• Simon Property Group for apartments.
• Hilton for apartment communities.

• Apartment Community Development: Designing and constructing new multi-family residential properties, primarily for rental purposes.
• Apartment Community Acquisition: Identifying and purchasing existing multi-family residential properties to expand its portfolio.
• Property Management Services: Operating, maintaining, and leasing its portfolio of apartment communities to provide rental housing for residents.

The company Avalon (AWX), known as AvalonBay Communities Inc., is a Real Estate Investment Trust (REIT) that develops, acquires, owns, and manages multifamily apartment communities. Therefore, its primary customers are individuals who rent apartments, rather than other businesses.

Based on the types of properties and the high-barrier-to-entry coastal markets AvalonBay serves, its customers can be broadly categorized as follows:

• Young Urban Professionals: This category includes singles and couples, often early in their careers, who seek amenity-rich, well-located apartments in urban or dense suburban areas with convenient access to employment centers, public transportation, and entertainment. They typically value modern living spaces and a vibrant community atmosphere.
• Affluent Residents and Downsizers: This group comprises individuals and couples, frequently empty nesters, who are looking for a convenient, low-maintenance lifestyle in high-quality communities located in desirable areas. They may be transitioning from homeownership and appreciate premium amenities, services, and prime locations.
• Relocating Professionals: This category includes individuals or families moving for work who prefer the flexibility and convenience of renting a high-quality apartment in prime locations rather than immediately purchasing a home. They often require well-maintained properties with good amenities and a seamless leasing experience.

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Ronald E. Klingle, Chairman & Chief Executive Officer

Mr. Klingle was appointed Chief Executive Officer of Avalon Holdings Corporation in February 2011 and has served as Chairman since June 1998. He is recognized as the central figure who has guided Avalon Holdings Corporation since its formal incorporation in 1998, evolving from earlier businesses. His role encompasses leading the Board of Directors, overseeing corporate governance, and driving the company's long-term strategic planning. As CEO, he is responsible for the overall operational and financial performance, setting strategic direction, and ensuring the successful execution of business objectives.

Michael Havalo, CFO, Treasurer, Secretary, and Director

Mr. Havalo serves as the Chief Financial Officer, Treasurer, Secretary, and a Director of Avalon Holdings Corporation.

Kenneth J. McMahon, Chief Executive Officer and President of American Waste Management Services Inc.

Mr. McMahon, born in 1953, brings decades of leadership experience and a deep understanding of the waste management industry. As CEO and President of American Waste Management Services, Inc., a key subsidiary of Avalon Holdings Corporation, he is responsible for the strategic direction, operational success, and overall performance of this entity. His leadership focuses on setting the company's vision, fostering a strong corporate culture, driving innovation, and ensuring a commitment to environmental responsibility and customer service.

Frances R. Klingle, Chief Administrative Officer

Ms. Klingle, born in 1947, holds the position of Chief Administrative Officer for Avalon Holdings Corporation. She is responsible for overseeing the day-to-day operational functions that ensure the smooth and efficient running of the corporation. Her responsibilities typically include managing human resources, administrative support, facilities management, and the implementation of corporate policies and procedures.

Christine M. Bell, President of Avalon Golf & Country Club and Director

Ms. Bell serves as the President of Avalon Golf & Country Club and is a Director of Avalon Holdings Corporation.

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Capital Expenditures

• For the nine months ended September 30, 2025, Avalon Holdings Corporation's capital expenditures were $1.283 million.
• In 2022, expected aggregate capital expenditures were projected to be between $3.5 million and $4.5 million.
• The primary focus of capital expenditures in 2022 included continued hotel room renovations at The Grand Resort, improvements to the clubhouse at Avalon Field Club at New Castle, building improvements, and equipment purchases.