AvalonBay Communities
Annual Report 2017

Plain-text annual report

T R O P E R L A U N N A 7 1 0 2 AVALONBAY COMMUNITIES, INC. is an equity REIT in the business of developing, redeveloping, acquiring and managing multifamily communities primarily in New England, the New York/New Jersey metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California. We focus on leading metropolitan areas in these regions that we believe are characterized by growing employment in high wage sectors of the economy, higher cost of home ownership and a diverse and vibrant quality of life. We believe these market characteristics offer the opportunity for superior risk-adjusted returns over the long-term on apartment community investments relative to other markets that do not have these characteristics. AVALONBAY HAS A 24 YEAR HISTORY OF OUTPERFORMANCE AND STRONG DIVIDEND GROWTH TOTAL SHAREHOLDER RETURN SINCE IPO REPRESENTS $100 INVESTED & THE REINVESTMENT OF DIVIDENDS Source: S&P Global 2,000 1,500 1,000 500 - 400 300 200 100 - 1994 1998 2002 2006 2010 2014 2017 • AVALONBAY • S&P 500 ANNUAL COMMON DIVIDENDS PAID INDEXED TO 100 IN 1994 Source: S&P Global 24 YEAR CAGR = 5.3% 1994 1998 2002 2006 2010 2014 2017 FINANCIAL HIGHLIGHTS ANNUALIZED TOTAL SHAREHOLDER RETURN(1) Source: S&P Global 6.1% 5.4% 9.0% 9.3% 10.8% 7.4% 3 YEAR 5 YEAR 10 YEAR • AVB • MSCI US REIT INDEX (“RMZ”) ANNUALIZED CORE FFO PER SHARE GROWTH(2) Source: S&P Global 8.3% 7.3% 9.7% 7.8% 6.5% 4.5% 3 YEAR 5 YEAR 10 YEAR • AVALONBAY • MULTIFAMILY SECTOR WEIGHTED AVERAGE 2 2 2017 AT A GLANCE A COMPANY RECORD! $1.9 BILLON DEVELOPMENT COMPLETIONS 7 COMMUNITIES LEED ENVIRONMENTAL CERTIFICATION DENVER SOUTHEAST FLORIDA 2 NEW MARKETS ENTERED 3 CONSECUTIVE YEARS! NO. 1 ONLINE REPUTATION EMPLOYEES CHOICE BEST PLACES TO WORK Avalon West Hollywood West Hollywood, CA 3 3 AVALONBAY | 2017 Annual ReportDEAR SHAREHOLDERS THE YEAR IN REVIEW 2017 was a productive year for AvalonBay. We completed the development of 14 new communities containing over 5,000 apartment homes, representing $1.9 billion in total capital investment – a record for the Company. We project these new communities will generate a weighted average initial stabilized yield of 6.1%, which is well above our estimate of market capitalization rates for existing like-product in our markets. We sold the final three assets in our second private discretionary real estate investment vehicle (“Fund II”). Based on Fund II's performance since its formation in 2008, we received $27 million of promote income in 2017 (in addition to the $8 million of promote income received in prior years). We entered two new markets with the intention of achieving scale (approximately 5% of total NOI) in each market over the next decade. During 2017 we acquired the Lodge Denver West in the Denver metropolitan area and 850 Boca in Southeast Florida. In addition, we continued to enhance our balance sheet by reducing near-term debt maturities to less than $200 million before 2020, extending the weighted average years to maturity on our outstanding debt to approximately 10 years from 8.5 years at the end of 2016, and increasing our Unencumbered NOI to 89%, up from 80% at the end of 2016. Sustainability continues to be a priority for the business, and we advanced this priority by completing another 32 light emitting diode (LED) retrofits at existing communities in 2017. We achieved Leadership in Energy and Environmental Design (LEED) certifications at seven recently completed communities. In total, AvalonBay now has 43 third-party environmentally certified communities with another 27 in pursuit of certification. In addition, our renewable strategy will result in the installation of eight solar energy generation systems by the end of 2018. Further, we again had our energy, water, waste and greenhouse gas (GHG) emission data independently verified by Lloyd’s Register Quality Assurance (LRQA). Our continued leadership in providing sustainable communities and living experiences for our residents was recognized in 2017. Specifically, the Global Real Estate Sustainability Benchmark (GRESB) recognized AvalonBay as an industry leader, awarding us four “Green Stars” and an “A” rating in ESG public disclosure. Our relentless focus on fostering a culture that brings out the best in our associates was reflected in our annual Associate Perspective