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| AvalonBay Communities Declares Third Quarter Dividends |
ALEXANDRIA, Va., Sept. 16 /PRNewswire-FirstCall/ -- AvalonBay Communities, Inc. (NYSE: AVB; PCX) announced today that its Board of Directors declared dividends on the Company's Common Stock (par value $0.01 per share) for the third quarter of 2003. The Common Stock dividend is $0.70 per share and is payable on October 15, 2003 to all Common Stockholders of Record as of October 1, 2003. The Board of Directors also declared dividends on the Series H Cumulative Redeemable Preferred Stock (par value $0.01 per share) for the third quarter of 2003. The Series H Cumulative Redeemable Preferred Stock dividends are $0.54375 per share and are payable on December 15, 2003 to all Series H Stockholders of Record as of December 1, 2003. About AvalonBay Communities AvalonBay Communities, Inc., headquartered in Alexandria, Virginia, currently owns or holds an ownership interest in 141 apartment communities containing 41,875 apartment homes in ten states and the District of Columbia, of which ten communities are under construction and two communities are under reconstruction. AvalonBay is in the business of developing, redeveloping, acquiring and managing upscale 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
