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| AvalonBay Communities Prices $150 Million Medium-Term Notes Offering |
ALEXANDRIA, Va., Aug. 2 /PRNewswire-FirstCall/ -- AvalonBay Communities, Inc. (NYSE: AVB; PCX) announced today that it priced a $150 million offering of medium-term notes under its existing shelf registration statement. Interest on the notes is payable semi-annually on February 1 and August 1 and will mature on August 1, 2007. These five-year notes, rated Baa1 by Moody's Investors Service and BBB+ by Standard & Poor's, were issued at 99.879% of par value with a coupon of 5.0% and yield to investor of 5.028%. The Company will use a portion of the proceeds of approximately $149 million to reduce indebtedness outstanding under the Company's unsecured credit facility and for other corporate purposes. Settlement is scheduled for August 8, 2002. About AvalonBay Communities, Inc. AvalonBay Communities, Inc., headquartered in Alexandria, Virginia, currently owns or holds an ownership interest in 145 apartment communities containing 42,619 apartment homes in eleven states and the District of Columbia, of which thirteen communities are under construction and one community is 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
and Chief Financial Officer, of AvalonBay Communities, Inc.,
+1-703-317-4635
