Benjamin W. Schall

Chief Executive Officer and President at AVALONBAY COMMUNITIES

Board

Since January 3, 2022

Age

49 years

Education

Holds a Bachelor of Arts from Swarthmore College and a Master of Business Administration from Harvard Business School.

Tenure

Joined AvalonBay Communities as President on January 25, 2021 and was promoted to Chief Executive Officer on January 03, 2022, while also serving as a member of the Board of Directors.

Also at AVALONBAY COMMUNITIES

ASW

Alaine S. Walsh

EVP—Human Capital and Administration

EMS

Edward M. Schulman

EVP—General Counsel and Secretary

KPO

Kevin P. O’Shea

Chief Financial Officer

About

Benjamin W. Schall is the Chief Executive Officer and President of AvalonBay Communities, Inc., where he plays a pivotal role in steering the company’s strategic direction and operations. With a strong academic foundation comprising a Bachelor of Arts from Swarthmore College and an MBA from Harvard Business School, his educational background has been a cornerstone in his professional journey.

His tenure at AvalonBay has been marked by rapid progression, having joined the company as President on January 25, 2021, and subsequently being promoted to Chief Executive Officer on January 03, 2022. In his current role, he also contributes as a member of the Board of Directors, demonstrating a deep commitment to corporate governance and strategic leadership.

Beyond his executive responsibilities at AvalonBay, Schall’s career includes significant leadership experiences at other prominent real estate investment trusts. His previous roles have equipped him with a comprehensive understanding of the industry, enriching his capacity to drive growth and innovation. His active participation in industry associations further underscores his influence and dedication to the real estate sector.

$AVB Performance Under Benjamin W. Schall

Past Roles

Organization	Role	Date Range	Details
AvalonBay Communities, Inc.	President & Director	January 2021	Former position before promotion to CEO & President
Rouse Properties, Inc.	Chief Operating Officer	2012 - 2015	Held during operations at a mall and retail REIT, which was later acquired
Seritage Growth Properties	Chief Executive Officer, President & Trustee	N/A	Led a publicly traded REIT focused on retail and mixed-use properties
Vornado Realty Trust	Senior Vice President	N/A	Oversaw office and retail asset management in a publicly traded REIT

Fixed Compensation

Data from FY 2023

Component Name	Amount	Payment Schedule	Additional Details
Base Salary	$1,000,000	Annual (2023)	Only fixed compensation component mentioned

Performance Compensation

Data from FY 2023

Cash Bonus

Metric	Detail
Weighting	Corporate 80% / Individual 20%
Threshold	$750,000 (50% of base salary)
Target	$1,500,000 (150% of base salary)
Maximum	$3,000,000 (200% of base salary)
Actual Achievement (Corporate)	141.3% of target
Actual Achievement (Individual)	115.0% of target
Final Payout	$2,040,600
Vesting Schedule	Not subject to vesting; one-time payout

Stock Bonus

Performance Measure	Weight	Achievement vs Target
Quarterly Same Store Residential Revenue vs. Target	25%	100.8%
Annual Same Store Controllable Operating Expenses vs. Target	10%	100.0%
Same Store Base Rental Revenue vs. Submarket Composite	25%	100.0%
Review of Development Completions (Capital Cost)	15%	85.7%
Review of Construction (Budget)	8.33%	74.0%
Review of Construction (Safety)	8.33%	126.0%
Review of Construction (Quality)	8.34%	115.0%
Overall Achievement Level	100%	99.3% of target

Detail	Value
Final Payout (Stock Bonus)	$1,787,400
Grant Date	February 2024 (for 2023 performance)
Grant Date Fair Value	$1,787,400
Grant Date Stock Price	$172.11 per share
Stock Option Election	25% received as stock option
Vesting Schedule	Ratable over three years; accelerated upon termination events