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AvalonBay Communities Commences Common Stock Offering

AvalonBay Communities, Inc. (NYSE: AVB) announced today that it has commenced an underwritten public offering of 14,500,000 shares of its common stock. The Company expects to grant the underwriters a 30-day option to purchase up to 2,175,000 additional shares of common stock.

The Company expects to use the net proceeds from the offering to repay a portion of the debt that the Company will assume in connection with its previously announced pending acquisition of certain assets of Archstone Enterprise LP from Lehman Brothers Holdings Inc. (the “Archstone Acquisition”), to fund the cash consideration due in connection with the Archstone Acquisition, and to fund the fees, costs and expenses related thereto. If the Archstone Acquisition does not occur, the Company intends to use the net proceeds from the offering for general corporate purposes.

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. is acting as lead book-running manager for the offering. A copy of the preliminary prospectus supplement and prospectus relating to these securities may be obtained by contacting Goldman, Sachs & Co., 200 West Street, New York, New York 10282, Attn: Prospectus Department or by calling toll-free 1-866-471-2526.

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 preliminary prospectus supplement and, to the extent applicable, a free writing prospectus which has or will be filed with the Securities and Exchange Commission.

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