The following summarizes the changes in stockholders’ equity for the six months ended June 30, 2011 (dollars in thousands):


	Common stock		Additional paid-in capital		Accumulated earnings less dividends			Accumulated other comprehensive loss			Total AvalonBay stockholders’ equity			Noncontrolling interests			Total equity

Balance at December 31, 2010	$	859	$	3,593,677	$	(282,743	)	$	(1,175	)	$	3,310,618		$	4,973		$	3,315,591

Net income attributable to common stockholders		—		—		73,713			—			73,713			—			73,713
Unrealized loss on cash flow hedges		—		—		—			(19,420	)		(19,420	)		—			(19,420	)
Change in redemption value of redeemable noncontrolling interest		—		—		(1,218	)		—			(1,218	)		—			(1,218	)
Noncontrolling interests (a)		—		—		—			—			—			(910	)		(910	)
Dividends declared to common stockholders		—		—		(157,075	)		—			(157,075	)		—			(157,075	)
Issuance of common stock, net of withholdings		28		251,060		(1,089	)		—			249,999			—			249,999
Amortization of deferred compensation		—		18,483		—			—			18,483			—			18,483


Balance at June 30, 2011	$	887	$	3,863,220	$	(368,412	)	$	(20,595	)	$	3,475,100		$	4,063		$	3,479,163

(a)	Represents the impact of consolidating a Fund I subsidiary. See Note 6, “Investments in Real Estate Entities.”

During the six months ended June 30, 2011, the Company:

(i)

issued 1,801,766 shares of common stock through public offerings;

(ii)

issued 597,436 shares of common stock in connection with stock options exercised;

(iii)

issued 1,809 common shares through the Company’s dividend reinvestment plan;

(iv)

issued 498,810 common shares in connection with stock grants;

(v)

issued 7,500 common shares for Down REIT OP units conversion;

(vi)

withheld 126,928 common shares to satisfy employees’ tax withholding and other liabilities; and

(vii)

redeemed 505 shares of restricted common stock upon forfeiture.