REIT Focus: AvalonBay Communities, Inc.
By Joseph Ori:This month’s REIT Focus is on AvalonBay Communities, Inc. (AVB). AVB is a self-administered and self managed Maryland equity real estate investment trust that focuses on the development, acquisition, ownership and operation of apartment communities in high barrier to entry markets. AVB owns 199 apartment communities with 57,426 units in 10 states and the District of Columbia. Communities are located in eight metropolitan statistical areas of New England, Metro New York/New Jersey, Mid Atlantic, Midwest, Pacific Northwest and Northern and Southern California. AVB has 15 communities under construction, 8 communities under redevelopment and future development rights for 29 communities. AVB was founded in 1978 and is based in Arlington, VA. For the nine months ended 9/30/11, the average occupancy and monthly rental rate were, 96% and $1,932 respectively. As of 12/14/11, AVB had 95 million shares outstanding, a stock price of around $125 and a market capitalization of approximately $11.97Complete Story »