ARLINGTON, Va.--(BUSINESS WIRE)--AVALONBAY COMMUNITIES, INC. (NYSE: AVB) (the “Company”) reported today that a fire occurred on Saturday, February 4, 2017 at the Company’s Avalon Maplewood apartment community located in Maplewood, New Jersey. The community, which is currently under construction, was unoccupied at the time of the incident. The cause of the fire is under investigation.
The Company believes the losses 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 or results of operations.
AvalonBay greatly appreciates the quick actions of local emergency responders in extinguishing the fire, and we are thankful that there are no reports of serious injury.
About AvalonBay Communities, Inc.
As of December 31, 2016, the Company owned or held a direct or indirect ownership interest in 285 apartment communities containing 83,667 apartment homes in 10 states and the District of Columbia, of which 27 communities were under development and four communities were under redevelopment. The Company is an equity REIT in the business of developing, redeveloping, acquiring and managing apartment communities in leading metropolitan areas in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and the Northern and Southern California regions of the United States. More information may be found on the Company’s website at http://www.avalonbay.com.
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 the effects, if any, on the Company’s financial condition and results of operations, in both cases relating to the fire 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.
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