AvalonBay Communities http://www.alacrastore.com/company-snapshot/AvalonBay_Communities-2001701 Saturday, October 11, 2008 1:14:39 PM 2001701 AvalonBay Communities en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/newstex/BW-0001-28618617newstex/BW-0001-28618617xml Oct. #, #### (Business Wire) -- AVALONBAY COMMUNITIES, INC. (NYSE:AVB) will release its third quarter #### earnings on November #, #### after the market close. The Company will hold a conference call on November #, #### at ##:##AM...0400000004016000040160180401604810/8/2008 5:17:28 PM180000001800400018008000Business WireBW-0001-28618617AVALONBAY COMMUNITIES INCAVBNewsNewstexhttp://www.alacrastore.com/storecontent/newstex/PRN-0005-28487271newstex/PRN-0005-28487271xml SAN JOSE, Calif., Oct. #, #### (PRNewswire delivered by Newstex) -- Kennedy Wilson Multifamily Management Group (KW Multifamily) and The Guardian Life Insurance Company of America (Guardian) today announced the acquisition of a major...0400000004006000040060060400400004004003040160000401600502000000020020000200200610/1/2008 2:23:33 PM18000000180160001900000019001000190010051900200019002013PR Newswire USPRN-0005-28487271AVALONBAY COMMUNITIES INCFEDERAL HOME LOAN MORTGAGE CORPKENNEDY WILSON INCAVBFREKWICNewsNewstexhttp://www.alacrastore.com/storecontent/newstex/BW-0001-28135767newstex/BW-0001-28135767xml Sep. ##, #### (Business Wire) -- Zacks Equity Research highlights CSX Corporation (NYSE: CSX) as the Bull of the Day and Anheuser-Bush (NYSE: BUD) as the Bear of the Day. In addition, Zacks Equity Research provides analysis on Trimble...090000000901500004000000040160000401604804016008040160059/18/2008 7:21:47 AM18000000180080001800400018016000Business WireBW-0001-28135767AVALONBAY COMMUNITIES INCCSX CORPTRIMBLE NAVIGATION LTDWASHINGTON FEDERAL INCAVBCSXTRMBWFSLNewsNewstexhttp://www.alacrastore.com/storecontent/cs/73402cs/73402norm AvalonBay Communities #Q## Tearsheet We view AvalonBay Communities appropriately rated as a high-BBB credit. The company focuses on high-class apartment communities primarily located in the supply-constrained markets in the Northeast...73402516YesC21Tearsheet596tearsheets/premium288/19/2008 5:06:08 PM15073402Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/73147cs/73147norm REIT #Q## Earnings Review: Inflection Points REIT operating fundamentals are still hovering near multiyear highs but the writing is on the wall that they are poised to erode. We have been validated in our thesis so far this year that...8/13/2008 10:05:00 PM150REIT fundamentals are continuing to hold up and new leasing activity has not fallen off a cliff yet but bearish commentary from most REITs point to trouble ahead.731474825YesD0Article601588584128559416866045856005921432597596590599corp2867Earnings Reports - Financials54Euro Markets Issuers34Companies with Convertibles33Capital Structure5Structural Subordination73147Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/72555cs/72555norm AvalonBay #Q##: Optimistic Outlook on Good Geographies AvalonBay Communities exceeded estimates as results were driven primarily from solid property performance in the same store portfolio. AVB cut its development pipeline in a move...725551181YesD0Article596corp2867Earnings Reports - Financials7/31/2008 10:05:00 PMAVB beat estimates on solid property performance in the same store portfolio and gave a more optimistic outlook than larger multifamily peer Equity Residential due differences in geographic concentrations.15072555Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/ccbn/B1840370ccbn/B1840370norm...EPS of $#.## represents an increase of over ###% from #Q##, driven largely from gains from disposition activity during #Q##. ... 7/31/2008 4:06:00 PMAvalonbay Communities54.0000EditedAvalonbay Communities Q2 2008 Earnings Conference Call SummaryAVB1:00pm ETBriefB1840370Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/ccbn/T1840370ccbn/T1840370norm...Good afternoon, ladies and gentlemen, and welcome to the AvalonBay Communities second-quarter #### earnings conference call. At this time, all participants are in a listen-only mode. Following remarks by the Company, we will conduct a question-and-answer session and instructions will follow at that time. (OPERATOR INSTRUCTIONS) As a reminder, this conference call is being recorded. I would now like to introduce your host for today's conference, Mr. John Christie, Director of Investor Relations and Research. Mr. Christie, you may begin your conference. ... 