As of September 30, 2006, AvalonBay Communities, Inc., headquartered in Alexandria, Virginia, owned or held an interest in 163 residential communities with 47,445 apartment buildings in ten states and the District of Columbia, of which 17 communities were under construction and four are under reconstruction. AvalonBay is active in the development, redevelopment, acquisition and management of residential communities in high-barrier markets in the United States. For more information about AvalonBay, visit the AvalonBay website at www.avalonbay.com. . . .