ARLINGTON, Va., June 26 /PRNewswire/ -- Charles E. Smith Residential
Realty, Inc. (NYSE: SRW) announced today that pursuant to an existing shelf
registration, a secondary public offering of 2,337,662 shares of common stock
has commenced. This offering is for the benefit of a preferred shareholder
that is converting all of its Series H convertible preferred shares and Series
H convertible preferred operating partnership units. The preferred shares and
units were acquired in September 1999 for approximately $90 million. Smith
Residential Realty will not receive any proceeds from this offering.
Charles E. Smith Residential Realty, Inc. (NYSE: SRW) is a leader in
providing urban living solutions in selected American cities. The Company is
a self-managed real estate investment trust that develops, acquires, owns,
leases, and manages multifamily residential rental properties. As of June
2001, the Company owns or has an interest in a portfolio of over 30,000
apartments. Total capitalization of the Company, including its operating
partnerships, exceeds $3.2 billion. In May 2001, Charles E. Smith Residential
Realty announced plans to merge with Archstone Communities (NYSE: ASN).
Subject to shareholder and other customary approvals, the transaction is
expected to close in the third quarter of 2001.
Investor information, including press releases about Charles E. Smith
Residential Realty, is available on the Company's web site at
http://www.smithreit.com and also through PR Newswire "Company News on Call"
by fax at 1-800-758-5804, 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.
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Related links:
http://www.charlesesmith.com
CONTACT:
Investors: Greg Samay, 703-769-1029, or
Media: Susan Goyette, 703-769-6746, both of Charles E. Smith
Residential Realty, Inc.
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