AvalonBay Communities, Inc. Announces First Quarter 2009 Operating Results

ALEXANDRIA, Va.--(Business Wire)--
AvalonBay Communities, Inc. (NYSE:AVB) reported today that Net Income
Attributable to Company Common Stockholders ("Net Income") for the quarter ended
March 31, 2009 was $47,425,000. This resulted in Earnings per Share - diluted
("EPS") of $0.59 for the quarter ended March 31, 2009, compared to EPS of $0.60
for the comparable period of 2008, a decrease of 1.7%.

Funds from Operations attributable to common stockholders - diluted ("FFO") for
the quarter ended March 31, 2009 increased 2.4% to $1.27 per share from $1.24
per share for the comparable period of 2008.

FFO and Net Income for the quarter ended March 31, 2009 include the following
non-routine items:

* Incremental earnings due primarily to the recognition of the Company's
promoted interest in a joint venture of $3,894,000, or $0.05 per share; and
* a gain of $1,062,000, or $0.01 per share from purchasing medium-term notes at
a discount prior to the scheduled maturity.

In addition, the period-over-period results are impacted by the 2,627,000
additional shares issued in January 2009 as part of the special dividend
declared in the fourth quarter of 2008.

Commenting on the Company's results, Bryce Blair, Chairman and CEO, said:
"Portfolio operations performed largely as expected. The closing of our $740
million secured facility, the final closing of our $400 million acquisition fund
and the reduction in our development activity all strengthen our liquidity and
provide capital to pursue emerging investment opportunities. While accelerated
job losses during the quarter will likely affect future rental demand, a strong
balance sheet and access to cost effective capital help mitigate the overall
financial impact."

Operating Results for the Quarter Ended March 31, 2009 Compared to the Prior
Year Period

For the Company, including discontinued operations, total revenue increased by
$3,491,000, or 1.6% to $219,679,000. For Established Communities, rental revenue
decreased 0.7% due to a decrease in economic occupancy of 0.9%, partially offset
by an increase in Average Rental Rates of 0.2%. As a result, total revenue for
Established Communities decreased $1,053,000 to $158,072,000. Operating expenses
for Established Communities increased $1,197,000, or 2.4% to $52,046,000.
Accordingly, Net Operating Income ("NOI") for Established Communities decreased
by $2,250,000, or 2.1% to $106,026,000.

The following table reflects the percentage changes in rental revenue, operating
expenses and NOI for Established Communities from the first quarter of 2008 to
the first quarter of 2009:

1Q 09 Compared to 1Q 08

Rental Operating % of
Revenue Expenses NOI NOI (1)

New England (2.2 %) (1.0 %) (2.8 %) 19.4 %
Metro NY/NJ (1.5 %) 4.4 % (4.2 %) 26.3 %
Mid-Atlantic/Midwest 0.8 % 3.3 % (0.6 %) 16.7 %
Pacific NW 0.6 % 0.9 % 0.4 % 4.9 %
No. California 1.6 % 1.5 % 1.7 % 21.5 %
So. California (2.7 %) 4.9 % (5.6 %) 11.2 %
Total (0.7 %) 2.4 % (2.1 %) 100.0 %

(1) Total represents each region's % of total NOI from the Company, including discontinued operations.

Cash concessions are recognized in accordance with generally accepted accounting
principles ("GAAP") and are amortized over the approximate lease term, which is
generally one year. Both Rental Revenue with Concessions on a Cash Basis and on
a GAAP basis for our Established Communities for the first quarter of 2009
decreased by 0.7% from the prior year period.

Development Activity

During the first quarter of 2009, the Company completed the development of two
communities: Avalon Morningside Park, located in New York, NY and Avalon at the
Hingham Shipyard, located in Hingham, MA. These communities contain an aggregate
530 apartment homes and were completed for an aggregate Total Capital Cost of
$172,500,000.

Investment Management Fund Activity

The Company currently has investments in and serves as the manager for two
private, discretionary investment management vehicles.

AvalonBay Value Added Fund, L.P. (the "Fund") is a private, discretionary
investment vehicle in which the Company holds an equity interest of
approximately 15%.

AvalonBay Value Added Fund II, L.P. ("Fund II") is a private, discretionary
investment vehicle with commitments from five institutional investors. In
addition, the Company is an investor in Fund II.

