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AVALONBAY COMMUNITIES (AVB)

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NamePositionExternal RolesShort Bio

Benjamin W. Schall

ExecutiveBoard

Chief Executive Officer and President

  • Member of the Executive Board of Nareit<br>- Executive Committee member of NMHC<br>- Member of The Real Estate Roundtable<br>- Trustee of the International Council of Shopping Centers<br>- Co-Chair of University Settlement Board

Joined AVB in 2021 as President and became CEO in January 2022. Previously CEO of Seritage Growth Properties and COO of Rouse Properties. Holds an MBA from Harvard Business School.

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Alaine S. Walsh

Executive

EVP—Human Capital and Administration

None

Joined AVB in 1998. Promoted to EVP in 2024. Oversees Human Capital and Administrative functions. Holds a B.S. in Accounting from James Madison University.

Edward M. Schulman

Executive

EVP—General Counsel and Secretary

None

Joined AVB in 1999. Serves as General Counsel and Secretary. Holds a J.D. from Harvard Law School and a B.A. in Economics from Princeton University.

Kevin P. O’Shea

Executive

Chief Financial Officer

  • Trustee of Urban Edge Properties

Joined AVB in 2003 and became CFO in 2014. Oversees Finance, Accounting, Risk Management, and ESG. Holds an MBA from Harvard Business School and a J.D. from Southern Methodist University.

Matthew H. Birenbaum

Executive

Chief Investment Officer

  • Board Member of Arlington Partnership for Affordable Housing<br>- Trustee of the Federal City Council

Rejoined AVB in 2011 and became CIO in 2015. Oversees Development, Construction, Investments, and Market Research. Holds an MBA from Northwestern University.

Sean J. Breslin

Executive

Chief Operating Officer

  • Executive Committee member of NMHC<br>- Past Chair of ULI Multifamily Council<br>- Member of the Board of Directors of the American Red Cross

Joined AVB in 2002. Became COO in 2015. Oversees Property Operations, Digital Technologies, HR, and Marketing. Holds an MBA from the University of Texas.

Christopher B. Howard

Board

Director

  • EVP and COO of Arizona State University Public Enterprise

Director at AVB since 2021. Former President of Robert Morris University and Hampden-Sydney College. Holds a D.Phil from Oxford as a Rhodes Scholar and an MBA from Harvard Business School.

Glyn F. Aeppel

Board

Director

  • President and CEO of Glencove Capital<br>- Director at Simon Property Group<br>- Director at Maui Land and Pineapple Company<br>- Director at Exclusive Resorts and Concord Hospitality

Director at AVB since 2013. Over 35 years of experience in real estate and hospitality. Holds an MBA from Harvard Business School.

Nnenna Lynch

Board

Director

  • CEO of Xylem Projects<br>- Director at Blackstone Mortgage Trust<br>- Chair of New York Road Runners<br>- Trustee of Villanova University<br>- Director at Stake Network

Director at AVB since 2021. Founder and CEO of Xylem Projects. Former Senior Policy Advisor to NYC Mayor Michael Bloomberg. Holds a D.Phil from Oxford as a Rhodes Scholar.

Richard J. Lieb

Board

Director

  • Director at Orion Office REIT<br>- Director at Star Holdings

Director at AVB since 2016. Former Senior Advisor and CFO at Greenhill & Co. Holds an MBA from Harvard Business School.

Ronald L. Havner, Jr.

Board

Director

  • Non-executive Chairman of Public Storage<br>- Chairman Emeritus and Consultant at Shurgard Self-Storage<br>- Board Member of PS Business Parks

Director at AVB since 2014. Former CEO of Public Storage for 16 years. Holds a B.A. in Economics from UCLA.

Stephen P. Hills

Board

Director

  • Founding Director of the Business Law Scholars Program at Georgetown University Law Center

Director at AVB since 2017. Former President and General Manager of The Washington Post. Holds an MBA from Harvard Business School.

Susan Swanezy

Board

Director

  • Advisory Board Member at Hodes Weill & Associates<br>- Director at Digital Realty Trust

Director at AVB since 2016. Former Partner at Hodes Weill & Associates. Extensive experience in real estate investment management. Holds a B.S. from Georgetown University.

Timothy J. Naughton

Board

Chairman of the Board

  • Board Member of Park Hotels and Resorts<br>- Senior Advisor to Navitas Capital and Energy Impact Partners<br>- Board Member of Jefferson Scholars Foundation and White Ruffin Byron Center at UVA

Joined AVB in 1989. Former CEO (2012–2022) and transitioned to Chairman in 2023. Holds an MBA from Harvard Business School.

