BB&T Capital Markets Serves as a Co-Manager on AvalonBay Communities, Inc.’s Senior Note Offerings

Transaction Summary

BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the fourth quarter of 2017, helping to raise $750,000,000 for our client.

The Company intends to use the net proceeds from the sale of the notes to reduce indebtedness and for general corporate purposes.

About the Companies

AvalonBay Communities, Inc. (“AVB” or “The Company”) is an equity REIT in the business of developing, redeveloping, acquiring and managing apartment communities in leading metropolitan areas in New England, the New York / New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and the Northern and Southern California regions of the United States. As of September 30, 2017, the Company owned or held a direct or indirect ownership interest in 286 apartment communities containing 82,964 apartment homes in 11 states and the District of Columbia, of which 23 communities were under development and ten communities were under redevelopment.

Real Estate

Our Real Estate Group is led by an experienced banking team focused on serving the broad needs of the Real Estate Investment Trust (REIT), commercial real estate and hospitality sectors. Through our extensive industry connections and in-house retail and institutional distribution capabilities, our clients gain access to the broadest markets—as well as the balance sheet strength and resources of one of the nation's strongest financial institutions.

Our corporate and investment bankers are experts in all aspects of the commercial real estate sector and provide a comprehensive suite of capital markets solutions ranging from corporate lending, equity and debt underwriting and merger and acquisition advisory. This unique teaming enables us to serve clients with financing options that are optimized for their specific needs, and each stage of their development.

About BB&T Capital Markets

BB&T Capital Markets offers an integrated platform of equity and debt underwriting, M&A advisory, corporate banking, and sales and trading. Headquartered in Richmond, VA, with offices throughout the US, we have specific expertise within 10 distinct industry verticals including Automotive Aftermarket; Commercial & Industrial; Education; Energy; Financial Services; Food & Agribusiness; Healthcare; Logistics & Transportation Services; Real Estate; and Retail & Consumer. Our commitment to industry expertise, combined with our resources as one of the nation's strongest financial institutions, strategically positions BB&T Capital Markets to build lasting relationships and contribute measurably to the long-term success of our clients.

  • Cedar Realty Trust, Inc. (NYSE: CDR)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the fourth quarter of 2017, helping to raise $50,000,000 for our client.

    The Company's operating partnership presently intends to use the net proceeds from this offering to partially redeem outstanding shares of its Series B preferred stock. Pending such use, the net proceeds will be used to temporarily repay amounts outstanding under the operating partnership’s credit facility. The underwriters have a 30 day option to purchase an additional 300,000 shares to cover over-allotments.

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  • Vornado Realty Trust (NYSE: VNO)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the fourth quarter of 2017, helping to raise $450,000,000 for our client.

    The Company expects to use the net proceeds from this offering, together with cash on hand, to fund the redemption of all of its 2.500% senior notes due 2019.

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  • Duke Realty Corporation (NYSE: DRE)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the fourth quarter of 2017, helping to raise $300,000,000 for our client.

    The Company intends to use the net proceeds to fund development and for general corporate purposes, and may use a portion of the proceeds to repay borrowings under the company's revolving credit facility.

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  • Simon Property Group, Inc. (NYSE: SPG)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the fourth quarter of 2017, helping to raise $1,350,000,000 for our client.

    The Company intends to use the net proceeds of this offering to fund the planned optional redemption at par of all $750 million aggregate principal amount of its 1.50% notes due February 2018 and for general corporate purposes.

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  • Realty Income Corporation (NYSE: O)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the fourth quarter of 2017, helping to raise $1,300,000,000 for our client.

    The Company intends to use the net proceeds from this offering to redeem all $550.0 million aggregate principal amount of its outstanding 2019 notes, to repay borrowings outstanding under its revolving credit facility, and for acquisitions and other general corporate purposes.

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  • UDR, Inc. (NYSE: UDR)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the fourth quarter of 2017, helping to raise $300,000,000 for our client.

    The Company intends to use the net proceeds from this offering for the repayment of debt, including to partially fund the redemption of $300 million in aggregate principal amount (plus the make-whole amount and accrued and unpaid interest) of its 4.250% senior notes due June 1, 2018, or other general corporate purposes.

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  • Life Storage, Inc. (NYSE: LSI)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the fourth quarter of 2017, helping to raise $450,000,000 for our client.