Survey, where we ranked among the top 10% of companies for associate engagement, with 90% of associates recommending AvalonBay as a great place to work. Glassdoor rated us as among the top 100 companies to work for in the U.S., based on ratings and reviews of employees. We pride ourselves on creating experiences that customers value. This focus led to a 600 basis point increase in our Net Promoter Score (NPS) during 2017, a key customer satisfaction and loyalty metric. We generated over 11,000 new online reviews on sites like Yelp and Google at an average star rating of 4.3 out of 5, and we were ranked #1 for online reputation among public multifamily REITs by J. Turner Research for a third consecutive year. Our capability-led business strategy continues to produce strong results. Since 2010, Core FFO per share has increased by 117%, as compared to a sector weighted average of 83% during this period. Moreover, in January, we announced our seventh consecutive increase to the annual dividend, which has grown from $3.57 per share in 2010 to $5.88 per share in 2018. LOOKING AHEAD We expect the U.S. economy to strengthen in 2018, driven by healthy business and consumer fundamentals. In our markets, we expect job growth of 1.0% (down 20 basis points from 2017) and wage growth of 3.6% (up 60 basis points from 2017). We believe U.S. demographic trends will continue to support apartment demand. The prime rental cohort, those between the ages of 25 and 34, is projected to increase in size in each of the next seven years. Furthermore, this segment of the population continues to delay family formation and extend rental tenure; since the beginning of the decade, the average age at first marriage and a mother’s average age at first birth have both increased by more than a year. In response to the favorable demand outlook, we expect the volume of new apartment deliveries in our markets in 2018 to increase to 2.4% of existing inventory, as compared to an increase of 2.2% in 2017. As a result, we forecast same-store revenue growth to moderate in 2018 to the low 2% range from 2.5% in 2017. We plan to commence construction on approximately $900 million of new development in 2018. These anticipated development starts are primarily located in more supply- constrained, infill suburban submarkets where development economics are currently most attractive. We will continue to structure new development opportunities primarily as longer-term purchase contracts with modest at-risk deposits to preserve investment flexibility. Finally, we enter 2018 with a very strong balance sheet. At year- end 2017, Net debt-to-Core EBITDA was 5.0x, Interest Coverage was 6.9x and our current development activity was 75% match- funded with long-term capital. In 2018, we plan to continue our practice of substantially match-funding new investment commitments with long-term capital in order to maintain financial flexibility, strong credit metrics and attractive investment margins. CONCLUSION In 2017, we (i) produced a seventh consecutive year of above sector average Core FFO per share growth, (ii) completed a Company record $1.9 billion of new development activity, (iii) further integrated our sustainability platform into our business, and (iv) delivered another year of exceptional customer service, spearheaded by our talented and committed associates. While we expect apartment fundamentals to moderate in 2018, we believe AvalonBay is uniquely positioned to continue delivering Core FFO and dividend per share growth that exceeds the multifamily sector average. Thank you for your continued support. TIMOTHY J. NAUGHTON Chairman and CEO AVA NoMa Washington, DC 4 AVA DoBro Brooklyn, NY Avalon Chino Hills Chino Hills, CA 5 AVALONBAY | 2017 Annual ReportTABLE OF CONTENTS Form 10-K Page DEFINITIONS AND RECONCILIATIONS Of Non-GAAP Financial Measures and Other Terms Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Selected Financial Data Management’s Discussion and Analysis of Financial Condition and Results of Operations Quantitative and Qualitative Disclosures about Market Risk Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 30 31 35 55 55 Consolidated Financial Statements F-3 This Annual Report contains certain non-GAAP financial measures and other terms. The definitions and calculations of these non-GAAP financial measures and other