AvalonBay launches 2M share forward sale at $247.30 for land and development funding

AVALONBAY COMMUNITIES INC

2,000,000 shares of common stock sold via forward sellers; initial forward price $247.30 per share.
Proceeds expected upon physical settlement by Dec 31, 2023; no immediate cash to Company.
Net proceeds to fund land acquisitions, development, redevelopment, acquisitions, and general corporate purposes.
Offering closed on April 11, 2022; managed by Morgan Stanley and J.P. Morgan.

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