7/31/2008 3:10:00 PMAvalonbay Communities54.0000FinalAvalonbay Communities Q2 2008 Earnings Conference Call TranscriptAVB1:00pm ETTranscriptT1840370Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/cs/71254cs/71254norm REIT Liquidity: Refinancing Needs Modest, Credit Lines Ample We examined the unsecured bond maturity schedule of the broad U.S. equity REIT universe as well as our specific coverage to determine refinancing needs for the balance of...712541060YesD0Article588594128560116866045856005845975905961432592599corp2833Capital Structure34Companies with Convertibles7/7/2008 10:06:00 PM150REIT refinancing needs are modest over the balance of 2008 but accelerate in 2009. Credit line capacity is ample after some house cleaning in 1H08.71254Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/69925cs/69925norm AvalonBay Communities #Q## Tearsheet We view AvalonBay Communities appropriately rated as a high-BBB credit. The company focuses on high-class apartment communities primarily located in the supply-constrained markets in the Northeast...69925YesC21Tearsheet596tearsheets/premium285/30/2008 12:23:25 PM15046969925Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/69360cs/69360norm REIT #Q## Earnings Review: A Return to Normalcy But Uncertainty Remains The technical impact of the credit crisis on REIT spreads has largely subsided, leaving industry fundamentals as the main driver of REIT credit going forward. ...693604343YesD0Article601588584128559416866045856005925961432597590599corphy2854Euro Markets Issuers67Earnings Reports - Financials42High Yield33Capital Structure34Companies with Convertibles5/19/2008 6:49:00 PM150REIT results continue to be solid but the next few quarters could indicate a new regime for top line growth. We comment on our fundamental credit recommendations as well as relative value in the sector.69360Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/68683cs/68683norm Earnings Note: AvalonBay Communities #Q## - Multifamily, Multi-Problems AvalonBay Communities exceeded the consensus FFO estimate by $#.##. Results were driven by solid portfolio performance, contributions from new lease-up activity,...68683879YesC0Article596corp2867Earnings Reports - Financials5/1/2008 8:05:13 PM150AVB beat consensus on solid portfolio performance. We believe the multifamily market is facing multiple fundamental headwinds that could result in lower rental and/or occupancy rates.68683Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/ccbn/B1761069ccbn/B1761069norm...FFO per share of $#.## represents approx. ##% YoverY growth rate, driven by solid portfolio performance from contributions from new lease-up activity and from benefits of opportunistic share repurchases. ... 5/1/2008 5:06:00 PMAvalonbay Communities54.0000EditedQ1 2008 Avalonbay Communities Earnings Conference Call SummaryAVB1:00pm ETBriefB1761069Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/ccbn/T1761069ccbn/T1761069norm...Good afternoon, ladies and gentlemen, and welcome to the AvalonBay Communities first quarter #### earnings conference call. At this time all participants are in a listen-only mode. Following remarks by the Company, we will conduct a ... 5/1/2008 3:08:00 PMAvalonbay Communities54.0000FinalQ1 2008 Avalonbay Communities Earnings Conference Call TranscriptAVB1:00pm ETTranscriptT1761069Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/spcred/644575spcred/644575normThe latest Full Report from S&Pglobalstructuredpubfin4/24/2008 1:00:46 PM400Full Report644575United StatesResidential REIT'sUnited StatesGlobal IssuersStructured FinancePublic FinanceCorporationsReal Estate CompaniesCommercial MBSFull ReportAvalonBay maintains a high-quality portfolio of luxury apartment properties that are generally located in high-barrier-to-entry markets; The portfolio is well occupied, and although rent and net operating income (NOI) growth has moderated, current fundamentals still support positive but more modest growth; AvalonBay's financial profile remains moderately leveraged, and coverage measures are sufficient despite the drag from capitalized interest on development; and Flexibility remains sound, with manageable near-term debt maturities, good coverage of both debt service and dividends, and a largely unencumbered asset base. AvalonBay's development pipeline is aggressive, with roughly $2.2 billion spread across 21 communities in various stages of construction, with an average yield in the 6.5% area; Although returns and coverage measures are sufficient, supported by a largelyUSA79816505337305348407201205348E05346940402050 404020 4040 40AvalonBay Communities, Inc.128649USAAVBFULLGLOBISSSTRUCPUBFINCORPRECCMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/644593spcred/644593normThe latest Summary from S&Pstructuredpubfinglobal4/24/2008 1:00:00 PM175Summary644593United StatesResidential REIT'sUnited StatesGlobal IssuersStructured FinancePublic FinanceCorporationsReal Estate CompaniesCommercial MBSSummaryThe ratings on AvalonBay Communities Inc. reflect the company's high-quality apartment portfolio, our continued expectations for positive, but more moderate, same-store NOI growth, and an appropriate financial risk profile. These credit strengths help balance the risks associated with the company's aggressive development pipeline and slightly higher exposure to variable-rate debt. The outlook is stable. Strong occupancy and expectations for moderate cash flow growth, as