terms may differ from the definitions and methodologies used by other REITs and, accordingly, may not be comparable. The non-GAAP financial measures referred to below should not be considered an alternative to net income as an indication of our performance. In addition, these non-GAAP financial measures do not represent cash generated from operating activities in accordance with GAAP and therefore should not be considered as an alternative measure of liquidity or as indicative of cash available to fund cash needs. The definitions of non-GAAP financial measures and other terms not included below (Funds from Operations or FFO, Core FFO, Net Operating Income or NOI, Established/Same-Store Communities) are contained in our annual report on Form 10-K, which is distributed with and a part of this Annual Report. CORE FFO RECONCILIATION TO NET INCOME (Dollars in thousands) Full Year 2017 Full Year 2014 Full Year 2012 Full Year 2007 Net income attributable to common stockholders $876,921 $683,567 $423,869 $358,160 Depreciation - real estate assets, including joint venture adjustments 582,907 449,769 265,627 184,731 Distributions to noncontrolling interests 42 35 28 - Gain on sale of unconsolidated entities holding previously depreciated real estate (40,053) (73,674) (7,972) (59,927) Gain on sale of previously depreciated real estate (252,599) (108,662) (146,311) (106,487) Gain on acquisition of unconsolidated real estate entity Dividends attributable to preferred stock Minority interest expense, including discontinued operations - - - - - - (14,194) - - - (8,700) 280 FFO attributable to common stockholders $1,167,218 $951,035 $521,047 $368,057 Adjusting Items Joint venture losses (gains) Joint venture promote Impairment loss on real estate Casualty loss (gain), net on real estate Business interruption insurance proceeds Lost NOI from casualty losses covered by business interruption insurance Loss (gain) on extinguishment of debt Hedge ineffectiveness Severance related costs, compensation plan redesign Development pursuit and other write-offs Loss (gain) on sale of other real estate Acquisition costs Legal settlements 950 (63,322) (4,995) (26,742) 9,350 (3,100) (3,495) 7,904 25,472 (753) 87 1,406 10,907 92 680 - - - (2,494) - 412 - 815 2,564 8,753 (7,682) - - - 3,321 - - 2,070 - - - (280) 9,965 1,362 - - - - - - - - - - (544) - - Core FFO attributable to common stockholders $1,189,976 $890,081 $532,490 $367,513 Average shares outstanding - diluted Earnings per share - diluted FFO per common share - diluted Core FFO per common share - diluted 138,066,686 131,237,502 98,025,152 79,856,927 $6.35 $8.45 $8.62 $5.21 $7.25 $6.78 $4.32 $5.32 $5.43 $4.49 $4.61 $4.60 7 FINANCIALS 6 AVA DoBro Brooklyn, NY AVALONBAY | 2017 Annual ReportInterest Coverage is calculated by the Company as Core EBITDA divided by the sum of interest expense, net, and preferred dividends, if applicable. The Company presents Interest Coverage because it provides rating agencies and investors an additional means of comparing our ability to service debt obligations to that of other companies. EBITDA is defined by the Company as net income or loss attributable to the Company before interest income and expense, income taxes, depreciation and amortization. A reconciliation of Core EBITDA and a calculation of Interest Coverage for the three months ended December 31, 2017 are as follows: Net Debt-to-Core EBITDA is calculated by the Company as total debt that is consolidated for financial reporting purposes, less consolidated cash and cash in escrow, divided by annualized fourth quarter 2017 Core EBITDA, as adjusted. For a calculation of Core EBITDA, see "Interest Coverage”. A calculation of Net Debt-to-Core EBITDA is as follows: CALCULATION OF NET DEBT-TO-CORE EBITDA (Dollars in thousands) INTEREST COVERAGE RECONCILIATION TO NET INCOME (Dollars in thousands) Quarter Ending 12/31/2017 $237,573 53,833 39 157,100 $448,545 $(1,369) (92,845) 11,153 (358) $365,126 $(5,438) 1,662 92 (66) 232 589 $362,197 $52,523 6.9x Net income attributable to common stockholders Interest expense, net, inclusive of loss on extinguishment of debt, net Income tax expense Depreciation expense EBITDA NOI from real estate assets sold or held for sale Gain on sale of communities Loss on other real estate transactions Joint venture income Consolidated EBITDA after disposition