June 1, 1997). "Trammell Crow Residential: Right around the corner and on every block". National Real Estate Investor.
- ↑ CHARLES, ELEANOR (November 21, 1993). "In the Region/Connecticut; Avalon (Nee Trammell Crow) Runs Into Opposition". The New York Times.
- 1 2 "UPDATE 1-AvalonBay Communities names new CEO". Reuters. June 6, 2011.
- ↑ Shaver, Les (April 25, 2005). "The Scaling Heights". Multifamily Executive.
- ↑ "AvalonBay to join S&P 500, replacing Symbol". Reuters. January 21, 2007.
- ↑ Wotapka, Dawn (June 6, 2011). "AvalonBay Lays Plan as CEO Resigns". The Wall Street Journal.(subscription required)
- ↑ "AvalonBay Completes Archstone Acquisition" (Press release). Business Wire. February 27, 2013.
External links
-
- Business data for AvalonBay Communities: Google Finance
- Yahoo! Finance
- Reuters
- SEC filings