exv99w2

Exhibit 99.2

AvalonBay Communities, Inc.

For Immediate News Release
April 30, 2008

AVALONBAY COMMUNITIES, INC. ANNOUNCES
FIRST QUARTER 2008 OPERATING RESULTS

(Alexandria, VA) AvalonBay Communities, Inc. (NYSE: AVB) reported today that Net Income Available to Common Stockholders for the quarter ended March 31, 2008 was $46,275,000. This resulted in Earnings per Share — diluted (“EPS”) of $0.60 for the quarter ended March 31, 2008, compared to $0.56 for the comparable period of 2007, a per share increase of 7.1%.

Funds from Operations attributable to common stockholders — diluted (“FFO”) for the quarter ended March 31, 2008 was $96,117,000, or $1.24 per share, compared to $89,118,000, or $1.11 per share, for the comparable period of 2007. FFO per share increased 11.7%, due primarily to contributions from improved community operating results and newly developed communities. FFO per share includes $0.01 per share for the quarter ended March 31, 2007 related to the sale of a land parcel. Adjusting for this land sale, FFO per share increased 12.7% over the prior year period.

Commenting on the Company’s results, Bryce Blair, Chairman and CEO, said, “Our strong FFO growth of 12.7% reflects the continued healthy fundamentals in our markets, the strength of our balance sheet and the contributions from our investment activity. The Company remains well positioned to continue to deliver earnings growth in 2008 and the financial flexibility to respond to challenging economic and capital markets conditions.”

Operating Results for the Quarter Ended March 31, 2008 Compared to the Prior Year Period

For the Company, including discontinued operations, total revenue increased by $19,482,000, or 9.9% to $216,188,000. For Established Communities, rental revenue increased 4.4%, comprised of an increase in Average Rental Rates of 4.1% and an increase in Economic Occupancy of 0.3%. As a result, total revenue for Established Communities increased $6,440,000 to $155,608,000. Operating expenses for Established Communities increased $1,966,000, or 4.2% to $49,310,000. Accordingly, Net Operating Income (“NOI”) for Established Communities increased by $4,474,000, or 4.4%, to $106,298,000.

The following table reflects the percentage changes in rental revenue, operating expenses and NOI for Established Communities from the first quarter of 2007 to the first quarter of 2008:

1Q 08 Compared to 1Q 07


	Rental			Operating						% of
	Revenue			Expenses			NOI			NOI (1)
New England		3.5	%		6.7	%		1.3	%		19.8	%
Metro NY/NJ		3.3	%		6.7	%		1.7	%		24.3	%
Mid-Atlantic/Midwest		3.1	%		2.2	%		3.6	%		17.2	%
Pacific NW		7.9	%		0.2	%		11.2	%		4.6	%
No. California		7.7	%		(0.5	%)		10.7	%		23.0	%
So. California		3.3	%		7.2	%		1.9	%		11.1	%

Total		4.4	%		4.2	%		4.4	%		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. The following table reflects the percentage changes in rental revenue on a GAAP basis and Rental Revenue with Concessions on a Cash Basis for our Established Communities:


	1Q 08 vs 1Q 07
Rental Revenue Change with Concessions on a GAAP Basis		4.4	%

Rental Revenue Change with Concessions on a Cash Basis		4.5	%

Development Activity

The Company commenced the development of Avalon Charles Pond during the first quarter of 2008. Avalon Charles Pond, located in Coram, NY, will contain 200 apartment homes when completed for an estimated Total Capital Cost of $46,500,000.

Investment Management Fund Activity

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%.

During the first quarter of 2008, the Company completed the redevelopment of Avalon at Poplar Creek, located in Schaumburg, IL on behalf of the Fund. This community contains 196 apartment homes and was completed for a Total Capital Cost of $3,100,000, excluding costs incurred prior to the start of redevelopment.

During the first quarter of 2008, the Company commenced the redevelopment of South Hills Apartments, located in West Covina, CA on behalf of the Fund. South Hills Apartments contains 85 apartment homes and will be redeveloped for an expected Total Capital Cost of $4,400,000, excluding costs incurred prior to the start of redevelopment.

The Fund has invested $782,066,000 as of March 31, 2008. Management expects the Fund to invest approximately $36,000,000 of additional funds to redevelop the assets acquired. The investment period for the Fund concluded in March 2008. Accordingly, no new acquisitions for the Fund will be considered.

Financing, Liquidity and Balance Sheet Statistics

In February 2008, the Board of Directors authorized an increase of $200,000,000 in the common stock repurchase program, expanding the total amount the Company can acquire to $500,000,000. During the first quarter of 2008, the Company repurchased 482,100 shares at an average price of $87.42 per share, bringing the total amount of common stock repurchased under this program to approximately $300,000,000.

In January 2008, the Company repaid $50,000,000 of unsecured notes with an annual interest rate of 6.625% pursuant to their scheduled maturity.

As of March 31, 2008, the Company had $798,500,000 outstanding under its $1,000,000,000 unsecured credit facility. At March 31, 2008, the Company had unrestricted cash of $270,320,000, as well as cash in escrow of $128,190,000 which is available for development activity. Leverage, calculated as total debt as a percentage of Total Market Capitalization, was 32.8% at March 31, 2008. Unencumbered NOI for the year ended March 31, 2008 was 80.2% and Interest Coverage for the first quarter of 2008 was 4.1 times.

On March 31, 2008, the Company executed two separate five-year, interest only mortgage loans for an aggregate borrowing of approximately $264,697,000 at a weighted average effective interest rate of approximately 4.78%. One mortgage loan for approximately $170,125,000 is secured by Avalon at Arlington Square, located in Arlington, VA. The second mortgage loan for approximately $94,572,000 is secured by Avalon at Cameron Court, located in Alexandria, VA.

In April 2008, the Company executed a seven-year, interest only mortgage loan, borrowing approximately $110,600,000 at an effective interest rate of 5.48%. The mortgage is secured by Avalon Crescent, located in McLean, Virginia.

The Company used the net proceeds of approximately $373,286,000 from these three secured financings to pay down a portion of the outstanding balance on our unsecured credit facility in April 2008.

Also in April 2008, the Company redeemed $10,000,000 of its $150,000,000, 7.5% unsecured notes that mature in August 2009. The notes were redeemed for $10,287,500. The Company will include the excess cost paid over par, as well as the proportionate share of deferred financing charges for the notes redeemed as a charge to earnings in the second quarter of 2008.

Second Quarter 2008 Financial Outlook

For the second quarter of 2008, the Company expects EPS in the range of $1.94 to $1.98 and expects Projected FFO per share in the range of $1.22 to $1.26.

The Company expects to release its second quarter 2008 earnings on July 30, 2008 after the market closes. The Company expects to hold a conference call on July 31, 2008 at 1:00 PM EDT to discuss the second quarter 2008 results.

Second Quarter 2008 Conference/Event Schedule

The Company is scheduled to participate in the following conferences during the second quarter of 2008:

2Q 2008 Conference Schedule


Event/Conference		Date
AvalonBay New York Community Tour		June 3
NAREIT Institutional Investor Forum		June 4-6
Wachovia Securities Equity Conference		June 23-27

The Company is scheduled to present and conduct a question and answer session at each of the conferences. 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 a webcast of each event and/or related materials will be available beginning June 1, 2008 on the Company’s website at http://www.avalonbay.com/events.

