Individual Research Paper

Nithin Thomas
Professor Emily Choi
BPS, 4305, 005, Strategic Management
12/05/2017

Background

AvalonBay Communities, Inc. is a publicly traded real estate investment trust. The

Company develops, redevelops, acquires, owns and operates multifamily communities (1). The

company was established in 1978 as Greenbriar Development Company, and in October 2, 1998

the current name was adopted (2). As of the end of January 2017, AvalonBay has owned 75,038

apartment units, all of which are located in 10 states and the District of Columbia. AvalonBay

has 27 communities under development, and 25 waiting to be developed (1).

I. Financial Analysis

1.1 Financial Analysis Conclusion

The AvalonBay averages 30% higher at expenses, helping to prove that the company is

staying above its cash outflow. Also the company’s assets have been growing on average of 13%

over the course of five years. AvalonBay holds the largest market cap and has lower liabilities

giving it an edge over its competitors. Overall, AvalonBay is a financially healthy firm that has

been growing generally by 11% in its market, evidence to this company being profitable.

1.2 Performance

Considering the percentages shown in Table 1.,1 proves that AvalonBay revenues had

been increasing. From 2012 to 2013 revenues had increased by 41%. Additionally, revenues in

years from 2013 to 2014, 2014 to 2015, and 2015 to 2016 had also increased by 15%, 10%, and

10%, respectively. Furthermore, Table 1.2, shows that expenses had an initially drop and then

began to increase. From 2012 to 2013, expenses increased by 72%, then during 2013 to 2014

expenses dropped -10%, and thereafter expenses had increased 5%, and 12% over the course of
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2014 to 2015 and 2015 to 2016, respectively. Even though revenues are on a negative trend, and

expenses on a positive trend, net income seems to relieve this negative circumstance that may

come from these trends. Taking a look at Table 1.2, net income has been positively increasing.

Net income had dropped by -17%, during 2012 to 2013, but in 2013 to 2014 net income

increased by 98%. Then from 2014 to 2015 there was only a 6% increase in net income, and a

38% net income increase from 2015 to 2016. The changes seen in the income statement in Table

1.2 can be associated with the changes from the balance sheet, in Table 2.2.

Taking into account the percentage of assets, shown in Table 2.2, that were acquired over the

course of five years by AvalonBay, explains the influence the acquisition of assets has on the

trends of the income statement mentioned earlier. During 2012 to 2013, assets increased by 37%,

this explains why that same year revenues increased by 41%; also, the new acquisition of assets

meant cash or other assets had to been used to acquire new assets, this lead to the 72% increase

in expenses the same time period; furthermore, all of these movements taken place during 2012

to 2013 points out why net income was -17%. In 2013 to 2014, AvalonBay incurred 6%

liabilities, at the same time expenses fell -10%, this could mean that the company took a loan to

pay some of its liabilities, leading to -10% in expenses and an increase in liabilities by 6% this

period. Then in 2014 to 2015 revenue increased by 10%, which was 5% lower than the previous

year, but liabilities was -1%, an explanation for this is that AvalonBay used revenues to pay off

it liabilities leading to a -1%, and the revenue being reduced by 5% - compared to previous year.

Lastly, in 2015 to 2016 period, assets grew by 6%, and liabilities increased by 9%, this is due to

the fact that in order to acquire 6% of new assets, cash other assets had to be sold, plus expenses

from maintain newly acquired assets can lead to the increased 12% in liabilities.
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Looking at Table 3.1, the closest three competitors to AvalonBay Communities based on

revenues, gross margin, net income, EBITDA, total assets, total liabilities, PE ratio, market cap,

employees, and share price are Icahn Enterprise LP, Lecucadia National Corp., and

Weyerhaeuser Co. (3). AvalonBay Communities stands out by having 25,385 M in market cap,

which is 70% more than Icahn Enterprise LP, 68% more than Lecucadia National Corp, and 2%

more than Weyerhaeuser Co. AvalonBay achieves these great numbers with only 3,071

employees, whereas the other competitors has over 10,000 employees up to 91,000 employees.

Additionally, AvalonBay is able to keep its liabilities 75%, 78%, and 24% lower than its

competitors Icahn Enterprise LP, Lecucadia National Corp., and Weyerhaeuser Co., respectively.

