Exhibit 99.2

AvalonBay Communities, Inc.

For Immediate News Release
October 25, 2005

(Alexandria, VA) AvalonBay Communities, Inc. (NYSE/PCX: AVB) reported today that Net Income Available to Common Stockholders for the quarter ended September 30, 2005 was $96,953,000, resulting in Earnings per Share — diluted (“EPS”) of $1.30, compared to $0.60 for the comparable period of 2004, a per share increase of 116.7%. For the nine months ended September 30, 2005, EPS was $2.95 compared to $1.39 for the comparable period of 2004, a per share increase of 112.2%. These increases are primarily attributable to higher recognized gains on asset sales during 2005 as compared to 2004.

Funds from Operations attributable to common stockholders — diluted (“FFO”) for the quarter ended September 30, 2005 was $68,091,000, or $0.91 per share compared to $63,601,000, or $0.86 per share for the comparable period of 2004, a per share increase of 5.8%. FFO per share of $0.86 for the quarter ended September 30, 2004 included a $1,138,000, or $0.02 per share, gain recognized on the sale of a land parcel previously held for development. The increase in FFO per share for the quarter ended September 30, 2005 as compared to the comparable period in 2004 is primarily attributable to contributions from newly developed communities and improved community operating results. FFO per share for the nine months ended September 30, 2005 increased by 14.5% to $2.84 from $2.48 for the comparable period of 2004.

Operating Results for the Quarter Ended September 30, 2005 Compared to the Prior Year Period

For the Company, including discontinued operations, total revenue increased by $8,753,000, or 5.2% to $177,014,000. For Established Communities, rental revenue increased 4.3%, comprised of an increase in rental rates of 3.7% and an increase in Economic Occupancy of 0.6%. As a result, total revenue for Established Communities increased $4,987,000 to $120,964,000, and operating expenses for Established Communities increased $1,272,000 or 3.3% to $39,681,000. Accordingly, Net Operating Income (“NOI”) for Established Communities increased by $3,715,000 or 4.8%, to $81,283,000.

The following table reflects the percentage changes in rental revenue, operating expenses and NOI for Established Communities from the third quarter of 2004 to the third quarter of 2005:

		Rental				Operating								% of
		Revenue				Expenses				NOI				NOI (1)
Northeast			4.1	%			1.9	%			5.2	%			43.6	%
Mid-Atlantic			5.4	%			6.4	%			4.9	%			16.5	%
Midwest			3.0	%			10.5	%			(2.5	%)			2.0	%
Pacific NW			4.7	%			1.2	%			6.9	%			4.6	%
No. California			3.6	%			4.8	%			3.0	%			22.3	%
So. California			5.9	%			(1.4	%)			9.0	%			11.0	%
Total			4.3	%			3.3	%			4.8	%			100.0	%

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

Sequential Operating Results for the Quarter Ended September 30, 2005 Compared to the Quarter Ended June 30, 2005

The following table reflects the sequential percentage changes in rental revenue, operating expenses and NOI for Established Communities from the second quarter to the third quarter of 2005:

		Rental				Operating
		Revenue				Expenses				NOI
Northeast			2.2	%			2.9	%			1.8	%
Mid-Atlantic			2.9	%			5.6	%			1.8	%
Midwest			0.7	%			27.8	%			(14.4	%)
Pacific NW			3.1	%			9.1	%			(0.1	%)
No. California			1.6	%			8.6	%			(1.5	%)
So. California			2.3	%			0.4	%			3.1	%
Total			2.1	%			5.9	%			0.4	%

Operating Results for the Nine Months Ended September 30, 2005 Compared to the Prior Year Period

For the Company, including discontinued operations, total revenue increased by $28,486,000, or 5.8% to $519,945,000. For Established Communities, rental revenue increased 3.1%, comprised of an increase in rental rates of 2.3% and an increase in Economic Occupancy of 0.8%. As a result, total revenue for Established Communities increased $10,657,000 to $356,032,000, and operating expenses for Established Communities increased $2,253,000 or 2.0% to $113,892,000. Accordingly, NOI for Established Communities increased by $8,404,000 or 3.6%, to $242,140,000.

