ARLINGTON, Va., July 22 /PRNewswire/ -- Charles E. Smith Residential
Realty, Inc. (NYSE: SRW) announced today that it completed the sale of 1.4
million shares of Common Stock (par value $.01 per share) to Morgan Stanley
Asset Management and ABKB/LaSalle Securities, acting on behalf of their
clients, under its existing shelf registration statement at a net purchase
price of $32.625 per share. The net proceeds of approximately $45.6 million
will be used to retire outstanding debt.
"We are pleased to add such distinguished new shareholders of SRW. We
appreciate their support and confidence in our business strategy as the
premier operator of urban in-fill multi-family properties," remarked Denny
Minami, Chief Financial Officer of Charles E. Smith Residential Realty, Inc.
Charles E. Smith Residential Realty, Inc. is a self-managed real estate
investment trust listed on the New York Stock Exchange (SRW). The Company and
its subsidiaries and affiliates own, acquire, develop, and manage multi-family
residential properties; and in addition, provide a full range of real estate
services to other property owners. The Company owns a portfolio of nearly
20,000 apartment units, has over 2,500 units under construction, and manages
an additional 3,500+ units for other owners. The total market capitalization
of the Company -- Charles E. Smith Residential Realty, including its Operating
Partnership -- is approximately $1.8 billion. 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
"News on Call" by fax 800-758-5804, ext. 101271, or at:
http://www.prnewswire.com.
SOURCE Charles E. Smith Residential Realty, Inc.
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Related links:
http://www.smithreit.com
CONTACT:
for Investors: Greg Samay, 703-769-1029, or
for Media: John Kurtz, 703-769-1153, both of Charles E. Smith
Residential Realty
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