AvalonBay Communities Clarifies April 22 Release

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AvalonBay Communities Clarifies April 22 Release

    ALEXANDRIA, Va., April 23 /PRNewswire-FirstCall/ -- AvalonBay Communities,
Inc. (NYSE: AVB; Pacific) clarified the Company's press release issued last
evening (April 22, 2002).  In that release, the Company only affirmed its
first quarter 2002 EPS of $0.51 and FFO of $0.99.  The Company did not affirm
the full year 2002 financial outlook and will update the full year 2002
outlook in its regularly scheduled press release for first quarter 2002
earnings to be released on April 30, 2002.

    About AvalonBay Communities, Inc.
    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 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 .
    This release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended.  The forward-looking statements
contained in this release are statements that involve risks and uncertainties,
including, but not limited to, changes in the demand for apartment homes, the
effects of economic conditions, the impact of competition and competitive
pricing, the effects of the Company's accounting policies and other matters
detailed in the Company's filings with the Securities and Exchange Commission,
including the Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2001 under the heading "Management's Discussion and Analysis of
Financial Condition and Results of Operations - Forward-Looking Statements."
Because of these risks and uncertainties, the number of apartment homes, cost
of construction, projected amount of proceeds from the expected sale of
certain transferable development rights, anticipated stabilized rents,
anticipated date of initial occupancy and the anticipated completion dates
described in this release may be different than currently anticipated by the
Company.

SOURCE AvalonBay Communities, Inc.

http://www.avalonbay.com
CONTACT:
Thomas J. Sargeant, Executive Vice President
and Chief Financial Officer of AvalonBay Communities, Inc.,
+1-703-317-4635