AvalonBay Communities, Inc. Statement on Hurricane Sandy
ARLINGTON, Va. -- November 12, 2012
AvalonBay Communities, Inc. (NYSE: AVB) reported today that Hurricane Sandy
impacted several apartment communities in its Northeast portfolio. Six
communities were evacuated, five of which have returned to normal operations.
One community in Long Beach, New York, containing 109 apartment homes, will
remain unoccupied until all services are restored and the appropriate
government approvals permitting occupancy are received.
Based on preliminary damage assessments and potential rent abatements, the
Company estimates that the out-of-pocket cost to repair damages may total $5
to $7 million after considering insurance reimbursements. The impact to fourth
quarter earnings is likely to be less due to the fact some of the damaged
assets have been partially or fully depreciated. In the event of a material
change in potential costs the Company will provide a revised estimate.
About AvalonBay Communities, Inc.
AvalonBay is in the business of developing, redeveloping, acquiring, and
managing apartment communities in high barrier-to-entry markets of the United
States. As of September 30, 2012, the Company owned or held a direct or
indirect ownership interest in 205 apartment communities containing 60,101
apartment homes in nine states and the District of Columbia, of which 22
communities were under construction and seven communities were under
Copyright © 2012 AvalonBay Communities, Inc. All Rights Reserved
AvalonBay Communities, Inc.
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