AvalonBay: Announces Organizational Changes For Immediate Release February 16, 1999 AvalonBay Announces Organizational Changes (Alexandria, VA) AvalonBay Communities, Inc. (NYSE/PCX Symbol: AVB) announced today that Charles H. Berman, its President, Chief Operating Officer and a director, will be leaving the Company. Commenting on his departure, Mr. Berman noted "Over the past year, our business focus has shifted considerably from external portfolio growth to internal operations and recycling capital into our development pipeline. With that shift well underway, the Company no longer requires the depth of talent and skill set for acquisitions and new business that Mike Meyer, Executive Chairman, Dick Michaux, CEO and I collectively bring to such a senior level. The transition work related to my departure is well underway and I will leave confident that the Company is in good hands and that an orderly transition will occur. I have enjoyed participating in the formation and growth of AvalonBay. As a large stockholder, I also look forward to seeing the Company continue in its successes." Commenting on the announcement, Mike Meyer noted, "We are grateful for Chuck's contribution to the formation and integration of AvalonBay. Chuck worked hard to make the merger a success and then worked with management and the board in making the adjustments needed to ensure a smooth transition. We are confident that this and other organizational realignments necessary during this transitional period will be implemented smoothly." Mr. Michaux added "Chuck joined a predecessor of the Company in 1986 which led to his co-founding Avalon in 1993. Without his energy, drive and entrepreneurial spirit, this Company would not exist and be the success it is today. Everyone at AvalonBay wishes Chuck well." Mr. Michaux's title upon Mr. Berman's departure will be President and CEO. Mr. Michaux noted that the Company expects to make other organizational adjustments over the next several weeks to facilitate the transition and align the organization's size and focus toward the goal of recycling capital from asset sales into accretive new developments. About AvalonBay Communities, Inc. 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 141 apartment communities containing 41,172 apartment homes in sixteen states and the District of Columbia, of which presently fourteen communities are under construction and thirteen 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 regarding this news release, please contact Richard L. Michaux, Chief Executive Officer at (703) 317- 4602. This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements contained in this release are statements that involve risks and uncertainties, including, but not limited to, the demand for apartment homes, the effects of economic conditions, the impact of competition and competitive pricing, changes in construction costs, the results of financing efforts, potential acquisitions under agreement, the effects of the Company's accounting policies and other risks detailed in the Company's filings with the Securities and Exchange Commission. End.