AvalonBay plans stock offering
- August 18, 2011
Arlington-based AvalonBay Communities Inc. plans to sell 5.1 million shares of its common stock at $128.25 a share.
The company plans to use net proceeds from the offering of about $630.7 million to fund investment activity, including development, redevelopment and acquisitions and general corporate purposes. The settlement date for the sale will be Aug. 22.
AvalonBay has granted the offering’s underwriters a 30-day option to purchase up to 765,000 additional shares.
Morgan Stanley, BofA Merrill Lynch and J. P. Morgan served as joint bookrunners for the offering.
As of June 30, AvalonBay owned or held an ownership interest in 195 apartment communities containing 56,516 apartment homes in 10 states and the District of Columbia. Thirteen of the communities were under construction, and eight were undergoing reconstruction.