Company officials say the proceeds were deposited in an escrow account to facilitate a Section 1031 like-kind exchange transaction. AvalonBay owns or holds ownership interest in 136 apartment communities containing 40,041 apartment homes in 12 states and the District of Columbia. Ten of those are now under construction and two more are under reconstruction.
The company earlier this week reported fourth quarter and year-end FFO growth of 13.8% and 14.9%, respectively. In afternoon trading, shares of Avalon were trading at $47 apiece, off 25 cents from Tuesday's close. In late December, shares traded at a 52-week high of $50.62.
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