The following table reflects the percentage changes in rental revenue, operating expenses and NOI for Established Communities for the nine months ended September 30, 2005 as compared to the nine months ended September 30, 2004:

		Rental				Operating								% of
		Revenue				Expenses				NOI				NOI (1)
Northeast			3.4	%			3.3	%			3.4	%			42.4	%
Mid-Atlantic			2.5	%			2.1	%			2.7	%			16.7	%
Midwest			3.2	%			(1.8	%)			6.7	%			2.2	%
Pacific NW			3.5	%			(2.7	%)			7.3	%			4.8	%
No. California			2.2	%			1.8	%			2.4	%			22.8	%
So. California			5.4	%			2.5	%			6.6	%			11.1	%
Total			3.1	%			2.0	%			3.6	%			100.0	%

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

Established Communities Operating Statistics

Average Rental Rates were $1,515 per home for the Established Community portfolio as a whole in the third quarter of 2005, increasing 3.7% as compared to Average Rental Rates for the third quarter of 2004 and increasing 1.3% over Average Rental Rates for the second quarter of 2005. The increase in Average Rental Rates in the third quarter of 2005 as compared to the third quarter of 2004 is comprised of increases of 3.2% in July 2005, 3.9% in August 2005 and 4.1% in September 2005.

Economic Occupancy was 96.5% during the third quarter of 2005, increasing 0.6% as compared to the third quarter of 2004 and increasing 0.8% as compared to the second quarter of 2005.

Cash concessions are recognized on an accrual basis 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 GAAP rental revenue and rental revenue with concessions on a cash basis for our Established Communities:

		3Q 05 vs 3Q 04		3Q 05 vs 2Q 05
GAAP rental revenue		4.3%		2.1%
Rental revenue (with concessions on a cash basis)		4.6%		1.3%

Development Activity

The Company completed one development community during the third quarter of 2005. Avalon Pines I, located in the Long Island, NY area, is a mixed garden-style and townhome community containing 298 apartment homes and was completed for a Total Capital Cost of $48,100,000. Avalon Pines II, the second phase of this community, is currently under construction and expected to be completed in the third quarter of 2006.

The Company commenced construction of four communities during the third quarter of 2005. Avalon at Decoverly II is located in the Washington, DC metro area, Avalon Lyndhurst is located in Northern New Jersey, Avalon Shrewsbury is located in the greater Boston, MA area and Avalon Riverview North is located in New York, NY. These four communities are expected to contain an aggregate of 1,377 apartment homes when completed, for an aggregate Total Capital Cost of $321,000,000.

Disposition Activity

During the third quarter of 2005, the Company sold three communities, Avalon Crossing, located in the Washington, DC metro area, Avalon Fremont II, located in the Oakland, CA area and Avalon Wildwood, located in the Seattle, WA area. Avalon Fremont II was acquired in 1994, and Avalon Wildwood was acquired in 2001. Avalon Crossing was developed and completed by the Company in 1996. These three communities, which contained a total of 505 apartment homes, were sold to condominium converters for an aggregate sales price of approximately $128,500,000. The sale of these communities resulted in a gain as reported in accordance with GAAP of $68,491,000 and an Economic Gain of approximately $62,194,000. The weighted average Initial Year Market Cap Rate related to these communities was 3.5%, and the Unleveraged IRR was 16.4%.

In addition, in October 2005, the Company decided to relocate one of its regional offices and as a result sold an office building in the Fairfield-New Haven, CT area. This office building was sold for a purchase price of

$7,650,000, resulting in a gain as reported in accordance with GAAP of approximately $2,800,000 and an Economic Gain of approximately $2,400,000.

Fund Activity

AvalonBay Value Added Fund, L.P. (the “Fund”), the private, discretionary investment vehicle in which the Company holds a 15.2% equity interest, acquired one community, Avalon at Poplar Creek, located in the Chicago, IL area, for a purchase price of $24,950,000. The Company’s pro rata share of the required capital investment for this acquisition is $3,780,000.