Other Matters

The Company will hold a conference call on May 1, 2008 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 1-706-634-5877 internationally.

To hear a replay of the call, which will be available from May 1, 2008 at 3:00 PM EDT to May 8, 2008 at 11:59 PM EDT, dial 1-800-642-1687 domestically and 1-706-645-9291 internationally, and use Access Code: 42406161.

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/pressrelease.

About AvalonBay Communities, Inc.

As of March 31, 2008, the Company owned or held a direct or indirect ownership interest in 183 apartment communities containing 52,167 apartment homes in ten states and the District of Columbia, of which 22 communities were under construction and eight 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 the following address 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: 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 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, 2007 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 2008. 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.

FIRST QUARTER 2008

Supplemental Operating and Financial Data

Table of Contents


Company Profile
Selected Operating and Other Information		Attachment 1
Detailed Operating Information		Attachment 2
Condensed Consolidated Balance Sheets		Attachment 3

Sub-Market Profile
Quarterly Revenue and Occupancy Changes (Established Communities)		Attachment 4
Sequential Quarterly Revenue and Occupancy Changes (Established Communities)		Attachment 5

Development, Redevelopment, Acquisition and Disposition Profile
Summary of Development and Redevelopment Activity		Attachment 6
Development Communities		Attachment 7
Redevelopment Communities		Attachment 8
Summary of Development and Redevelopment Community Activity		Attachment 9
Future Development		Attachment 10
Unconsolidated Real Estate Investments		Attachment 11
Summary of Disposition Activity		Attachment 12

Definitions and Reconciliations
Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms		Attachment 13

The following is a “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended. The projections and estimates contained in the following attachments are forward-looking statements that involve risks and uncertainties, and actual results may differ materially from those projected in such statements. Risks associated with the Company’s development, redevelopment, construction, and lease-up activities, which could impact the forward-looking statements made are discussed in the paragraph titled “Forward-Looking Statements” in the release to which these attachments relate. In particular, development opportunities may be abandoned; Total Capital Cost of a community may exceed original estimates, possibly making the community uneconomical and/or affecting projected returns; construction and lease-up may not be completed on schedule, resulting in increased debt service and construction costs; and other risks described 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, 2007.

Attachment 1

AvalonBay Communities, Inc.
Selected Operating and Other Information
March 31, 2008
(Dollars in thousands except per share data)
(unaudited)

SELECTED OPERATING INFORMATION


	Q1		Q1
	2008		2007		$ Change			% Change
Net Income available to common stockholders	$	46,275	$	44,345	$	1,930			4.4	%

Per common share — basic	$	0.60	$	0.57	$	0.03			5.3	%
Per common share — diluted	$	0.60	$	0.56	$	0.04			7.1	%

Funds from Operations	$	96,117	$	89,118	$	6,999			7.9	%
Per common share — diluted	$	1.24	$	1.11	$	0.13			11.7	%

Dividends declared — common	$	68,697	$	67,694	$	1,003			1.5	%
Per common share	$	0.8925	$	0.85	$	0.0425			5.0	%

Common shares outstanding		76,971,919		79,639,601		(2,667,682	)		(3.3	%)
Outstanding operating partnership units		64,019		129,782		(65,763	)		(50.7	%)

Total outstanding shares and units		77,035,938		79,769,383		(2,733,445	)		(3.4	%)


Average shares outstanding — basic		76,600,201		78,431,936		(1,831,735	)		(2.3	%)
Average operating partnership units outstanding		64,019		144,586		(80,567	)		(55.7	%)
Effect of dilutive securities		776,672		1,354,226		(577,554	)		(42.6	%)

Average shares outstanding — diluted		77,440,892		79,930,748		(2,489,856	)		(3.1	%)

DEBT COMPOSITION AND MATURITIES


			% of Total			Average
			Market			Interest			Remaining
Debt Composition (1)	Amount		Cap			Rate (2)			Maturities (1)
Conventional Debt										2008	$	167,223
Long-term, fixed rate	$	2,153,209		19.2	%					2009	$	222,158
Long-term, variable rate		122,951		1.1	%					2010	$	235,614
Variable rate credit facility		798,500		7.1	%					2011	$	391,903

Subtotal, Conventional		3,074,660		27.4	%		5.9	%		2012	$	531,408


Tax-Exempt Debt
Long-term, fixed rate		186,418		1.7	%
Long-term, variable rate		419,883		3.7	%

Subtotal, Tax-Exempt		606,301		5.4	%		4.8	%

Total Debt	$	3,680,961		32.8	%		5.7	%


⁽¹⁾		Excludes debt associated with communities classified as held for sale.

⁽²⁾		Includes costs of financing such as credit enhancement fees, trustees’ fees, etc.

CAPITALIZED COSTS


					Non-Rev
	Cap		Cap		Capex
	Interest		Overhead		per Home

Q108	$	19,663	$	7,159	$	4
Q407	$	20,099	$	7,180	$	251
Q307	$	19,193	$	7,008	$	93
Q207	$	18,393	$	6,684	$	38
Q107	$	15,433	$	6,606	$	9

COMMUNITY INFORMATION


			Apartment
	Communities		Homes

Current Communities		161		45,151
Development Communities		22		7,016
Development Rights		46		13,266

Attachment 2

AvalonBay Communities, Inc.
Detailed Operating Information
March 31, 2008
(Dollars in thousands except per share data)
(unaudited)


	Q1			Q1
	2008			2007			% Change
Revenue:
Rental and other income	$	210,200		$	187,171			12.3	%
Management, development and other fees		1,638			1,444			13.4	%

Total		211,838			188,615			12.3	%


Operating expenses:
Direct property operating expenses, excluding property taxes		49,564			44,983			10.2	%
Property taxes		19,850			16,994			16.8	%
Property management and other indirect operating expenses		10,097			8,439			19.6	%
Investments and investment management (1)		1,719			2,024			(15.1	%)

Total		81,230			72,440			12.1	%


Interest expense, net		(28,005	)		(23,186	)		20.8	%
General and administrative expense		(8,119	)		(6,780	)		19.7	%
Joint venture income and minority interest expense		(72	)		(535	)		N/A
Depreciation expense		(47,682	)		(42,014	)		13.5	%
Gain on sale of land		—			545			(100.0	%)

Income from continuing operations		46,730			44,205			5.7	%
Income from discontinued operations (2)		1,720			2,315			(25.7	%)

Total discontinued operations		1,720			2,315			(25.7	%)

Net income		48,450			46,520			4.1	%
Dividends attributable to preferred stock		(2,175	)		(2,175	)		—

Net income available to common stockholders	$	46,275		$	44,345			4.4	%

Net income per common share — basic	$	0.60		$	0.57			5.3	%

Net income per common share — diluted	$	0.60		$	0.56			7.1	%


(1)		Reflects costs incurred related to investment acquisition, investment management and abandoned pursuits.

