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ARLINGTON, VA-AvalonBay Communities chairman and CEO Bryce Blair has announced that he will be stepping down from his post at year’s end. Taking his place will be Timothy J. Naughton, the company’s president, who will then assume the additional position of CEO. Blair will remain as chairman through 2012, during which he will spend half of his time focusing on AvalonBay’s development pipeline. The news follows the REIT’s announcement last week that it was increasing its outlook for earnings per share.

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