  1. With the transaction market remaining thin and lacking distressed opportunities, how will you effectively execute your paired trade strategy to increase suburban and expansion region allocations without overpaying for acquisitions or being limited by capital gains constraints on dispositions?
  2. Given the plan to increase development starts to nearly $1.1 billion amid a volatile interest rate environment, what specific strategies are you implementing to mitigate risks associated with rising construction costs and potential delays impacting your projected 6.3% untrended initial stabilized yields?
  3. As you shift focus toward build-to-rent communities, including townhome products and potentially detached units, how do you plan to overcome operational challenges related to managing smaller, disparate assets and ensure that these investments achieve scale and desired returns?
  4. Considering your expectation of reduced property tax expenses due to expiring tax abatement programs like New York City's 421-a, how are you preparing for potential increases in property taxes in expansion regions, especially in the Sunbelt, where higher rates could offset these benefits?
  5. With increased development and expansion into new markets, how are you assessing and addressing the risk of oversupply potentially impacting rent growth and occupancy, particularly as deliveries are expected to remain elevated or increase in certain regions like New York City?

Research analysts who have asked questions during AVALONBAY COMMUNITIES earnings calls.

Adam Kramer

Morgan Stanley

4 questions for AVB

Also covers: AMH, CPT, EQR +5 more

Alexander Goldfarb

Piper Sandler

4 questions for AVB

Also covers: ALEX, ALX, BRX +25 more

Austin Wurschmidt

KeyBanc Capital Markets Inc.

4 questions for AVB

Also covers: AHR, AIV, AMH +20 more

Eric Wolfe

Citi

3 questions for AVB

Also covers: AMH, CPT, CUBE +13 more

John Kim

BMO Capital Markets

3 questions for AVB

Also covers: AIV, ALX, ARDX +31 more

Steve Sakwa

Evercore ISI

3 questions for AVB

Also covers: ALX, AMH, BDN +31 more

Alex Kim

Zelman & Associates

2 questions for AVB

Also covers: CPT, EQR, ESS +2 more

Ami Probandt

UBS

2 questions for AVB

Also covers: CPT, CSR, EQR +4 more

Haendel St. Juste

Mizuho Financial Group

2 questions for AVB

Also covers: AAT, ADC, AIV +21 more

James Feldman

Wells Fargo

2 questions for AVB

Also covers: AMH, ARE, BXP +16 more

Jeffrey Spector

BofA Securities

2 questions for AVB

Also covers: AKR, AMH, BRX +25 more

Linda Tsai

Jefferies

2 questions for AVB

Also covers: ADC, AKR, AMH +20 more

Michael Goldsmith

UBS

2 questions for AVB

Also covers: ADC, AMH, BNL +30 more

Nicholas Yulico

Scotiabank

2 questions for AVB

Also covers: AHR, ALX, BXP +20 more

Richard Anderson

Wedbush Securities

2 questions for AVB

Also covers: AIV, ARE, BXP +22 more

Richard Hightower

Barclays

2 questions for AVB

Also covers: ADC, AMH, CPT +11 more

Alexander Kim

Zelman & Associates

1 question for AVB

Also covers: CPT, EQR, ESS +2 more

Ann Chan

Green Street

1 question for AVB

Also covers: ELME, IRT, MAA +1 more

Brad Heffern

RBC Capital Markets

1 question for AVB

Also covers: ADC, AMH, CPT +15 more

Cooper Clark

Wells Fargo

1 question for AVB

Also covers: APLE, BRX, CSR +15 more

Jamie Feldman

Wells Fargo & Company

1 question for AVB

Also covers: AMH, BRX, BXP +16 more

John Pawlowski

Green Street

1 question for AVB

Also covers: AIV, AMH, ELME +12 more

Joshua Dennerlein

BofA Securities

1 question for AVB

Also covers: AHR, AMH, ARE +18 more

Michael Stefany

Mizuho Financial Group

1 question for AVB

Also covers: MAA

Nick Joseph

Citigroup Inc.

1 question for AVB

Also covers: AIV, ARE, CUBE +8 more

Rich Hightower

Barclays

1 question for AVB

Also covers: ADC, CPT, EPRT +11 more
Program DetailsProgram 1
Approval DateJuly 2020
End Date/DurationNo expiration
Total additional amount$500,000,000
Remaining authorization$314,237,000
DetailsProvides flexibility to repurchase shares based on factors like price, market conditions, and corporate liquidity requirements.
YearAmount Due (in millions)Debt TypeInterest Rate (%)% of Total Debt
2024300.461Unsecured Notes3.503.6% = (300.461 / 8,434.91) * 100
2025835.765Unsecured Notes3.45, 3.509.9% = (835.765 / 8,434.91) * 100
2026786.811Unsecured Notes2.95, 2.909.3% = (786.811 / 8,434.91) * 100
2027650.159Unsecured & Secured Notes3.357.7% = (650.159 / 8,434.91) * 100
2028868.902Unsecured Notes3.20, 1.9010.3% = (868.902 / 8,434.91) * 100
2029734.910Unsecured & Secured Notes3.308.7% = (734.910 / 8,434.91) * 100
2030709.100Unsecured Notes2.308.4% = (709.100 / 8,434.91) * 100
2031609.700Unsecured Notes2.457.2% = (609.700 / 8,434.91) * 100
2032710.400Unsecured Notes2.058.4% = (710.400 / 8,434.91) * 100
2033762.000Unsecured Notes5.00, 5.309.0% = (762.000 / 8,434.91) * 100
Thereafter4,992.812Unsecured & Secured Notes3.90, 4.15, 4.3559.2% = (4,992.812 / 8,434.91) * 100
NameStart DateEnd DateReason for Change
Ernst & Young LLP2002 PresentCurrent auditor

Notable M&A activity and strategic investments in the past 3 years.