(2)		Reflects net income for communities classified as discontinued operations as of March 31, 2008 and communities sold during the period from January 1, 2007 through March 31, 2008. The following table details income from discontinued operations for the periods shown:


	Q1			Q1
	2008			2007
Rental income	$	4,350		$	8,091
Operating and other expenses		(1,334	)		(3,004	)
Interest expense, net		(186	)		(692	)
Depreciation expense		(1,110	)		(2,080	)

Income from discontinued operations	$	1,720		$	2,315

Attachment 3

AvalonBay Communities, Inc.
Condensed Consolidated Balance Sheets
(Dollars in thousands)
(unaudited)


	March 31,			December 31,
	2008			2007
Real estate	$	6,359,332		$	6,176,790
Less accumulated depreciation		(1,267,010	)		(1,219,410	)

Net operating real estate		5,092,322			4,957,380

Construction in progress, including land		962,038			952,670
Land held for development		305,669			288,423
Operating real estate assets held for sale, net		97,642			98,709

Total real estate, net		6,457,671			6,297,182

Cash and cash equivalents		270,320			21,166
Cash in escrow		128,190			189,171
Resident security deposits		30,662			29,542
Other assets (1)		233,260			199,423

Total assets	$	7,120,103		$	6,736,484


Unsecured senior notes, net	$	1,843,605		$	1,893,499
Unsecured facility		798,500			514,500
Notes payable		1,036,461			773,803
Resident security deposits		43,037			41,638
Liabilities related to assets held for sale		30,503			30,340
Other liabilities		376,654			432,898

Total liabilities	$	4,128,760		$	3,686,678



Minority interest		19,652			23,152
Stockholders’ equity		2,971,691			3,026,654

Total liabilities and stockholders’ equity	$	7,120,103		$	6,736,484


⁽¹⁾		Other assets includes $1,074 and $891 relating to assets classified as held for sale as of March 31, 2008 and December 31, 2007, respectively.

Attachment 4

AvalonBay Communities, Inc.
Quarterly Revenue and Occupancy Changes — Established Communities (1)

March 31, 2008


	Apartment
	Homes		Average Rental Rates(2)						Economic Occupancy							Rental Revenue ($000’s) (3)
			Q1 08		Q1 07		% Change		Q1 08		Q1 07		% Change			Q1 08		Q1 07		% Change
New England
Boston, MA		3,067	$	2,001	$	1,964		1.9%		96.6%		95.6%		1.0%		$	17,790	$	17,291		2.9%
Fairfield-New Haven, CT		2,284		2,061		2,005		2.8%		96.7%		95.2%		1.5%			13,653		13,089		4.3%

New England Average		5,351		2,027		1,982		2.3%		96.6%		95.4%		1.2%			31,443		30,380		3.5%

Metro NY/NJ
New Jersey		2,422		2,187		2,061		6.1%		95.7%		96.8%		(1.1%	)		15,207		14,482		5.0%
New York, NY		1,730		2,502		2,449		2.2%		96.6%		95.6%		1.0%			12,536		12,150		3.2%
Long Island, NY		1,469		2,332		2,296		1.6%		96.1%		96.8%		(0.7%	)		9,880		9,790		0.9%

Metro NY/NJ Average		5,621		2,321		2,241		3.6%		96.1%		96.4%		(0.3%	)		37,623		36,422		3.3%


Mid-Atlantic/Midwest
Washington Metro		5,935		1,735		1,685		3.0%		96.0%		95.9%		0.1%			29,664		28,776		3.1%
Chicago, IL		487		1,419		1,389		2.2%		96.9%		95.5%		1.4%			2,010		1,940		3.6%

Mid-Atlantic/Midwest Average		6,422		1,711		1,663		2.9%		96.1%		95.9%		0.2%			31,674		30,716		3.1%


Pacific Northwest
Seattle, WA		1,320		1,400		1,296		8.0%		95.9%		96.0%		(0.1%	)		5,314		4,925		7.9%

Pacific Northwest Average		1,320		1,400		1,296		8.0%		95.9%		96.0%		(0.1%	)		5,314		4,925		7.9%


Northern California
San Jose, CA		3,644		1,858		1,714		8.4%		97.1%		97.5%		(0.4%	)		19,713		18,254		8.0%
San Francisco, CA		1,608		2,151		2,030		6.0%		97.3%		95.7%		1.6%			10,095		9,380		7.6%
Oakland-East Bay, CA		955		1,560		1,454		7.3%		97.0%		97.4%		(0.4%	)		4,334		4,056		6.9%

Northern California Average		6,207		1,888		1,755		7.6%		97.1%		97.0%		0.1%			34,142		31,690		7.7%


Southern California
Los Angeles, CA		1,198		1,695		1,640		3.4%		96.8%		95.2%		1.6%			5,892		5,612		5.0%
Orange County, CA		1,174		1,486		1,431		3.8%		96.6%		97.2%		(0.6%	)		5,057		4,898		3.2%
San Diego, CA		1,058		1,475		1,440		2.4%		94.3%		95.6%		(1.3%	)		4,416		4,367		1.1%

Southern California Average		3,430		1,556		1,507		3.3%		96.0%		96.0%		0.0%			15,365		14,877		3.3%


Average/Total Established		28,351	$	1,897	$	1,822		4.1%		96.4%		96.1%		0.3%		$	155,561	$	149,010		4.4%


(1)		Established Communities are communities with stabilized operating expenses as of January 1, 2007 such that a comparison of 2007 to 2008 is meaningful.

(2)		Reflects the effect of concessions amortized over the average lease term.

(3)		With concessions reflected on a cash basis, rental revenue from Established Communities increased 4.5% between years.

Attachment 5

AvalonBay Communities, Inc.
*Sequential Quarterly* Revenue and Occupancy Changes — Established Communities (1)
March 31, 2008


	Apartment
	Homes		Average Rental Rates(2)							Economic Occupancy									Rental Revenue ($000’s) (3)
			Q1 08		Q4 07		% Change			Q1 08			Q4 07			% Change			Q1 08		Q4 07		% Change
New England
Boston, MA		3,067	$	2,001	$	1,986		0.8	%		96.6	%		96.4	%		0.2	%	$	17,790	$	17,613		1.0	%
Fairfield-New Haven, CT		2,284		2,061		2,067		(0.3	%)		96.7	%		96.5	%		0.2	%		13,653		13,663		(0.1	%)

New England Average		5,351		2,027		2,020		0.3	%		96.6	%		96.4	%		0.2	%		31,443		31,276		0.5	%


Metro NY/NJ
New Jersey		2,422		2,187		2,162		1.2	%		95.7	%		95.9	%		(0.2	%)		15,207		15,062		1.0	%
New York, NY		1,730		2,502		2,485		0.7	%		96.6	%		96.9	%		(0.3	%)		12,536		12,497		0.3	%
Long Island, NY		1,469		2,332		2,342		(0.4	%)		96.1	%		95.1	%		1.0	%		9,880		9,812		0.7	%

Metro NY/NJ Average		5,621		2,321		2,308		0.6	%		96.1	%		96.0	%		0.1	%		37,623		37,371		0.7	%


Mid-Atlantic/Midwest
Washington Metro		5,935		1,735		1,727		0.5	%		96.0	%		96.5	%		(0.5	%)		29,664		29,654		0.0	%
Chicago, IL		487		1,419		1,409		0.7	%		96.9	%		97.0	%		(0.1	%)		2,010		1,999		0.6	%