As of March 31, 2009, Fund II equity commitments totaled $333,000,000, of which
the Company committed $150,000,000, representing a 45% equity interest. As of
March 31, 2009, no capital was contributed to Fund II and no investments were
made.

In April 2009, the Company announced the second and final closing of Fund II. In
this closing, total equity commitments to Fund II increased by $67,000,000 as a
result of the following:

* a new institutional investor made an equity commitment of $75,000,000;
* an existing institutional investor increased its commitment by $17,000,000,
based on terms of its existing commitment; and
* the Company decreased its commitment by $25,000,000, based on terms of its
existing commitment, decreasing the Company's equity interest to approximately
31%.

With the final closing, Fund II equity commitments now total $400,000,000
(including the Company's $125,000,000 commitment). Fund II can employ leverage
of up to 65%, allowing for an investment capacity of approximately
$1,100,000,000.

Financing, Liquidity and Balance Sheet Statistics

At March 31, 2009, $359,000,000 was outstanding under the Company's
$1,000,000,000 unsecured credit facility and the Company had $259,990,000 in
unrestricted cash and cash in escrow. The cash in escrow is available for
development activity. Unencumbered NOI as a percentage of total NOI generated by
real estate assets for the first quarter of 2009 was 77%. Interest Coverage for
the first quarter of 2009 was 4.4 times.

New Financing Activity

In April 2009, the Company completed a 5.86% fixed rate, pooled secured
financing transaction for aggregate borrowing of $741,140,000. The financing
consists of fourteen separate mortgage loans each with a 10-year term. Each loan
provides for payment of interest only during the first and second years of the
loan term, with payment of principal and interest (based on a 30 year
amortization schedule) thereafter and the remaining principal amount and any
unpaid interest due at maturity on the tenth anniversary.

Debt Repayment Activity

In January 2009, the Company made a cash tender offer for any and all of its
7.5% medium-term notes due in August 2009 and December 2010. The Company
purchased at par $37,438,000 principal amount of its $150,000,000, 7.5%
medium-term notes due in August 2009. In addition, the Company purchased
$64,423,000 principal amount of its $200,000,000, 7.5% medium-term notes due
December 2010, at 98% of par, recording a gain of $1,062,000. All of the notes
purchased in the tender offer were cancelled.

Second Quarter 2009 Financial Outlook

For the second quarter of 2009, the Company expects EPS in the range of $0.49 to
$0.53 and expects Projected FFO per share in the range of $1.16 to $1.20.

The Company expects to release its second quarter 2009 earnings on July 29, 2009
after the market closes. The Company expects to hold a conference call on July
30, 2009 at 1:00 PM EDT to discuss the second quarter 2009 results.

Second Quarter 2009 Conference/Event Schedule

The Company is scheduled to participate in the NAREIT Institutional Investor
Forum from June 3-5, 2009. The Company will present and conduct a question and
answer session at the conference. Management may discuss the Company's current
operating environment; operating trends; development, redevelopment, disposition
and acquisition activity; financial outlook and other business and financial
matters affecting the Company. Details on how to access related materials will
be available beginning June 1, 2009 on the Company's website at
http://www.avalonbay.com/events.

Other Matters

The Company will hold a conference call on April 30, 2009 at 1:00 PM EDT to
review and answer questions about this release, its first quarter results, the
Attachments (described below) and related matters. To participate on the call,
dial 1-877-510-2397 domestically and 1-763-416-6924 internationally.

To hear a replay of the call, which will be available from April 30, 2009 at
2:00 PM EDT to May 6, 2009 at 11:59 PM EDT, dial 1-800-642-1687 domestically and
1-706-645-9291 internationally, and use Access Code: 92862758.

A webcast of the conference call will also be available at
http://www.avalonbay.com/earnings, and an on-line playback of the webcast will
be available for at least 30 days following the call.

The Company produces Earnings Release Attachments (the "Attachments") that
provide detailed information regarding operating, development, redevelopment,
disposition and acquisition activity. These Attachments are considered a part of
this earnings release and are available in full with this earnings release via
the Company's website at http://www.avalonbay.com/earnings. To receive future
press releases via e-mail, please submit a request through
http://www.avalonbay.com/email.

About AvalonBay Communities, Inc.

