AvalonBay, United Dominion and Post Properties Launch Realeum, Inc. and Announce Completion of Series A Financing.

Business Editors/Real Estate Writers

RICHMOND, Va.--(BUSINESS WIRE)--Sept. 6, 2000

AvalonBay Communities, Inc. (NYSE/PCX: AVB), United Dominion Realty Trust (NYSE: UDR) and Post Properties, Inc. (NYSE: PPS) announce the launch of Realeum, Inc. (formerly Trillium Data Solutions, Inc.) and the closing of its Series A venture funding.

Realeum is an industry-sponsored company established to pool talent, capital and functional knowledge. Realeum's products and services enable apartment companies to transform onsite operations systems from legacy applications to new economy, Web-based solutions, helping optimize return on investment. Realeum's flagship product is Jvelon (formerly Project Javalon) for multi-family property and portfolio management.

Jvelon was developed to optimize the return on investment in the apartment industry while meeting core operational and accounting requirements. Jvelon is a Web-based leasing, property management and asset optimization solution that manages the resident relationship from prospect through move-out -- enhancing revenue, reducing costs and increasing productivity. Jvelon will support direct, unassisted leasing over the Internet with full back-office automation and seamless integration of the internet-sourced lease into the core operating and accounting systems of the owner-operator. To use Jvelon, an owner/operator needs nothing more than a PC with a browser and a dial-up or dedicated Internet connection. Realeum expects to release Jvelon to pre-release customers in December for pilot and beta testing.

The $15 million in Series A funding comes from a syndicate of premier firms, including Venrock Associates, Carlyle Venture Partners, Cohen & Steers through its Internet Realty Partners, L.P. venture capital fund and Stichting Pensioenfonds ABP through its US affiliate, ABP-US Investments, Inc. Realeum will use the proceeds for software engineering, platform deployment, state-of-the-art customer care infrastructure development and new business and product development. This Series A investment follows approximately $7 million from the founding sponsors used in product design, architecture and software development and testing.

About Jvelon

Jvelon meets the needs of all owner/operators - large and small, public and private, direct and 3rd-party. For example, Jvelon allows the large operator to optimize their return on investment from existing assets, and allows the small operator to get world-class systems that allow cost effective growth without the capital investment in equipment, software and people. A key distinguishing feature of this purely Web browser-delivered product is its workflow design based on business process studies at the sponsoring companies' leasing offices. Another feature is a Web-based training module that allows a new user to quickly learn the system without expensive and disruptive off-site training. Jvelon is delivered in a hosted ASP (Application Services Provider) environment that removes the non-core technology "heavy lifting" from the real estate operators, allowing them to focus on their core real estate business. The available modules include Leasing, Billing and Accounts Receivable, Reporting, Training, Business Intelligence (an executive information system) and back-end accounting. At launch, Jvelon will integrate with two leading ERP accounting systems, PeopleSoft, Inc.'s PeopleSoft General Ledger and J.D Edwards & Company's WorldSoftware General Accounting. Other general ledger interfaces will also be available. Realeum's product release calendar includes future technology products for the multi-family real estate sector, all of which will be focused on enhancing the return on investment from real estate assets while making owner/operators more efficient at their core business operations.

Jvelon's heritage is equally as strong as its funding. Sponsored by three of the leading apartment companies in America, Jvelon is a solution that solves the onsite operating problems that have plagued the industry for years. Collaboration has come from three founding companies -- AvalonBay Communities, Inc., United Dominion Realty Trust, and Post Properties, Inc. -- representing more than 150,000 apartment homes subscribed to Jvelon at launch. Each founder offers a unique perspective of the apartment industry through both its geographic and product mix. This group came together with one goal in mind: to build the best property management and asset optimization software for the multi-family real estate industry.