Financing, Liquidity and Balance Sheet Statistics

As of September 30, 2005, the Company had $112,800,000 outstanding under its $500,000,000 unsecured credit facility. Leverage, calculated as total debt as a percentage of Total Market Capitalization, was 27.2% at September 30, 2005. Unencumbered NOI for the nine months ended September 30, 2005 was 84.9% and Interest Coverage for the third quarter of 2005 was 2.9 times.

Outlook

The Company expects EPS in the range of $1.48 to $1.52 for the fourth quarter of 2005, resulting in EPS of $4.45 to $4.49 for the full year 2005.

The Company’s operating performance continued to improve in the third quarter of 2005, with increases in both occupancy and in rental rates across the portfolio that exceeded the Company’s expectations. These positive trends are continuing into October 2005. As such, the Company expects Projected FFO per share in the range of $0.90 to $0.94 for the fourth quarter of 2005. In addition, the Company is increasing its Projected FFO per share range as provided in July 2005 to a revised range of $3.74 to $3.78 for the full year 2005.

Fourth Quarter 2005 Conference Schedule

The Company is scheduled to participate in the following conferences during the fourth quarter of 2005:

4Q 05 Conference Schedule

Management is scheduled to participate in panel discussions and related question and answer sessions at both the UBS and Bear Stearns conferences. Management’s discussion and related question and answer sessions may include reference to the Company’s operating environment; operating trends; development, redevelopment, disposition and acquisition activity; the Company’s outlook and other business and financial matters affecting the Company.

Where available, a live audio webcast of each panel discussion and question and answer session will be accessible at http://www.avalonbay.com/events.

Other Matters

The Company will hold a conference call October 26, 2005 at 1:00 PM EDT to review and answer questions about these results and projections, the earnings release 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 October 26, 2005 until November 3, 2005, dial 1-800-642-1687 domestically and 1-706-645-9291 internationally, and use Access Code: 9317285.

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 and through e-mail distribution. The full earnings release including the Attachments is available at http://www.avalonbay.com/earnings. To receive future press releases via e-mail, please register through the Investor Relations section of the website at http://www.avalonbay.com/Template.cfm?Section=Subscribe. Some items referenced in the earnings release may require the Adobe Acrobat Reader. If you do not have the Adobe Acrobat Reader, you may download it at http://www.adobe.com/products/acrobat/readstep.html.

Definitions and Reconciliations

The following non-GAAP financial measures and other terms, as used in the text of this earnings release, are defined and further explained on Attachment 14, “Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms”:

•		FFO
•		Projected FFO
•		Established Communities
•		NOI
•		Average Rental Rates
•		Economic Occupancy
•		Rental revenue with concessions on a cash basis
•		Total Capital Cost
•		Economic Gain
•		Initial Year Market Cap Rate
•		Unleveraged IRR
•		Leverage

•		Total Market Capitalization
•		Unencumbered NOI
•		Interest Coverage

About AvalonBay Communities, Inc.

As of September 30, 2005, AvalonBay owned or held an ownership interest in 152 apartment communities containing 44,139 apartment homes in ten states and the District of Columbia, of which 14 communities were under construction and four communities were under reconstruction. AvalonBay 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 on AvalonBay may be found on AvalonBay’s website at http://www.avalonbay.com . For additional information, please contact Thomas J. Sargeant, Chief Financial Officer, at (703) 317-4635 or Alaine Walsh, Director of Investor Relations at (703) 317-4632.

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” 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, 2004 and the Company’s Quarterly Reports on Form 10-Q for subsequent quarters 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 fourth quarter and full year 2005. 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.

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
Year-to-Date Revenue and Occupancy Changes (Established Communities)		Attachment 6
Development, Redevelopment, Acquisition and Disposition Profile
Summary of Development and Redevelopment Activity		Attachment 7
Development Communities		Attachment 8
Redevelopment Communities		Attachment 9
Summary of Development and Redevelopment Community Activity		Attachment 10
Future Development		Attachment 11
Unconsolidated Real Estate Investments		Attachment 12
Summary of Disposition Activity		Attachment 13
Definitions and Reconciliations
Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms		Attachment 14

 

‘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, 2004 and the Company’s Quarterly Reports on Form 10-Q for subsequent quarters.

