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| AvalonBay Communities Announces Income Tax Treatment of 2002 Dividends |
ALEXANDRIA, Va., Jan. 13 /PRNewswire-FirstCall/ -- AvalonBay Communities, Inc. (NYSE: AVB; PCX) reported today the following final income allocations of the Company's 2002 dividend distributions on its Common Stock and Preferred Stock as they will be reported on Form 1099-DIV. Declaration Record Payable Date Date Date Common Shares (CUSIP #053484101) 02/12/02 04/01/02 04/15/02 05/07/02 06/28/02 07/15/02 09/11/02 10/01/02 10/15/02 12/11/02 12/31/02 01/15/03 Taxable Unrecaptured Declaration Distribution Ordinary Return of 20% Section Date Per Share Income Capital Rate Gain* 1250 Gain Common Shares (CUSIP #053484101) 02/12/02 $0.7000 $0.5180 $0.0000 $0.1610 $0.0210 05/07/02 0.7000 0.5180 0.0000 0.1610 0.0210 09/11/02 0.7000 0.5180 0.0000 0.1610 0.0210 12/11/02 0.7000 0.5180 0.0000 0.1610 0.0210 Totals $2.8000 $2.0720 $0.0000 $0.6440 $0.0840 100% 74% 0% 23% 3% Declaration Record Payable Date Date Date Preferred Shares Series C (CUSIP #053484200) 11/07/01 03/01/02 03/15/02 02/12/02 06/03/02 06/17/02 05/07/02 07/12/02 07/12/02 Taxable Unrecaptured Declaration Distribution Ordinary Return of 20% Section Date Per Share Income Capital Rate Gain* 1250 Gain Preferred Shares Series C (CUSIP #053484200) 11/07/01 $0.53125 $0.39312 $0.00000 $0.12219 $0.01594 02/12/02 0.53125 0.39312 0.00000 0.12219 0.01594 05/07/02 0.14170 0.10486 0.00000 0.03259 0.00425 Totals $1.20420 $0.89110 $0.00000 $0.27697 $0.03613 100% 74% 0% 23% 3% Declaration Record Payable Date Date Date Preferred Shares Series D (CUSIP #053484309) 11/07/01 03/01/02 03/15/02 02/12/02 06/03/02 06/17/02 05/07/02 08/30/02 09/16/02 09/11/02 12/02/02 12/16/02 Taxable Unrecaptured Declaration Distribution Ordinary Return of 20% Section Date Per Share Income Capital Rate Gain* 1250 Gain Preferred Shares Series D (CUSIP #053484309) 11/07/01 $0.5000 $0.3700 $0.0000 $0.1150 $0.0150 02/12/02 0.5000 0.3700 0.0000 0.1150 0.0150 05/07/02 0.5000 0.3700 0.0000 0.1150 0.0150 09/11/02 0.5000 0.3700 0.0000 0.1150 0.0150 Totals $2.0000 $1.4800 $0.0000 $0.4600 $0.0600 100% 74% 0% 23% 3% Declaration Record Payable Date Date Date Preferred Shares Series H (CUSIP #053484705) 11/07/01 03/01/02 03/15/02 02/12/02 06/03/02 06/17/02 05/07/02 08/30/02 09/16/02 09/11/02 12/02/02 12/16/02 Taxable Unrecaptured Declaration Distribution Ordinary Return of 20% Section Date Per Share Income Capital Rate Gain* 1250 Gain Preferred Shares Series H (CUSIP #053484705) 11/07/01 $0.54375 $0.40238 $0.00000 $0.12506 $0.01631 02/12/02 0.54375 0.40238 0.00000 0.12506 0.01631 05/07/02 0.54375 0.40238 0.00000 0.12506 0.01631 09/11/02 0.54375 0.40238 0.00000 0.12506 0.01631 Totals $2.17500 $1.60952 $0.00000 $0.50024 $0.06524 100% 74% 0% 23% 3% Totals may not sum due to rounding differences. Additionally, the Company did not incur any foreign taxes, and the information above presents final income allocations. * Of the amount reported as 20-percent rate gain, for each class of stock listed above, 100-percent is "qualified five-year gain" and may be eligible for a reduced capital gain rate pursuant to Internal Revenue Code section 1(h)(2)(A) for some shareholders. About AvalonBay Communities, Inc. AvalonBay Communities, Inc., headquartered in Alexandria, Virginia, currently owns or holds an ownership interest in 147 apartment communities containing 43,219 apartment homes in 11 states and the District of Columbia, of which fourteen communities are under construction and one community is 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.SOURCE AvalonBay Communities, Inc.
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CONTACT:
Thomas J. Sargeant, Executive Vice President
and Chief Financial Officer, of AvalonBay Communities, Inc.,
+1-703-317-4635
