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: firstname.lastname@example.org); 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.