Mid-Atlantic/Midwest Average		6,422		1,711		1,703		0.5	%		96.1	%		96.5	%		(0.4	%)		31,674		31,653		0.1	%


Pacific Northwest
Seattle, WA		1,320		1,400		1,380		1.4	%		95.9	%		96.1	%		(0.2	%)		5,314		5,252		1.2	%

Pacific Northwest Average		1,320		1,400		1,380		1.4	%		95.9	%		96.1	%		(0.2	%)		5,314		5,252		1.2	%


Northern California
San Jose, CA		3,644		1,858		1,834		1.3	%		97.1	%		97.0	%		0.1	%		19,713		19,449		1.4	%
San Francisco, CA		1,608		2,151		2,122		1.4	%		97.3	%		97.7	%		(0.4	%)		10,095		9,996		1.0	%
Oakland-East Bay, CA		955		1,560		1,531		1.9	%		97.0	%		97.9	%		(0.9	%)		4,334		4,289		1.0	%

Northern California Average		6,207		1,888		1,862		1.4	%		97.1	%		97.3	%		(0.2	%)		34,142		33,734		1.2	%


Southern California
Los Angeles, CA		1,198		1,695		1,688		0.4	%		96.8	%		95.9	%		0.9	%		5,892		5,817		1.3	%
Orange County, CA		1,174		1,486		1,477		0.6	%		96.6	%		96.2	%		0.4	%		5,057		5,009		1.0	%
San Diego, CA		1,058		1,475		1,461		1.0	%		94.3	%		94.6	%		(0.3	%)		4,416		4,385		0.7	%

Southern California Average		3,430		1,556		1,546		0.6	%		96.0	%		95.6	%		0.4	%		15,365		15,211		1.0	%


Average/Total Established		28,351	$	1,897	$	1,884		0.7	%		96.4	%		96.4	%		0.0	%	$	155,561	$	154,497		0.7	%


(1)		Established Communities are communities with stabilized operating expenses as of January 1, 2007 such that a comparison of 2007 to 2008 is meaningful.

(2)		Reflects the effect of concessions amortized over the average lease term.

Attachment 6

AvalonBay Communities, Inc.
Summary of Development and Redevelopment Activity (1) as of March 31, 2008


			Number		Number		Total
			of		of		Capital Cost (2)
			Communities		Homes		(millions)
Portfolio Additions:	(3	)
2008 Annual Completions
Development				12		3,937	$	1,020.0
Redevelopment	(4	)		6		1,213		29.3

Total Additions				18		5,150	$	1,049.3


2007 Annual Completions
Development				8		1,749	$	440.7
Redevelopment	(4	)		5		1,847		32.9

Total Additions				13		3,596	$	473.6


Pipeline Activity:	(3	)
Currently Under Construction
Development				22		7,016	$	2,209.7
Redevelopment	(4	)		8		2,120		79.1

Subtotal				30		9,136	$	2,288.8


Planning
Development Rights				46		13,266	$	3,914.0

Total Pipeline				76		22,402	$	6,202.8


(1)		Represents activity for consolidated and unconsolidated entities.

(2)		See Attachment #13 — Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms.

(3)		Information represents projections and estimates.

(4)		Represents only cost of redevelopment activity, does not include original acquisition cost.

This chart contains forward-looking statements. Please see the paragraph regarding forward-looking statements on the Table of Contents page relating to the Company’s Supplemental Operating and Financial Data for the first quarter of 2008.

Attachment 7

AvalonBay Communities, Inc.
Development Communities as of March 31, 2008


			Percentage					Total			Schedule								Avg
			Ownership			# of		Capital											Rent								% Occ
			Upon			Apt		Cost (1)					Initial				Stabilized		Per		% Comp			% Leased			Physical			Economic
			Completion			Homes		(millions)			Start		Occupancy		Complete		Ops (1)		Home (1)		(2)			(3)			(4)			(1) (5)
																			Inclusive of
																			Concessions
																			See Attachment #13
Under Construction:
	1.	Avalon Riverview North New York, NY		100	%		602	$	174.6			Q3 2005		Q3 2007		Q2 2008		Q2 2008	$	2,875		100.0	%		98.2	%		97.8	%		76.0	%
	2.	Avalon Danvers (6) Danvers, MA		100	%		433		84.8			Q4 2005		Q1 2007		Q3 2008		Q1 2009		1,435		77.1	%		82.2	%		69.5	%		66.8	%
	3.	Avalon on the Sound II New Rochelle, NY		100	%		588		180.5			Q1 2006		Q2 2007		Q2 2008		Q4 2008		2,305		100.0	%		75.9	%		73.3	%		53.0	%
	4.	Avalon Meydenbauer Bellevue, WA		100	%		368		87.3			Q1 2006		Q1 2008		Q3 2008		Q1 2009		1,865		34.2	%		37.0	%		23.4	%		13.0	%
	5.	Avalon at Dublin Station I Dublin, CA		100	%		305		85.8			Q2 2006		Q4 2007		Q2 2008		Q4 2008		1,860		86.9	%		59.3	%		52.8	%		23.3	%
	6.	Avalon at Lexington Hills Lexington, MA		100	%		387		86.2			Q2 2006		Q2 2007		Q3 2008		Q1 2009		1,915		74.7	%		62.0	%		52.5	%		36.0	%
	7.	Avalon Encino Los Angeles, CA		100	%		131		61.5			Q3 2006		Q3 2008		Q4 2008		Q2 2009		2,650		N/A			N/A			N/A			N/A
	8.	Avalon Warner Place (7) Canoga Park, CA		100	%		210		53.9			Q4 2006		Q1 2008		Q3 2008		Q1 2009		1,870		27.1	%		29.5	%		18.6	%		3.4	%
	9.	Avalon Acton (8) Acton, MA		100	%		380		68.8			Q4 2006		Q4 2007		Q4 2008		Q2 2009		1,320		59.5	%		51.6	%		43.2	%		22.2	%
	10.	Avalon Morningside Park (8) New York, NY		100	%		296		125.5			Q1 2007		Q2 2008		Q1 2009		Q3 2009		3,640		N/A			N/A			N/A			N/A
	11.	Avalon White Plains White Plains, NY		100	%		393		154.5			Q2 2007		Q3 2008		Q4 2009		Q2 2010		2,820		N/A			N/A			N/A			N/A
	12.	Avalon at Tinton Falls Tinton Falls, NJ		100	%		216		41.2			Q2 2007		Q2 2008		Q4 2008		Q2 2009		1,760		N/A			26.9	%		N/A			N/A
	13.	Avalon Fashion Valley San Diego, CA		100	%		161		64.7			Q2 2007		Q3 2008		Q4 2008		Q2 2009		2,380		N/A			N/A			N/A			N/A
	14.	Avalon Anaheim Stadium Anaheim, CA		100	%		251		102.7			Q2 2007		Q1 2009		Q3 2009		Q1 2010		2,530		N/A			N/A			N/A			N/A
	15.	Avalon Union City Union City, CA		100	%		438		125.2			Q3 2007		Q2 2009		Q3 2009		Q1 2010		1,895		N/A			N/A			N/A			N/A
	16.	Avalon at the Hingham Shipyard Hingham, MA		100	%		235		52.7			Q3 2007		Q3 2008		Q1 2009		Q2 2009		2,090		N/A			N/A			N/A			N/A
	17.	Avalon Sharon Sharon, MA		100	%		156		30.7			Q3 2007		Q2 2008		Q4 2008		Q1 2009		1,635		10.3	%		44.2	%		2.6	%		N/A
	18.	Avalon Huntington Shelton, CT		100	%		99		26.1			Q4 2007		Q4 2008		Q2 2009		Q3 2009		2,240		N/A			N/A			N/A			N/A
	19.	Avalon at Mission Bay North III San Francisco, CA		100	%		260		157.8			Q4 2007		Q3 2009		Q4 2009		Q2 2010		3,745		N/A			N/A			N/A			N/A
	20.	Avalon Jamboree Village Irvine, CA		100	%		279		78.3			Q4 2007		Q2 2009		Q4 2009		Q2 2010		2,060		N/A			N/A			N/A			N/A
	21.	Avalon Fort Greene New York, NY		100	%		628		320.4			Q4 2007		Q3 2009		Q3 2010		Q1 2011		3,605		N/A			N/A			N/A			N/A
	22.	Avalon Charles Pond Coram, NY		100	%		200		46.5			Q1 2008		Q4 2008		Q2 2009		Q4 2009		1,865		N/A			N/A			N/A			N/A