This could be due to the fact that the AvalonBay owns average of 38% less in assets than its

competitors. Finally, AvalonBay stands out from its competitors by having a gross margin of

76.61% - which is over 58% more than its competition - and a PE ratio of 25.29 stating that

investors are anticipating high growth in the future, making this a profitable company.

II. External Analysis

2.1 External Analysis Conclusion

AvalonBay Communities maintains a good position in its industry with its ability to

grow. Additionally, the high barriers of entry in this industry acts in favor of AvalonBay by

allowing it to reap the gains of their current market without having to face any new imminent

threats. The company has various opportunities to appeal to the younger generation of renters but

is only taking small steps to do so, this could affect the company in the long run.

2.2 General Environment

AvalonBay Communities is hesitant on following the current market trends but for the

wrong reasons. The company is interested in focusing on “family oriented renters who prefer the
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suburbs,” instead of becoming more appealable to the younger generations (4). AvalonBay

communities’ renters are mostly in their 30s, which tends to make sense to the company due to

the fact that 30 to 44 years old renters take up 23% - the second largest - in rental housing in the

United States (4), (10). The company’s slow approach to attracting the age group under the age

of 30, who all make 51% of the rental housing market could be damaging in the long run (10).

AvalonBay has the potential to expand in its markets by becoming more favorable towards the

51%.

The growth being at the center point of the multifamily industry has presented various

favorable opportunities for industries top competitors since threats from new entrant is very low.

The markets that AvalonBay controls, such as Seattle, D.C., California, Washington, and New

York all are in need of thousands of apartment homes. In Seattle, 98,000 apartment homes are

needed to be built (5); D.C., 17,000 apartment homes (6); California, 664,000 apartment homes

(7); Washington, 137,000 apartment homes (8); and New York City metropolitan area 279,000

apartment homes (9). Building and expanding newer communities into established markets will

allow AvalonBay to tap into the lack of apartment homes in their areas. Even if the company

does expand, there are many competitor challenges that should be overcome in-order to gain

from the market.

Throughout the multifamily industry competitors have begun to shift their strategies to

coincide with their new believes about the industry, which AvalonBay is slowly beginning to

realize. As an increasing number of millennials enter the job market, they tend to be attracted to

communities which are close-by grocery stores, and places of employment. Additionally,

competitors have increased their spending on apartment amenities for showcasing to potential

residents the amazing living conditions. On top of amenities, competitors are becoming tech
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savvy throughout their communities by installing USB port outlets, Wi-Fi, iCafes and other web

access features. To top this, some competitors give its residents control over technological

features in their apartments aiding to become more resident focused. Furthermore, fitness center

are now being upgraded to host yoga events, workout sessions, etc. to help stimulate a sociable

environment between the residents. On the contrary to these various opportunities, AvalonBay

has not made any significant changes to its current markets, which is understandable due to their

appeal towards the older generations.

III. Internal Analysis

3.1 Internal Analysis Conclusion

AvalonBay Communities has a solid standing as a competitor amongst those in the

multifamily market. AvalonBay has showed various capabilities through the multiple awards the

company has earned over the past couple of years. On top of this, the company’s attitudes

towards wanting to expand its green footprint within its communities gives it another edge up

against its competitors. Overall, AvalonBay Communities past history and future endeavors

gives sufficient information to conclude the company is on a sturdy path to grow.

3.2 Capabilities

AvalonBay Communities maintains a stronghold at being ranked top in its industry for

sustainability, and environmentally friendly efforts from the numerous awards it has received

over the past couple of years. Last year in 2016, AvalonBay was ranked in the top third among

500 of its peers in Newsweek Green Rankings for being a leader in environmental practices

within the multifamily real estate investment trust (REIT) (11). Top executive, Chief Investment

Officer Mathew Birenbaum from AvalonBay made a comment in the AvalonBay press release,
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he stated, “environmental responsibility is core to our business and a critical part of developing

sustainable communities,” helping to assure in the honorable ranking received by the company

(11). Late in 2015, AvalonBay was awarded the Global Real Estate Sustainability Benchmark

(GRESB) survey for its top ratings in various environmental categories such as energy, GHG

emissions, energy and waste (11). This award comes with no surprise to the team at AvalonBay

because it stands as a result of the company’s priorities being established in its 2020 Corporate