    The Company intends to use the net proceeds from the offering to pay $225 million of principal owed under its $325 million unsecured term note that matures in 2020, and amounts under its unsecured line of credit.

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  • Healthcare Realty Trust Incorporated (NYSE: HR)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the fourth quarter of 2017, helping to raise $300,000,000 for our client.

    The Company expects to apply the net proceeds from this offering towards the redemption of the Company's senior notes due 2021. Pending such use, the net proceeds will be applied to outstanding borrowings under the company's unsecured credit facility due 2020 and may be used for other general corporate purposes.

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  • Boston Properties, Inc. (NYSE: BXP)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the fourth quarter of 2017, helping to raise $850,000,000 for our client.

    The Company intends to use the net proceeds from the sale of the notes for the repayment of debt, including funding the redemption of the company's 3.700% senior notes due 2018, or other general business purposes, which may include acquisitions, development projects or other investment opportunities.

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  • AvalonBay Communities, Inc. (NYSE: AVB)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the fourth quarter of 2017, helping to raise $750,000,000 for our client.

    The Company intends to use the net proceeds from the sale of the notes to reduce indebtedness and for general corporate purposes.

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  • Brandywine Realty Trust (NYSE: BDN)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the fourth quarter of 2017, helping to raise $550,000,000 for our client.

    The Company intends to use the net proceeds of the offering to finance its previously announced tender offer for the $325 million notes due April 2018, and to repay amounts outstanding under its unsecured revolving credit facility. The balance of the proceeds will be used for general business purposes, which may include the repayment, repurchase or other settlement of debt.

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  • Summit Hotel Properties, Inc. (NYSE: INN)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the fourth quarter of 2017, helping to raise $160,000,000 for our client.

    The Company intends to use the net proceeds from this offering to redeem all their series B preferred stock and potentially other debt, and for general corporate purposes, including acquisitions. The underwriters have a 30 day option to purchase an additional 960,000 shares to cover over-allotments.

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  • Plymouth Industrial REIT, Inc. (NYSE MKT: PLYM)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the fourth quarter of 2017, helping to raise $51,000,000 for our client.

    The preferred stock has an initial rate 7.5% plus 1.5% per annum, on and after December 31st, 2024, with a maximum dividend rate of 11.5%. The Company intends to use the net proceeds from this offering for which it intends to use $5.0 million of the net proceeds to repurchase 263,158 shares of common stock from Torchlight Investors, LLC, and for general corporate purposes, which may include funding new acquisitions. Total gross proceeds includes the partial exercise of the underwriters’ over-allotment option, through which the underwriters purchased an additional 240,000 shares.

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  • Hudson Pacific Properties, Inc. (NYSE: HPP)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the third quarter of 2017, helping to raise $400,000,000 for our client.

    The Company intends to use the net proceeds from this offering to repay outstanding borrowings or for general corporate purposes.

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  • Tremont Mortgage Trust (Nasdaq: TRMT)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the third quarter of 2017, helping to raise $50,000,000 for our client.

    The Company plans to use all the proceeds of this offering to make investments in accordance with its objectives and strategies. Prior to the time it has fully used the proceeds of this offering to make investments in its target investments, it may fund some or all of its quarterly distributions out of the proceeds of this offering. The underwriters have a 30-day option to purchase an additional 375,000 shares to cover over-allotments.

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  • Global Medical REIT Inc. (NYSE: GMRE)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the third quarter of 2017, helping to raise $77,625,000 for our client.

    The Company intends to use the net proceeds from this offering for general corporate purposes, including funding new acquisitions and repaying indebtedness. Total gross proceeds includes the full exercise of the underwriters’ over-allotment option, through which they purchased an additional 405,000 shares.

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  • Pennsylvania Real Estate Investment Trust (NYSE: PEI)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the third quarter of 2017, helping to raise $120,000,000 for our client.

    The Company intends to use the net proceeds from this offering to fully redeem its outstanding series A preferred shares with an aggregate liquidation preference of about $115.0 million, with any remaining proceeds to go toward general corporate purposes. The underwriters have a 30 day option to purchase an additional 720,000 shares to cover over-allotments.

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  • National Retail Properties Inc. (NYSE: NNN)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the third quarter of 2017, helping to raise $400,000,000 for our client.

