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| AvalonBay Communities Announces Fourth Quarter And Full Year 2001 Operating Results |
ALEXANDRIA, Va., Jan. 22 /PRNewswire-FirstCall/ -- AvalonBay Communities, Inc. (NYSE: AVB, PCX) announced today its fourth quarter and full year 2001 operating results. Highlights follow: * Earnings per Share ("EPS") including gain on sale of communities increased 24.6% to $0.81 (diluted) for the quarter ended December 31, 2001 from $0.65 (diluted) for the comparable period of 2000. EPS increased 23.3% to $3.12 (diluted) for the year ended December 31, 2001 from $2.53 (diluted) for the comparable period of 2000. Earnings per Share excluding gain on sale of communities ("Operating EPS") for the quarter ended December 31, 2001 was $0.54 (diluted), equal to the comparable period of 2000. Operating EPS for the year ended December 31, 2001 increased 15.0% to $2.22 (diluted) from $1.93 (diluted) for the comparable period of 2000. * Funds From Operations ("FFO") for the quarter ended December 31, 2001 increased 4.0% to $1.03 per share from $0.99 per share for the comparable period of 2000. FFO for the year ended December 31, 2001 increased 9.7% to $4.06 from $3.70 per share for the comparable period of 2000. * Total revenue increased by $8,274,000, or 5.4%, to $160,272,000 and earnings before interest, income taxes, depreciation and amortization ("EBITDA") increased by $5,668,000, or 5.8%, to $104,101,000 for the quarter ended December 31, 2001. Total revenue increased by $68,262,000, or 11.9%, to $641,657,000 and EBITDA increased by $41,324,000, or 11.1%, to $412,604,000 for the year ended December 31, 2001. * Established Communities rental revenue decreased 0.5%, operating expenses decreased 4.2% and net operating income ("NOI") increased 0.9% for the quarter ended December 31, 2001. Established Communities rental revenue increased 6.6%, operating expenses increased 4.2% and NOI increased 7.5% for the year ended December 31, 2001. 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 . The Company will hold a conference call on January 23, 2002 at 11:00 a.m. Eastern Time (EST) to review these results. The domestic number to call to participate is 1-877-510-2397, and the international number to participate is 1-706-634-5877. The domestic number to hear a replay of this call is 1-800-642-1687, and the international number to hear a replay of this call is 1-706-645-9291 - Access Code: 2839979. 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 . At December 31, 2001, AvalonBay Communities, Inc., headquartered in Alexandria, Virginia, owned or held an ownership interest in 141 apartment communities containing 41,191 apartment homes in eleven states and the District of Columbia, of which fifteen communities were under construction and three communities were 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
