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| AvalonBay Communities Declares Fourth Quarter Dividends |
ALEXANDRIA, Va., Dec. 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 $.01) and the Series D and Series H Cumulative Redeemable Preferred Stock for the third quarter of 2002. The Common Stock dividend is 70 cents per share and is payable on January 15, 2003 to all Common Stockholders of Record as of December 31, 2002. The Series D and Series H Cumulative Redeemable Preferred Stock dividends are 50 cents per share and 54.375 cents per share, respectively, and are payable on March 17, 2003 to all Series D and Series H Stockholders of Record as of February 28, 2003. About AvalonBay Communities AvalonBay Communities, Inc., headquartered in Alexandria, Virginia, currently owns or holds an ownership interest in 148 apartment communities containing 43,496 apartment homes in 11 states and the District of Columbia, of which fourteen 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
