AvalonBay Communities, Inc. (NYSE:AVB) has announced the retirement of Gilbert Meyer from its Board of Directors. Mr. Meyer will conclude his term on May 19, 2010 at the Annual Meeting of Stockholders. He will not stand for re-election. Mr. Meyer was responsible for the founding of Bay Apartment Communities, Inc. in 1978 and took Bay public in 2994. The Bay Apartment Communities and Avalon Properties merged in 1998 to form AvalonBay Communities, Inc. Mr. Meyer served as the Executive Chairman of the Board until 2000 when he took a seat as a Board member and a significant shareholder.
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AvalonBay Communities, Inc. is a real estate investment trust (REIT). The Company is engaged in the development, redevelopment, acquisition, ownership and operation of multifamily communities in high barrier-to-entry markets of the United States. Its markets are located in New England, the New York/New Jersey metro area, the Mid-Atlantic, the Midwest, the Pacific Northwest, and the Northern and Southern California regions of the United States. At January 31, 2009, it owned or held a direct or indirect ownership interest in 164 operating apartment communities containing 45,728 apartment homes in ten states and the District of Columbia, of which (seven wholly owned communities containing 2,143 apartment homes were under redevelopment, and 19 communities containing 3,829 apartment homes, of which two communities containing 467 apartment homes were under redevelopment, were held by the Fund, which it manages and in which it owns a 15.2% equity interest.
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