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| AvalonBay Communities Announces Fourth Quarter and Full Year 2002 Operating Results |
ALEXANDRIA, Va., Jan. 21 /PRNewswire-FirstCall/ -- AvalonBay Communities, Inc. (NYSE: AVB; PCX) reported today its fourth quarter and full year 2002 operating results. * Earnings per Share -- diluted ("EPS") for the quarter ended December 31, 2002 was $0.91 compared to $0.81 for the comparable period of 2001, a per share increase of 12.3%. EPS for the full year 2002 was $2.23 compared to $3.12 for the full year 2001, a per share decrease of 28.5%. * Funds from Operations -- diluted per share ("FFO per share") for the quarter ended December 31, 2002 was $0.85 compared to $1.03 for the comparable period of 2001, a per share decrease of 17.5%. FFO per share for the full year 2002 was $3.65 compared to $4.06 for the full year 2001, a per share decrease of 10.1%. These FFO per share results are consistent with the Company's financial outlook provided on both October 7, 2002 and December 19, 2002. * Net Operating Income ("NOI") from the entire portfolio for the three and twelve months ended December 31, 2002 decreased 4.7% and 3.8%, respectively, as compared to the comparable periods of 2001. * Total revenue increased by $2,920,000, or 1.8%, to $161,346,000 for the quarter ended December 31, 2002. Total revenue increased by $5,143,000, or 0.8%, to $638,966,000 for the full year 2002. * Established Communities rental revenue decreased 6.3%, operating expenses increased 9.8% and NOI decreased 11.9% for the quarter ended December 31, 2002 as compared to the fourth quarter of 2001. Sequentially, from the third quarter 2002 to the fourth quarter 2002, Established Communities rental revenue decreased 1.4%, operating expenses decreased 5.6% and NOI increased 0.6%. For the full year 2002, Established Communities rental revenue decreased 6.1%, operating expenses increased 4.5% and NOI decreased 9.9% as compared to the full year 2001. * As noted in the Company's initial 2003 financial outlook provided on December 19, 2002, the Company expects EPS in the range of $0.23 to $0.29 and FFO per share in the range of $0.78 to $0.84 for the first quarter 2003. For the full year 2003, the Company expects EPS in the range of $1.93 to $2.13 and FFO per share in the range of $3.15 to $3.35. The full text of the release is available via the Company's website and e- mail distribution. The Company also produces Earnings Release Attachments ("the Attachments") that provide detailed information regarding operating and investment activity. The full text and the Attachments are available at http://www.avalonbay.com/earnings . The Adobe Acrobat 5.0 Reader is required to access the Attachments and is available for downloading at http://www.adobe.com/products/acrobat/readstep.html . The Company will hold a conference call on January 22, 2003 at 11:00 AM Eastern Time to review and answer questions about the content of the release, the Attachments described above and related matters. The domestic number to call to participate is 1-877-510-2397. The international number to participate is 1-706-634-5877. The domestic number to hear a replay of the call is 1-800-642-1687. The international number to hear a replay is 1-706-645-9291 -- Access Code: 7332798. A live webcast and an on-line playback of the conference call will also be available at http://www.avalonbay.com/earnings . AvalonBay Communities, Inc., headquartered in Alexandria, Virginia, currently owns or holds an ownership interest in 149 apartment communities containing 43,608 apartment homes in eleven states and the District of Columbia, of which twelve communities are under construction and two 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 .SOURCE AvalonBay Communities, Inc.
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CONTACT:
Thomas J. Sargeant, Executive Vice President,
Chief Financial Officer, of AvalonBay Communities, Inc.,
+1-703-317-4635
