AvalonBay Communities Reports First Quarter 2001 Operating Results

Apr 23, 2001, 01:00 ET from AvalonBay Communities, Inc.

    ALEXANDRIA, Va., April 23 /PRNewswire Interactive News Release/ --
 AvalonBay Communities, Inc. (NYSE:   AVB; PCX) announced today its first quarter
 2001 operating results.  Highlights of the Company's first quarter 2001
 operating results follow:
 
     *  Diluted Earnings per Share ("EPS") before gain on sale of communities
        increased 22.7% to $.54 from $.44 per share.
 
     *  Diluted Funds From Operations ("FFO") increased to $.98 from $.87 per
        share, a 12.6% per share increase.  Diluted FFO per share excluding
        non-recurring items would have been $1.01.
 
     *  Total revenue increased by $20,669,000, or 15.3%, to $155,757,000.
 
     *  Established Communities rental revenue increased 11.8%, operating
        expenses increased 6.4% and net operating income ("NOI") increased
        13.8%.
 
     *  Economic occupancy decreased to 96.9% from 97.5% for the first quarter
        2000 and 97.8% for the fourth quarter 2000.
 
     *  The Company reaffirmed its earnings projections for 2001 of estimated
        FFO per share in the range of $4.05 to $4.09.
 
     The full text of the release is available through the Company's website
 and e-mail distribution.  The Company also produces Earnings Release
 Attachments ("the Attachments") that provide detailed information regarding
 operating, development, redevelopment, disposition and acquisition activity.
 The full text and the Attachments are available through the Company's website
 at http://www.avalonbay.com/earnings .  The ability to access the Attachments
 on the Company's website requires the Adobe Acrobat 4.0 Reader, which may be
 downloaded at http://www.adobe.com/products/acrobat/readstep.html .
 
     Conference Call Information
     The Company will hold a conference call on April 24, 2001 at 11 a.m.
 Eastern Time (EST) to review these results.  The domestic number to call to
 participate is 1-800-982-3654, and the international number to participate is
 1-703-871-3021.  The domestic number to hear a replay of this call is
 1-888-266-2086, and the international number to hear a replay of this call is
 1-703-925-2435 -- Access Code: 5064776.  A live webcast and an on-line
 playback of the conference call will also be available on the Company's
 website at http://www.avalonbay.com/earnings .
 
     About AvalonBay Communities, Inc.
     AvalonBay Communities, Inc., headquartered in Alexandria, Virginia,
 currently owns or holds an ownership interest in 139 apartment communities
 containing 41,772 apartment homes in twelve states and the District of
 Columbia, of which presently thirteen communities are under construction and
 four communities are under reconstruction.  AvalonBay is in the business of
 developing, redeveloping, acquiring and managing luxury apartment communities
 in high barrier-to-entry markets of the United States.  More information on
 AvalonBay may be found on AvalonBay's Web Site at http://www.avalonbay.com .
 
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SOURCE AvalonBay Communities, Inc.
    ALEXANDRIA, Va., April 23 /PRNewswire Interactive News Release/ --
 AvalonBay Communities, Inc. (NYSE:   AVB; PCX) announced today its first quarter
 2001 operating results.  Highlights of the Company's first quarter 2001
 operating results follow:
 
     *  Diluted Earnings per Share ("EPS") before gain on sale of communities
        increased 22.7% to $.54 from $.44 per share.
 
     *  Diluted Funds From Operations ("FFO") increased to $.98 from $.87 per
        share, a 12.6% per share increase.  Diluted FFO per share excluding
        non-recurring items would have been $1.01.
 
     *  Total revenue increased by $20,669,000, or 15.3%, to $155,757,000.
 
     *  Established Communities rental revenue increased 11.8%, operating
        expenses increased 6.4% and net operating income ("NOI") increased
        13.8%.
 
     *  Economic occupancy decreased to 96.9% from 97.5% for the first quarter
        2000 and 97.8% for the fourth quarter 2000.
 
     *  The Company reaffirmed its earnings projections for 2001 of estimated
        FFO per share in the range of $4.05 to $4.09.
 
     The full text of the release is available through the Company's website
 and e-mail distribution.  The Company also produces Earnings Release
 Attachments ("the Attachments") that provide detailed information regarding
 operating, development, redevelopment, disposition and acquisition activity.
 The full text and the Attachments are available through the Company's website
 at http://www.avalonbay.com/earnings .  The ability to access the Attachments
 on the Company's website requires the Adobe Acrobat 4.0 Reader, which may be
 downloaded at http://www.adobe.com/products/acrobat/readstep.html .
 
     Conference Call Information
     The Company will hold a conference call on April 24, 2001 at 11 a.m.
 Eastern Time (EST) to review these results.  The domestic number to call to
 participate is 1-800-982-3654, and the international number to participate is
 1-703-871-3021.  The domestic number to hear a replay of this call is
 1-888-266-2086, and the international number to hear a replay of this call is
 1-703-925-2435 -- Access Code: 5064776.  A live webcast and an on-line
 playback of the conference call will also be available on the Company's
 website at http://www.avalonbay.com/earnings .
 
     About AvalonBay Communities, Inc.
     AvalonBay Communities, Inc., headquartered in Alexandria, Virginia,
 currently owns or holds an ownership interest in 139 apartment communities
 containing 41,772 apartment homes in twelve states and the District of
 Columbia, of which presently thirteen communities are under construction and
 four communities are under reconstruction.  AvalonBay is in the business of
 developing, redeveloping, acquiring and managing luxury apartment communities
 in high barrier-to-entry markets of the United States.  More information on
 AvalonBay may be found on AvalonBay's Web Site at http://www.avalonbay.com .
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X93601311
 
 SOURCE  AvalonBay Communities, Inc.