|
|
| AvalonBay Communities Reports Second Quarter 2001 Operating Results |
ALEXANDRIA, Va., July 23 /PRNewswire/ --
AvalonBay Communities, Inc. (NYSE/PCX: AVB) announced today its second quarter
2001 operating results. Highlights follow:
* Diluted Earnings per Share ("EPS") before gain on sale of communities
increased 26.7% to $.57 for the quarter ended June 30, 2001 from
$.45 per share for the comparable period of 2000. Diluted EPS
increased 24.7% to $1.11 for the six months ended June 30, 2001 from
$.89 for the comparable period of 2000.
* Diluted Funds From Operations ("FFO") for the quarter ended June 30,
2001 increased 13.3% to $1.02 per share from $.90 per share for the
comparable period of 2000. Diluted FFO for the six months ended
June 30, 2001 increased 13.0% to $2.00 from $1.77 per share for the
comparable period of 2000.
* Total revenue increased by $22,401,000, or 16.0%, to $162,359,000 for
the quarter ended June 30, 2001 and by $43,070,000, or 15.7%, to
$318,116,000 for the six months ended June 30, 2001.
* Established Communities rental revenue increased 10.3%, operating
expenses increased 8.4% and net operating income ("NOI") increased
11.0% for the quarter ended June 30, 2001. Established Communities
rental revenue increased 11.0%, operating expenses increased 7.4% and
NOI increased 12.4% for the six months ended June 30, 2001.
* The Company updated its earnings projections for 2001. Management
expects EPS to fall within a range of $2.91 to $2.94 and FFO per share
to fall within a range of $4.08 to $4.11. The Company also provided
initial 2002 FFO per share estimates with a range of $4.42 to $4.48.
The full text of the release 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, redevelopment, disposition and acquisition 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 July 24, 2001 at 11:00AM
Eastern Time (EST) to review these results. The domestic number to call to
participate is 1-888-413-4411, and the international number to participate is
1-703-871-3795. The domestic number to hear a replay of this call is
1-888-266-2086, and the international number to hear a replay of this call is
1-703-925-2435 - Access Code: 5339748. 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 .
AvalonBay Communities, Inc., headquartered in Alexandria, Virginia,
currently owns or holds an ownership interest in 141 apartment communities
containing 42,232 apartment homes in twelve states and the District of
Columbia, of which presently thirteen 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.
back to topRelated links:
CONTACT:
Thomas J. Sargeant, Executive Vice President,
Chief Financial Officer of AvalonBay Communities, +1-703-317-4635