Attachment 1

AvalonBay Communities, Inc.
Selected Operating and Other Information
September 30, 2005
(Dollars in thousands except per share data)
(unaudited)

SELECTED OPERATING INFORMATION

		Q3				Q3								YTD				YTD
		2005				2004				% Change				2005				2004				% Change
Net income available to common stockholders		$	96,953			$	43,191				124.5	%		$	219,124			$	99,151				121.0	%
Per common share — basic		$	1.32			$	0.60				120.1	%		$	3.01			$	1.39				116.6	%
Per common share — diluted		$	1.30			$	0.60				116.7	%		$	2.95			$	1.39				112.2	%
Funds from Operations		$	68,091			$	63,601				7.1	%		$	211,665			$	181,430				16.7	%
Per common share — diluted		$	0.91			$	0.86				5.8	%		$	2.84			$	2.48				14.5	%
Dividends declared — common		$	52,204			$	50,488				3.4	%		$	155,981			$	150,831				3.4	%
Per common share		$	0.71			$	0.70				1.4	%		$	2.13			$	2.10				1.4	%
Common shares outstanding			73,526,905				72,125,003				1.9	%			73,526,905				72,125,003				1.9	%
Outstanding operating partnership units			454,064				560,513				(19.0	%)			454,064				560,513				(19.0	%)
Total outstanding shares and units			73,980,969				72,685,516				1.8	%			73,980,969				72,685,516				1.8	%
Average shares outstanding — basic			73,194,714				71,784,059				2.0	%			72,824,732				71,372,239				2.0	%
Average operating partnership units outstanding			468,307				570,076				(17.9	%)			481,306				586,532				(17.9	%)
Effect of dilutive securities			1,341,746				1,229,589				9.1	%			1,321,744				1,115,337				18.5	%
Average shares outstanding — diluted			75,004,767				73,583,724				1.9	%			74,627,782				73,074,108				2.1	%

DEBT COMPOSITION AND MATURITIES

CAPITALIZED COSTS

										Non-Rev
		Cap				Cap				Capex
		Interest				Overhead				per Home
Q305		$	6,519			$	4,842			$	155
Q205		$	6,036			$	4,321			$	214
Q105		$	5,662			$	5,981			$	25
Q404		$	5,231			$	5,193			$	104

COMMUNITY INFORMATION

						Apartment
		Communities				Homes
Current Communities			138				40,467
Development Communities			14				3,672
Development Rights			46				11,981

Attachment 2

AvalonBay Communities, Inc.
Detailed Operating Information
September 30, 2005
(Dollars in thousands except per share data)
(unaudited)