activity Casualty and impairment gain Lost NOI from casualty losses covered by business interruption insurance Acquisition costs Severance related costs Development pursuit and other write-offs Legal settlements Core EBITDA Interest expense, net Interest Coverage 8 Total debt principal(1) Cash and cash in escrow Net Debt Core EBITDA Core EBITDA, annualized Net Debt-to-Core EBITDA Quarter Ending 12/31/2017 $7,404,313 (201,906) $7,202,407 $362,197 $1,448,788 5.0x (1) Balance at December 31, 2017 excludes $10,850 of debt discount and $36,386 of deferred financing costs as reflected in unsecured notes, net, and $16,351 of debt discount and $11,256 of deferred financing costs as reflected in notes payable on the Condensed Consolidated Balance Sheets. Projected Stabilized Yield (also expressed as “weighted average initial stabilized yield”) is defined as Projected NOI as a percentage of Total Capital Cost. Projected NOI represents management’s estimate of projected stabilized rental revenue minus projected stabilized operating expenses. Projected NOI is calculated based on the first twelve months of Stabilized Operations, which is defined as the earlier of (i) attainment of 95% physical occupancy or (ii) the one-year anniversary of completion of development, following the completion of construction. Projected stabilized rental revenue represents management’s estimate of projected gross potential minus projected stabilized economic vacancy and adjusted for projected stabilized concessions plus projected stabilized other rental revenue. Projected stabilized operating expenses do not include interest, income taxes (if any), depreciation or amortization, or any allocation of corporate- level property management overhead or general and administrative costs. In addition, projected stabilized operating expenses for development communities do not include property management fee expense. Projected gross potential for development communities is based on leased rents for occupied homes and management’s best estimate of rental levels for homes which are currently unleased, as well as those homes which will become available for lease during the twelve month forward period used to develop Projected NOI. The weighted average Projected NOI as a percentage of Total Capital Cost is weighted based on the Total Capital Cost of each community. Total Capital Cost includes all capitalized costs projected to be or actually incurred to develop the respective development community including land acquisition costs, construction costs, real estate taxes, capitalized interest and loan fees, permits, professional fees, allocated development overhead and other regulatory fees, offset by proceeds from the sale of any associated land or improvements, all as determined in accordance with GAAP. With respect to communities where development was completed in a prior or the current period, Total Capital Cost reflects the actual cost incurred, plus any contingency estimate made by management. Unencumbered NOI as calculated by the Company represents NOI generated by real estate assets unencumbered by outstanding secured debt as a percentage of total NOI generated by real estate assets. The Company believes that current and prospective unsecured creditors of the Company view Unencumbered NOI as one indication of the borrowing capacity of the Company. Therefore, when reviewed together with the Company’s Interest Coverage, EBITDA and cash flow from operations, the Company believes that investors and creditors view Unencumbered NOI as a useful supplemental measure for determining the financial flexibility of an entity. A calculation of Unencumbered NOI for the years ending December 31, 2017 and December 31, 2016 are as follows: CALCULATIONS OF UNENCUMBERED NOI (Dollars in thousands) Net income Indirect operating expenses, net of corporate income Investments and investment management expense Expensed acquisition, development and other pursuit costs, net of recoveries Interest expense, net Loss on extinguishment of debt, net General and administrative expense Joint venture income Depreciation expense Casualty and impairment (gain) loss, net Gain on sale of communities Loss (gain) on other real estate transactions NOI from real estate assets sold or held for sale NOI NOI for Established Communities NOI for Other Stabilized Communities(1) NOI