Responsibility Goals which laid out the various markers the company is striving towards

achieving in the following years. In the 2020 Corporate Responsibility Goals,

AvalonBay pointed out the achievements it plans on making throughout the company in the

coming years: reducing energy use by 15%, reduce water use by 15%, increase company’s net

promoter score by 33%, reach the 75 percentile for associate management, increase annual
th

community investment by $2.2M (13). Since 2014, AvalonBay has shown positive signs towards

fulfilling its 2020 goals from its 2014 Corporate Responsibility Report. The report showed that

AvalonBay has accomplished a total reduction in water consumption by 2.1%, energy usage by

5%, and emissions by 1.3% while moving forth on having new design and construction standards

in place that favor the environment (13). This report on top of the awards AvalonBay has

earned, is evident to the company's commitment on striving to have energy certified

communities and projects aimed at increasing its environmental practices, and acts as a beacon

on the 2020 Corporate Responsibility Goals that are nailed into the company culture.

3.3 Strategies

AvalonBay Communities exhausts any energy it has to go the additional mile for its

residents, stakeholders, and the environment. The push AvalonBay is making can be easily

visible throughout the companies implementation of its Building Certification policy, external
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rating programs focused on environmental and energy efficiency, and resident satisfaction

surveys. The companies Building Certification policy is created for the use on “all new high-rise

and mid-rise construction projects,” in doing so AvalonBay hopes to add more working parts

into the 2020 Corporate Responsibility Goal. The policy is enacted to help the company stand

out from its competitors through the company’s strategy to use external parties to rate the

companies projects on whether the developments meet environmental and energy efficient

standards set forth by the third party organizations. Successful ratings shows to the competitors,

stakeholders, and customers in the market on AvalonBay’s ability to follow up with their

commitments. The company has already made moves that signifies this. In early 2016,

AvalonBay owned 12 LEED and 10 Energy Star certified communities, plus 23 more

communities are working on achieving their certifications as well (12). These changes happening

within the company helps it to greatly stand out from its peers, and is recognized by other

agencies for it. Most importantly, AvalonBay has realized some of the best methods to keep in

touch with its residents as a result benefit the company with multiple awards.

AvalonBay has been able to expand their attention to the integral part of their business,

its residents, by having direct communication methods established that bridges the gap between

the decision makers of the company and the residents. Having direct communication methods

such as, resident online forums, and resident satisfaction surveys - conducted by both AvalonBay

and third parties – able the company to figure out its relationship with residents. This can be

proven in the recent press release by AvalonBay were it summarized the company being ranked

number one in the multifamily public REIT for online reputation (14). In the press release

AvalonBay, pointed out the hidden strategies utilized by the company that allows it to earn its

award. As mentioned earlier, the approach from AvalonBay included surveying residents, regular
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online discussion forums, digesting feedback from third party sites, social media, and AvalonBay

surveys. This in turn resulted in the associates collecting price less information that enabled the

company to deliver distinctive living experience for more than 140,000 residents (14).

AvalonBay strategy to figure out the wants and needs of its residents positively impacts overall

goal to grow in the coming years. On top of this, AvalonBay delivers a unique environment

designed to be experienced only at AvalonBay communities that distinguishes its communities

and associates from peers in the multifamily market.

IV. Identification of AvalonBay Communities Strategy & Competitors’ Strategies

4.1 AvalonBay Communities

AvalonBay Communities current strategy is continuing its expansion into its current

market through sustainable developments. The company achieves this strategy by focusing on its

Building Certification Policy that was mentioned in its press release. The Building Certification

Policy lays out future and current development plans on its communities. It enacts sustainable

practices and developments that needs to be met by contractors and associates of the company.

The purpose of the policy is to drive in the company's overarching goal of becoming sustainable.

By doing so, AvalonBay hopes to attract the generation that are now beginning to join the

workforce to utilize the environmentally friendly establishment that think of their future in this

world. Furthermore, AvalonBay understands the untapped potential that is present by becoming a

sustainable multifamily corporation. People will relate AvalonBay to positive comments, take

part in support AvalonBay’s practices and at the end attract more investors to join the companies

drive to grow.