		Q3				Q3								YTD				YTD
		2005				2004				% Change				2005				2004				% Change
Revenue:
Rental and other income		$	168,613			$	155,756				8.3	%		$	492,528			$	452,187				8.9	%
Management, development and other fees			1,379				157				778.3	%			3,175				463				585.7	%
Total			169,992				155,913				9.0	%			495,703				452,650				9.5	%
Operating expenses:
Direct property operating expenses, excluding property taxes			41,043				38,933				5.4	%			115,003				110,584				4.0	%
Property taxes			16,525				14,882				11.0	%			48,618				43,532				11.7	%
Property management and other indirect operating expenses			8,442				6,975				21.0	%			23,164				20,669				12.1	%
Investments and investment management(1)			1,211				932				29.9	%			3,374				3,484				(3.2	%)
Total			67,221				61,722				8.9	%			190,159				178,269				6.7	%
Interest expense, net			(31,787	)			(33,132	)			(4.1	%)			(96,010	)			(97,670	)			(1.7	%)
General and administrative expense(2)			(5,857	)			(3,898	)			50.3	%			(19,278	)			(13,098	)			47.2	%
Joint venture income, minority interest and venture partner interest in profit-sharing(3)			(107	)			(498	)			(78.5	%)			5,803				(962	)			(703.2	%)
Depreciation expense			(39,196	)			(39,699	)			(1.3	%)			(118,136	)			(113,652	)			3.9	%
Income from continuing operations before cumulative effect of change in accounting principle			25,824				16,964				52.2	%			77,923				48,999				59.0	%
Discontinued operations:(4)
Income from discontinued operations			4,813				5,640				(14.7	%)			14,358				16,993				(15.5	%)
Gain on sale of real estate assets(5)			68,491				22,762				200.9	%			133,368				35,137				279.6	%
Total discontinued operations			73,304				28,402				158.1	%			147,726				52,130				183.4	%
Income before cumulative effect of change in accounting principle(6)			99,128				45,366				118.5	%			225,649				101,129				123.1	%
Cumulative effect of change in accounting principle			—				—				—				—				4,547				(100.0	%)
Net income			99,128				45,366				118.5	%			225,649				105,676				113.5	%
Dividends attributable to preferred stock			(2,175	)			(2,175	)			—				(6,525	)			(6,525	)			—
Net income available to common stockholders		$	96,953			$	43,191				124.5	%		$	219,124			$	99,151				121.0	%
Net income per common share — basic		$	1.32			$	0.60				120.1	%		$	3.01			$	1.39				116.6	%
Net income per common share — diluted		$	1.30			$	0.60				116.7	%		$	2.95			$	1.39				112.2	%

	(1)		Reflects costs incurred related to investment acquisition, investment management and abandoned pursuits.
	(2)		Amount for the nine months ended September 30, 2005 includes the accrual of $1,500 in costs related to various litigation matters.
	(3)		Amount for the nine months ended September 30, 2005 includes $6,252 related to gain on the acquisition of Rent.com by eBay.
	(4)		Reflects net income for communities held for sale as of September 30, 2005 and communities sold during the period from January 1, 2004 through September 30, 2005. The following table details income from discontinued operations as of the periods shown:

		Q3				Q3				YTD				YTD
		2005				2004				2005				2004
Rental income		$	7,022			$	12,348			$	24,242			$	38,809
Operating and other expenses			(2,204	)			(3,878	)			(7,502	)			(12,659	)
Interest expense, net			(3	)			(66	)			(11	)			(451	)
Minority interest expense			—				(12	)			—				(37	)
Depreciation expense			(2	)			(2,752	)			(2,371	)			(8,669	)
Income from discontinued operations(7)		$	4,813			$	5,640			$	14,358			$	16,993

	(5)		Amounts for the nine months ended September 30, 2005 and the three and nine months ended September 30, 2004 include gains on the sale of land in the amount of $4,617 and $1,138, respectively.
	(6)		Operations for the periods ended September 30, 2004 include the operations of a community in which the Company held a variable interest. This community was consolidated as of January 1, 2004 as required by the Financial Accounting Standards Board (FASB) Interpretation No. 46 (FIN 46), Consolidation of Variable Interest Entities, an Interpretation of Accounting Research Bulletin (ARB) No. 51. On October 15, 2004, the community repaid its note payable to the Company, terminating the variable interest relationship.
	(7)		NOI for discontinued operations totaled $4,818 and $16,740 for the three and nine months ended September 30, 2005, respectively, of which $649 and $5,048, respectively, related to assets sold.

Attachment 3

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

		September 30,				December 31,
		2005				2004
Real estate		$	5,224,680			$	5,059,047
Less accumulated depreciation			(902,116	)			(773,565	)
Net operating real estate			4,322,564				4,285,482
Construction in progress, including land			243,867				173,290
Land held for development			188,135				166,751
Operating real estate assets held for sale, net			137,714				252,302
Total real estate, net			4,892,280				4,877,825
Cash and cash equivalents			2,268				1,440
Cash in escrow			56,106				13,075
Resident security deposits			26,942				23,478
Other assets(1)			155,505				152,463
Total assets		$	5,133,101			$	5,068,281
Unsecured senior notes		$	1,809,166			$	1,859,448
Unsecured facility			112,800				102,000
Notes payable			477,395				480,843
Resident security deposits			35,981				33,117
Liabilities related to assets held for sale			3,236				3,960
Other liabilities			184,183				182,097
Total liabilities		$	2,622,761			$	2,661,465
Minority interest			19,464				21,525
Stockholders’ equity			2,490,876				2,385,291
Total liabilities and stockholders’ equity		$	5,133,101			$	5,068,281