		Total/Weighted Average					7,016	$	2,209.7										$	2,355

		Weighted Average Projected NOI
		as a % of Total Capital Cost (1) (9)							6.3	%	Inclusive of Concessions — See Attachment #13


				% Economic
Non-Stabilized Development Communities:(10)				Occ		Asset Cost Basis, Non-Stabilized Development						Source

Prior Quarter Completions:					(1)(5)	Capital Cost, Prior Quarter Completions			$	58.7		Att.7
Avalon Bowery Place II (8)	90	$	58.7			Capital Cost, Current Completions				—		Att. 7
						Capital Cost, Under Construction				2,209.7		Att. 7

Total	90	$	58.7		96.2%	Less: Remaining to Invest, Under Construction

						Total Remaining to Invest	857.5					Att. 9
						Capital Cost, Projected Q2 2008 Starts	( 46.6	)				Att. 9, Footnote 5

										(810.9	)

						Total Asset Cost Basis, Non-Stabilized Development			$	1,457.5

Q1 2008 Net Operating Income/(Deficit) for communities under construction and non-stabilized development communities was $4.8 million. See Attachment #13.


(1)		See Attachment #13 — Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms.

(2)		Includes apartment homes for which construction has been completed and accepted by management as of April 25, 2008.

(3)		Includes apartment homes for which leases have been executed or non-refundable deposits have been paid as of April 25, 2008.

(4)		Physical occupancy based on apartment homes occupied as of April 25, 2008.

(5)		Represents Economic Occupancy for the first quarter of 2008.

(6)		Avalon Danvers experienced a fire in April 2007. The Company expects insurance proceeds will cover substantially all losses. The schedule cited above reflects delays associated with the fire.

(7)		This community was formerly known as Avalon Canoga Park.

(8)		This community is being financed in part by third-party tax-exempt debt.

(9)		The Weighted Average calculation is based on the Company’s pro rata share of the Total Capital Cost for each community.

(10)		Represents Development Communities completed in prior quarters that had not achieved Stabilized Operations for the entire current quarter. Estimates are based on the Company’s pro rata share of the Total Capital Cost for each community.

		This chart contains forward-looking statements. Please see the paragraph regarding forward-looking statements on the Table of Contents page relating to the Company’s Supplemental Operating and Financial Data for the first quarter of 2008.

Attachment 8

AvalonBay Communities, Inc.
Redevelopment Communities as of March 31, 2008


						Cost (millions)					Schedule								Avg		Number of Homes
				# of		Pre-		Total											Rent				Out of
	Percentage			Apt		Redevelopment		Capital			Acquisition /						Restabilized		Per		Completed		Service
	Ownership			Homes		Capital Cost		Cost (1)(2)			Completion		Start		Complete		Ops (2)		Home (2)		to date		@ 3/31/08
																			Inclusive of
																			Concessions
																			See Attachment #13
Under Redevelopment:

AvalonBay
1. Avalon at AutumnWoods Fairfax, VA		100	%		420	$	31.2	$	38.3			Q4 1996		Q3 2006		Q2 2008		Q4 2008	$	1,370		408		5
2. Essex Place Peabody, MA		100	%		286		23.7		34.5			Q3 2004		Q3 2007		Q2 2009		Q4 2009		1,295		53		14
3. Avalon Redmond Place Redmond, WA		100	%		222		26.3		31.3			Q3 1999		Q3 2007		Q4 2008		Q2 2009		1,515		142		22
4. Avalon Woodland Hills Woodland Hills, CA		100	%		663		72.1		109.3			Q4 1997		Q4 2007		Q1 2010		Q3 2010		1,960		33		59
5. Avalon at Diamond Heights San Francisco, CA		100	%		154		25.3		30.2			Q2 1994		Q4 2007		Q4 2010		Q2 2011		2,445		22		1

Subtotal					1,745	$	178.6	$	243.6										$	1,695		658		101

Investment Management Fund (The “Fund”)
1. Avalon Paseo Place Fremont, CA		15	%		134		19.8		25.5			Q4 2005		Q2 2007		Q2 2008		Q2 2008		1,495		134		—
2. Avalon Cedar Place Columbia, MD		15	%		156		21.0		25.0			Q4 2006		Q3 2007		Q4 2008		Q2 2009		1,300		63		11
3. South Hills Apartments West Covina, CA		15	%		85		20.9		25.3			Q3 2007		Q1 2008		Q4 2008		Q2 2009		1,895		48		13

Subtotal					375	$	61.7	$	75.8										$	1,505		245		24

Total/Weighted Average					2,120	$	240.3	$	319.4										$	1,660		903		125

Completed this Quarter:
Investment Management Fund (The “Fund”)
1. Avalon at Poplar Creek Schaumburg, IL		15	%		196		25.2		28.3			Q2 2006		Q4 2006		Q1 2008		Q3 2008		1,225		196		—

Grand Total/Weighted Average					2,316	$	265.5	$	347.7										$	1,625		1,099		125

Weighted Average Projected NOI as a % of Total Capital Cost (2)									10.0	%	Inclusive of Concessions — See Attachment #13


(1)		Inclusive of acquisition cost.

(2)		See Attachment #13 — Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms.

		This chart contains forward-looking statements. Please see the paragraph regarding forward-looking statements on the Table of Contents page relating to the Company’s Supplemental Operating and Financial Data for the first quarter of 2008.