4.2 Icahn Enterprises L.P. & Leucadia National Corporation

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Icahn Enterprises L.P. main strategy is diversification. Icahn segments include

Investment, Automotive, Energy, Metals, Railcar, Gaming, Food Packaging, Mining, Real Estate

and Home Fashion (15). Leucadia National Corporation is a conglomerate and investment

holding company in financial services and merchant banking (16). Due to the major difference

both Icahn Enterprises and Leucadia National Corporation has with AvalonBay Communities is

the company’s diversified portfolio, the two companies are safeguarded from changes that may

pose itself in the real estate market. Diversification helps both Icahn Enterprises and Leucadia

National Corporation in four ways financial, growth, risk protection, and market share.

Financially these companies have an upper hand whenever they decide to make themselves

known in a new market, or acquiring new companies is easier due its cash flow and easier

borrowing power, in turn increasing both of the companies’ profits. Growth is another advantage

for the two companies, because both of them are exposed to different markets that allows it to

have the capabilities of exploiting the resources or opportunities that may presents in the

markets. Diversified holdings showcase its understanding of risk protection, which means the

company as a whole will not be affected greatly due to its ownership in multiple companies that

creates an imaginary safety net for the company during different cycles in the market. Finally

being diversified in more than one sector of the markets gives the company's wide market

share.

4.4 Weyerhaeuser Company

Weyerhaeuser Company is the largest private owners of timberlands. The company owns

more than 13 million acres of timberlands in the U.S. and another 14 million acres in Canada.

(17). the strength that stands out the most with the firm is its operations. The company

manufactures and distributes building materials for home and other structures. Due to the fact
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that development of multifamily and homes in the United States are built solely using wood

materials, Weyerhaeuser benefits from this due to its $25 billion market cap (Table 3.1).

V. Recommendations

5.1 Recommendations Conclusion

AvalonBay is a financially healthy firm that has been growing on average by 11% in its

market, evidence to its profitability. AvalonBay maintains a good position in its industry with the

more opportunity to grow. AvalonBay current path has small benefits, there are multiple

opportunities available for the company if it shifts resources and funds to becoming more

sustainable. Also, AvalonBay has the potential to revolutionize the multifamily industry by being

the first agency to change its method of approach at building relationships with residents.

5.2 Sustainability

AvalonBay Communities has areas in the company that can be optimized, but it also has

strengths that it should impress upon the market. AvalonBay through its expansion on

sustainable developments solidifies the futuristic thinking the company has. From sustainable

buildings AvalonBay will benefit in the long term by greatly reducing its operational costs, and

eventually in a short period of time be able to even out the costs associated with sustainable

developments.

Sustainability creates a unique diversity in communities that allows residents to feel energized,

clean, and fresh while trekking through the areas inside the community. For example, the

sustainable approach leads to AvalonBay using constructions materials to mechanical systems

that positively interact with the overall community culture, helping to lower resident turn over

and even possibly increase resident satisfaction rate to 100%. Sustainability further adds flavor to

the resident’s way of living. From environmentally friendly and sustainable developments
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AvalonBay enables apartment homes and common areas to broaden each of its meaning.

Apartment homes through the sustainable architecture will support various positive living

accommodations not typical in the general apartment homes. Common living areas could

become and identify itself as being spaces that used for networking, learning centers, etc. with

those who use it. Apartment homes could be built towards the needs of residents similar to

ordering a custom car that includes whatever the customer likes and wants.

AvalonBay avid press releases to its stakeholders and shareholders creates accountability

within the firm that helps to share its values, and helps to build a cohesive society. Keeping

AvalonBay’s stakeholders and shareholders on tab with the company’s sustainable directions

shows the impact AvalonBay is having on the sustainable issues it is trying to tackle. Information

being provided to others adds value to AvalonBay by improving its process and systems, gives

competitive advantage, enhances brand image, and most importantly builds trusts. The

sustainable practices leads to improved process and systems by increasing efficiency in

operations. AvalonBay s’ mindful decision to stay sustainable makes consumers more attracted

to their products and services which in turn furthers the company's’ competitive advantage and

enhances its brand image.

If AvalonBay maintains the sustainable and environmentally friendly development

mindset as they push on in the coming years, then the company will definitely continue to grow

in its market. The green programs used by AvalonBay currently are helping to position the

company as a positive corporate citizen among the millennials whom as a generation is more

attracted to participating in organization that benefits the world. By being socially responsible

AvalonBay, attracts talented good people to run its day to day operations. This also helps to

create an innovative human resource force in AvalonBay, who all have the strengths to stay
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current with market trends and thinks ten steps ahead of competitors. Therefore, staying on the

current track of sustainability has benefits that can bring bountiful funds, growth, employees and

residents for AvalonBay Communities in the long term.