    The Company intends to use the net proceeds from this offering to repay all of the outstanding debt under the Company's credit facility. Any remaining funds will go toward future property acquisitions and for general corporate purposes.

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  • CBL & Associates Properties, Inc. (NYSE: CBL)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the third quarter of 2017, helping to raise $225,000,000 for our client.

    The Company intends to use the net proceeds from this offering to reduce amounts outstanding under CBL’s revolving credit facilities and for general corporate purposes.

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  • Alexandria Real Estate Equities, Inc. (NYSE: ARE)

    BB&T Capital Markets’ Real Estate Group is participating in a transaction for a real estate investment trust, helping to raise up to $750,000,000 for our client.

    The Company intends to initially use the net proceeds from this program for general working capital and corporate purposes, which may include reducing the outstanding balance on its unsecured senior line of credit, repaying other indebtedness, the selective development, redevelopment, or acquisition of properties, or the repurchase of its outstanding preferred stock.

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  • Cedar Realty Trust, Inc. (NYSE: CDR)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the third quarter of 2017, helping to raise $75,000,000 for our client.

    The Company's operating partnership presently intends to use the net proceeds from this offering to partially redeem outstanding shares of its Series B preferred stock. Pending such use, the net proceeds will be used to temporarily repay amounts outstanding under the operating partnership’s credit facility. The underwriters have a 30 day option to purchase an additional 450,000 shares to cover over-allotments.

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  • Healthcare Realty Trust Incorporated (NYSE: HR)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the third quarter of 2017, helping to raise a total of $257,628,750 for our client.

    The Company intends to use the net proceeds of this offering to partially fund their acquisition of an Atlanta medical office portfolio. The Company intends to use the remaining proceeds to repay outstanding indebtedness and for general corporate purposes. Total gross proceeds includes the full exercise of the underwriters’ over-allotment option, through which they purchased an additional 1,087,500 shares.

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  • Kimco Realty Corporation (NYSE: KIM)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the third quarter of 2017, helping to raise $225,000,000 for our client.

    The Company intends to use the net proceeds from this offering for general corporate purposes, including repayment of debt. The underwriters have a 30 day option to purchase an additional 1,350,000 shares to cover over-allotments.

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  • Digital Realty Trust, Inc. (NYSE: DLR)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the third quarter of 2017, helping to raise $1,350,000,000 for our client.

    The Company intends to use the net proceeds from this offering to fund a portion of the repayment, redemption and/or discharge of DuPont Fabros Technology, Inc (“DFT”) debt and the payment of certain transaction fees and expenses incurred in connection with the DFT merger. Pending any net proceeds will be used to repay borrowings under its operating partnership’s global revolving credit facility, acquire additional properties or businesses, fund development opportunities and to provide for working capital and other general corporate purposes, including potentially for the repurchase, redemption or retirement of other outstanding debt or equity securities.

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  • Kimco Realty Corporation (NYSE: KIM)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the third quarter of 2017, helping to raise $850,000,000 for our client.

    The Company intends to use the net proceeds from this offering to fund the consideration payable in its tender offer. The Company will use the excess net proceeds for general corporate purposes, including to partially reduce borrowings under its revolving credit facility maturing in March 2021.

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  • Equity Residential (NYSE: EQR)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the third quarter of 2017, helping to raise $700,000,000 for our client.

    The Company intends to use proceeds from the offering for general corporate purposes and working capital, including repayment of debt.

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  • Community Healthcare Trust Incorporated (NYSE: CHCT)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the third quarter of 2017, helping to raise a total of $114,611,875 for our client.

    The Company intends to use the net proceeds of this offering to repay the outstanding indebtedness under its revolving facility and to fund future acquisitions in accordance with its investment guidelines and for general corporate and working capital purposes. Total gross proceeds includes the full exercise of the underwriters’ over-allotment option, through which they purchased an additional 637,500 shares.

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  • Government Properties Income Trust (Nasdaq: GOV)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the third quarter of 2017, helping to raise $300,000,000 for our client.

    The Company intends to use the net proceeds from this offering to finance, in part, its transaction with First Potomac Realty Trust. Pending the consummation of the transaction, the Company may repay future amounts outstanding under its revolving credit facility or invest the net proceeds from this offering in short term investments.

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  • Government Properties Income Trust (Nasdaq: GOV)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the second quarter of 2017, helping to raise a total of $516,280,037 for our client.

