AvalonBay Communities Announces Pricing of Secondary Offering by Affiliate of Lehman Brothers Holdings Inc.

  AvalonBay Communities Announces Pricing of Secondary Offering by Affiliate
  of Lehman Brothers Holdings Inc.

Business Wire

ARLINGTON, Va. -- May 23, 2013

AvalonBay Communities, Inc. (NYSE: AVB) (the “Company”) announced today the
pricing of an underwritten secondary public offering of 7,870,000 shares of
its common stock by Jupiter Enterprise LP, an indirect subsidiary of Lehman
Brothers Holdings Inc. (the “Selling Stockholder”), at a price to the public
of $137.00 per share. An aggregate amount of 14,889,706 shares of the
Company’s common stock were issued to the Selling Stockholder in connection
with the Company’s acquisition of a portion of the Archstone apartment
community portfolio in February 2013. The Selling Stockholder will receive all
of the proceeds from this offering.

The total number of outstanding shares of the Company’s common stock will not
change as a result of the offering. No shares are being sold by the Company or
any of its officers or directors in the offering.

The offering is being made pursuant to an automatic shelf registration
statement that became effective upon filing with the Securities and Exchange
Commission on March 8, 2013. Goldman, Sachs & Co. is acting as the sole
underwriter for the offering. The offering of the securities is being made by
means of a prospectus supplement and accompanying prospectus only, copies of
which may be obtained from Goldman, Sachs & Co., Attention: Prospectus
Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526,
facsimile 212-902-9316, or by emailing prospectus-ny@ny.email.gs.com, or,
alternatively, when they become available, for free by visiting EDGAR or the
SEC website at www.sec.gov.

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

About AvalonBay Communities

AvalonBay Communities, Inc. is a real estate investment trust (a “REIT”) and
an S&P 500 Index company that owns one of the largest portfolios of
high-quality multifamily communities in the United States. The Company is
focused on the development, redevelopment, acquisition, operation and
management of apartment communities in high barrier-to-entry markets in the
Northeast, Mid-Atlantic and West Coast regions of the United States. The
Company owned or held a direct or indirect ownership interest in 272 apartment
communities containing 81,279 apartment homes in twelve states and the
District of Columbia, of which 27 communities were under construction and five
communities were under reconstruction.


AvalonBay Communities, Inc.
Thomas J. Sargeant, Chief Financial Officer
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