ARLINGTON, Va., March 29 /PRNewswire/ -- Charles E. Smith Residential
Realty, Inc. (NYSE: SRW), the nation's leading urban multifamily REIT,
announced today the promotions of two top executives. Alfred G. Neely has been
promoted to President -- Development Division and John W. Guinee to Executive
Vice President -- Chief Investment Officer.
Mr. Neely, formerly Senior Vice President -- Development, has led Smith
Residential's development program in recent years, including the recent
completion of the company's first development project outside the Washington
D.C. metro area, a 52-story, 809-unit apartment tower in downtown Chicago --
the first major new apartment building there since 1991. Under Mr. Neely's
direction, the company currently has a total of eight multifamily residential
development projects underway, totaling 3,050 units and representing an
aggregate investment value of $400 million. Mr. Neely joined the Charles E.
Smith organization in 1989.
Mr. Guinee, formerly Senior Vice President and Chief Investment Officer,
has led Smith Residential's property acquisitions team since joining the
Company in 1997. Under his direction the company has acquired 18 multifamily
residential properties totaling 10,643 residential units, with an aggregate
investment value of $875 million.
"Al and John have made major contributions to our company by adding high
quality properties to our portfolio and expanding our presence
geographically," said Ernest A. Gerardi, Jr., President and Chief Executive
Officer of Charles E. Smith Residential Realty. "Through their combined
efforts over one-third of our portfolio is now in urban living markets outside
of our Washington/Northern Virginia base, and we have established market
leadership positions in both Chicago and Southeast Florida with over 4,000
units in each market."
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. The Company owns 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 "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, Inc.
 back to top
Related links:
http://www.charlesesmith.com
CONTACT:
Investors: Ernest Gerardi, Jr.,
703-769-1385, or Media: John Kurtz, 703-769-1153, both of Charles
E. Smith Residential Realty, Inc.
|