Attachment 4

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

September 30, 2005

		Apartment
		Homes				Average Rental Rates (2)												Economic Occupancy												Rental Revenue ($000’s) (3)
						Q3 05				Q3 04				% Change				Q3 05				Q3 04				% Change				Q3 05				Q3 04				% Change
Northeast
Boston, MA			2,177			$	1,567			$	1,519				3.2	%			95.8	%			95.8	%			0.0	%		$	9,810			$	9,509				3.2	%
New York, NY			1,606				2,148				2,116				1.5	%			96.9	%			95.2	%			1.7	%			10,023				9,712				3.2	%
Fairfield- New Haven, CT			1,384				1,776				1,724				3.0	%			97.6	%			96.5	%			1.1	%			7,188				6,905				4.1	%
Northern New Jersey			1,182				2,307				2,138				7.9	%			97.2	%			96.7	%			0.5	%			7,949				7,332				8.4	%
Long Island, NY			806				2,174				2,117				2.7	%			97.3	%			98.3	%			(1.0	%)			5,115				5,031				1.7	%
Central New Jersey			502				1,635				1,579				3.5	%			96.9	%			97.0	%			(0.1	%)			2,385				2,306				3.4	%
Northeast Average			7,657				1,909				1,844				3.5	%			96.9	%			96.3	%			0.6	%			42,470				40,795				4.1	%
Mid-Atlantic
Washington, DC			3,721				1,461				1,385				5.5	%			96.4	%			96.2	%			0.2	%			15,718				14,877				5.7	%
Baltimore, MD			526				1,160				1,122				3.4	%			96.1	%			96.8	%			(0.7	%)			1,759				1,712				2.7	%
Mid-Atlantic Average			4,247				1,424				1,354				5.2	%			96.4	%			96.2	%			0.2	%			17,477				16,589				5.4	%
Midwest
Chicago, IL			887				1,102				1,072				2.8	%			96.1	%			95.9	%			0.2	%			2,817				2,736				3.0	%
Midwest Average			887				1,102				1,072				2.8	%			96.1	%			95.9	%			0.2	%			2,817				2,736				3.0	%
Pacific Northwest
Seattle, WA			2,500				1,063				1,019				4.3	%			95.5	%			95.1	%			0.4	%			7,616				7,276				4.7	%
Pacific Northwest Average			2,500				1,063				1,019				4.3	%			95.5	%			95.1	%			0.4	%			7,616				7,276				4.7	%
Northern California
San Jose, CA			5,099				1,448				1,429				1.3	%			96.4	%			95.5	%			0.9	%			21,338				20,872				2.2	%
San Francisco, CA			2,015				1,707				1,629				4.8	%			96.5	%			95.0	%			1.5	%			9,959				9,370				6.3	%
Oakland-East Bay, CA			1,955				1,233				1,188				3.8	%			95.7	%			95.6	%			0.1	%			6,916				6,658				3.9	%
Northern California Average			9,069				1,459				1,420				2.7	%			96.3	%			95.4	%			0.9	%			38,213				36,900				3.6	%
Southern California
Orange County, CA			1,174				1,293				1,223				5.7	%			96.6	%			95.8	%			0.8	%			4,400				4,133				6.5	%
San Diego, CA			1,058				1,352				1,303				3.8	%			95.7	%			96.8	%			(1.1	%)			4,109				4,001				2.7	%
Los Angeles, CA			975				1,334				1,240				7.6	%			97.2	%			96.0	%			1.2	%			3,788				3,482				8.8	%
Southern California Average			3,207				1,325				1,255				5.6	%			96.5	%			96.2	%			0.3	%			12,297				11,616				5.9	%
Average/Total Established			27,567			$	1,515			$	1,461				3.7	%			96.5	%			95.9	%			0.6	%		$	120,890			$	115,912				4.3	%

(1) Established Communities are communities with stabilized operating expenses as of January 1, 2004 such that a comparison of 2004 to 2005 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 4.6% between years.