As of March 31, 2009, the Company owned or held a direct or indirect ownership
interest in 173 apartment communities containing 50,291 apartment homes in ten
states and the District of Columbia, of which 12 communities were under
construction and seven communities were under reconstruction. The Company is an
equity REIT in the business of developing, redeveloping, acquiring and managing
apartment communities in high barrier-to-entry markets of the United States.
More information may be found on the Company's website at
http://www.avalonbay.com. For additional information, please contact John
Christie, Senior Director of Investor Relations and Research at 1-703-317-4747
or Thomas J. Sargeant, Chief Financial Officer at 1-703-317-4635.

Forward-Looking Statements

This release, including its Attachments, contains forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. You can identify
these forward-looking statements by the Company's use of words such as
"expects," "plans," "estimates," "projects," "intends," "believes," "outlook"
and similar expressions that do not relate to historical matters. Actual results
may differ materially from those expressed or implied by the forward-looking
statements as a result of risks and uncertainties, which include the following:
adverse capital and credit market conditions may affect our access to various
sources of capital and/or cost of capital, which may affect our business
activities, earnings and common stock price, among other things; changes in
local employment conditions, demand for apartment homes, supply of competitive
housing products, and other economic conditions may result in lower than
expected occupancy and/or rental rates and adversely affect the profitability of
our communities; increases in costs of materials, labor or other expenses may
result in communities that we develop or redevelop failing to achieve expected
profitability; delays in completing development, redevelopment and/or lease-up
may result in increased financing and construction costs and may delay and/or
reduce the profitability of a community; debt and/or equity financing for
development, redevelopment or acquisitions of communities may not be available
or may not be available on favorable terms; we may be unable to obtain, or
experience delays in obtaining, necessary governmental permits and
authorizations; or we may abandon development or redevelopment opportunities for
which we have already incurred costs. Additional discussions of risks and
uncertainties appear in the Company's filings with the Securities and Exchange
Commission, including the Company's Annual Report on Form 10-K for the fiscal
year ended December 31, 2008 under the headings "Risk Factors" and under the
heading "Management's Discussion and Analysis of Financial Condition and Results
of Operations - Forward-Looking Statements."

The Company does not undertake a duty to update forward-looking statements,
including its expected operating results for the second quarter of 2009. The
Company may, in its discretion, provide information in future public
announcements regarding its outlook that may be of interest to the investment
community. The format and extent of future outlooks may be different from the
format and extent of the information contained in this release.

Definitions and Reconciliations

Non-GAAP financial measures and other capitalized terms, as used in this
earnings release, are defined and further explained on Attachment 13,
"Definitions and Reconciliations of Non-GAAP Financial Measures and Other
Terms." Attachment 13 is included in the full earnings release available at the
Company's website at http://www.avalonbay.com/earnings. This wire distribution
includes only definitions and reconciliations of the following Non-GAAP
financial measures:

FFO is determined based on a definition adopted by the Board of Governors of the
National Association of Real Estate Investment Trusts ("NAREIT"). FFO is
calculated by the Company as Net Income or loss computed in accordance with
GAAP, adjusted for gains or losses on sales of previously depreciated operating
communities, extraordinary gains or losses (as defined by GAAP), cumulative
effect of a change in accounting principle and depreciation of real estate
assets, including adjustments for unconsolidated partnerships and joint
ventures. Management generally considers FFO to be an appropriate supplemental
measure of operating performance because, by excluding gains or losses related
to dispositions of previously depreciated operating communities and excluding
real estate depreciation (which can vary among owners of identical assets in
similar condition based on historical cost accounting and useful life
estimates), FFO can help one compare the operating performance of a company's
real estate between periods or as compared to different companies. A
reconciliation of FFO to Net Income is as follows (dollars in thousands):

Q1 Q1
2009 2008

Net income attributable to the Company $ 47,425 $ 48,450
Dividends attributable to preferred stock -- (2,175 )
Depreciation - real estate assets,
including discontinued operations
and joint venture adjustments 53,525 49,785
Distributions to noncontrolling interests,
including discontinued operations 25 57

FFO attributable to common stockholders $ 100,975 $ 96,117

Average shares outstanding - diluted 79,792,281 77,440,892

Earnings per share - diluted $ 0.59 $ 0.60

FFO per common share - diluted $ 1.27 $ 1.24

Projected FFO, as provided within this release in the Company's outlook, is
calculated on a basis consistent with historical FFO, and is therefore
considered to be an appropriate supplemental measure to projected net income
from projected operating performance. A reconciliation of the range provided for
Projected FFO per share (diluted) for the second quarter of 2009 to the range
provided for projected EPS (diluted) is as follows:

