AvalonBay Communities Announces Incr in Common Stock Dividend

ALEXANDRIA, Va., Sept. 15 -- Avalonbay Communities, Inc. (NYSE: AVB; PCX)
announced today that its Board of Directors has declared a dividend of $.52 per
share of Common Stock (par value $.01), an increase of $.01 per share or a 2%
increase over the prior dividend paid. The dividend is payable on October 15,
1999 to all stockholders of record as of September 30, 1999.

AvalonBay, named the NAHB Development Company of the year for 1998/1999 and the
Property Management Company of the Year for 1996/1997, owns or holds an
ownership interest in 135 apartment communities containing 39,363 apartment
homes in 15 states and the District of Columbia, of which presently 12
communities are under construction and 13 communities are under reconstruction.
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. More information on AvalonBay may
be found on AvalonBay's Web Site at http://www.avalonbay.com . For additional
information, please contact Richard L. Michaux, President and Chief Executive
Officer, at 703-317-4602 or Thomas J. Sargeant, Chief Financial Officer, at
703-317-4635.

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