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| AvalonBay Communities Declares First Quarter Dividends |
ALEXANDRIA, Va., March 13 /PRNewswire-FirstCall/ -- AvalonBay Communities, Inc. (NYSE: AVB; PCX) announced today that its Board of Directors declared dividends on the Company's Common Stock (par value $.01) for the first quarter of 2003. The Common Stock dividend is $0.70 per share and is payable on April 15, 2003 to all Common Stockholders of Record as of April 1, 2003. The Common Stock dividend of $0.70 per share for the first quarter of 2003 is consistent with the Company's 2002 quarterly dividend level. The Board of Directors evaluated the dividend level for a possible increase and, after considering the current economic environment, elected to retain the 2002 dividend level. The Board of Directors also declared dividends on the Series H Cumulative Redeemable Preferred Stock for the first quarter of 2003. The Series H Cumulative Redeemable Preferred Stock dividends are $0.54375 per share and are payable on June 16, 2003 to all Series H Stockholders of Record as of June 2, 2003. About AvalonBay Communities AvalonBay Communities, Inc., headquartered in Alexandria, Virginia, currently owns or holds an ownership interest in 149 apartment communities containing 43,608 apartment homes in 11 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
and Chief Financial Officer of AvalonBay Communities, Inc.,
+1-703-317-4635
