|Principal Amount||Maturity Date||Issue Price||Coupon Rate||Yield to Investors|
|2.85% Medium-Term Notes||$250 Million||March 15, 2023||99.22%||2.85%||2.939%|
|due March 15, 2023|
AvalonBay Communities, Inc. (NYSE: AVB) announced today that it priced a $250 million offering of unsecured notes with a maturity of 2023 under its existing shelf registration statement. Details of the transaction are set forth in the table below:
Interest on the notes will be paid semi-annually on March 15 and September 15, with the first payment to be made on March 15, 2013, with interest from the settlement date. Settlement is scheduled for December 14, 2012.