well as a solid financial profile, continue to support the ratings. In the longer term, an upgrade would be tied to the company's ability to maintain solid debt protection measures and effectively manage and finance a sizable development pipeline, particularly in light of softening conditions in some of AvalonBay's key rental markets. While we believe theUSA79816505337305348407201205348E05346940402050 404020 4040 40AvalonBay Communities, Inc.128649USAAVBSUMMARYGLOBISSSTRUCPUBFINCORPRECCMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/cs/68144cs/68144norm REIT Handbook April #### We are pleased to introduce our CreditSights REIT Investor Handbook, a comprehensive overview of the sector and companies on our coverage list. In addition to our investment thesis, we present a REIT investment...We are pleased to introduce our CreditSights REIT Investor Handbook, a comprehensive overview of the sector and companies on our coverage list.68144711YesC0Article588594128560116866045856005845975905961432592599corp2833Capital Structure54Euro Markets Issuers4/22/2008 11:05:00 PM15068144Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/spcred/643440spcred/643440normThe latest Research Update from S&Ppubfinglobalstructured4/17/2008 6:26:00 PM175Research Update643440United StatesResidential REIT'sUnited StatesPublic FinanceGlobal IssuersStructured FinanceReal Estate CompaniesCommercial MBSCorporationsResearch UpdateOn March 25, 2008, Standard&Poor's Ratings Services affirmed its 'BBB+' corporate credit and senior unsecured debt ratings on AvalonBay Communities Inc. (AVB). At the same time, we affirmed our 'BBB' rating on the company's preferred stock. Additionally, we revised our outlook on the company to stable from positive (see list). These actions affect approximately $2 billion of debt and preferred securities. The outlook revision was driven by the company's significant development pipeline combined with macroeconomic weakness, which reduces the likelihood that we will raise our ratings on AVB in the near future. However, the rating affirmations reflect AVB's high-quality apartment portfolio, our continued expectations for positive same-store net operating income (NOI) growth, but at more moderate levels, andUSA05337305348407201279816505348E05346940402050 404020 4040 40AvalonBay Communities, Inc.128649USAAVBRESUPDPUBFINGLOBISSSTRUCRECCMBSCORPCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/638551spcred/638551normThe latest News from S&P3/25/2008 1:06:37 PMNews100globalstructuredpubfin638551United StatesResidential REIT'sUnited StatesGlobal IssuersStructured FinancePublic FinanceCorporationsReal Estate CompaniesCommercial MBSNewsNEW YORK (Standard&Poor's) March 25, 2008--Standard&Poor's Ratings Services today affirmed its 'BBB+' corporate credit and senior unsecured debt ratings on AvalonBay Communities Inc. At the same time, we affirmed our 'BBB' rating on the company's preferred stock. Additionally, we revised our outlook on the company to stable from positive. These actions affect approximately $2 billion of debt and preferred securities. "The outlook revision was driven by the company's significant development pipeline combined with macroeconomic weakness, which reduces the likelihood that we will raise our ratings on AvalonBay in the near future," said credit analyst George Skoufis. "However, the rating affirmations reflect AvalonBay's high-quality apartment portfolio, our continued expectations for positive same-store net operating income growth, butUSA05337305348407201279816505348E05346940402050 404020 4040 40AvalonBay Communities, Inc.128649USAAVBNEWSGLOBISSSTRUCPUBFINCORPRECCMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/638552spcred/638552normThe latest Research Update from S&P3/25/2008 1:06:37 PMResearch Update175globalstructuredpubfin638552United StatesResidential REIT'sUnited StatesGlobal IssuersStructured FinancePublic FinanceCorporationsReal Estate CompaniesCommercial MBSResearch UpdateOn March 25, 2008, Standard&Poor's Ratings Services affirmed its 'BBB+' corporate credit and senior unsecured debt ratings on AvalonBay Communities Inc. (AVB). At the same time, we affirmed our 'BBB' rating on the company's preferred stock. Additionally, we revised our outlook on the company to stable from positive (see list). These actions affect approximately $2 billion of debt and preferred securities. The outlook revision was driven by the company's significant development pipeline combined with macroeconomic weakness, which reduces the likelihood that we will raise our ratings on AVB in the near future. However, the rating affirmations reflect AVB's high-quality apartment portfolio, our continued expectations for positive same-store net operating income (NOI) growth, but at more moderate levels, andUSA05337305348407201279816505348E05346940402050 404020 4040 40AvalonBay Communities, Inc.128649USAAVBRESUPDGLOBISSSTRUCPUBFINCORPRECCMBSCredit & Investment ResearchS&P Credit Research