AvalonBay Communities Reports on Fire at Avalon at Edgewater in Edgewater, New Jersey
January 22 2015 - 1:23PM
Business Wire
AVALONBAY COMMUNITIES, INC. (NYSE: AVB) (the “Company”)
reported today that a fire occurred on Wednesday, January 21, 2015
at the Company’s Avalon at Edgewater apartment community located in
Edgewater, New Jersey. The community consists of two residential
buildings. One building, consisting of 257 apartment homes, is
uninhabitable. The Company is evaluating the extent of the damage
to the second building, which consists of 151 apartment homes. The
cause of the fire is under investigation.
The Company believes the loss caused by the fire will be
substantially covered by its insurance program and will not have a
material effect on the Company’s financial condition.
Commenting on the fire, Sean Breslin, AvalonBay’s Chief
Operating Officer said, "We are very aware of the significant
impact this unfortunate event has had on our residents and the
local community. We have worked closely with the Red Cross and
local authorities to establish an assistance center and are doing
our very best to support everyone affected by the fire. We would
like to thank the local firefighters for their bravery and skill
extinguishing the fire. We continue to cooperate with the Fire
Department as they complete their investigation into the cause of
the fire."
About AvalonBay Communities, Inc.
As of September 30, 2014, the Company owned or held a direct or
indirect ownership interest in 274 apartment communities containing
82,333 apartment homes in eleven states and the District of
Columbia, of which 27 communities were under construction and six
communities were under reconstruction. The Company is an equity
REIT in the business of developing, redeveloping, acquiring and
managing apartment communities in high barrier-to-entry markets of
the United States. More information may be found on the Company’s
website at http://www.avalonbay.com
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Federal securities laws. You can identify these
statements by our use of the words “assumes,” “believes,”
“estimates,” “expects,” “guidance,” “intends,” “plans,” “projects,”
“may,” “shall,” “will” and similar expressions that do not relate
to historical matters. You should exercise caution in interpreting
and relying on forward-looking statements because they involve
known and unknown risks, uncertainties and other factors which are,
in some cases, beyond the Company’s control and could materially
affect actual results, performance or achievements. These factors
include, without limitation, the actual coverage from the insurance
program described above and other risks and uncertainties detailed
from time to time in the Company’s filings with the Securities and
Exchange Commission. The Company does not undertake a duty to
update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise.
Copyright © 2015 AvalonBay Communities, Inc.
All Rights Reserved
Investor Relations Contact:AvalonBay Communities,
Inc.Jason ReilleyDirectorInvestor Relations703-317-4681orMedia
Relations Contact:Kreab Gavin AndersonRichard WolffSenior
Advisor646-283-3423
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