EXHIBIT 99.1
Published on May 11, 2001
Exhibit 99.1
CONTACT: Thomas J. Sargeant
Executive Vice President and
Chief Financial Officer
AvalonBay Communities, Inc.
703-317-4635
FOR IMMEDIATE RELEASE
AVALONBAY COMMUNITIES ANNOUNCES REDEMPTION OF
9.0% SERIES F CUMULATIVE REDEEMABLE PREFERRED STOCK
ALEXANDRIA, VA (MAY 9, 2001) - AVALONBAY COMMUNITIES, INC. (NYSE/PCX: AVB)
announced today that it will give notice on May 11, 2001 that it will redeem
all outstanding shares of its 9.0% Series F Cumulative Redeemable Preferred
Stock ("Series F Preferred Stock") (AVB PrF - CUSIP No. 053484507) on June
11, 2001 for redemption at a price of $25.00 per share, plus $0.1625 in
accrued and unpaid dividends to the redemption date, for an aggregate
redemption price of $25.1625 per share of Series F Preferred Stock.
From the redemption date forward, dividends on the Series F Preferred Stock
will no longer accrue, and holders of the Series F Preferred Stock will have
no rights other than the right to receive the redemption price of $25.1625,
without interest, upon surrender of certificates representing the Series F
Preferred Stock. Payment of the redemption price will be made only upon
presentation and surrender of certificates representing the Series F
Preferred Stock to First Union National Bank, the transfer agent for the
Series F Preferred Stock, during its usual business hours at the addresses
specified in the Notice of Redemption.
The Notice of Redemption and related materials will be mailed to holders of
record of the Series F Preferred Stock on or about May 11, 2001. Questions
relating to the Notice of Redemption and related materials should be directed
to, First Union National Bank, the redemption agent, at 1-800-829-8432 or to
AvalonBay Communities, Inc. Investor Relations at (703) 317-4632.
ABOUT AVALONBAY COMMUNITIES, INC.
AvalonBay Communities, Inc., headquartered in Alexandria, Virginia, currently
owns or holds an ownership interest in 139 apartment communities containing
41,772 apartment homes in twelve states and the District of Columbia, of which
thirteen communities are under construction and four 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.
COPYRIGHT (C) 2001 AVALONBAY COMMUNITIES, INC. ALL RIGHTS RESERVED