Exhibit 99.2

AvalonBay Communities, Inc.

For Immediate News Release
April 25, 2007

AVALONBAY COMMUNITIES, INC. ANNOUNCES
FIRST QUARTER 2007 OPERATING RESULTS AND PLANNED RESTATEMENT FOR CHANGE IN LAND LEASE ACCOUNTING

(Alexandria, VA) AvalonBay Communities, Inc. (NYSE: AVB) reported today that Net Income Available to Common Stockholders for the quarter ended March 31, 2007 was $44,345,000. This resulted in Earnings per Share — diluted (“EPS”) of $0.56 for the quarter ended March 31, 2007, compared to $1.45 for the comparable period of 2006, a per share decrease of 61.4%. This decrease is primarily attributable to gains from sales of land and communities in 2006, partially offset by growth in income from existing and newly developed communities in 2007.

Funds from Operations attributable to common stockholders — diluted (“FFO”) for the quarter ended March 31, 2007 was $89,118,000, or $1.11 per share compared to $84,189,000, or $1.12 per share for the comparable period of 2006. FFO per share includes $0.01 per share for the quarter ended March 31, 2007 and $0.17 per share for the quarter ended March 31, 2006 related to the sale of land parcels. Adjusting for land sales in both periods, FFO per share increased 15.8%, due primarily to contributions from improved community operating results and newly developed communities. As explained later in this release, the Company made a change related to its accounting for land leases. This change resulted in a non-cash charge to operating expenses and reduced reported FFO by $0.04 per share from what would otherwise have been reported for the three months ended March 31, 2007. Results for the three months ended March 31, 2006 have also been restated to reflect the impact of this change.

Operating Results for the Quarter Ended March 31, 2007 Compared to the Prior Year Period

For the Company, including discontinued operations, total revenue increased by $19,917,000, or 11.3% to $196,706,000. For Established Communities, rental revenue increased 6.6%, comprised of an increase in Average Rental Rates of 7.0% and a decrease in Economic Occupancy of 0.4%. As a result, total revenue for Established Communities increased $9,883,000 to $159,665,000. Operating expenses for Established Communities increased $1,333,000, or 2.7% to $51,022,000. Accordingly, Net Operating Income (“NOI”) for Established Communities increased by $8,550,000, or 8.5%, to $108,643,000.

The following table reflects the percentage changes in rental revenue, operating expenses and NOI for Established Communities from the first quarter of 2006 to the first quarter of 2007:

Copyright Ó 2007 AvalonBay Communities, Inc. All Rights Reserved

		1Q 07 Compared to 1Q 06

		Rental				Operating								% of
		Revenue				Expenses				NOI				NOI (1)
Northeast			4.0	%			0.4	%			5.8	%			41.3	%
Mid-Atlantic			8.1	%			9.3	%			7.4	%			16.0	%
Midwest			9.5	%			14.6	%			6.1	%			2.0	%
Pacific NW			12.7	%			4.5	%			17.1	%			4.6	%
No. California			9.1	%			0.5	%			12.7	%			23.4	%
So. California			6.1	%			1.1	%			8.1	%			12.7	%
Total			6.6	%			2.7	%			8.5	%			100.0	%

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 07 vs 1Q 06
Rental Revenue Change with Concessions on a GAAP Basis			6.6	%
Rental Revenue Change with Concessions on a Cash Basis			4.7	%

Copyright Ó 2007 AvalonBay Communities, Inc. All Rights Reserved

Development and Redevelopment Activity

The Company completed the development of two communities during the first quarter of 2007. Avalon Chestnut Hill, located in Chestnut Hill (Boston), MA, is a mid-rise community containing 204 apartment homes and was completed for a Total Capital Cost of $61,200,000. Avalon at Decoverly II, the second phase of a two-phase community located in Rockville, MD, is a garden-style community containing 196 apartment homes. Avalon at Decoverly II was completed for a Total Capital Cost of $30,800,000.

