ARLINGTON, Va., Feb. 7 /PRNewswire/ -- Robert H. Smith and Robert P.
Kogod, Co-Chairmen and Co-Chief Executive Officers, on behalf of the Board of
Directors of Charles E. Smith Residential Realty, Inc. (NYSE: SRW), announced
today the following executive promotions and changes, effective immediately:
* Robert H. Smith -- Chairman of the Board of Directors
* Robert P. Kogod -- Chairman of the Executive Committee of the Board
of Directors
* Ernest A. Gerardi, Jr. -- President and Chief Executive Officer
* W.D. Minami -- Executive Vice President and Chief Financial Officer
* John T. Gray -- Executive Vice President, Residential Management
Robert H. Smith, Chairman of the Board, said, "As our Company looks
forward to the challenges ahead in sustaining its pre-eminent position in the
marketplace, one of our most important responsibilities is to provide for
executive succession. We are fortunate to have exceptional executive talent
and a strong cohesive team. These promotions and changes are significant
steps in implementing the process of succession, and give well earned
recognition to Ernie Gerardi's substantial achievements. They also permit Bob
Kogod to decrease his time commitment, so he can fulfill his desire to further
pursue his philanthropic and educational interests. As Chairman
of the Executive Committee, Bob will remain active in policy matters and
strategic planning. I am excited about continuing to work with our entire
team to ensure the ongoing growth and well-being of our Company and its
shareholders, employees and customers."
Charles E. Smith Residential Realty, Inc. is a self-managed real estate
investment trust listed on the New York Stock Exchange under the symbol "SRW."
The Company and its subsidiaries and affiliates own, acquire, develop, and
manage multifamily residential units in Washington, D.C., Northern Va.,
Chicago, Boston and Southeast Fla. As of February 7, 2000, the Company owns
and/or has an ownership interest in approximately 26,000 units and has
approximately 3,000 units under construction and/or pre-purchase agreement.
The total market capitalization of the Company -- Charles E. Smith Residential
Realty, Inc., including its Operating Partnership -- exceeds $2.5 billion.
Investor information, including press releases about Charles E. Smith
Residential Realty, is available on the Company's web site at
http://www.charlesesmith.com and also through PR Newswire Company News on Call by
fax, 800-758-5804, ext. 101271, or at http://www.prnewswire.com.
This news release contains forward-looking statements regarding the
Company's outlook, including statements of goals, intentions, and expectations
based on assumptions about general economic and market conditions, competitive
dynamics and other factors that, by their nature, are subject to significant
uncertainties, some of which are discussed in the Company's filings with the
Securities and Exchange Commission. Because of these uncertainties, and the
assumptions on which statements in this release are based, actual future
results may differ materially.
SOURCE Charles E. Smith Residential Realty
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Related links:
http://www.charlesesmith.com
http://www.prnewswire.com
CONTACT:
Investors: Ernest A. Gerardi, Jr.,
703-769-1385, or Media: John Kurtz, 703-769-1153, both of Charles
E. Smith Residential Realty
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