Commenting on this announcement, Richard L. Michaux, Chairman, President and CEO of AvalonBay said "AvalonBay has $5.2 billion invested in apartment communities that is sub-optimized by legacy systems. Jvelon offers a new economy solution to our old economy systems, allowing us to cost effectively deploy enterprise-wide systems to improve operations while optimizing the returns from our investments." John McCann, Chairman and CEO of United Dominion Realty Trust noted, "Jvelon is strategic to United Dominion's goal of operational excellence. As we approach the implementation phase of this major undertaking, we are convinced Jvelon will set the highest standard for operating systems in the apartment business. It has also been a special privilege to work so closely with AvalonBay and Post Properties in the development of this exciting new enabling system, and the corporate launch of Realeum as a technology leader. This successful strategic alliance will serve as a model for broader partnerships to develop other new technologies for our industry." John Williams, Chairman and CEO of Post Properties added "We collaborated on the development of Jvelon based on our belief that our companies allocated the resources necessary to deliver a software product with the functionality that will fulfill a long-standing demand within our sector. The associates at our communities are already excited about the process improvements Jvelon will deliver."

About the Investors

Venrock Associates was founded as the venture capital arm of the Rockefeller Family and continues a tradition of funding entrepreneurs that now spans over six decades. As one of the oldest venture firms in the United States, Venrock maintains a tradition of collaboration with talented entrepreneurs to establish successful, enduring companies. Venrock activities have focused on early stage companies in Information Technology with investments in Intel, Apple, Stratacom, Check Point Software, Visual Networks, and DoubleClick. Venrock's continuing goal is to create long-term value by assisting entrepreneurs in building companies from the formative stages. Loyalty and dedicated support are Venrock hallmarks.

Carlyle Venture Partners is a $210 million venture capital fund focused on the Internet/information technology, communications, health care services and financial services industries. Carlyle Venture Partners is affiliated with the Carlyle Group, a global investment firm based in Washington, D.C. The firm currently has over $5 billion of capital under management by separate teams dedicated to management-led buyouts and strategic minority investments, venture capital, real estate and investment opportunities. Some of Carlyle Venture Partners' other Internet-related investments include AnyDay.com, Blackboard, Narrative Communications (sold to At Home Corporation, (Nasdaq: ATHM), in December 1998), NorthPoint Communications (Nasdaq: NPNT), Cidera (formerly known as SkyCache) and Vividon (formerly Exotec).

Internet Realty Partners is the real estate technology venture capital fund of Cohen & Steers, the largest dedicated manager of real estate securities in the United States.

ABP-US Investments, Inc. ("ABP") is the U.S. real estate investment arm of Stichting Pensioenfonds ABP, the largest pension fund in Europe. ABP has investments in US real estate totaling approximately $4 billion.

AvalonBay is an equity REIT in the business of developing, redeveloping, acquiring and managing multifamily apartment communities in high barrier-to-entry markets of the United States. AvalonBay owns or holds an ownership interest in 132 apartment communities containing 38,480 apartment homes in 12 states and the District of Columbia, of which presently nine communities are under construction and six communities are under reconstruction.

United Dominion is one of the country's largest multifamily real estate investment trusts, owning and operating apartment communities nationwide. The company currently owns almost 81,000 apartment homes and is the developer for over 2,500 homes under construction.

Post Properties has been building and branding the Post(R) brand-name upscale apartment communities in the United States for over 30 years, with a current focus on the creation of high-quality, high-density, live-work-walk neighborhoods in infill locations in major urban markets across the country. Nationwide, Post Properties owns approximately 36,468 apartment homes in 106 communities, including 5,382 units currently under development.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release includes forward-looking statements, which reflect Realeum's current views about future events and financial performance. Words such as "believe," "expect," "anticipate," and other similar expressions that predict or indicate future events or trends, or that do not relate to historical matters, indicate forward-looking statements. You should not rely on forward-looking statements because they are subject to a variety of risks, uncertainties, and other factors that could cause our actual results to differ materially from our expectations, and we expressly disclaim any duty to update forward-looking statements. These factors include, but are not limited to: (1)our limited operating history makes it difficult to evaluate our business and prospects; (2) the market for our products is emerging and customers may not accept our products; (3) competition among providers of software that is comparable to ours may increase and this could reduce our revenues; (4) our products may be difficult, costly or time-consuming for customers to deploy, causing our customers to be dissatisfied; (5) we may need additional financing in the future, which may be difficult or impossible to arrange on acceptable terms; and (6) the success of our business depends on key personnel, who may be difficult to attract or retain in a competitive employment market, which could impact development or sales of our products. The risks described below are not the only ones that we face, and any of these risks (as well as risks we have not yet identified) may adversely affect our business, results of operations and financial condition.