5.3 Resident Relationship

AvalonBay Communities has in place various methods for collecting resident feedback,

but there is an opportunity for AvalonBay to positively exploit its residents for crucial

information. The company sole source for collecting information from its residents is through

surveys conducted by third parties and themselves. From this approach AvalonBay loses

majority of valuable information that residents who do not take part in the surveys wanted to

express, but instead just kept the info to themselves and affect their relationship with the

company. An effective solution to this problem is by creating an ingenious program where the

associates of AvalonBay takes steps to build a one on one relationship with the resident.

AvalonBay already maintains a good relationship with its residents, but it is generic with

its peers, therefore an opportunity permits to leap into a creative program used in colleges around

the nation that can build long lasting relationship with residents. In colleges around the nation,

students living on campus are given extra care and attention by the residential staff. The staff

who have the most interacting with the students are called, resident assistant (RA). A RAs’ main

priorities include making sure the students that live in his section of the dormitory are taken care

of, are able to balance school and personal life, and most importantly be a resource. Hence

adopting an RA program by AvalonBay can eventually benefit the bottom line.

Strong healthy relationships between people leads to happy people. The sole purpose of the RA

program for AvalonBay will be to increase resident growth in its communities and lower resident
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turnover. The RA program can increase resident growth and lower resident turnover in the

following ways:

 AvalonBay community managers will greet residents with weekly emails.

 AvalonBay associates collects data on each individual resident’s birthdays, marriage

anniversary, college graduation, high school graduation, baby welcome etc.

 On the dates where the special occasions takes place an AvalonBay associate will

visit resident apartment home to show appreciation to the resident

 Residents will receive thank you notes end of every month that will contain a survey

inquiring about residents’ concerns or comments.

Following the approaches mentioned above can have long lasting impressions on the livelihood

of AvalonBay residents. Taking the initiative to learn about a resident’s birthday, or a special

occasion by an AvalonBay associate, who in the resident mind is someone responsible for

collecting rent and sending complaints to, will change the resident’s perception of AvalonBay

associates. This in turn will create a domino effect where residents will spread the good word

about the treatment they are receiving at AvalonBay communities and as a result more people

will be longing to stay at AvalonBay communities. On the contrary to the benefits, AvalonBay

will face multiple challenges to getting residents to jump on board a RA type program.

Starting a revolutionary RA program is a difficult process that consists of multiple

negative reactions in the very beginning of the program. Due to the lack of face to face

interactions today’s residents have with employees of an apartment complex, makes the idea of

engaging in a conversation with them very unusual. Therefore, current residents in the first

couple of months will not be welcoming of this new program, but new and incoming residents -

who may have come from another place due to bad reasons or is starting out living by
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themselves for the first time – will be more open towards the RA program. Adopting a resident

assistant program allows AvalonBay to evolve its relationship with residents from surveys to

creating a unique relationship that residents cannot create with any other peers other than with