    The Company intends to use the net proceeds to help fund the Company’s planned acquisition of First Potomac Realty Trust. GOV may also elect to use the proceeds to repay amounts outstanding under its unsecured revolving credit facility or to fund short-term investments, pending the closing of the all-cash deal with First Potomac. Total gross proceeds includes the partial exercise of the underwriters’ over-allotment option, through which they purchased an additional 2,907,029 shares.

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  • Physicians Realty Trust (NYSE: DOC)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the second quarter of 2017, helping to raise a total of $408,000,000 for our client.

    The Company intends to use the net proceeds of this offering (i) to repay a portion of the outstanding indebtedness under its revolving credit facility, (ii) to fund pending acquisitions (iii) for general corporate purposes, including, without limitation, working capital and investment in real estate. The underwriters have a 30-day option to purchase an additional 3,000,000 shares to cover over-allotments.

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  • Tanger Factory Outlet Centers, Inc. (NYSE: SKT)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the second quarter of 2017, helping to raise $300,000,000 for our client.

    The Company intends to use the net proceeds from this offering to redeem all of its outstanding 2020 notes.

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  • Global Medical REIT Inc. (NYSE: GMRE)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the second quarter of 2017, helping to raise a total of $31,500,000 for our client.

    The Company intends to use the net proceeds to contribute to its operating partnership in exchange for OP units in its operating partnership. The operating partnership intends to use the net proceeds from this offering to repay $25.0 million of the outstanding indebtedness under its revolving credit facility and to fund acquisitions or for other general corporate purposes. The underwriters have a 30-day option to purchase an additional 525,000 shares to cover over-allotments.

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  • Regency Centers Corporation (NYSE: REG)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the second quarter of 2017, helping to raise $300,000,000 for our client.

    The Company intends to use proceeds from the offering (i) to redeem all of the 3,000,000 outstanding shares of its 6.0% Series 7 preferred shares (ii) to retire approximately $112 million of loans secured by mortgages with interest rates ranging from 7.0% to 7.8% on various properties and (iii) for general corporate purposes.

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  • AvalonBay Communities, Inc. (NYSE: AVB)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the second quarter of 2017, helping to raise $300,000,000 for our client.

    The Company will use net proceeds from the offering to prepay the indebtedness outstanding under company's Freddie Mac secured debt pool maturing on May 1, 2019 and to pay a related yield maintenance penalty. The Company also intends to use the net proceeds of this offering to reduce indebtedness outstanding under company's unsecured revolving credit facility.

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  • Plymouth Industrial REIT, Inc. (NYSE MKT: PLYM)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the third quarter of 2017, helping to raise $58,140,000 for our client.

    The Company will contribute the net proceeds from this offering, including any net proceeds from the exercise of the over-allotment option, to its operating partnership in exchange for OP units. The Company expect its operating partnership will use approximately $20.0 million of the net proceeds from this offering to redeem the preferred interests. The operating partnership is expected to use the remaining net proceeds to acquire and manage additional industrial properties and for general corporate purposes. Total gross proceeds includes the partial exercise of the underwriters’ over-allotment option, through which they purchased an additional 160,000 shares.

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  • UDR, Inc. (NYSE: UDR)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the second quarter of 2017, helping to raise $300,000,000 for our client.

    The Company intends to use the net proceeds for general corporate purposes, including the repayment of outstanding indebtedness.

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  • Brixmor Property Group Inc. (NYSE: BRX)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the second quarter of 2017, helping to raise $500,000,000 for our client.

    The Company’s operating partnership plans to fully or partially use the net proceeds from the offering to repay outstanding debt under its $1.25 billion unsecured revolving credit facility and for general corporate purposes.

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  • Summit Hotel Properties, Inc. (NYSE: INN)

    BB&T Capital Markets’ Real Estate Group is participating in a transaction for a real estate investment trust, helping to raise up to $200,000,000 for our client.

    The Company intends to contribute the net proceeds from any sale of shares of it's common stock offered to the Company’s operating partnership. The Company’s operating partnership intends to use the net proceeds for general corporate purposes, which may include, among other things, acquiring additional hotel properties, funding capital improvements at it's hotel properties, repaying it's debt or redeeming shares of it's outstanding preferred stock.

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  • Simon Property Group, Inc. (NYSE: SPG)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the second quarter of 2017, helping to raise $1,350,000,000 for our client.

