AvalonBay Communities Announces Common Stock Offering

Search Blogs that Mention this News Release

Click this link to view linked Bookmarking Services

Click this link to view linked Blogging Services

AvalonBay Communities Announces Common Stock Offering

    ALEXANDRIA, Va., Aug. 13 /PRNewswire-FirstCall/ -- AVALONBAY COMMUNITIES,
INC. (NYSE: AVB; PCX) announced yesterday a public offering of 2,750,000
shares of its common stock at a price to the public of $46.00 per share.
AvalonBay intends to use the net proceeds from the offering of approximately
$124,700,000 for general corporate purposes, which may include the repayment
of debt and/or the financing of future developments and redevelopments.  The
offering is being underwritten by Morgan Stanley & Co. Incorporated.  The
Company has granted Morgan Stanley & Co. Incorporated the right to purchase up
to an additional 412,500 shares to cover over-allotments.
    All common shares are being offered under the Company's existing shelf
registration statement filed with the Securities and Exchange Commission.  A
prospectus supplement related to the public offering will be filed with the
Securities and Exchange Commission. When available, copies of the prospectus
supplement relating to the offering may be obtained from the offices of Morgan
Stanley & Co. Incorporated, Prospectus Department, 1585 Broadway, New York,
New York 10036.
    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 these
securities in any state in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of
any state.

    About AvalonBay Communities, Inc.
    AvalonBay Communities, Inc., headquartered in Alexandria, Virginia,
currently owns or holds an ownership interest in 142 apartment communities
containing 42,147 apartment homes in ten states and the District of Columbia,
of which ten communities are under construction and two communities are under
reconstruction.  AvalonBay is in the business of developing, redeveloping,
acquiring and managing upscale apartment communities in high barrier-to-entry
markets of the United States. More information on AvalonBay may be found on
AvalonBay's Web site at http://www.AvalonBay.com.

SOURCE AvalonBay Communities, Inc.

http://www.avalonbay.com
CONTACT:
Thomas J. Sargeant, Executive Vice President
and Chief Financial Officer of AvalonBay Communities, Inc.,
+1-703-317-4635