Attachment 9

AvalonBay Communities, Inc.
Summary of Development and Redevelopment Community Activity (1) as of March 31, 2008
(Dollars in Thousands)

DEVELOPMENT (2)


	Apt Homes		Total Capital		Cost of Homes				Construction in
	Completed &		Cost Invested		Completed &		Remaining to		Progress at
	Occupied		During Period (3)		Occupied (4)		Invest (5)		Period End (6)
Total - 2006 Actual		1,527	$	652,828	$	311,155	$	919,358	$	626,034

2007 Actual:
Quarter 1		464	$	167,109	$	106,100	$	908,630	$	673,945
Quarter 2		724		240,036		165,064		974,266		798,358
Quarter 3		774		220,762		214,732		1,334,784		792,320
Quarter 4		578		338,951		178,371		1,038,879		924,761

Total - 2007 Actual		2,540	$	966,858	$	664,267


2008 Projected:
Quarter 1 (Actual)		676	$	179,408	$	180,366	$	857,491	$	925,736
Quarter 2 (Projected)		886		212,694		214,514		644,797		862,920
Quarter 3 (Projected)		950		170,545		251,450		474,252		802,376
Quarter 4 (Projected)		631		133,510		198,105		340,742		723,816

Total - 2008 Projected		3,143	$	696,157	$	844,435

REDEVELOPMENT


			Total Capital				Reconstruction in
	Avg Homes		Cost Invested		Remaining to		Progress at
	Out of Service		During Period (3)		Invest (5)		Period End (6)
Total - 2006 Actual			$	15,543	$	14,991	$	17,602

2007 Actual:
Quarter 1		63	$	3,332	$	21,704	$	14,538
Quarter 2		105		3,014		24,290		16,403
Quarter 3		97		3,896		61,583		16,182
Quarter 4		77		8,370		69,136		30,683

Total - 2007 Actual			$	18,612


2008 Projected:
Quarter 1 (Actual)		112	$	6,433	$	65,666	$	37,761
Quarter 2 (Projected)		107		12,399		53,267		34,446
Quarter 3 (Projected)		109		12,065		41,203		34,701
Quarter 4 (Projected)		73		10,414		30,789		25,270

Total - 2008 Projected			$	41,311


(1)		Data is presented for all communities currently under development or redevelopment and those communities for which development or redevelopment is expected to begin within the next 90 days.

(2)		Projected periods include data for consolidated joint ventures at 100%. The offset for joint venture partners’ participation is reflected as minority interest.

(3)		Represents Total Capital Cost incurred or expected to be incurred during the quarter, year or in total. See Attachment #13 — Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms.

(4)		Represents projected Total Capital Cost of apartment homes completed and occupied during the quarter. Calculated by dividing Total Capital Cost for each Development Community by number of homes for the community, multiplied by the number of homes completed and occupied during the quarter.

(5)		Represents projected Total Capital Cost remaining to invest on communities currently under development or redevelopment and those for which development or redevelopment is expected to begin within the next 90 days. Remaining to invest for Q1 2008 includes $46.6 million attributed to one anticipated Q2 2008 development start and $18.8 million related to three anticipated Q2 2008 redevelopment starts.

(6)		Represents period end balance of construction or reconstruction costs. Amount for Q1 2008 includes $1.5 million related to three unconsolidated investments in the Fund.

Attachment 10

AvalonBay Communities, Inc.
Future Development as of March 31, 2008

DEVELOPMENT RIGHTS (1)


		Estimated		Total
		Number		Capital Cost (1)
Location of Development Right		of Homes		(millions)
1.	Randolph, MA		276	$	47
2.	Northborough, MA		350		61
3.	Pleasant Hill, CA		422		153
4.	Los Angeles, CA		278		123
5.	Bellevue, WA		396		135
6.	Norwalk, CT		311		85
7.	North Bergen, NJ		164		48
8.	Shelton, CT		251		66
9.	Rockville Centre, NY		349		129
10.	Chicago, IL Phase I		491		173
11.	Wilton, CT		100		24
12.	New York, NY		678		307
13.	Camarillo, CA		309		66
14.	Plymouth, MA Phase II		69		17
15.	Seattle, WA		204		65
16.	Dublin, CA Phase II		405		126
17.	Seattle, WA II		234		76
18.	West Long Branch, NJ		180		34
19.	Brooklyn, NY		825		443
20.	Cohasset, MA		200		38
21.	Greenburgh, NY Phase II		444		112
22.	Kirkland, WA Phase II		189		60
23.	Canoga Park, CA		299		85
24.	Irvine, CA Phase II		179		57
25.	Wheaton, MD		320		107
26.	Andover, MA		115		21
27.	Irvine, CA Phase III		170		73
28.	San Francisco, CA		159		51
29.	Milford, CT		284		45
30.	Highland Park, NJ		119		36
31.	Stratford, CT		146		23
32.	Oyster Bay, NY		150		42
33.	Yonkers, NY		400		88
34.	Concord, MA		150		38
35.	Bloomingdale, NJ		173		38
36.	North Andover, MA		526		98
37.	Tysons Corner, VA		439		121
38.	Roselle Park, NJ		300		70
39.	Gaithersburg, MD		254		41
40.	Chicago, IL Phase II		491		141
41.	Alexandria, VA		283		73
42.	Hackensack, NJ		230		56
43.	Garden City, NY		160		58
44.	Wanaque, NJ		210		45
45.	Yaphank, NY		343		57
46.	Rockville, MD		241		62



	Total		13,266	$	3,914


(1)		See Attachment #13 — Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms.

Attachment 11

AvalonBay Communities, Inc.
Unconsolidated Real Estate Investments as of March 31, 2008
(Dollars in Thousands)


									AVB									AVB’s
					# of		Total		Book		Outstanding Debt							Share
Unconsolidated		Percentage			Apt		Capital		Value					Interest			Maturity	of Partnership
Real Estate Investments		Ownership			Homes		Cost (1)		Investment (2)		Amount		Type	Rate			Date	Debt (3)
AvalonBay Value Added Fund, LP
1.	Avalon at Redondo Beach		N/A			105	$	24,447		N/A	$	21,033	Fixed		4.87	%	Oct 2011	$	3,197
	Los Angeles, CA
2.	Avalon Lakeside		N/A			204		18,054		N/A		12,056	Fixed		5.74	%	Mar 2012		1,833
	Chicago, IL
3.	Avalon Columbia		N/A			170		29,258		N/A		22,275	Fixed		5.48	%	Apr 2012		3,386
	Baltimore, MD
4.	Avalon Redmond		N/A			400		56,299		N/A		36,500	Fixed		4.96	%	Jul 2012		5,548
	Seattle, WA
5.	Avalon Sunset		N/A			82		20,802		N/A		12,750	Fixed		5.41	%	Feb 2014		1,938
	Los Angeles, CA
6.	Avalon at Poplar Creek		N/A			196		27,847		N/A		16,500	Fixed		4.83	%	Oct 2012		2,508
	Chicago, IL
7.	Avalon at Civic Center (4)		N/A			192		42,783		N/A		23,805	Fixed		5.29	%	Aug 2013		3,618
	Norwalk, CA
8.	Avalon Paseo Place		N/A			134		24,621		N/A		11,800	Fixed		5.74	%	Nov 2013		1,794
	Fremont, CA
9.	Avalon at Yerba Buena		N/A			160		66,786		N/A		41,500	Fixed		5.88	%	Mar 2014		6,308
	San Francisco, CA
10.	Avalon at Aberdeen Station		N/A			290		58,219		N/A		39,842	Fixed		5.64	%	Sep 2013		6,056
	Aberdeen, NJ
11.	The Springs		N/A			320		47,647		N/A		26,000	Fixed		6.06	%	Oct 2014		3,952
	Corona, CA
12.	The Covington		N/A			256		33,068		N/A		17,243	Fixed		5.43	%	Jan 2014		2,621
	Lombard, IL
13.	Avalon Cedar Place		N/A			156		22,645		N/A		12,000	Fixed		5.68	%	Feb 2014		1,824
	Columbia, MD
14.	Avalon Centerpoint		N/A			392		79,027		N/A		45,000	Fixed		5.74	%	Dec 2013		6,840
	Baltimore, MD
15.	Middlesex Crossing		N/A			252		37,808		N/A		24,100	Fixed		5.49	%	Dec 2013		3,663
	Billerica, MA
16.	Avalon Crystal Hill		N/A			168		38,104		N/A		24,500	Fixed		5.43	%	Dec 2013		3,724
	Ponoma, NY
17.	Skyway Terrace		N/A			348		74,685		N/A		37,500	Fixed		6.11	%	Mar 2014		5,700
	San Jose, CA
18.	Avalon Rutherford Station		N/A			108		36,374		N/A		20,587	Fixed		6.13	%	Sept 2016		3,129
	East Rutherford, NJ
19.	South Hills Apartments		N/A			85		21,827		N/A		11,762	Fixed		5.92	%	Dec 2013		1,788
	West Covina, CA
20.	Colonial Towers/South Shore Manor		N/A			211		21,765		N/A		13,455	Fixed		5.12	%	Mar 2015		2,045
	Weymouth, MA

