AvalonBay establishes $500M unsecured commercial paper program

AVALONBAY COMMUNITIES INC

Established $500M unsecured commercial paper program; notes may have maturities up to 364 days.
Maximum aggregate principal outstanding at any time not to exceed $500M.
Notes rank equally with all other unsecured and unsubordinated indebtedness of the company.
Proceeds intended for general corporate purposes.
Offers will be made only in compliance with exemptions from registration requirements.

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