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| AvalonBay Communities Announces First Quarter 2002 Operating Results |
ALEXANDRIA, Va., April 30 /PRNewswire-FirstCall/ -- AvalonBay Communities, Inc. (NYSE: AVB; Pacific) announced today its first quarter 2002 operating results. Highlights follow: * Earnings per Share ("EPS") for the quarter ended March 31, 2002 was $0.51 (diluted) compared to $0.61 (diluted) for the comparable period of 2001, a per share decrease of 16.4%. This decrease is primarily attributable to the absence of asset sales in Q1 2002 and an increase in depreciation expense partially offset by a decrease in other operating expenses. * Net operating income ("NOI") for the entire portfolio increased 0.2% compared to the first quarter of 2001. This increase includes the recognition of $3,700,000 of other income from business interruption insurance related to Avalon at Edgewater. * Funds From Operations ("FFO") for the quarter ended March 31, 2002 increased 1.0% to $0.99 per share (diluted) from $0.98 per share (diluted) for the comparable period of 2001. * Total revenue increased by $4,347,000, or 2.8%, to $160,104,000 for the quarter ended March 31, 2002. * Established Communities rental revenue decreased 4.1%, operating expenses increased 2.4% and NOI decreased 6.3% for the quarter ended March 31, 2002. * Management expects 2002 EPS to be within a range of $2.19 to $2.37 and 2002 FFO per share of $3.88 to $4.01. The full text of the release, which also includes a discussion of the Company's earnings outlook, 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 and redevelopment 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 . The Company will hold a conference call on May 1, 2002 at 11:00 AM Eastern Time (EDT) to review the matters discussed in the release. The domestic number to call to participate is 1-877-510-2397, and the international number to participate is 1-706-634-5877. The domestic number to hear a replay of this call is 1-800-642-1687, and the international number to hear a replay of this call is 1-706-645-9291 - Access Code: 3579368. 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 . At March 31, 2002, AvalonBay Communities, Inc., headquartered in Alexandria, Virginia, owned or held an ownership interest in 143 apartment communities containing 41,913 apartment homes in eleven states and the District of Columbia, of which sixteen communities were under construction and two communities were 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,
Chief Financial Officer, of AvalonBay Communities, Inc.,
+1-703-317-4635
