AvalonBay Communities Announces Full Exercise of Underwriters’ Option to Purchase Additional Shares

  AvalonBay Communities Announces Full Exercise of Underwriters’ Option to
  Purchase Additional Shares

Business Wire

ARLINGTON, Va. -- November 30, 2012

AvalonBay Communities, Inc. (NYSE: AVB) announced today that the underwriters
of its public offering of 14,500,000 shares of common stock have exercised in
full their option to purchase an additional 2,175,000 shares. All shares sold
in the offering are being sold at a price of $130.00 per share. Settlement of
the sale of all shares in the offering will occur on December 5, 2012.

The offering is being made pursuant to an automatic shelf registration
statement that became effective upon filing with the Securities and Exchange
Commission on February 27, 2012. Goldman, Sachs & Co., Barclays, BofA Merrill
Lynch, Deutsche Bank Securities, J.P. Morgan, UBS Investment Bank and Wells
Fargo Securities acted as joint book-running managers for the offering. BNY
Mellon Capital Markets, LLC, PNC Capital Markets LLC and SunTrust Robinson
Humphrey acted as co-managers for the offering. A prospectus supplement and
related prospectus will be filed with the Securities and Exchange Commission.
The prospectus supplement and accompanying base prospectus relating to the
offering may be obtained by contacting: Goldman, Sachs & Co., Attn: Prospectus
Department, 200 West Street, New York, New York 10282, telephone: (866)
471-2526; Barclays Capital Inc., Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, New York 11717, telephone: (888) 603-5847; BofA
Merrill Lynch, 222 Broadway, New York, New York 10038, Attn: Prospectus
Department (email: dg.prospectus@baml.com); Deutsche Bank Securities Inc.,
Attn: Prospectus Group, 60 Wall Street, New York, New York 10005, telephone:
(800) 503-4611 (email: prospectus.CPDG@db.com); J.P. Morgan Securities LLC,
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York
11717, telephone: (866) 803-9204; UBS Investment Bank, Attn: Prospectus
Department, 299 Park Avenue, New York, New York 10171, telephone: (888)
827-7275; or Wells Fargo Securities, LLC, Attn: Equity Syndicate Department,
375 Park Avenue, New York, NY 10152, telephone: (800) 326-5897.

This press release shall not constitute an offer to sell or the solicitation
of an offer to buy, nor shall there be any sale of the common stock in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such
jurisdiction. Any offer or sale will be made only by means of a prospectus, a
related prospectus supplement and, to the extent applicable, a free writing
prospectus which has or will be filed with the Securities and Exchange
Commission.

About AvalonBay Communities

AvalonBay Communities, Inc. is a real estate investment trust (a “REIT”)
focused on developing, redeveloping, acquiring and managing high-quality
apartment communities in high barrier-to-entry markets of the United States.
These markets are in the Northeast, Mid Atlantic, Pacific Northwest, Northern
California and Southern California. As of September 30, 2012, the Company
owned or held a direct or indirect ownership interest in 205 apartment
communities containing 60,101 apartment homes in nine states and the District
of Columbia of which 22 communities were under construction and seven
communities were under reconstruction.

Contact:

AvalonBay Communities, Inc.
Thomas J. Sargeant, 703-317-4635
Chief Financial Officer
 
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