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AvalonBay Completes Archstone Acquisition

The following table depicts the preliminary approximate allocation of AvalonBay’s investment:

 
Preliminary
Approximate
Acquisition Value (1)
(Dollars in thousands)
 
Consolidated stabilized assets $ 5,700,000
Development communities under construction 300,000
Land held for future development 100,000
Net equity in unconsolidated joint ventures plus allocable venture debt 400,000
 
 
Total $ 6,500,000
  (1)   Value is based on the closing price of our common stock on February 27, 2013 and the debt to be assumed after a $200 million adjustment to the face value of debt to reflect debt at fair market value.

About AvalonBay Communities, Inc.

As of December 31, 2012, the Company owned or held an interest in 203 apartment communities containing 59,391 apartment homes in nine states and the District of Columbia, of which 23 communities were under construction and five communities were under reconstruction. AvalonBay is in the business of developing, redeveloping, acquiring, and managing apartment communities in high barrier-to-entry markets of the United States. More information on AvalonBay, an S&P 500 listed company, may be found on AvalonBay's website at http://www.avalonbay.com.

Forward-Looking Statements

This press release contains “forward-looking statements” as that term is defined under the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by our use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “project,” “plan,” “may,” “shall,” “will” and other similar expressions in this press release, that predict or indicate future events and trends and that do not report historical matters.

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