AvalonBay Communities, Inc. has consistently paid dividends each year since the Company went public in 1994. The Company pays dividends quarterly, usually on or about the 15th day of January, April, July and October.

Amount	Ex-Dividend Date	Record Date	Payment Date
$0.85	December 27, 2007	December 31, 2007	January 15, 2008
$0.85	September 26, 2007	September 28, 2007	October 15, 2007
$0.85	June 27, 2007	June 29, 2007	July 16, 2007
$0.85	March 29, 2007	April 2, 2007	April 16, 2007
$0.78	December 27, 2006	December 29, 2006	January 16, 2007
$0.78	September 29, 2006	October 2, 2006	October 16, 2006
$0.78	June 28, 2006	June 30, 2006	July 17, 2006
$0.78	March 29, 2006	March 31, 2006	April 17, 2006
$0.71	December 28, 2005	December 30, 2005	January  17, 2005
$0.71	September 29, 2005	October 3, 2005	October  17, 2005
$0.71	June 28, 2005	June 30, 2005	July 15, 2005
$0.71	March 30, 2005	April 1, 2005	April 15, 2005
$0.70	December 30, 2004	December 31, 2004	January 18, 2005
$0.70	Septmeber 29, 2004	October 1, 2004	October 15, 2004
$0.70	June 29, 2004	July 1, 2004	July 15, 2004
$0.70	March 30, 2004	April 1, 2004	April 15, 2004
$0.70	December 29, 2003	December 31, 2003	January 15, 2004
$0.70	September 29, 2003	October 1, 2003	October 15, 2003
$0.70	June 27, 2003	July 1, 2003	July 15, 2003
$0.70	March 28, 2003	April 1, 2003	April 15, 2003
$0.70	December 27, 2002	December 31, 2002	January 15, 2003
$0.70	September 27, 2002	October 1, 2002	October 15, 2002
$0.70	June 26, 2002	June 28, 2002	July 15, 2002
$0.70	March 27, 2002	April 1, 2002	April 15, 2002
$0.64	December 27, 2001	December 31, 2001	January 15, 2002
$0.64	September 27, 2001	October 1, 2001	October 15, 2001
$0.64	June 27, 2001	June 29, 2001	July 16, 2001
$0.64	March 28, 2001	March 30, 2001	April 16, 2001
$0.56	December 27, 2000	December 29, 2000	January 16, 2001
$0.56	September 27, 2000	September 29, 2000	October 16, 2000
$0.56	June 28, 2000	June 30, 2000	July 17, 2000
$0.56	March 30, 2000	April 3, 2000	April 17, 2000
$0.52	December 29, 1999	December 31, 1999	January 18, 2000
$0.52	September 28, 1999	September 30, 1999	October 15, 1999
$0.51	June 28, 1999	June 30, 1999	July 15, 1999
$0.51	March 30, 1999	April 1, 1999	April 15, 1999
$0.51	December 29, 1998	December 31, 1998	January 15, 1999
$0.51	Setpember 28, 1998	September 30, 1998	October 15, 1998
$0.51	June 26, 1998	June 30, 1998	July 15, 1998
$0.42	March 27, 1998	March 31, 1998	April 15, 1998
$0.42	December 29, 1997	December 31, 1997	January 15, 1998
$0.42	September 26, 1997	September 30, 1997	October 15, 1997
$0.41	June 26, 1997	June 28, 1997	July 15, 1997
$0.41	March 27, 1997	March 31, 1997	April 14, 1997
$0.41	December 27, 1996	December 31, 1996	January 14, 1997
$0.40	September 26, 1996	September 30,1996	October 14, 1996
$0.40	June 26, 1996	June 28, 1996	July 12, 1996
$0.40	March 27, 1996	March 29, 1996	April 12, 1996
$0.39	December 27, 1995	December 29, 1995	January 12, 1996
$0.39	September 25, 1995	September 27, 1995	October 11, 1995
$0.39	June 28, 1995	June 30, 1995	July 12, 1995
$0.38	March 29, 1995	March 31, 1995	April 14, 1995
$0.38	December 27, 1994	December 29, 1994	January 17, 1994
$0.38	October 5, 1994	October 7, 1994	October 17, 1994
$0.44	July 5, 1994	July 7, 1994	July 15, 1994

 Dividend checks are sent to your address of record unless you instruct otherwise. To have your dividend checks mailed to a different address (or to have the dividends electronically deposited) please contact our Transfer Agent, The Bank of New York, at 1-800-524-4458.