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| AvalonBay Communities Announces Third Quarter 2002 Operating Results |
ALEXANDRIA, Va., Oct. 22 /PRNewswire-FirstCall/ -- AvalonBay Communities, Inc. (NYSE: AVB; PCX) reported today its third quarter 2002 operating results. * Earnings per Share ("EPS") diluted for the quarter ended September 30, 2002 was $0.35 compared to $1.14 for the comparable period of 2001, a per share decrease of 69.3%. EPS diluted for the nine months ended September 30, 2002 was $1.32 compared to $2.32 for the comparable period of 2001, a per share decrease of 43.1%. These decreases are primarily attributable to the absence of gains on sale of communities in 2002 coupled with decreased Net Operating Income ("NOI") from the overall portfolio. * Funds from Operations ("FFO") per share diluted for the quarter ended September 30, 2002 was $0.87 compared to $1.03 for the comparable period of 2001, a per share decrease of 15.5%. FFO per share diluted for the nine months ended September 30, 2002 was $2.81 compared to $3.03 for the comparable period of 2001, a per share decrease of 7.3%. These FFO per share results conform to the Company's financial outlook provided on October 7, 2002. * NOI from the entire portfolio for the three and nine months ended September 30, 2002 decreased 6.2% and 3.5%, respectively, as compared to the comparable period of 2001. * Total revenue decreased by $861,000, or 0.5%, to $160,358,000 for the quarter ended September 30, 2002. Total revenue increased by $2,222,000, or 0.5%, to $477,619,000 for the nine months ended September 30, 2002. * Established Communities rental revenue decreased 7.8%, operating expenses increased 4.4% and NOI decreased 12.5% for the quarter ended September 30, 2002 as compared to the comparable period of 2001. For the nine month period ended September 30, 2002, Established Communities rental revenue decreased 6.0%, operating expenses increased 2.9% and NOI decreased 9.3% as compared to the comparable period of 2001. 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 and redevelopment activity. The full text and the Attachments are available via 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 October 23, 2002 at 11:00 a.m. Eastern Time (EDT) to review and answer questions about the results and projections discussed in the release, the Attachments described above and related matters. 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: 5948468. 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 September 30, 2002, AvalonBay Communities, Inc., headquartered in Alexandria, Virginia, owned or held an ownership interest in 148 apartment communities containing 43,496 apartment homes in eleven states and the District of Columbia, of which fourteen communities were under construction and one community was 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