Low High
range range

Projected EPS (diluted) - Q2 09 $ 0.49 $ 0.53
Projected depreciation (real estate related) 0.67 0.67
Projected gain on sale of operating communities -- --

Projected FFO per share (diluted) - Q2 09 $ 1.16 $ 1.20

NOI is defined by the Company as total property revenue less direct property
operating expenses (including property taxes), and excludes corporate-level
income (including management, development and other fees), corporate-level
property management and other indirect operating expenses, investments and
investment management expenses, expensed development and other pursuit costs,
net interest expense, general and administrative expense, joint venture income,
net income or expense attributable to noncontrolling interests, depreciation
expense, gain on sale of real estate assets and income from discontinued
operations. The Company considers NOI to be an appropriate supplemental measure
to net income of operating performance of a community or communities because it
helps both investors and management to understand the core operations of a
community or communities prior to the allocation of corporate-level property
management overhead or general and administrative costs. This is more reflective
of the operating performance of a community, and allows for an easier comparison
of the operating performance of single assets or groups of assets. In addition,
because prospective buyers of real estate have different overhead structures,
with varying marginal impact to overhead by acquiring real estate, NOI is
considered by many in the real estate industry to be a useful measure for
determining the value of a real estate asset or groups of assets.

A reconciliation of NOI (from continuing operations) to Net Income, as well as a
breakdown of NOI by operating segment, is as follows (dollars in thousands):

Q1 Q1
2009 2008

Net income attributable to the Company $ 47,425 $ 48,450

Indirect operating expenses, net of corporate income 8,575 8,458
Investments and investment management expense 916 1,219
Expensed development and other pursuit costs 1,093 500
Interest expense, net 29,157 27,661
General and administrative expense 7,247 8,119
Joint venture income (3,457 ) (34 )
Net (income) loss attributable to noncontrolling interests (324 ) 106
Depreciation expense 52,627 45,941
Income from discontinued operations (53 ) (4,820 )

NOI from continuing operations $ 143,206 $ 135,600

Established:
New England $ 20,418 $ 20,999
Metro NY/NJ 28,071 29,291
Mid-Atlantic/Midwest 20,678 20,805
Pacific NW 5,214 5,193
No. California 20,299 19,969
So. California 11,346 12,019
Total Established 106,026 108,276
Other Stabilized 21,026 12,087
Development/Redevelopment 16,154 15,237

NOI from continuing operations $ 143,206 $ 135,600

NOI as reported by the Company does not include the operating results from
discontinued operations (i.e., assets sold during the period January 1, 2008
through March 31, 2009). A reconciliation of NOI from communities sold or
classified as discontinued operations to net income for these communities is as
follows (dollars in thousands):

Q1 Q1
2009 2008

Income from discontinued operations $ 53 $ 4,820
Interest expense, net 88 530
Depreciation expense 13 2,851

NOI from discontinued operations $ 154 $ 8,201

NOI from assets sold $ -- $ 8,201
NOI from assets held for sale 154 --

NOI from discontinued operations $ 154 $ 8,201

Projected NOI, as used within this release for certain development and
redevelopment communities and in calculating the Initial Year Market Cap Rate
for dispositions, represents management's estimate, as of the date of this
release (or as of the date of the buyer's valuation in the case of
dispositions), of projected stabilized rental revenue minus projected stabilized
operating expenses. For development and redevelopment communities, Projected NOI
is calculated based on the first year of stabilized operations following the
completion of construction. In calculating the Initial Year Market Cap Rate,
Projected NOI for dispositions is calculated for the first twelve months
following the date of the buyer's valuation. Projected stabilized rental revenue
represents management's estimate of projected gross potential (based on leased
rents for occupied homes and market rents for vacant homes) minus projected
economic vacancy and adjusted for concessions. Projected stabilized operating
expenses do not include interest, income taxes (if any), depreciation or
amortization, or any allocation of corporate-level property management overhead
or general and administrative costs. The weighted average Projected NOI as a
percentage of Total Capital Cost is weighted based on the Company's share of the
Total Capital Cost of each community, based on its percentage ownership.