AvalonBay associates.
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Works Cited
1. Mergent online, Mergent Online,
www.mergentonline.com/companydetail.php?pagetype.
2. Mergent online, Mergent Online,
http://www.mergentonline.com/companydetail.php?pagetype=history&compnum
ber=79332
3. Mergent online, Mergent Online,
www.mergentonline.com/competitors.php?compnumber=79332.
4. Caulfield, John. “5 Intriguing Trends to Track in the Multifamily Housing Game.”
Building Design + Construction, 31 Jan. 2015,
www.bdcnetwork.com/5-intriguing-trends-track-multifamily-housing-game.
5. We Are Apartments. “Seattle.” Learn about the Demand for Apartments in Your Area,
www.weareapartments.org/data/metro/seattle.
6. We Are Apartments. “District of Columbia.” Learn about the Demand for Apartments in
Your Area,
www.weareapartments.org/data/state/district-of-columbia.
7. We Are Apartments. “California.” Learn about the Demand for Apartments in Your Area,
www.weareapartments.org/data/state/california.
8. We Are Apartments. “Washington.” Learn about the Demand for Apartments in Your
Area,
www.weareapartments.org/data/state/washington.
9. We Are Apartments. “New York City.” Learn about the Demand for Apartments in Your
Area,
www.weareapartments.org/data/metro/new-york-city.
10. National MultiFamily Housing Council. “Quick Facts: Resident Demographics.”
National Multifamily Housing Council, 2015,
www.nmhc.org/Content.aspx?id=4708.
11. Rhoads, Edmund. “Press Release." AvalonBay Communities Inc. 21 Sep. 2015.
http://investors.avalonbay.com/file/Index?KeyFile=31182791
12. Conway, Kurt, “Press Release.” AvalonBay Communities Inc. 4 Jan. 2016.
http://investors.avalonbay.com/file/Index?KeyFile=32424186
13. Rhoads, Edmund. “Press Release." AvalonBay Communities Inc. 5 July. 2015.
http://investors.avalonbay.com/file/Index?KeyFile=30198732
14. Conway, Kurt, “Press Release.” AvalonBay Communities Inc. 8 Mar. 2017.
http://investors.avalonbay.com/file/Index?KeyFile=38443180
15. “Icahn Enterprises LP.” Reuters, 9 Jan. 2017.
https://www.reuters.com/finance/stocks/companyProfile/IEP.C
16. “Leucadia National.” Wikipedia, 12 Nov. 2017.
https://en.wikipedia.org/wiki/Leucadia_National
17. “Weyerhaeuser.” Wikipedia, 14 Aug. 2017.
https://en.wikipedia.org/wiki/Weyerhaeuser
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Table 1.1

AvalonBay Communities, Inc. 12/31/2016 12/31/2015 12/31/2014 12/31/2013 12/31/2012

Income Statement - $USD000’s
Total Revenue $2,045 $1,856 $1,685 $1,462 $1,038
Total Expenses $1,41 $1,307 $1,250 $1,394 $809
Net Income $1,033 $741 $697 $352 $423

Table 1.2

AvalonBay Communities, Inc. 2012 - 2013 2013 - 2014 2014 - 2015 2015 - 2016
Income Statement Percentage Percentage Inc. or Percentage Inc. or Percentage Inc. or Percentage Inc. or
Change Dec. Dec. Dec. Dec.

Total Revenue 41% 15% 10% 10%

Total Expenses 72% -10% 5% 12%
Net Income -17% 98% 6% 39%

Table 2.1

AvalonBay Communities, Inc. 12/31/2016 12/31/2015 12/31/2014 12/31/2013 12/31/2012

Balance Statement - $USD000’s

Total Assets $17,867 $16,931 $16,176 $15,328 $11,160

Total liabilities $7,688 $7,080 $7,117 $6,711 $4,312
Total equity $10,171 $9,840 $9,046 $8,599 $6,840

Table 2.2

AvalonBay Communities, Inc. 2012 - 2013 2013 - 2014 2014 - 2015 2015 - 2016
Balance Statement Percentage Percentage Inc. or Percentage Inc. or Percentage Inc. or Percentage Inc. or
Change Dec. Dec. Dec. Dec.
Total Assets 37% 6% 5% 6%
Total liabilities 56% 6% -1% 9%
Total equity 26% 5% 9% 3%
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Table 3.1 - $USD000’s

Firms Revenues Gross Margin Net Income

AvalonBay
$2,045 76.61 % $1,033
Communities Inc.
Icahn Enterprises LP $16,384 17.96 % ($1,128)
Leucadia National
$10,062 31.92 % $194,321
Corp.
Weyerhaeuser Co $636,500 22.61 % $1,027

Firms EBITDA Total Assets Total Liabilities

AvalonBay
$1,687 $17,867 $7,695
Communities Inc.

Icahn Enterprises LP ($389) $33,335 $31,181

Leucadia National
$436,324 $45,071 $34,818
Corp.
Weyerhaeuser Co $1,068 $19,243 $10,063

Firms PE Ratio Market Cap Employees Share Price

AvalonBay
25.29 $25,385 3,071.00 $183.84
Communities Inc.
Icahn Enterprises LP 6.83 $7,644 90,960.00 $53.95
Leucadia National
13.56 $8,220 13,000.00 $22.92
Corp.
Weyerhaeuser Co 25.66 $24,922 10,400.00 $33.10