The Company began construction of Avalon Morningside Park, a wholly owned community in the first quarter of 2007. Avalon Morningside Park is located in New York, NY, and will contain a total of 296 apartment homes when completed for an estimated Total Capital Cost of $125,500,000.

In the first quarter of 2007, the Company completed the redevelopment of one community, Avalon Arlington Heights located in Arlington Heights (Chicago), IL. This community contains an aggregate of 409 apartment homes and was completed for a Total Capital Cost of $6,700,000, excluding costs incurred prior to the start of redevelopment.

During the first quarter of 2007, the Company purchased a parcel of land located in Brooklyn, NY for approximately $70,000,000. In April 2007, the Company acquired additional development rights associated with this land parcel for a purchase price of $10,500,000. The Company expects to begin construction of a 628 apartment home high-rise community in the second half of 2007.

In April 2007, a fire at Avalon Danvers, a development community located in Danvers (Boston), MA, damaged 147 of the planned 433 apartment homes. The impacted apartment homes were under construction and unoccupied. The fire did not damage the structures housing the current leasing operations or occupied apartment homes. The Company expects that insurance proceeds will substantially cover the cost to reconstruct all damaged assets as well as provide for a reimbursement of lost net operating income due to schedule delays, resulting in no material net economic loss to the Company.

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 2007, the Fund acquired three communities:

•		Centerpoint, located within a single downtown city block of Baltimore, MD, contains a total of 392 apartment homes and approximately 33,000 square feet of retail space, and was acquired for a purchase price of $78,500,000.
•		Crystal Hill Apartments, a garden-style community consisting of 168 apartment homes located in Pomona (Rockland County), NY was acquired for a purchase price of $37,800,000; and
•		Middlesex Crossing Apartments, located in Billerica (Boston), MA, was acquired for a purchase price of $37,100,000. Middlesex Crossing Apartments is a garden-style community consisting of 252 apartment homes.

During the first quarter of 2007, the Fund commenced the redevelopment of Fuller Martel, located in Los Angeles, CA. Fuller Martel contains 82 apartment homes and will be redeveloped for an expected Total Capital Cost of $3,400,000, excluding costs incurred prior to the start of redevelopment.

As of March 31, 2007, the Fund has invested $609,250,000, which represents approximately 70% of the expected total investment.

Financing, Liquidity and Balance Sheet Statistics

In January 2007, the Company filed a new shelf registration statement with the Securities and Exchange Commission, allowing the Company to sell an undetermined number or amount of certain debt and equity securities as defined in the prospectus.

In January 2007, in conjunction with the inclusion of its common stock in the S&P 500 Index, the Company issued 4,600,000 shares of its common stock at $129.30 per share. Net proceeds of approximately $594,000,000 will be used for general corporate purposes.

As of March 31, 2007, the Company had no amounts outstanding under its $650,000,000 unsecured credit facility. In addition the Company had $356,400,000 in unrestricted cash available at March 31, 2007. Leverage, calculated as total debt as a percentage of Total Market Capitalization, was 21.2% at March 31, 2007. Unencumbered NOI for the quarter ended March 31, 2007 was 82% and Interest Coverage for the first quarter of 2007 was 4.4 times.

Revised Accounting Interpretation

On April 24, 2007, the Company determined to revise its accounting for long-term land leases to provide for the straight-lining of lease payments with fixed, or minimum, escalations over the entire lease term as opposed to the Company’s expected holding period of its interest in the asset. This change primarily impacts the land lease accounting related to one consolidated asset with a 90 year lease in which the land lessor is also the partner in the venture holding the asset. The change is expected to result in an additional non-cash increase to operating expenses of approximately $10,500,000 per year in excess of the current annual cash payments, as well as additional depreciation expense. Information provided in this release for the three months ended March 31, 2006 has been restated from our previously reported results to reflect this accounting change and provide comparable results to the three months ended March 31, 2007. While the amounts involved do not affect the economics of the joint venture or the Company’s cash flows, management intends to seek an amendment of the lease terms or otherwise resolve the need to continue to accrue lease expense that is significantly in excess of our actual cash rental payments. An amendment or sale would eliminate this non-cash expense in the future. A sale of the asset related to this land lease would also trigger the recapture into net income of the cumulative amount of the prior period non-cash accruals at the date of sale. However, no assurance can be provided that an amendment will occur, that the joint venture structure can be changed or that the underlying asset would be sold in such a manner.

