AvalonBay Communities Inc. (AVB) 1999年年度报告「NYSE」.pdf

1、AVA L O NBAYCO M M U N I T I E S,IN C.1999 Annual ReportAvalonBay Communitieshas delivered consistently strong financialresults and increased the value of its apartment home community portfoliothrough a focused urban and suburban infill,high barrier-to-entry market strategy.The Company is a self-adm

2、inistered and self-managed equity REIT that develops,redevelops,acquires and manages multifamily apartment communities.At year-end,AvalonBay owned or held ownership interests in 134 apartment communitiescontaining 39,181 apartment homes in 12 states and the District of Columbia.Accomplishments durin

3、g 1999 included:NGrowing FFO per share by 12.2 percent over 1998.NIncreasing same store EBIDTA by 4.7 percent.NCompleting ten development communities with 2,335 apartment homes.NCompleting 13 redevelopment communities with 4,051 apartment homes.NIncreasing fixed charge coverage ratios and improving

4、the strength and flexibilityof the balance sheet.NGenerating gross proceeds of$317 million through the sale of non-strategicassets,reinvesting in core markets.NAchieving stabilized occupancy of 96.7 percent.on cover:Avalon Towers,San Francisco,CAwhere a spiritof caring A PLACEenvironmentandacreates

5、aSENSE OF COMMUNITYSUPERIOR LIVING truefor our residentsl.TDuring the past year,we saw our visionstarting to become a reality creating valuethrough the merger and enhancing valuethrough our strategic plan.AvalonBay Com-munities grew Funds From Operations(FFO)per share by 12.2 percent.We sharpened ou

6、rstrategy to strengthen the Companys presencein core,high barrier-to-entry markets fromcoast to coast.These markets are characterizedby a lack of zoned apartment land and long,arduous entitlement processes.In the face of a difficult capital environment,management utilized opportunistic strategies to