for Development/Redevelopment Communities(2) NOI from real estate assets sold or held for sale Total NOI generated by real estate assets NOI on encumbered assets NOI on unencumbered assets Unencumbered NOI 2017 2016 $876,660 $1,033,708 65,398 61,403 5,936 2,736 4,822 9,922 199,661 187,510 25,472 7,075 50,814 46,076 (70,744) (64,962) 584,150 531,434 6,250 (3,935) (252,599) (374,623) 10,907 (10,224) (14,573) (44,263) $1,490,068 $1,383,943 $1,112,472 $1,084,351 196,733 165,530 180,863 160,816 14,573 17,509 $1,504,641 $1,428,206 168,005 281,142 $1,336,636 $1,147,064 89% 80% (1) NOI for Other Stabilized Communities in 2016 includes $20,306 of business interruption insurance proceeds related to the Edgewater casualty loss. (2) NOI for Development/Redevelopment Communities in 2017 includes $3,495 of business interruption insurance proceeds related to the Maplewood casualty loss. 9 AVALONBAY | 2017 Annual ReportS E T O N 1. TOTAL SHAREHOLDER RETURN: The change in the value over the period stated with all dividends reinvested. Total Shareholder Return is presented as the compound annual growth rate. Total Shareholder Return for each year within the timeframe presented may vary. 2. CORE FFO PER SHARE GROWTH: The compound annual growth rate of Operating FFO per Share, as Reported (which represents Core FFO or the equivalent measure per S&P Global) during the periods indicated. Core FFO per Share Growth for each year within the timeframe presented may vary. The multifamily sector weighted average includes AIV, CPT, EQR, ESS, MAA and UDR and is weighted based on total market capitalization per S&P Global as of December 31, 2017. 2017 Core FFO per share for CPT and EQR is adjusted to account for large portfolio dispositions which occurred in 2016 (both companies) and resulted in the payment of special dividends. For the purpose of this calculation, the weighted average share count used to calculate the Core FFO per share amounts for CPT and EQR was reduced by the estimated total amount of special dividends paid (per share special dividend multiplied by the quarterly weighted average share count in which the special dividend was paid) divided by the 20-day trailing average stock price prior to the ex-dividend date (see following table for calculations). EQR (Dollars in thousands) Core FFO Wtd. avg. common shares outstanding Reported Core FFO per share Special dividend per share Ex-dividend date Trailing 20 day stock price period to special dividend Shares repurchased Cumulative shares repurchased Adjusted wtd. avg. common shares Adjusted Core FFO per share CPT (Dollars in thousands) Core FFO Wtd. avg. common shares outstanding Reported Core FFO per share Special dividend per share Ex-dividend date Trailing 20 day stock price period to special dividend Shares repurchased Cumulative shares repurchased Adjusted wtd. avg. common shares Adjusted Core FFO per share Q1 2016 Q2 2016 Q3 2016 Q4 2016 Full Year 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Full Year 2017 $289,481 $290,359 $297,190 $302,620 $1,179,650 $283,721 $293,891 $304,838 $316,787 $1,199,237 382,243 382,065 382,373 381,860 382,135 382,280 382,692 382,945 383,105 382,756 $0.76 $8.00 3/1/16 $73.54 41,585 $0.76 - - - - $0.78 $3.00 9/22/16 $64.59 17,761 $0.79 $3.09 $0.74 $0.77 $0.80 $0.83 $3.13 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 41,585 41,585 59,345 59,345 59,345 59,345 59,345 59,345 59,345 340,658 340,480 323,028 322,515 331,670 322,935 323,347 323,600 323,760 382,756 $0.85 $0.85 $0.92 $0.94 $3.56 $0.88 $0.91 $0.94 $0.98 $3.71 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Full Year 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Full Year 2017 $110,110 $105,578 $104,232 $105,544 $425,464 $100,355 $105,978 $103,187 $114,552 $424,072 91,593 91,753 91,901 91,926 91,793 92,029 92,074 93,111 97,068 93,571 $1.20 $1.15 - - - - - - - - - - $1.13 $4.25 9/21/16 $87.01 4,489 4,489 $1.15 $4.64 $1.09 $1.15 $1.11 $1.18 $4.53 - - - - 4,489 - - - - - - - - - - - - - - - - - - - - - - - - - 4,489 4,489 4,489 4,489 91,593 91,753 87,412 87,437 89,549 87,540 87,585 88,622 92,579 93,571 $1.20 $1.15 $1.19 $1.21 $4.75 $1.15 $1.21 $1.16 $1.24 $4.76 View from AVA DoBro Brooklyn, NY 10 11 AVALONBAY | 2017 Annual ReportBOARD OF DIRECTORS Timothy J. Naughton (4) Chairman of the Board, Chief Executive Officer & President, AvalonBay