The Company will restate its financial statements for the years ended December 31, 2006, 2005 and 2004 to reflect this revised accounting treatment. This change in accounting will result in a reduction of net income of approximately $11,900,000 in each year, or 4.4%, 3.8% and 5.7% of net income available to common stockholders, respectively.

Second Quarter 2007 Financial Outlook

The Company expects EPS in the range of $0.91 to $0.95 for the second quarter of 2007 and expects Projected FFO per share in the range of $1.13 to $1.17 for the second quarter of 2007. The financial outlook provided for the second quarter 2007 includes $0.03 per share related to the revised lease accounting discussed in this release.

The Company expects to release its second quarter 2007 earnings on August 1, 2007 after the market closes. The Company expects to hold a conference call on August 2, 2007 at 11:00 AM EDT to discuss the second quarter 2007 results.

Copyright Ó 2007 AvalonBay Communities, Inc. All Rights Reserved

Second Quarter 2007 Conference/Event Schedule

The Company is scheduled to participate in the following conferences during the second quarter of 2007:

		2Q 2007 Conference Schedule

Event/Conference		Date
AvalonBay New York Area Community Tour		June 4
NAREIT Institutional Investor Forum		June 5-7
Wachovia Securities Equity Conference		June 25-29

The Company is scheduled to present and conduct a question and answer session at each of these conferences. Management’s presentations and discussions at these events may include reference to the Company’s operating environment and trends; development, redevelopment, disposition and acquisition activity; the Company’s 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, 2007 on the Company’s website at http://www.avalonbay.com/events.

Other Matters

The Company will hold a conference call on April 26, 2007 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 April 26, 2007 at 5:00 PM EDT until May 3, 2007 at 11:59 PM EDT, dial 1-800-642-1687 domestically and 1-706-645-9291 internationally, and use Access Code: 4853093.

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 and through e-mail distribution. To receive future press releases via e-mail, please send a request to IR@avalonbay.com.

About AvalonBay Communities, Inc.

As of March 31, 2007, the Company owned or held a direct or indirect ownership interest in 171 apartment communities containing 49,402 apartment homes in ten states and the District of Columbia, of which 16 communities were under construction and six 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: the Company’s ability to obtain an amendment of certain lease terms or sell its interest in the assets subject to such leases, 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. In addition, statements herein regarding the impact of the change in accounting for land leases on the restated financial statements we plan to file are based on current estimates.

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, 2006 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 and full year 2007. The Company may, in its discretion, provide information in future public announcements regarding its outlook that may be of interest to the investment

Copyright Ó 2007 AvalonBay Communities, Inc. All Rights Reserved

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.

Copyright Ó 2007 AvalonBay Communities, Inc. All Rights Reserved

     

     

FIRST QUARTER 2007

Supplemental Operating and Financial Data

Avalon at Mission Bay North II was completed in the fourth quarter of 2006 and is located in the South of Market area of San Francisco. Completed for a Total Capital Cost of $108.2 million, the community contains 313 apartment homes and 21,196 square feet of retail space. It is the second of a two phase community containing an aggregate of 563 apartment homes. Avalon Mission Bay North I & II are adjacent to the AT&T Park and eight blocks from San Francisco’s financial district.

