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History
| Aug. 24, 1993 | Avalon Properties, Inc. was incorporated in the State of Maryland to continue and expand the multifamily apartment community acquisition, construction, development and management operations of the Trammell Crow Residential Mid-Atlantic and Northeast Groups. | | Nov. 18, 1993 | Avalon Properties, Inc. completed its Initial Public Offering (IPO) at $20.50 per share on the New York Stock Exchange. At the IPO, Avalon Properties had a portfolio of 22 communities containing 7,044 apartment homes in the Mid-Atlantic and Northeast. | | Mar. 17, 1994 | Bay Apartment Communities, the successor apartment business of Greenbriar Homes, completed its Initial Public Offering at $20 per share on the New York Stock Exchange. At the IPO, Bay Apartment Communities had a portfolio of 14 communities containing 3,481 apartment homes in Northern California. | | June 4, 1998 | AvalonBay Communities, Inc. was formed by the merger of Avalon Properties, Inc. with and into Bay Apartment Communities, Inc. | | Dec. 31, 2000 | AvalonBay Communities, Inc. achieved its best operating performance in the history of the Company with $3.70 Funds from Operations per share (14.9% growth), 8.9% same store rental revenue growth and 10.7% same store net operating income. | | Dec. 31, 2001 | AvalonBay Communities, Inc. had another successful year achieving $4.06 Funds from Operations per share (9.7% growth), 6.6% rental revenue growth and 7.5% same store net operating income. | | Dec. 31, 2002 | AvalonBay Communities, Inc. reported Funds from Operations of $3.65 per share due to the difficult economic operating environment. Despite the challenging times, the Company successfully completed ten communities with a total capitalization of approximately $470 million; completed $140 million in acquisitions and issued $450 million of long-term debt at an average interest rate of 5.8%. | | Dec. 31, 2003 | AvalonBay Communities, Inc. celebrated its 10-year anniversary by ringing the closing bell on the NYSE and generated total shareholder return in 2003 of 30%, outperforming the S&P 500 and the apartment sector. | | Dec. 31, 2004 | AvalonBay Communities, Inc. generated total shareholder return in 2004 of 65%, the highest in the Company's history, outperforming the S&P 500 and the apartment sector. The Company was named Multifamily Executive's "Builder of the Year" and Green Street Advisors "2004 REIT of the Year." Additionally, the Company won Multifamily Executive's "Project of the Year" for Avalon at Mission Bay and NAHB "Best Luxury Apartment Community" for Avalon at Newton Highlands." | | Dec. 31, 2005 | AvalonBay Communities, Inc. generated a sector-leading total shareholder return of 23%. The Company started the largest volume of development in its history, with $880 million of new starts, ending the year with over $1 billion of development underway. The Company's development expertise was recognized by NAHB with the receipt of the "Pillars of the Industry" award for Multifamily Development Firm of the Year. |
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