AvalonBay Communities Announces Increase in Common Dividend and Declares Preferred Series Dividend.ALEXANDRIA, Va. -- AvalonBay Communities AvalonBay Communities, Inc. (NYSE: AVB) is an Alexandria, Virginia-based public real estate investment trust. The company specializes in acquiring, developing, redeveloping and managing high-quality apartment communities in high barrier-to-entry markets, such as the Northeast, , 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 $0.01 increase in the dividend on the Company's Common Stock (par value $0.01 per share) for the first quarter of 2005. The $0.01 increase brings the Company's quarterly Common Stock dividend to $0.71 per share, a 1.4% increase over the previous quarterly dividend of $0.70 per share. The increased dividend is payable on April 15, 2005 to all Common Stockholders of Record as of April 1, 2005. In declaring the increased dividend, the Board of Directors evaluated the Company's past performance, future prospects for earnings growth, the level of current dividend distributions (both common and preferred dividends), the relationship of 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. , expected growth in taxable income and the Company's ability to continue paying dividends from recurring cash flows. The increase in the Common Stock dividend reflects the Board's assessment of these factors and the Company's positive outlook for 2005 as apartment market fundamentals continue to improve. The Board of Directors also declared a dividend on the Series H Cumulative Redeemable Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. (par value $0.01 per share) for the first quarter of 2005. The Series H Cumulative Redeemable Preferred Stock dividend is $0.54375 per share and is payable on June 15, 2005 to all Series H Stockholders of Record as of June 1, 2005. About AvalonBay Communities AvalonBay Communities, Inc., headquartered in Alexandria, Virginia Alexandria is an independent city in the Commonwealth of Virginia. As of the 2000 census, the city had a total population of 128,284. Located along the Western bank of the Potomac River, Alexandria is approximately 6 miles (9.6 kilometers) south of downtown Washington, DC. , currently owns or holds an ownership interest in 148 apartment communities containing 42,810 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 ten communities are under construction and four communities are 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 United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . More information on AvalonBay may be found on AvalonBay's Web site at http://www.avalonbay.com. |
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