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| AvalonBay Communities Announces Redemption of 8.00% Series D Cumulative Redeemable Preferred Stock |
ALEXANDRIA, Va., Feb. 18 /PRNewswire-FirstCall/ -- AvalonBay Communities, Inc. (NYSE: AVB; PCX) announced today that it gives notice that it will redeem all outstanding shares of its 8.00% Series D Cumulative Redeemable Preferred Stock ("Series D Preferred Stock") (AVB PrD - CUSIP No. 053484309) on March 20, 2003 at a price of $25.00 per share, plus $0.0167 per share in accrued and unpaid dividends to the redemption date, for an aggregate redemption price of $25.0167 per share of Series D Preferred Stock. This redemption will be funded with the proceeds of the issuance of Series J Cumulative Redeemable Preferred Stock through a private placement to an institutional investor. The initial dividend rate on the Series J shares will be based upon three month LIBOR plus a spread of 150 basis points, and the Series J shares will be redeemable at the discretion of AvalonBay. From the redemption date forward, dividends on the Series D Preferred Stock will no longer accrue, and holders of the Series D Preferred Stock will have no rights other than the right to receive the redemption price of $25.0167, without interest, upon surrender of certificates representing the Series D Preferred Stock. Payment of the redemption price will be made only upon presentation and surrender of certificates representing the Series D Preferred Stock to Wachovia Bank, N.A., the transfer agent for the Series D Preferred Stock, during its usual business hours at the addresses specified in the Notice of Redemption. The following certificates were previously subject to exchange for certificates representing the Series D Preferred Stock and are therefore also subject to this redemption: Avalon Bay Communities, Inc. Series D Cumulative Redeemable Preferred Stock (AVB PrD - CUSIP No. 053373403) and Bay Apartment Communities, Inc. 8.00% Series D Cumulative Redeemable Preferred Stock (BYA PrD - CUSIP No. 072012404). The Notice of Redemption and related materials will be mailed to holders of record of the Series D Preferred Stock on or about February 18, 2003. Questions relating to the Notice of Redemption and related materials should be directed to Wachovia Bank, N.A., the redemption agent, at 1-800-829-8432 or to AvalonBay Communities, Inc. Investor Relations at (703) 317-4632. About AvalonBay Communities, Inc. 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 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:
Alaine S. Walsh, Manager of Investor
Relations, of AvalonBay Communities, Inc., +1-703-317-4632
