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| AvalonBay Communities Announces Third Quarter 2001 Operating Results |
ALEXANDRIA, Va., Oct. 23 /PRNewswire/ -- AvalonBay Communities, Inc. (NYSE: AVB; Pacific) announced today its third quarter 2001 operating results. Highlights follow: * Earnings per Share ("EPS") including gains on sale of communities increased 60.6% to $1.14 for the quarter ended September 30, 2001 from $.71 per share for the comparable period of 2000. EPS increased 23.4% to $2.32 for the nine months ended September 30, 2001 from $1.88 for the comparable period of 2000. * Funds From Operations ("FFO") for the quarter ended September 30, 2001 increased 9.6% to $1.03 per share from $.94 per share for the comparable period of 2000. FFO for the nine months ended September 30, 2001 increased 11.8% to $3.03 from $2.71 per share for the comparable period of 2000. * Total revenue increased by $16,918,000, or 11.6%, to $163,269,000 for the quarter ended September 30, 2001 and by $59,988,000, or 14.2%, to $481,385,000 for the nine months ended September 30, 2001. * Established Communities rental revenue increased 5.6%, operating expenses increased 6.7% and net operating income ("NOI") increased 5.2% for the quarter ended September 30, 2001. Established Communities rental revenue increased 9.1%, operating expenses increased 7.1% and NOI increased 9.9% for the nine months ended September 30, 2001. * The Company updated its earnings projections for 2001. Management expects EPS to be within a range of $3.10 to $3.15 and FFO per share to be within a range of $4.06 to $4.08. The Company also updated its 2002 FFO per share guidance to a range of $4.20 to $4.35. 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 October 24, 2001 at 11:00 a.m. Eastern Time (EST) to review these results. The domestic number to call to participate is 877-817-7175, and the international number to participate is 703-871-3599. The domestic number to hear a replay of this call is 888-266-2086, and the international number to hear a replay of this call is 703-925-2435 -- Access Code: 5561552. 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, 2001, AvalonBay Communities, Inc., headquartered in Alexandria, Virginia, owned or held an ownership interest in 141 apartment communities containing 41,240 apartment homes in eleven states and the District of Columbia, of which fifteen communities were under construction and three communities were 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
