Avalonbay Communities Inc. Board of Directors declared a dividend for the first quarter of 2014 of $1.16 per share on the company's common stock (par value of $0.01 per share). The declared dividend is an 8.4% increase over the Company's prior quarterly dividend of $1.07 per share. The dividend is payable on April 15, 2014 to common stockholders of record as of March 31, 2014.

The company reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported net income attributable to common stockholders was $252,212,000 or $1.95 per diluted share compared to $122,356,000 or $1.19 per diluted share for the same period last year. FFO attributable to common stockholders was $195,344,000 or $1.51 per diluted share compared to $130,636,000 or $1.27 per diluted share for the same period last year. FFO per share, as adjusted for non-routine items was $1.62 per diluted share compared to $1.38 per diluted share for the same period last year. NOI from continuing operations was $266,513,000 compared to $180,007,000 for the same period last year. EBITDA was $401,993,000. EBITDA from continuing operations was $237,767,000. Total revenue increased by $124,231,000, or 45.0%, to $400,002,000. This increase is primarily attributed to the Archstone acquisition in the first quarter of 2013, new developments as well as growth in Established Community revenue.

For the year, the company reported net income attributable to common stockholders was $353,141,000 or $2.78 per diluted share compared to $423,869,000 or $4.32 per diluted share for the same period last year. FFO attributable to common stockholders was $642,814,000 or $5.05 per diluted share compared to $521,047,000 or $5.32 per diluted share for the same period last year. FFO per share, as adjusted for non-routine items was $6.23 per diluted share compared to $5.43 per diluted share for the same period last year. NOI from continuing operations was $997,446,000 compared to $681,704,000 for the same period last year. Total revenue increased by $441,762,000, or 41.5%, to $1,505,795,000. This increase is primarily attributed to the Archstone acquisition in the first quarter of 2013, new developments as well as growth in Established Community revenue.

Projected EPS is expected to be within a range of $4.31 to $4.61 for the full year 2014. The Company expects 2014 Projected FFO per share to be in the range of $6.60 to $6.90. Projected depreciation (real estate related) per share for the full year 2014 within a range of $3.31 to $3.61. Projected loss on sale of operating communities per share for the full year 2014 within a range of $1.02 to $1.32. The company expects to see stabilization in the revenue growth in 2014.

For the first quarter of 2014, the Company expects projected earnings per share, diluted within a range of $0.97 to $1.01. The Company expects Projected FFO per share in the first quarter of 2014 within a range of $1.60 to $1.64. Projected depreciation (real estate related) per share in the first quarter of 2014 within a range of $0.81 to $0.85. Projected loss on sale of operating communities per share in the first quarter of 2014 within a range of $0.18 to $0.22.