Management believes that Projected NOI of the development and redevelopment
communities, on an aggregated weighted average basis, assists investors in
understanding management's estimate of the likely impact on operations of the
development and redevelopment communities when the assets are complete and
achieve stabilized occupancy (before allocation of any corporate-level property
management overhead, general and administrative costs or interest expense).
However, in this release the Company has not given a projection of NOI on a
company-wide basis. Given the different dates and fiscal years for which NOI is
projected for these communities, the projected allocation of corporate-level
property management overhead, general and administrative costs and interest
expense to communities under development or redevelopment is complex,
impractical to develop, and may not be meaningful. Projected NOI of these
communities is not a projection of the Company's overall financial performance
or cash flow. There can be no assurance that the communities under development
or redevelopment will achieve the Projected NOI as described in this release.

Rental Revenue with Concessions on a Cash Basis is considered by the Company to
be a supplemental measure to rental revenue in conformity with GAAP to help
investors evaluate the impact of both current and historical concessions on GAAP
based rental revenue and to more readily enable comparisons to revenue as
reported by other companies. In addition, rental revenue (with concessions on a
cash basis) allows an investor to understand the historical trend in cash
concessions.

A reconciliation of rental revenue from Established Communities in conformity
with GAAP to rental revenue (with concessions on a cash basis) is as follows
(dollars in thousands):

Q1 Q1
2009 2008

Rental revenue (GAAP basis) $ 157,974 $ 159,070
Concessions amortized 2,172 1,636
Concessions granted (1,830 ) (1,289 )

Rental revenue (with
concessions on a cash basis) $ 158,316 $ 159,417

% change -- GAAP revenue (0.7 %)

% change -- cash revenue (0.7 %)

Economic Gain is calculated by the Company as the gain on sale in accordance
with GAAP, less accumulated depreciation through the date of sale and any other
non-cash adjustments that may be required under GAAP accounting. Management
generally considers Economic Gain to be an appropriate supplemental measure to
gain on sale in accordance with GAAP because it helps investors to understand
the relationship between the cash proceeds from a sale and the cash invested in
the sold community. The Economic Gain for each of the communities presented is
estimated based on their respective final settlement statements. A
reconciliation of Economic Gain to gain on sale in accordance with GAAP for both
the three months ended March 31, 2009 as well as prior years' activities is
presented in the full earnings release.

Interest Coverage is calculated by the Company as EBITDA from continuing
operations, excluding land gains and gain on the sale of investments in real
estate joint ventures, divided by the sum of interest expense, net, and
preferred dividends. Interest Coverage is presented by the Company because it
provides rating agencies and investors an additional means of comparing our
ability to service debt obligations to that of other companies. EBITDA is
defined by the Company as net income attributable to the Company before interest
income and expense, income taxes, depreciation and amortization.

A reconciliation of EBITDA and a calculation of Interest Coverage for the first
quarter of 2009 are as follows (dollars in thousands):

Net income attributable to the Company $ 47,425
Interest expense, net 29,157
Interest expense (discontinued operations) 88
Depreciation expense 52,627
Depreciation expense (discontinued operations) 13

EBITDA $ 129,310

EBITDA from continuing operations $ 129,156
EBITDA from discontinued operations 154

EBITDA $ 129,310

EBITDA from continuing operations $ 129,156

Interest expense, net 29,157
Interest charges 29,157

Interest coverage 4.4

Total Capital Cost includes all capitalized costs projected to be or actually
incurred to develop the respective development or redevelopment community, or
development right, including land acquisition costs, construction costs, real
estate taxes, capitalized interest and loan fees, permits, professional fees,
allocated development overhead and other regulatory fees, all as determined in
accordance with GAAP. For redevelopment communities, Total Capital Cost excludes
costs incurred prior to the start of redevelopment when indicated. With respect
to communities where development or redevelopment was completed in a prior or
the current period, Total Capital Cost reflects the actual cost incurred, plus
any contingency estimate made by management. Total Capital Cost for communities
identified as having joint venture ownership, either during construction or upon
construction completion, represents the total projected joint venture
contribution amount. For joint ventures not in construction as presented in the
full earnings release, Total Capital Cost is equal to gross real estate cost.