			15.2	%		4,229	$	782,066	$	118,838	$	470,208						$	71,472

Other Operating Joint Ventures
1.	Avalon Chrystie Place I (5)		20.0	%		361		128,855		23,658		117,000	Variable		1.88	%	Nov 2036		23,400
	New York, NY
2.	Avalon at Mission Bay North II (5)		25.0	%		313		123,685		29,520		105,000	Fixed		6.02	%	Dec 2015		26,250
	San Francisco, CA
3.	Avalon Del Rey		30.0	%		309		70,002		19,301		40,845	Variable		4.10	%	Sept 2009		12,254
	Los Angeles, CA
Other Development Joint Ventures
1.	Aria at Hathorne (6) (7)		50.0	%		64		N/A	$	4,576		4,081	Variable		4.88	%	June 2010	$	2,041
	Danvers, MA

						1,047	$	322,542	$	77,055	$	266,926						$	63,945

						5,276	$	1,104,608	$	195,893	$	737,134						$	135,417


(1)		See Attachment #13 — Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms.

(2)		These unconsolidated real estate investments are accounted for under the equity method of accounting. AVB Book Value Investment represents the Company’s recorded equity investment plus the Company’s pro rata share of outstanding debt.

(3)		The Company has not guaranteed the debt of its unconsolidated investees and bears no responsibility for the repayment, other than the construction completion and related financing guarantee for Avalon Chrystie Place I associated with the construction completion and occupancy certificate.

(4)		This community’s debt is a combination of two separate fixed rate loans which both mature in August 2013. The first loan totals $18,154 at a 5.04% interest rate and was assumed by the Fund upon purchase of this community. The second loan was procured in connection with the acquisition in the amount of $5,652 at a 6.08% interest rate. The rate listed in the table above represents a weighted average interest rate.

(5)		After the venture makes certain threshold distributions to the third-party partner, the Company generally receives 50% of all further distributions.

(6)		The Company has contributed land at a stepped up basis as its only capital contribution to this development. The Company is not guaranteeing the construction or acquisition loans, nor is it responsible for any cost over runs until certain thresholds are satisfied. The outstanding debt consists of two separate variable rate loans at a 4.88% interest rate. The first loan totals $2,830 and the second loan totals $1,251.

(7)		After the venture makes certain threshold distributions to the Company, AVB receives 50% of all further distributions.

Attachment 12

AvalonBay Communities, Inc.
Summary of Disposition Activity (1) as of March 31, 2008
(Dollars in thousands)

Weighted

Accumulated

Weighted Average

Number of

Average

Gross Sales

Depreciation

Economic

Initial Year

Weighted Average

Communities Sold

Holding Period (2)

Price

GAAP Gain

and Other

Gain (3)

Mkt. Cap Rate (2) (3)

Unleveraged IRR (2) (3)

1998:

9 Communities

170,312

25,270

23,438

1,832

8.1

16.2

1999:

16 Communities

317,712

47,093

27,150

19,943

8.3

12.1

2000:

8 Communities

160,085

40,779

6,262

34,517

7.9

15.3

2001:

7 Communities

241,130

62,852

21,623

41,229

8.0

14.3

2002:

1 Community

80,100

48,893

7,462

41,431

5.4

20.1

2003:

12 Communities, 1 Land Parcel (4)

460,600

184,438

52,613

131,825

6.3

15.3

2004:

5 Communities, 1 Land Parcel

250,977

122,425

19,320

103,105

4.8

16.8

2005:

7 Communities, 1 Office Building,
3 Land Parcels (5)

382,720

199,766

14,929

184,838

3.8

18.0

2006:

4 Communities, 3 Land Parcels (6)

281,485

117,539

21,699

95,840

4.6

15.2

2007:

5 Communities, 1 Land Parcel (7)

273,896

163,352

17,588

145,764

4.6

17.8

2008:

No sales as of March 31, 2008

—

1998 - 2008 Total

6.6

2,619,017

1,012,407

212,084

800,324

6.0

15.8


(1)		Activity excludes dispositions to joint venture entities in which the Company retains an economic interest.

(2)		For purposes of this attachment, land sales and the disposition of an office building are not included in the calculation of Weighted Average Holding Period, Weighted Average Initial Year Market Cap Rate, or Weighted Average Unleveraged IRR.

(3)		See Attachment #13 — Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms.

(4)		2003 GAAP gain, for purposes of this attachment, includes $23,448 related to the sale of a community in which the Company held a 50% membership interest.

(5)		2005 GAAP gain includes the recovery of an impairment loss of $3,000 recorded in 2002 related to one of the land parcels sold in 2005. This loss was recorded to reflect the land at fair value based on its entitlement status at the time it was determined to be planned for disposition.

(6)		2006 GAAP gain, for purposes of this attachment, includes $6,609 related to the sale of a community in which the Company held a 25% equity interest.

(7)		2007 GAAP gain, for purposes of this attachment, includes $56,320 related to the sale of a partnership interest in which the Company held a 50% equity interest.

Attachment 13

AvalonBay Communities, Inc.
Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms

This release, including its attachments, contains certain non-GAAP financial measures and other terms. The definition and calculation of these non-GAAP financial measures and other terms may differ from the definitions and methodologies used by other REITs and, accordingly, may not be comparable. The non-GAAP financial measures referred to below should not be considered an alternative to net income as an indication of our performance. In addition, these non-GAAP financial measures do not represent cash generated from operating activities in accordance with GAAP and therefore should not be considered as an alternative measure of liquidity or as indicative of cash available to fund cash needs.