Avalon at Mission Bay North II has excellent access to nearly every transportation facility in the city, including Highways 280, 101, and 80, three San Francisco MUNI lines, and the Cal-Train station, providing easy access to the job centers on the Peninsula and San Jose. Apartment homes feature upgraded kitchens, private patios or balconies and high speed internet. Community amenities include a fitness center, rock climbing wall and basketball court.

FIRST QUARTER 2007

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, 2006.

Attachment 1

AvalonBay Communities, Inc.
Selected Operating and Other Information
March 31, 2007
(Dollars in thousands except per share data)
(unaudited)

		Q1				Q1
		2007				2006 (1)				$ Change				% Change
Net Income available to common stockholders		$	44,345			$	108,939			$	(64,594	)			(59.3	%)
Per common share — basic		$	0.57			$	1.48			$	(0.91	)			(61.5	%)
Per common share — diluted		$	0.56			$	1.45			$	(0.89	)			(61.4	%)
Funds from Operations		$	89,118			$	84,189			$	4,929				5.9	%
Per common share — diluted		$	1.11			$	1.12			$	(0.01	)			(0.9	%)
Dividends declared — common		$	67,694			$	57,986			$	9,708				16.7	%
Per common share		$	0.85			$	0.78			$	0.07				9.0	%
Common shares outstanding			79,639,601				74,340,561				5,299,040				7.1	%
Outstanding operating partnership units			129,782				152,766				(22,984	)			(15.0	%)
Total outstanding shares and units			79,769,383				74,493,327				5,276,056				7.1	%
Average shares outstanding — basic			78,431,936				73,808,643				4,623,293				6.3	%
Average operating partnership units outstanding			144,586				237,575				(92,989	)			(39.1	%)
Effect of dilutive securities			1,354,226				1,243,906				110,320				8.9	%
Average shares outstanding — diluted			79,930,748				75,290,124				4,640,624				6.2	%

						% of Total				Average
						Market				Interest				Remaining
Debt Composition (2)		Amount				Cap				Rate (3)				Maturities (2)
Conventional Debt															2007			$	266,202
Long-term, fixed rate		$	2,199,317				16.6	%							2008			$	208,531
Long-term, variable rate			109,975				0.8	%							2009			$	231,029
Subtotal, Conventional			2,309,292				17.4	%			6.4	%			2010			$	234,708
															2011			$	390,533
Tax-Exempt Debt
Long-term, fixed rate			173,844				1.3	%
Long-term, variable rate			327,588				2.5	%
Subtotal, Tax-Exempt			501,432				3.8	%			5.2	%
Total Debt		$	2,810,724				21.2	%			6.2	%

										Non-Rev
		Cap				Cap				Capex
		Interest				Overhead				per Home
Q107		$	15,433			$	6,606			$	9
Q406		$	13,909			$	6,847			$	92
Q306		$	12,910			$	6,361			$	203
Q206		$	11,205			$	5,377			$	164
Q106		$	8,364			$	5,559			$	38

						Apartment
		Communities				Homes
Current Communities			155				44,353
Development Communities			16				5,049
Development Rights			56				14,809

Attachment 2

AvalonBay Communities, Inc.
Detailed Operating Information
March 31, 2007
(Dollars in thousands except per share data)
(unaudited)

		Q1				Q1
		2007				2006(1)				% Change
Revenue:
Rental and other income		$	195,262			$	173,952				12.3%
Management, development and other fees			1,444				1,207				19.6%
Total			196,706				175,159				12.3%
Operating expenses:
Direct property operating expenses, excluding property taxes			47,255				41,622				13.5%
Property taxes			17,726				16,904				4.9%
Property management and other indirect operating expenses			8,439				8,631				(2.2%)
Investments and investment management (2)			2,024				1,471				37.6%
Total			75,444				68,628				9.9%
Interest expense, net			(23,878	)			(28,664	)			(16.7%)
General and administrative expense			(6,780	)			(6,283	)			7.9%
Joint venture income and minority interest expense			(535	)			95				N/A
Depreciation expense			(44,094	)			(40,225	)			9.6%
Gain on sale of land			545				13,166				(95.9%)
Income from continuing operations			46,520				44,620				4.3%
Discontinued operations: (3)
Income from discontinued operations			—				1,075				(100.0%)
Gain on sale of communities			—				65,419				(100.0%)
Total discontinued operations			—				66,494				(100.0%)
Net income			46,520				111,114				(58.1%)
Dividends attributable to preferred stock			(2,175	)			(2,175	)			—
Net income available to common stockholders		$	44,345			$	108,939				(59.3%)
Net income per common share — basic		$	0.57			$	1.48				(61.5%)
Net income per common share — diluted		$	0.56			$	1.45				(61.4%)

