8-KOther Events

AVALONBAY COMMUNITIES INC 8-K Report (Jun 13, 2002)

Filed June 13, 2002For Securities:AVB

Summary

AvalonBay Communities, Inc. (AVB) has announced the redemption of all outstanding shares of its 8.50% Series C Cumulative Redeemable Preferred Stock. The redemption date is set for July 12, 2002, with each share being redeemed at a price of $25.00, plus approximately $0.1417 in accrued dividends. This action effectively retires the Series C Preferred Stock, consolidating the company's capital structure. For investors holding the Series C Preferred Stock, this notification provides crucial details on the final payout they can expect and the timeline for receiving it. The redemption at a price slightly above the par value, including accrued dividends, ensures that preferred stockholders are compensated for their investment up to the redemption date. This move is a strategic financial decision by AvalonBay Communities, Inc. that will impact its debt and equity profile.

Key Highlights

  • 1AvalonBay Communities, Inc. (AVB) is redeeming all its 8.50% Series C Cumulative Redeemable Preferred Stock.
  • 2The redemption date is scheduled for July 12, 2002.
  • 3Each share will be redeemed at $25.00 per share.
  • 4An additional amount of $0.1417 per share will be paid for accrued and unpaid dividends up to the redemption date.
  • 5The total aggregate redemption price per share is $25.1417.
  • 6This action is detailed in a press release dated June 11, 2002, filed as an exhibit.
  • 7Thomas J. Sargeant, Executive Vice President and Chief Financial Officer, signed the report.

Frequently Asked Questions

AvalonBay Communities, Inc. is redeeming all outstanding shares of its 8.50% Series C Cumulative Redeemable Preferred Stock. This means the company is buying back all these preferred shares from investors.

The redemption date is July 12, 2002. Each share will be redeemed for $25.00, plus $0.1417 in accrued and unpaid dividends, making the total redemption price per share $25.1417.

Investors holding the Series C Preferred Stock will receive $25.1417 per share on or around July 12, 2002, and their ownership of this specific series of preferred stock will cease. This provides a clear exit price and timeline for their investment in this security.

Yes, further details concerning the redemption can be found in the press release issued by the Company dated June 11, 2002, which is filed as an exhibit to this 8-K report.