AvalonBay Communities Announces 9.8% Increase in Common Dividend and Declares Preferred Series Dividend.ALEXANDRIA, Va. -- AvalonBay Communities, Inc. (NYSE/PCX:AVB AVB Allgemeine Versicherungsbedingungen AVB Armin Van Buuren (musician) AVB Atrioventricular Block AVB Association Vaincre le Bègaiement AVB Acappella Vocal Band (men's Christian a cappella group) ) announced today that its Board of Directors declared a dividend for the first quarter of 2006 of $0.78 per share on the Company's Common Stock (par value $0.01 per share). The declared dividend declared dividend A dividend authorized by a firm's board of directors. At the time a dividend is declared, the firm creates a liability for the dividend's payment. represents a 9.8%, or $0.07, increase over the Company's prior quarterly dividend of $0.71 per share. The Common Stock dividend is payable April 17, 2006 to all Common Stockholders of Record as of March 31, 2006. In declaring the increased dividend, the Board of Directors evaluated the Company's past performance and future prospects for earnings growth. Additional factors considered in determining the increase include current dividend distributions (both common and preferred dividends), the ratio of the current common dividend distribution to the Company's Funds From Operations Funds From Operations (FFO) Used by real estate and other investment trusts to define the cash flow from trust operations; earnings with depreciation and amortization added back. (FFO FFO See: Funds from operations ), the relationship of dividend distributions to taxable income Under the federal tax law, gross income reduced by adjustments and allowable deductions. It is the income against which tax rates are applied to compute an individual or entity's tax liability. The essence of taxable income is the accrual of some gain, profit, or benefit to a taxpayer. , and expected growth in taxable income. Taxable income growth is not directly comparable to growth in FFO. The Board of Directors also declared a dividend on the Series H Cumulative Redeemable Preferred Stock (par value $0.01 per share) for the first quarter of 2006. The Series H Cumulative Redeemable Preferred Stock dividend is $0.54375 per share and is payable June 15, 2006 to all Series H Stockholders of Record as of June 1, 2006. Definition of a Non-GAAP Financial Measure Funds From Operations (FFO) is determined based on a definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts ("NAREIT NAREIT National Association of Real Estate Investment Trusts "). FFO is calculated by the Company as net income or loss computed in accordance with GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). , adjusted for gains or losses on sales of previously depreciated Depreciated may refer to:
About AvalonBay Communities As of December 31, 2005, AvalonBay Communities, Inc., headquartered in Alexandria, Virginia, owned or held an ownership interest in 158 apartment communities containing 45,474 apartment homes in ten states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). , of which fifteen communities were under construction and two communities were under reconstruction. AvalonBay is in the business of developing, redeveloping, acquiring, and managing 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) 2006 AvalonBay Communities, Inc. All Rights Reserved |
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