		Q1				Q1
		2007				2006
Rental income		$	—			$	1,630
Operating and other expenses			—				(555	)
Interest expense, net			—				—
Depreciation expense			—				—
Income from discontinued operations		$	—			$	1,075

Attachment 3

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

		March 31,				December 31,
		2007				2006(1)
Real estate		$	5,838,023			$	5,706,423
Less accumulated depreciation			(1,148,518	)			(1,104,507	)
Net operating real estate			4,689,505				4,601,916
Construction in progress, including land			685,665				641,781
Land held for development			315,241				202,314
Operating real estate assets held for sale, net			64,680				64,351
Total real estate, net			5,755,091				5,510,362
Cash and cash equivalents			356,435				8,567
Cash in escrow			132,123				136,989
Resident security deposits			28,938				26,574
Other assets(2)			151,462				162,999
Total assets		$	6,424,049			$	5,845,491
Unsecured senior notes		$	2,153,184			$	2,153,078
Unsecured facility			—				—
Notes payable			654,723				672,508
Resident security deposits			39,819				38,803
Liabilities related to assets held for sale			42,792				42,985
Other liabilities			350,374				346,652
Total liabilities		$	3,240,892			$	3,254,026
Minority interest			21,950				18,311
Stockholders’ equity			3,161,207				2,573,154
Total liabilities and stockholders’ equity		$	6,424,049			$	5,845,491

Attachment 4

AvalonBay Communities, Inc.
Quarterly Revenue and Occupancy Changes — Established Communities (1)
March 31, 2007

