AVALONBAY COMMUNITIES,INC. (NYSE:AVB) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January31, 2019, Stephen W. Wilson, 62, Executive Vice President-Development, informed the Company of his intent to retire on or about July1, 2019. In his role as EVP-Development, Mr.Wilson has leadership responsibility for all of the Company’s development activities on the West Coast, the Denver, Colorado region, and the Mid-Atlantic region. In connection with his retirement, these responsibilities will begin to transition to William M. McLaughlin, EVP-Development, and Matthew H. Birenbaum, Chief Investment Officer. Mr.Wilson has been with the Company for over 20 years and, upon execution of a retirement agreement (which is expected), he will qualify for the following benefits by reason of a departure due to retirement:
a. Mr.Wilson’s unvested equity awards will vest upon retirement (50% in the case of unvested restricted stock, pro rata for the portion of the three-year performance cycle worked in the case of performance awards that he has held for one year or more at the time of retirement), and
b. Mr.Wilson will be paid a pro rata bonus for the portion of 2019 worked.
About AVALONBAY COMMUNITIES,INC. (NYSE:AVB)
AvalonBay Communities, Inc. is a real estate investment trust. The Company focuses on the development, redevelopment, acquisition, ownership and operation of multifamily communities primarily in New England, the New York/New Jersey metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California. It operates through segments, which include Established Communities, Other Stabilized Communities and Development/Redevelopment Communities. It owns or holds an interest in approximately 260 operating apartment communities containing over 75,380 apartment homes in approximately 10 states and the District of Columbia, of which over 10 communities containing approximately 3,430 apartment homes are under reconstruction. It operates its apartment communities under three core brands: Avalon, AVA and Eaves by Avalon. The real estate investments consist of operating apartment communities, communities in various stages of development and Development Rights.