AvalonBay Communities Inc.

2900 Eisenhower Ave.

Year founded: 1978

Industry: Real estate

Post 200 Category: Top 125 Companies

Revenue: $648.45 Million

Net Income/Loss: $219.75 Million

Earnings per share: $2.92

Dividend: $2.80

Stockholder equity: $2.39 Billion

Auditor: Ernst & Young LLP

Stock: AVB

Assets: $5.07 Billion

Market capitalization: $5.02 Billion

52-week high: 75.93 12/31/2004

52-week low: 48.41 4/14/2004

Chairman and CEO: Bryce Blair

President : Timothy J. Naughton

Employees: 1702

Local employees: 400

Description: AvalonBay Communities is a real estate investment trust that owns or holds an interest in 148 apartment complexes with about 43,000 apartments in 10 states and the District, mostly in large cities on the East and West coasts. Some of its holdings are under construction or are being redeveloped. The company's portfolio includes garden, mid-rise and high-rise apartments as well as townhouse communities in urban and suburban locations.

Developments: Last year, AvalonBay had its best year in several years as the rental market began to recover in several regions where it operates. The company's yearly average occupancy rate was 95.3 percent, up from about 93 percent; expenses rose less than 2 percent. Funds from operations, a common measure of performance for real estate investment trusts, were up 2.4 percent for the year. It was the first time since 2001 that the company posted a growth in such funds. A strong seller's market allowed the company to sell five apartment communities and one parcel of land for a total of $250 million; officials said the company made a profit of $103.1 million on the sales. Bryce Blair, chairman and chief executive of AvalonBay, is optimistic about 2005. "We expect the positive momentum from 2004 to continue, contributing to stronger market fundamentals and increasing earnings growth in 2005," Blair said. Of AvalonBay's markets, Northern California was the worst performer of the year, in particular the San Jose market. The Washington area posted the strongest rental revenue growth of any of the company's markets nationwide, company officials said.

Executive Compensation
Chairman and CEO: Bryce Blair
Total Cash: $1,618,894.00
Total Compensation: $9,852,188.00

President: Timothy J. Naughton
Total Cash: $926,375.00
Total Compensation: $5,003,346.00

CFO: Thomas J. Sargeant
Total Cash: $886,016.00
Total Compensation: $4,550,114.00

Executive Vice President: Samuel B. Fuller
Total Cash: $795,786.00
Total Compensation: $3,613,496.00

Executive Vice President, Property Operations: Leo S. Horey
Total Cash: $604,269.00
Total Compensation: $2,888,977.00