		Apartment
		Homes				Average Rental Rates (2)												Economic Occupancy												Rental Revenue ($000’s) (3)
						Q1 07				Q1 06				% Change				Q1 07				Q1 06				% Change				Q1 07				Q1 06				% Change
Northeast
Boston, MA			3,621			$	1,874			$	1,854				1.1%				95.5%				96.1%				(0.6%)			$	19,445			$	19,348				0.5%
Fairfield-New Haven, CT			2,412				1,985				1,851				7.2%				95.1%				96.4%				(1.3%)				13,664				12,908				5.9%
New York, NY			1,730				2,449				2,323				5.4%				95.6%				97.1%				(1.5%)				12,150				11,692				3.9%
Long Island, NY			1,469				2,296				2,187				5.0%				96.8%				95.5%				1.3%				9,790				9,213				6.3%
Northern New Jersey			1,182				2,578				2,405				7.2%				96.9%				96.5%				0.4%				8,860				8,236				7.6%
Central New Jersey			814				1,652				1,631				1.3%				96.7%				95.6%				1.1%				3,901				3,811				2.4%
Northeast Average			11,228				2,100				2,011				4.4%				95.9%				96.3%				(0.4%)				67,810				65,208				4.0%
Mid-Atlantic
Washington, DC			5,215				1,734				1,589				9.1%				95.9%				96.7%				(0.8%)				26,028				24,030				8.3%
Baltimore, MD			542				1,256				1,160				8.3%				94.8%				98.2%				(3.4%)				1,936				1,846				4.9%
Mid-Atlantic Average			5,757				1,689				1,549				9.0%				95.9%				96.8%				(0.9%)				27,964				25,876				8.1%
Midwest
Chicago, IL			887				1,181				1,095				7.9%				95.4%				93.9%				1.5%				2,994				2,735				9.5%
Midwest Average			887				1,181				1,095				7.9%				95.4%				93.9%				1.5%				2,994				2,735				9.5%
Pacific Northwest
Seattle, WA			2,278				1,232				1,092				12.8%				96.0%				96.1%				(0.1%)				8,083				7,174				12.7%
Pacific Northwest Average			2,278				1,232				1,092				12.8%				96.0%				96.1%				(0.1%)				8,083				7,174				12.7%
Northern California
San Jose, CA			4,292				1,653				1,500				10.2%				97.5%				97.3%				0.2%				20,744				18,795				10.4%
Oakland-East Bay, CA			1,955				1,359				1,251				8.6%				96.5%				97.4%				(0.9%)				7,691				7,144				7.7%
San Francisco, CA			1,862				1,944				1,791				8.5%				95.9%				96.8%				(0.9%)				10,421				9,686				7.6%
Northern California Average			8,109				1,649				1,507				9.4%				96.9%				97.2%				(0.3%)				38,856				35,625				9.1%
Southern California
Los Angeles, CA			1,198				1,640				1,530				7.2%				95.2%				95.8%				(0.6%)				5,612				5,266				6.6%
San Diego, CA			1,058				1,440				1,373				4.9%				95.6%				96.1%				(0.5%)				4,367				4,182				4.4%
Orange County, CA			916				1,434				1,347				6.5%				96.9%				96.1%				0.8%				3,821				3,562				7.3%
Southern California Average			3,172				1,514				1,424				6.3%				95.8%				96.0%				(0.2%)				13,800				13,010				6.1%
Average/Total Established			31,431			$	1,760			$	1,645				7.0%				96.1%				96.5%				(0.4%)			$	159,507			$	149,628				6.6%

Attachment 5

AvalonBay Communities, Inc.