Attachment 5

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

September 30, 2005

		Apartment
		Homes				Average Rental Rates (2)												Economic Occupancy												Rental Revenue ($000’s) (3)
						Q3 05				Q2 05				% Change				Q3 05				Q2 05				% Change				Q3 05				Q2 05				% Change
Northeast
Boston, MA			2,177			$	1,567			$	1,541				1.7	%			95.8	%			95.6	%			0.2	%		$	9,810			$	9,629				1.9	%
New York, NY			1,606				2,148				2,131				0.8	%			96.9	%			96.5	%			0.4	%			10,023				9,908				1.2	%
Fairfield- New Haven, CT			1,384				1,776				1,762				0.8	%			97.6	%			95.7	%			1.9	%			7,188				6,999				2.7	%
Northern New Jersey			1,182				2,307				2,258				2.2	%			97.2	%			95.9	%			1.3	%			7,949				7,678				3.5	%
Long Island, NY			806				2,174				2,140				1.6	%			97.3	%			97.2	%			0.1	%			5,115				5,028				1.7	%
Central New Jersey			502				1,635				1,613				1.4	%			96.9	%			95.6	%			1.3	%			2,385				2,323				2.7	%
Northeast Average			7,657				1,909				1,883				1.4	%			96.9	%			96.1	%			0.8	%			42,470				41,565				2.2	%
Mid-Atlantic
Washington, DC			3,721				1,461				1,441				1.4	%			96.4	%			94.7	%			1.7	%			15,718				15,239				3.1	%
Baltimore, MD			526				1,160				1,151				0.8	%			96.1	%			96.1	%			0.0	%			1,759				1,745				0.8	%
Mid-Atlantic Average			4,247				1,424				1,405				1.4	%			96.4	%			94.9	%			1.5	%			17,477				16,984				2.9	%
Midwest
Chicago, IL			887				1,102				1,094				0.7	%			96.1	%			96.1	%			0.0	%			2,817				2,797				0.7	%
Midwest Average			887				1,102				1,094				0.7	%			96.1	%			96.1	%			0.0	%			2,817				2,797				0.7	%
Pacific Northwest
Seattle, WA			2,500				1,063				1,037				2.5	%			95.5	%			94.9	%			0.6	%			7,616				7,384				3.1	%
Pacific Northwest Average			2,500				1,063				1,037				2.5	%			95.5	%			94.9	%			0.6	%			7,616				7,384				3.1	%
Northern California
San Jose, CA			5,099				1,448				1,441				0.5	%			96.4	%			95.7	%			0.7	%			21,338				21,083				1.2	%
San Francisco, CA			2,015				1,707				1,670				2.2	%			96.5	%			96.2	%			0.3	%			9,959				9,715				2.5	%
Oakland-East Bay, CA			1,955				1,233				1,215				1.5	%			95.7	%			95.6	%			0.1	%			6,916				6,808				1.6	%
Northern California Average			9,069				1,459				1,443				1.1	%			96.3	%			95.8	%			0.5	%			38,213				37,606				1.6	%
Southern California
Orange County, CA			1,174				1,293				1,273				1.6	%			96.6	%			96.3	%			0.3	%			4,400				4,319				1.9	%
San Diego, CA			1,058				1,352				1,348				0.3	%			95.7	%			94.9	%			0.8	%			4,109				4,063				1.1	%
Los Angeles, CA			975				1,334				1,307				2.1	%			97.2	%			95.1	%			2.1	%			3,788				3,634				4.2	%
Southern California Average			3,207				1,325				1,308				1.3	%			96.5	%			95.5	%			1.0	%			12,297				12,016				2.3	%
Average/Total Established			27,567			$	1,515			$	1,495				1.3	%			96.5	%			95.7	%			0.8	%		$	120,890			$	118,352				2.1	%