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| AvalonBay Communities Declares Second Quarter Dividends |
ALEXANDRIA, Va., June 17 /PRNewswire-FirstCall/ -- AvalonBay Communities, INC. (NYSE: AVB; Pacific) announced today that its Board of Directors declared dividends on the Company's Common Stock (par value $.01) and the Series D and Series H Cumulative Redeemable Preferred Stock for the second quarter of 2002. The Common Stock dividend is 70 cents per share and is payable on July 15, 2002 to all Common Stockholders of Record as of June 28, 2002. The Series D and Series H Cumulative Redeemable Preferred Stock dividends are 50 cents per share and 54.375 cents per share, respectively, and are payable on September 16, 2002 to all Series D and Series H Stockholders of Record as of August 30, 2002. About AvalonBay Communities AvalonBay Communities, Inc., headquartered in Alexandria, Virginia, currently owns or holds an ownership interest in 144 apartment communities containing 42,219 apartment homes in 11 states and the District of Columbia, of which sixteen 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:
Alaine S. Walsh, Manager of Investor
Relations of AvalonBay Communities, Inc., +1-703-317-4632, or
awalsh@avalonbay.com
