AvalonBay Communities (AVB) launches $500 million commercial paper program.

AvalonBay Communities, Inc. (AVB) announced today that it has established a $500 million unsecured commercial paper note program.  Borrowings will be backstopped by AVB's $1.75 billion unsecured revolving credit agreement, which expires in 2024.

AvalonBay Communities is an equity REIT focusing on the ownership, management and development of Class-A apartment communities in major metropolitan centers across the U.S. As of December 31, 2021, the portfolio included interests in 278 operating properties and 19 development communities with 87,992 total units. AVB has a total market capitalization of approximately $43 billion and is a member of the S&P 500.