*Sequential Quarterly* Revenue and Occupancy Changes — Established Communities (1)
March 31, 2007

		Apartment				Average Rental Rates (2)												Economic Occupancy												Rental Revenue ($000’s)
		Homes
						Q1 07				Q4 06				% Change				Q107				Q4 06				% Change				Q1 07				Q4 06				% Change
Northeast
Boston, MA			3,621			$	1,874			$	1,876				(0.1%)				95.5%				96.2%				(0.7%)			$	19,445			$	19,604				(0.8%)
Fairfield-New Haven, CT			2,412				1,985				1,971				0.7%				95.1%				96.6%				(1.5%)				13,664				13,773				(0.8%)
New York, NY			1,730				2,449				2,410				1.6%				95.6%				96.8%				(1.2%)				12,150				12,105				0.4%
Long Island, NY			1,469				2,296				2,282				0.6%				96.8%				96.0%				0.8%				9,790				9,658				1.4%
Northern New Jersey			1,182				2,578				2,560				0.7%				96.9%				97.1%				(0.2%)				8,860				8,815				0.5%
Central New Jersey			814				1,652				1,669				(1.0%)				96.7%				97.2%				(0.5%)				3,901				3,959				(1.5%)
Northeast Average			11,228				2,100				2,091				0.4%				95.9%				96.5%				(0.6%)				67,810				67,914				(0.2%)
Mid-Atlantic
Washington, DC			5,215				1,734				1,710				1.4%				95.9%				97.3%				(1.4%)				26,028				26,015				0.0%
Baltimore, MD			542				1,256				1,247				0.7%				94.8%				95.9%				(1.1%)				1,936				1,943				(0.4%)
Mid-Atlantic Average			5,757				1,689				1,667				1.3%				95.9%				97.2%				(1.3%)				27,964				27,958				0.0%
Midwest
Chicago, IL			887				1,181				1,157				2.1%				95.4%				96.1%				(0.7%)				2,994				2,955				1.3%
Midwest Average			887				1,181				1,157				2.1%				95.4%				96.1%				(0.7%)				2,994				2,955				1.3%
Pacific Northwest
Seattle, WA			2,278				1,232				1,203				2.4%				96.0%				96.1%				(0.1%)				8,083				7,902				2.3%
Pacific Northwest Average			2,278				1,232				1,203				2.4%				96.0%				96.1%				(0.1%)				8,083				7,902				2.3%
Northern California
San Jose, CA			4,292				1,653				1,631				1.3%				97.5%				97.1%				0.4%				20,744				20,392				1.7%
Oakland-East Bay, CA			1,955				1,359				1,348				0.8%				96.5%				96.8%				(0.3%)				7,691				7,650				0.5%
San Francisco, CA			1,862				1,944				1,931				0.7%				95.9%				96.0%				(0.1%)				10,421				10,362				0.6%
Northern California Average			8,109				1,649				1,631				1.1%				96.9%				96.8%				0.1%				38,856				38,404				1.2%
Southern California
Los Angeles, CA			1,198				1,640				1,616				1.5%				95.2%				95.8%				(0.6%)				5,612				5,563				0.9%
San Diego, CA			1,058				1,440				1,437				0.2%				95.6%				94.8%				0.8%				4,367				4,324				1.0%
Orange County, CA			916				1,434				1,419				1.1%				96.9%				96.9%				0.0%				3,821				3,778				1.1%
Southern California Average			3,172				1,514				1,499				1.0%				95.8%				95.8%				0.0%				13,800				13,665				1.0%
Average/Total Established			31,431			$	1,760			$	1,744				0.9%				96.1%				96.6%				(0.5%)			$	159,507			$	158,798				0.4%