Communities, Inc. Glyn F. Aeppel (4, 5) Chief Executive Officer & President, Glencove Capital A hotel investment and advisory company Terry S. Brown (2, 4) Chairman of the Board & Chief Executive Officer, Asana Partners A real estate investment company Alan B. Buckelew (2, 3) Chief Information Officer, Carnival Corporation & plc A global cruise line EXECUTIVE OFFICERS Timothy J. Naughton Chairman, Chief Executive Officer & President Kevin P. O’Shea Chief Financial Officer Matthew H. Birenbaum Chief Investment Officer Ronald L. Havner, Jr. (2, 4) Chairman of the Board & Chief Executive Officer, Public Storage, Inc. A real estate investment trust Stephen P. Hills Founding Director, Business Law Scholars Program, Georgetown Law Richard J. Lieb (2, 4) Managing Director, Chairman of Real Estate Greenhill & Co., LLC An investment bank Peter S. Rummell (4, 5) Private Investor H. Jay Sarles (1, 3, 5) Private Investor Susan Swanezy (2, 4) Partner Hodes Weill & Associates, LP A global advisory firm W. Edward Walter (3, 5) Professor, McDonough School of Business, Georgetown University (1) Lead Independent Director (2) Audit Committee (3) Compensation Committee (4) Investment and Finance Committee (5) Nominating and Corporate Governance Committee Sean J. Breslin Chief Operating Officer Michael M. Feigin Chief Construction Officer Leo. S. Horey III Chief Administrative Officer William M. McLaughlin Executive Vice President Development – Northeast Edward M. Schulman Executive Vice President General Counsel & Secretary Stephen W. Wilson Executive Vice President Development – West Coast & Mid-Atlantic Keri A. Shea Senior Vice President - Finance & Treasurer (Principal Accounting Officer) our purpose: CREATING A BETTER WAY TO LIVE our core values: Commitment to Integrity Focus on Continuous Improvement Spirit of Caring 12 Avalon West Hollywood West Hollywood, CA 13 AVALONBAY | 2017 Annual Report AVA DoBro Brooklyn, NY INVESTOR INFORMATION Corporate Office AvalonBay Communities, Inc. 671 North Glebe Road, Suite 800 Arlington, VA 22203 Phone: 703.329.6300 Website www.avalonbay.com Common Stock Listing (Symbol: AVB) New York Stock Exchange Investor Relations Contact Jason Reilley AvalonBay Communities, Inc. 671 North Glebe Road, Suite 800 Arlington, VA 22203 Phone: 703.329.6300 Email: ir@avalonbay.com Form 10-K A copy of the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission is being distributed with this Annual Report and also may be obtained without charge by contacting Investor Relations. Transfer Agent Computershare Shareowner Services Regular Mail P.O. Box 505000 Louisville, KY 40233 Overnight Delivery 462 South 4th Street, Suite 1600 Louisville, KY 40202 Phone: 866.230.0668 www.computershare.com Forward-Looking Statements This Annual Report contains “forward- looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. Please see our discussion titled “Forward- Looking Statements” on page 51 of our accompanying Annual Report on Form 10-K for a discussion regarding risks associated with these statements. historical information set forth below is not necessarily indicative of future performance. Data for the FTSE NAREIT Apartment REIT Index and the S&P 500 Index were provided to the Company by S&P Global Market Intelligence. The Stock Performance Graph provides a comparison, from December 2012 through December 2017, of the cumulative total shareholder return (assuming reinvestment of dividends) among the Company, a peer group index (the FTSE NAREIT Apartment REIT Index) that includes the Company, and the S&P 500 based on an initial purchase price of $100. The FTSE NAREIT Apartment REIT Index includes only REITs that invest directly or indirectly primarily in the equity ownership of multifamily residential apartment communities. Upon written request to the Company’s secretary, the Company will provide any stockholder with a list of REITs included in the FTSE NAREIT Apartment REIT Index. The STOCK PERFORMANCE $250 $200 $150 $100 $50 14 15 2012 2013 2014 2015 2016 2017 • AvalonBay • FTSE NAREIT Apartment • S&P 500 Period Ending AvalonBay Communities, Inc. FTSE NAREIT Apartment REIT Index S&P 500 2012 $100 100 100 2013 90 94 132 2014 129 131 151 2015 149 153 153 2016 148 157 171 2017 154 163 208 AVALONBAY | 2017 Annual Report16 AVALONBAY | 2017 Annual Report

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