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
	2008			2007 (1)
Net income	$	48,450		$	46,520
Dividends attributable to preferred stock		(2,175	)		(2,175	)
Depreciation — real estate assets, including discontinued operations and joint venture adjustments		49,785			44,685
Minority interest, including discontinued operations		57			88
Gain on sale of previously depreciated real estate assets		—			—

FFO attributable to common stockholders	$	96,117		$	89,118


Average shares outstanding — diluted		77,440,892			79,930,748
EPS — diluted	$	0.60		$	0.56

FFO per common share — diluted	$	1.24		$	1.11


(1)		FFO per common share — diluted includes $0.01 for the three months ended March 31, 2007 related to the sale of a land parcel.

Attachment 13 (continued)

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 2008 to the range provided for projected EPS (diluted) is as follows:


	Low			High
	range			range
Projected EPS (diluted) — Q2 08	$	1.94		$	1.98
Projected depreciation (real estate related)		0.66			0.68
Projected gain on sale of operating communities		(1.38	)		(1.40	)

Projected FFO per share (diluted) — Q2 08	$	1.22		$	1.26

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, net interest expense, general and administrative expense, joint venture income, minority interest expense, 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.

Attachment 13 (continued)

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
	2008			2007
Net income	$	48,450		$	46,520
Indirect operating expenses, net of corporate income		8,458			6,996
Investments and investment management		1,719			2,024
Interest expense, net		28,005			23,186
General and administrative expense		8,119			6,780
Joint venture income and minority interest		72			535
Depreciation expense		47,682			42,014
Gain on sale of real estate assets		—			(545	)
Income from discontinued operations		(1,720	)		(2,315	)

NOI from continuing operations	$	140,785		$	125,195


Established:
New England	$	19,897		$	19,639
Metro NY/NJ		25,568			25,137
Mid-Atlantic/Midwest		20,277			19,566
Pacific NW		3,824			3,440
No. California		25,626			23,139
So. California		11,106			10,903

Total Established		106,298			101,824

Other Stabilized		18,889			12,437
Development/Redevelopment		15,598			10,934

NOI from continuing operations	$	140,785		$	125,195

NOI as reported by the Company does not include the operating results from discontinued operations (i.e., assets sold during the period January 1, 2007 through March 31, 2008). 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
	2008		2007
Income from discontinued operations	$	1,720	$	2,315
Interest expense, net		186		692
Depreciation expense		1,110		2,080

NOI from discontinued operations	$	3,016	$	5,087


NOI from assets sold	$	—	$	2,454
NOI from assets held for sale		3,016		2,633

NOI from discontinued operations	$	3,016	$	5,087

Attachment 13 (continued)

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, as defined below, 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, as defined below, 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
	2008			2007
Rental revenue (GAAP basis)	$	155,561		$	149,010
Concessions amortized		1,357			1,328
Concessions granted		(1,144	)		(1,313	)


Rental revenue (with concessions on a cash basis)	$	155,774		$	149,025


% change — GAAP revenue					4.4	%
% change — cash revenue					4.5	%

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, 2008 as well as prior years’ activities is presented on Attachment 12.

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 before interest income and expense, income taxes, depreciation and amortization.

Attachment 13 (continued)

A reconciliation of EBITDA and a calculation of Interest Coverage for the first quarter of 2008 are as follows (dollars in thousands):


Net income	$	48,450
Interest expense, net		28,005
Interest expense (discontinued operations)		186
Depreciation expense		47,682
Depreciation expense (discontinued operations)		1,110


EBITDA	$	125,433


EBITDA from continuing operations	$	122,417
EBITDA from discontinued operations		3,016


EBITDA	$	125,433


EBITDA from continuing operations	$	122,417

Interest expense, net		28,005
Dividends attributable to preferred stock		2,175

Interest charges		30,180


Interest coverage		4.1

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 on Attachment 11, 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.

Attachment 13 (continued)

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.

Leverage is calculated by the Company as total debt as a percentage of Total Market Capitalization. Total Market Capitalization represents the aggregate of the market value of the Company’s common stock, the market value of the Company’s operating partnership units outstanding (based on the market value of the Company’s common stock), the liquidation preference of the Company’s preferred stock and the outstanding principal balance of the Company’s debt. Management believes that Leverage can be one useful measure of a real estate operating company’s long-term liquidity and balance sheet strength, because it shows an approximate relationship between a company’s total debt and the current total market value of its assets based on the current price at which the Company’s common stock trades. Changes in Leverage also can influence changes in per share results. A calculation of Leverage as of March 31, 2008 is as follows (dollars in thousands):


Total debt	$	3,680,961

Common stock		7,429,330
Preferred stock		100,000
Operating partnership units		6,179
Total debt		3,680,961

Total market capitalization		11,216,470


Debt as % of capitalization		32.8	%

Because Leverage changes with fluctuations in the Company’s stock price, which occur regularly, the Company’s Leverage may change even when the Company’s earnings, interest and debt levels remain stable. Investors should also note that the net realizable value of the Company’s assets in liquidation is not easily determinable and may differ substantially from the Company’s Total Market Capitalization.

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, 2008 is as follows (dollars in thousands):


NOI for Established Communities	$	106,298
NOI for Other Stabilized Communities		18,889
NOI for Development/Redevelopment Communities		15,598
NOI for discontinued operations		3,016

Total NOI generated by real estate assets		143,801
NOI on encumbered assets		28,469

NOI on unencumbered assets		115,332


Unencumbered NOI		80.2	%

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

Attachment 13 (continued)

Operations, as defined below, as of the beginning of the prior year. Therefore, for 2008, Established Communities are consolidated communities that have Stabilized Operations as of January 1, 2007 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.

Development Communities are communities that are under construction and for which a final certificate of occupancy has not been received. These communities may be partially complete and operating.

Redevelopment Communities are communities where substantial redevelopment is in progress or is planned to begin during the current year. For wholly-owned communities, redevelopment is considered substantial when capital invested during the reconstruction effort is expected to exceed the lesser of $5,000,000 or 10% of the community’s acquisition cost. The definition of substantial redevelopment may differ for communities that are not wholly-owned.

Average Rental Rates are calculated by the Company as rental revenue in accordance with GAAP, divided by the weighted average number of occupied apartment homes.

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.

Market Rents as reported by the Company are based on the current market rates set by the managers of the Company’s communities based on their experience in renting their communities’ apartments and publicly available market data. Trends in market rents for a region as reported by others could vary. Market Rents for a period are based on the average Market Rents during that period and do not reflect any impact for cash concessions.

Non-Revenue Generating Capex represents capital expenditures that will not directly result in revenue earnings or expense savings.

Stabilized/Restabilized Operations is defined as the earlier of (i) attainment of 95% physical occupancy or (ii) the one-year anniversary of completion of development or redevelopment.

Average Rent per Home, as calculated for certain Development and Redevelopment Communities in lease-up, reflects (i) actual average leased rents for those apartments leased through the end of the quarter net of estimated stabilized concessions, (ii) estimated market rents net of comparable concessions for all unleased apartments and (iii) includes actual and estimated other rental revenue. For Development and Redevelopment Communities not yet in lease-up, Average Rent per Home reflects management’s projected rents.

Development Rights are development opportunities in the early phase of the development process for which the Company either has an option to acquire land or enter into a leasehold interest, for which the Company is the buyer under a long-term conditional contract to purchase land or where the Company owns land to develop a new community. The Company capitalizes related predevelopment costs incurred in pursuit of new developments for which future development is probable.