Initial Year Market Cap Rate is defined by the Company as Projected NOI of a
single community for the first 12 months of operations (assuming no
repositioning), less estimates for non-routine allowance of approximately $200 -
$300 per apartment home, divided by the gross sales price for the community.
Projected NOI, as referred to above, represents management's estimate of
projected rental revenue minus projected operating expenses before interest,
income taxes (if any), depreciation, amortization and extraordinary items. For
this purpose, management's projection of operating expenses for the community
includes a management fee of 3.0% -3.5%. The Initial Year Market Cap Rate, which
may be determined in a different manner by others, is a measure frequently used
in the real estate industry when determining the appropriate purchase price for
a property or estimating the value for a property. Buyers may assign different
Initial Year Market Cap Rates to different communities when determining the
appropriate value because they (i) may project different rates of change in
operating expenses and capital expenditure estimates and (ii) may project
different rates of change in future rental revenue due to different estimates
for changes in rent and occupancy levels. The weighted average Initial Year
Market Cap Rate is weighted based on the gross sales price of each community.

Unleveraged IRR on sold communities refers to the internal rate of return
calculated by the Company considering the timing and amounts of (i) total
revenue during the period owned by the Company and (ii) the gross sales price
net of selling costs, offset by (iii) the undepreciated capital cost of the
communities at the time of sale and (iv) total direct operating expenses during
the period owned by the Company. Each of the items (i), (ii), (iii) and (iv) are
calculated in accordance with GAAP.

The calculation of Unleveraged IRR does not include an adjustment for the
Company's general and administrative expense, interest expense, or
corporate-level property management and other indirect operating expenses.
Therefore, Unleveraged IRR is not a substitute for net income as a measure of
our performance. Management believes that the Unleveraged IRR achieved during
the period a community is owned by the Company is useful because it is one
indication of the gross value created by the Company's acquisition, development
or redevelopment, management and sale of a community, before the impact of
indirect expenses and Company overhead. The Unleveraged IRR achieved on the
communities as cited in this release should not be viewed as an indication of
the gross value created with respect to other communities owned by the Company,
and the Company does not represent that it will achieve similar Unleveraged IRRs
upon the disposition of other communities. The weighted average Unleveraged IRR
for sold communities is weighted based on all cash flows over the holding period
for each respective community, including net sales proceeds.

Unencumbered NOI as calculated by the Company represents NOI generated by real
estate assets unencumbered by either outstanding secured debt or land leases
(excluding land leases with purchase options that were put in place for
governmental incentives or tax abatements) as a percentage of total NOI
generated by real estate assets. The Company believes that current and
prospective unsecured creditors of the Company view Unencumbered NOI as one
indication of the borrowing capacity of the Company. Therefore, when reviewed
together with the Company's Interest Coverage, EBITDA and cash flow from
operations, the Company believes that investors and creditors view Unencumbered
NOI as a useful supplemental measure for determining the financial flexibility
of an entity. A calculation of Unencumbered NOI for the three months ended March
31, 2009 is as follows (dollars in thousands):

NOI for Established Communities $ 106,026
NOI for Other Stabilized Communities 21,026
NOI for Development/Redevelopment Communities 16,154
Total NOI generated by real estate assets 143,206
NOI on encumbered assets 32,978
NOI on unencumbered assets 110,228

Unencumbered NOI 77 .0 %

Established Communities are identified by the Company as communities where a
comparison of operating results from the prior year to the current year is
meaningful, as these communities were owned and had stabilized operations as of
the beginning of the prior year. Therefore, for 2009, Established Communities
are consolidated communities that have stabilized operations as of January 1,
2008 and are not conducting or planning to conduct substantial redevelopment
activities within the current year. Established Communities do not include
communities that are currently held for sale or planned for disposition during
the current year.

Economic Occupancy is defined as total possible revenue less vacancy loss as a
percentage of total possible revenue. Total possible revenue is determined by
valuing occupied units at contract rates and vacant units at market rents.
Vacancy loss is determined by valuing vacant units at current market rents. By
measuring vacant apartments at their market rents, Economic Occupancy takes into
account the fact that apartment homes of different sizes and locations within a
community have different economic impacts on a community's gross revenue.

Copyright © 2009 AvalonBay Communities, Inc. All Rights Reserved

AvalonBay Communities, Inc.
John Christie, 1-703-317-4747
Senior Director of Investor Relations and Research
or
Thomas J. Sargeant, 1-703-317-4635
Chief Financial Officer

Copyright Business Wire 2009