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| AvalonBay Communities Announces Fourth Quarter 2000 and Full Year 2000 Operating Results |
ALEXANDRIA, Va., Jan. 23 /PRNewswire/ -- AvalonBay Communities, Inc. (NYSE: AVB; Pacific) announced today its fourth quarter 2000 and full year 2000 operating results. Highlights of the Company's fourth quarter 2000 and full year 2000 operating results follow: * Fourth quarter diluted Earnings per Share ("EPS") before gain on sale of communities increased 20.0% to $.54 from $.45 and full year 2000 diluted EPS before gain on sale of communities increased 46.2% to $1.93 from $1.32 per share. * Fourth quarter Funds From Operations ("FFO") increased to $.99 from $.87 per share diluted, a 13.8% increase and full year 2000 FFO increased to $3.70 from $3.22 per share diluted, a 14.9% per share increase. * Fourth quarter Established Communities rental revenue increased 11.5%, operating expenses increased 8.2% and net operating income ("NOI") increased 12.7%. Full year 2000 Established Communities rental revenue increased 8.9%, operating expenses increased 4.5% and NOI increased 10.7%. 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 January 24, 2001 at 11:00 AM 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: 4865680. 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 138 apartment communities containing 40,631 apartment homes in twelve states and the District of Columbia, of which presently twelve communities are under construction and four communities are under reconstruction. AvalonBay is in the business of developing, redeveloping, and 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:
Alaine S. Walsh, Manager of Investor
Relations of AvalonBay Communities, Inc., 703-317-4632