      

Attachment 6

AvalonBay Communities, Inc.
Summary of Development and Redevelopment Activity (1) as of March 31, 2007

						Number				Number				Total
						of				of				Capital Cost (2)
						Communities				Homes				(millions)
Portfolio Additions:			(3	)
2007 Annual Completions
Development							6				1,213			$	294.9
Redevelopment			(4	)			3				1,573				26.0
Total Additions							9				2,786			$	320.9
2006 Annual Completions
Development							6				1,368			$	375.2
Redevelopment			(4	)			2				506				10.1
Total Additions							8				1,874			$	385.3
Pipeline Activity:			(3	)
Currently Under Construction
Development							16				5,049			$	1,358.5
Redevelopment			(4	)			6				2,054				38.6
Subtotal							22				7,103			$	1,397.1
Planning
Development Rights							56				14,809			$	3,963
Total Pipeline							78				21,912			$	5,360.1

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 2007.

      

Attachment 7

AvalonBay Communities, Inc.
Development Communities as of March 31, 2007

		Percentage						Total																				Avg
		Ownership		# of				Capital				Schedule																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 Wilshire		100%			123			$	46.6			Q1 2005				Q2 2007				Q3 2007				Q4 2007				$	2,520				N/A				16.3	%			N/A				N/A
Los Angeles, CA
2. Avalon Lyndhurst (6)		100%			328				78.8			Q3 2005				Q4 2006				Q4 2007				Q2 2008					2,145				69.5	%			46.3	%			33.2	%			16.3	%
Lyndhurst, NJ
3. Avalon Shrewsbury		100%			251				36.1			Q3 2005				Q2 2006				Q2 2007				Q4 2007					1,340				100.0	%			86.9	%			82.9	%			61.5	%
Shrewsbury, MA
4. Avalon Riverview North		100%			602				175.6			Q3 2005				Q3 2007				Q3 2008				Q1 2009					2,695				N/A				N/A				N/A				N/A
New York, NY
5. Avalon at Glen Cove North		100%			111				41.4			Q4 2005				Q1 2007				Q3 2007				Q1 2008					2,300				51.4	%			13.5	%			4.5	%			N/A
Glen Cove, NY
6. Avalon Danvers		100%			433				84.8			Q4 2005				Q1 2007				Q2 2008				Q4 2008					1,610				17.6	%			15.0	%			11.5	%			2.7	%
Danvers, MA
7. Avalon Woburn		100%			446				83.1			Q4 2005				Q3 2006				Q1 2008				Q3 2008					1,545				48.2	%			52.2	%			40.8	%			26.8	%
Woburn, MA
8. Avalon on the Sound II		100%			588				184.2			Q1 2006				Q2 2007				Q3 2008				Q1 2009					2,420				0.7	%			2.4	%			N/A				N/A
New Rochelle, NY
9. Avalon Meydenbauer		100%			368				84.3			Q1 2006				Q4 2007				Q3 2008				Q1 2009					1,625				N/A				N/A				N/A				N/A
Bellevue, WA
10. Avalon at Dublin Station I		100%			305				85.8			Q2 2006				Q3 2007				Q2 2008				Q4 2008					1,995				N/A				N/A				N/A				N/A
Dublin, CA
11. Avalon at Lexington Hills		100%			387				86.2			Q2 2006				Q2 2007				Q3 2008				Q1 2009					2,105				N/A				N/A				N/A				N/A
Lexington, MA
12. Avalon Bowery Place II (7)		100%			90				61.9			Q3 2006				Q4 2007				Q1 2008				Q2 2008					3,490				N/A				N/A				N/A				N/A
New York, NY
13. Avalon Encino		100%			131				61.5			Q3 2006				Q3 2008				Q4 2008				Q1 2009					2,650				N/A				N/A				N/A				N/A
Los Angeles, CA
14. Avalon Canoga Park		100%			210				53.9			Q4 2006				Q1 2008				Q2 2008				Q4 2008					2,020				N/A				N/A				N/A				N/A
Canoga Park, CA
15. Avalon Acton (7)		100%			380				68.8			Q4 2006				Q1 2008				Q4 2008				Q2 2009					1,470				N/A				N/A				N/A				N/A
Acton, MA
16. Avalon Morningside Park (7)		100%			296				125.5			Q1 2007				Q3 2008				Q1 2009				Q3 2009					3,640				N/A				N/A				N/A				N/A
New York, NY
Subtotal/Weighted Average					5,049			$	1,358.5																			$	2,135
Completed this Quarter:
1. Avalon Chestnut Hill		100%			204				61.2			Q2 2005				Q3 2006				Q1 2007				Q3 2007					2,245				100.0	%			81.4	%			75.5	%			45.6	%
Chestnut Hill, MA
2. Avalon at Decoverly II		100%			196				30.8			Q3 2005				Q2 2006				Q1 2007				Q3 2007					1,525				100.0	%			82.7	%			76.5	%			60.9	%
Rockville, MD
Subtotal/Weighted Average					400			$	92.0																			$	1,890
Total/Weighted Average					5,449			$	1,450.5																			$	2,115
Weighted Average Projected NOI
as a % of Total Capital Cost (1) (8)									6.6	%		Inclusive of Concessions — See Attachment #13
Non-Stabilized Development Communities: (9)												% Economic								Asset Cost Basis, Non-Stabilized Development																				Source
												Occ
Prior Quarter Completions:												(1) (5)								Capital Cost, Prior Quarter Completions																$	125.6				Att. 7 (less JV partner share)
Avalon at Mission Bay North II					313			$	108.2											Capital Cost, Current Completions																	92.0			Att. 7
Avalon at Bowery Place I					206			$	98.5											Capital Cost, Under Construction																	1,358.5			Att. 7
Total					519			$	206.7			62.7%								Less: Remaining to Invest, Under Construction
																				Total Remaining to Invest													908.6								Att. 9
																				Capital Cost, Projected Q2 2007 Starts													(308.8	)							Att. 9, Footnote 5
																																					(599.8	)
																				Total Asset Cost Basis, Non-Stabilized Development																				$	976.3