Avalonbay Communities (AVB) Reports Fire at Avalon at Edgewater; Sees Loss 'Substantially Covered' by Insurance

Avalonbay Communities (NYSE: AVB) reported 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."

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