    The Company intends to use the net proceeds of these offerings to fund the planned optional redemption of its 5.650% notes due 2020 and to use any additional net proceeds for general corporate purposes.

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  • Summit Hotel Properties, Inc. (NYSE: INN)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the second quarter of 2017, helping to raise a total of $170,775,000 for our client.

    The Company intends to contribute the net proceeds from this offering to Company's operating partnership in exchange for additional common units of company's operating partnership. The Company's operating partnership intends to use the net proceeds from this offering for general corporate purposes, including repayment of borrowings under company's senior unsecured revolving credit facility and acquisitions of additional hotel properties. Total gross proceeds includes the full exercise of the underwriters’ over-allotment option, through which they purchased an additional 1,350,000 shares.

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  • Regency Centers Corporation (NYSE: REG)

    BB&T Capital Markets’ Real Estate Group is participating in a transaction for a real estate investment trust, helping to raise up to $500,000,000 for our client.

    The Company expects to use the net proceeds from this offering to fund their development or redevelopment activities, fund potential acquisition opportunities, repay amounts outstanding under their revolving credit facility and/or for general corporate purposes.

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  • HC Government Realty Trust, Inc.

    BB&T Capital Markets’ Real Estate Group advised on a Regulation A+, Tier 2 offering for a real estate investment trust, helping to raise up to $30 million for our client. HCGRT successfully raised the minimum $3 million needed to break escrow in May 2017.

    The Company will use the net proceeds from this offering to acquire GSA-leased properties, for repayment of certain outstanding debt, and general working capital.

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  • Select Income REIT (NASDAQ: SIR)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the second quarter of 2017, helping to raise $350,000,000 for our client.

    The Company intends to use the net proceeds from this offering to repay amounts outstanding under its revolving credit facility and for general business purposes.

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  • AvalonBay Communities, Inc. (NYSE: AVB)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the second quarter of 2017, helping to raise $400,000,000 for our client.

    The Company intends to use net proceeds to reduce borrowings under its $1.5 billion unsecured revolving credit facility, a portion of which was used for the repayment of secured indebtedness, and for general corporate purposes, which may include acquisition, development, and redevelopment of apartment communities, and refinancing of other debt.

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  • Mid-America Apartment Communities, Inc. (NYSE: MAA)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the second quarter of 2017, helping to raise $600,000,000 for our client.

    The Company intends to use net proceeds to repay amounts outstanding under its $1 billion revolving credit facility and for general corporate purposes, which may include repaying other debt and buying or renovating apartment communities.

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  • STAG Industrial, Inc. (NYSE: STAG)

    BB&T Capital Markets’ Real Estate Group is participating in a transaction for a real estate investment trust, helping to raise up to $300,000,000 for our client.

    The Company intends to use the net proceeds to fund acquisitions, to repay indebtedness, including amounts outstanding under the company's credit facility, for working capital and other general corporate purposes, or a combination of the foregoing.

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  • Alterra Property Group, LLC

    In the first quarter of 2017, through a joint venture equity transaction with Alterra Property Group, LLC and MIS Capital LLC, Kimco took an ownership interest in Lincoln Square, a fully entitled, $160 million mixed-use development project in the highly sought-after Center City district of Philadelphia. The project will feature 322 residential units and 100,000 square feet of retail space (approximately 80% pre-leased) anchored by a 36,000-square-foot small-format Target store, a 32,000-square-foot specialty grocer and a 16,000-square-foot PetSmart. BB&T Capital Markets represented Alterra and MIS Capital as exclusive financial advisor on the transaction.

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  • Essex Property Trust, Inc. (NYSE: ESS)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the second quarter of 2017, helping to raise $350,000,000 for our client.

    The Company intends to use net proceeds to repay indebtedness under its unsecured line of credit facilities and for other general corporate and working capital purposes.

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  • Omega Healthcare Investors, Inc. (NYSE: OHI)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the first quarter of 2017, helping to raise $700,000,000 for our client.

    The Company intends to use the net proceeds to (i) redeem all of their outstanding $400 million aggregate principal amount of 5.875% Senior Notes due 2024, (ii) repay a $200 million senior unsecured incremental term loan facility which is due and payable in full on June 27, 2017 and discharge company's obligations and (iii) repay outstanding borrowings under company's revolving credit facility.

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