AvalonBay Communities Inc.
2900 Eisenhower Ave.
Alexandria, Va. 22314
www.avalonbay.com Year founded: 1978 Industry: Real estate Revenue: $609.65 Million Net Income/Loss: $271.53 Million Earnings per share: $3.73 Dividend: $2.80 Stockholder equity: $2.31 Billion Auditor: Ernst & Young LLP Stock: AVB Assets: $4.91 Billion Market capitalization: $3.50 Billion 52-week high: 54.66 3/19/2004 52-week low: 37.68 4/14/2003 Chairman, CEO and president: Bryce Blair COO: Timothy J. Naughton Employees: 1622 Local employees: 408 Description: AvalonBay builds, owns and manages apartment buildings in large cities nationwide. It focuses on "high barrier-to-entry" markets, especially on the East and West coasts, where limited land is available for apartments. It owns 142 communities with about 42,000 units. Developments: Thanks to low mortgage rates, many Americans chose to buy, not rent, their homes last year, which was bad news for AvalonBay. Rental rates dropped 3.3 percent even as operating expenses increased 1.7 percent. Funds from operations, a common measure of performance for real estate investment trusts, fell 9 percent to $229 million. Of AvalonBay's markets, the worst-performing was the Midwest, where operating income fell 9 percent. The best was the mid-Atlantic region, up 0.2 percent. One piece of good news: After two years of slumping, AvalonBay's occupancy rate held steady in 2003 at about 94 percent. In June the company sold its holdings in the Minneapolis area; five apartment complexes with 1,328 units total for net proceeds of $99 million. It used the money to pay down debt and fund new development. It also sold two Washington area projects, Avalon at Fair Lakes and Avalon at Dulles. The company scaled back new construction as demand began slumping three years ago. But late last year it began work on three communities, including its first in Manhattan, one on Long Island and one near Boston for a total of 760 apartment units and a cost of $218 million. Construction finished on projects in Los Angeles and near Boston in 2003. Executive Compensation
Chairman, President and CEO: Bryce Blair
Total Cash: $1,146,796.00
Total Compensation: $5,618,675.00 COO: Timothy J. Naughton
Total Cash: $714,048.00
Total Compensation: $3,209,304.00
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