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| Name | Position | External Roles | Short Bio | Start Date |
|---|---|---|---|---|
Benjamin W. Schall ExecutiveBoard | Chief Executive Officer and President |
| 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. | January 2021 |
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. | 1998 |
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. | February 1999 |
Kevin P. O’Shea Executive | Chief Financial Officer |
| 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. | July 2003 |
Matthew H. Birenbaum Executive | Chief Investment Officer |
| Rejoined AVB in 2011 and became CIO in 2015. Oversees Development, Construction, Investments, and Market Research. Holds an MBA from Northwestern University. | October 2011 |
Sean J. Breslin Executive | Chief Operating Officer |
| Joined AVB in 2002. Became COO in 2015. Oversees Property Operations, Digital Technologies, HR, and Marketing. Holds an MBA from the University of Texas. | 2002 |
Christopher B. Howard Board | Director |
| 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. | 2021 |
Glyn F. Aeppel Board | Director |
| Director at AVB since 2013. Over 35 years of experience in real estate and hospitality. Holds an MBA from Harvard Business School. | 2013 |
Nnenna Lynch Board | Director |
| 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. | 2021 |
Richard J. Lieb Board | Director |
| Director at AVB since 2016. Former Senior Advisor and CFO at Greenhill & Co. Holds an MBA from Harvard Business School. | 2016 |
Ronald L. Havner, Jr. Board | Director |
| Director at AVB since 2014. Former CEO of Public Storage for 16 years. Holds a B.A. in Economics from UCLA. | 2014 |
Stephen P. Hills Board | Director |
| Director at AVB since 2017. Former President and General Manager of The Washington Post. Holds an MBA from Harvard Business School. | 2017 |
Susan Swanezy Board | Director |
| 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. | 2016 |
Timothy J. Naughton Board | Chairman of the Board |
| Joined AVB in 1989. Former CEO (2012–2022) and transitioned to Chairman in 2023. Holds an MBA from Harvard Business School. | 1989 |
- 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?
- 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?
- 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?
- 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?
- 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?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
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 developments and announcements about AVB.
Earnings
New Earnings (Q4 2024)
·5 days agoView full earnings summary →AvalonBay plans to boost its development pipeline from $2.2B to $3.5B by year-end, driving earnings growth. With $1.6B in new starts and a target of 80% suburban exposure, management projects a $0.15 EPS lift in 2025, despite expected lower occupancy levels.