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| Dick Michaux, Chairman Emeritus of AvalonBay Communities, to Retire From Board |
ALEXANDRIA, Va., April 1 /PRNewswire-FirstCall/ -- AvalonBay Communities, Inc. (NYSE: AVB; PCX) announced today that Dick Michaux, the Company's Chairman Emeritus and previously the Company's Chairman, CEO and President, has requested not to stand for re-election as a director at the Company's May 7, 2002 annual meeting of stockholders. This will complete Mr. Michaux's retirement from the Company. "It has been enormously rewarding for me to participate in the growth of this great company, and to see a smooth transition to a new set of leaders whom I have worked with for many years," said Mr. Michaux. "Having completed a transition that began over two years ago, I am ready to fully retire. I am looking forward to spending more time with family and friends and participating in other types of activities. I will watch AvalonBay continue its history of successes as one of its biggest supporters." Bryce Blair, Chairman, CEO and President, stated, "Dick is a tremendous leader and a great mentor. He will be missed both here at AvalonBay and by the multifamily industry as a whole, for which he served in many leadership capacities." "It is a testament to Dick's success in helping build this Company that with his retirement he will complete a transition to a management team with solid depth and breadth. Although we will miss Dick, we will continue to benefit from his many contributions in building this Company," said John Healy, Chair of the Nominating Committee of the Board of Directors. About AvalonBay Communities AvalonBay Communities, Inc., headquartered in Alexandria, Virginia, currently owns or holds an ownership interest in 141 apartment communities containing 41,191 apartment homes in eleven states and the District of Columbia, of which fifteen communities are under construction and three 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:
Bryce Blair, Chairman of the Board, Chief
Executive Officer and President of AvalonBay Communities, Inc.,
+1-703-317-4652