CompanyYearDetails

Avalon Townhomes at Bee Cave

2024

The acquisition involved 126 townhomes in Bee Cave, TX for $49,000,000 with a straightforward asset purchase structure that strengthens Avalon’s Texas market presence.

AVA Balboa Park

2024

Acquired in Q3 2024 in San Diego, CA, this deal added 100 apartment homes plus 1,700 sq ft of commercial space for $51,000,000, expanding Avalon’s mixed-use portfolio in an urban market.

Avalon Cherry Hills

2024

In Q3 2024, Avalon acquired 306 apartment homes in Englewood, CO for $95,000,000, further diversifying its asset mix and regional footprint.

Avalon Perimeter Park

2024

Completed in July 2024, this acquisition in Morrisville, NC involved 262 apartment homes for $66,500,000, enhancing Avalon’s presence in the North Carolina market with a clean asset purchase structure.

Avalon at Pier 121

2024

Acquired in Q2 2024 in Lewisville, TX, this deal added 300 apartment homes for $62,100,000, reinforcing Avalon’s core residential portfolio in Texas.

Avalon West Plano

2023

This 2023 acquisition in Carrollton, TX secured 568 apartment homes for $142,000,000 and included the assumption of a $63,041,000 fixed-rate mortgage (4.18%, maturing May 2029), highlighting sophisticated deal financing.

Avalon Mooresville

2023

In 2023, Avalon expanded its presence in North Carolina by acquiring 203 apartment homes in Mooresville for $52,100,000, aligning with its regional growth strategy.

Avalon Highland Creek

2022

Acquired in October 2022 in Charlotte, NC, this deal added 260 apartment homes for $76,700,000, bolstering Avalon’s high-growth market position.

Avalon Miramar Park Place

2022

Completed during the three months ended September 30, 2022, the acquisition in Miramar, FL, involved 650 apartment homes for $295,000,000 and was structured as an asset acquisition with assumed liabilities recorded at fair value.

Waterford Court

2022

This acquisition in Addison, TX, for 196 apartment homes at $69,500,000 was treated as a wholly-owned asset purchase, with acquired assets and liabilities recorded at their relative fair values.

Avalon Flatirons

2022

Acquired on February 1, 2022, in Lafayette, CO, this deal included 207 apartment homes and 16,000 sq ft of commercial space for $95,000,000, and was recorded as an asset acquisition using Level 3 fair value measurements due to significant unobservable inputs.

Recent press releases and 8-K filings for AVB.

AvalonBay issues $400M 5.000% Senior Notes due 2035
·$AVB
Debt Issuance
  • On July 10, 2025, AvalonBay closed a $400 million public offering of 5.000% Senior Notes due August 1, 2035 under its February 23, 2024 indenture.
  • The Notes bear interest from July 10, 2025 at 5.000%, payable semi-annually on February 1 and August 1, beginning February 1, 2026.
  • Net proceeds are estimated at $393.9 million, expected to fund working capital, general corporate purposes and potential repayment of commercial paper.
Jul 10, 2025, 12:00 AM
AvalonBay Q1 2025 Earnings Update & Q2 Guidance
·$AVB
Earnings
New Projects/Investments
Guidance Update
M&A
  • AvalonBay reported Q1 2025 earnings with diluted EPS of $1.66 (up 36.1% YoY), FFO per share of $2.78, and Core FFO per share of 2.83 (up 4.8% YoY) .
  • The company provided Q2 2025 guidance with a mid-point EPS outlook of $1.83 per share and reaffirmed its full-year outlook .
  • AvalonBay is advancing over $3B of fully match-funded development projects—including 19 ongoing projects and 4 recent completions—targeting a 100-150 basis point spread between development yields and costs, with additional progress in new community constructions and Texas acquisitions .
  • The firm bolstered its liquidity with $890M in undrawn forward equity capital, a $2.5B credit facility (secured/unsecured), and a $450M term loan, pushing total liquidity to $2.8B .
  • AvalonBay maintains a diversified portfolio with approximately 47% in established East Coast markets, 41% on the West Coast, and 12% in expansion regions, featuring an asset mix of 41% garden communities, 41% mid-rise, and 18% high-rise .
May 1, 2025, 5:01 PM
AVALONBAY COMMUNITIES INC Establishes New Credit Facilities and Expands Commercial Paper Program
·$AVB
Debt Issuance
  • Entered into a $2.5 billion revolving credit facility with a maturity of April 3, 2030, replacing the previous $2.25 billion facility, with an option to increase by up to an additional $500 million if committed by banks.
  • Established a $450 million term loan facility maturing on April 3, 2029, with the ability to boost the facility by up to $100 million, and implemented interest rate swaps to set an effective rate of 4.47% under expected full draw conditions.
  • Increased the commercial paper program limit from $500 million to $1.0 billion, enhancing short-term liquidity options.
Apr 4, 2025, 12:00 AM