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| AvalonBay Communities Declares Fourth Quarter Dividends |
ALEXANDRIA, Va., Dec. 13 /PRNewswire/ -- AVALONBAY COMMUNITIES, INC. (NYSE: AVB; PCX) announced today that its Board of Directors declared dividends on the Company's Common Stock (par value $.01) and the Series C, Series D and Series H Cumulative Redeemable Preferred Stock for the fourth quarter of 2001. The Common Stock dividend is 64 cents per share and is payable on January 15, 2002 to all Common Stockholders of Record as of December 31, 2001. The Series C, Series D and Series H Cumulative Redeemable Preferred Stock dividends are 53.125 cents per share, 50 cents per share and 54.375 cents per share, respectively, and are payable on March 15, 2002 to all Series C, Series D and Series H Stockholders of Record as of March 1, 2002. About AvalonBay Communities AvalonBay Communities, Inc., headquartered in Alexandria, Virginia, currently owns or holds an ownership interest in 141 apartment communities containing 41,183 apartment homes in 11 states and the District of Columbia, of which fifteen 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.
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CONTACT:
Alaine S. Walsh, Manager of Investor
Relations of AvalonBay Communities, +1-703-317-4632, or
awalsh@avalonbay.com
