AvalonBay Communities, Inc., is a premier public real estate company focused on the development, renovation, ownership and management of luxury apartment communities in high barrier-to-entry markets of the United States. Praised as the “perfect” REIT by Salomon Smith Barney, AvalonBay currently owns 146 communities totaling 42,563 apartment homes in 29 markets with future development rights for 20 communities. AvalonBay’s common stock trades on the New York Stock Exchange and the Pacific Exchange under the ticker symbol “AVB”. Additional information about the company and management team can be found at www. avalonbay.com.