ARLINGTON, Va., Oct. 8 /PRNewswire/ -- Charles E. Smith Residential
Realty, Inc. (NYSE: SRW), the nation's leading urban multifamily REIT,
announced today that it has completed lease up of Ballston Place -- a 383-unit
24-story high rise in Northern Virginia's Rosslyn-Ballston corridor that
opened in December 2000.
"We are pleased to achieve this efficient lease-up in the current business
climate," said Denny Minami, president of Smith Residential Realty. "In a time
of national economic uncertainty, our leasing success demonstrates the value
of having high quality properties in protected markets. As we prepare our
upcoming earnings report, we remain comfortable with analysts' current
consensus estimates for the third quarter of 2001."
Ballston Place was acquired by Smith Residential for approximately $54
million in August of this year, from a subsidiary of Bush Construction, and is
currently 99% leased and 95% occupied.
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 October
1, 2001, the Company owns or has an interest in a portfolio of over 30,000
apartments. Total capitalization of the Company, including its operating
partnership, exceeds $3.4 billion. In May 2001, Charles E. Smith Residential
Realty announced plans to merge with Archstone Communities (NYSE: ASN).
Subject to shareholder approval on October 29, 2001, the transaction is
expected to close on October 31, 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's "News on Call" 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.smithreit.com
CONTACT:
Investors: Greg Samay, +1-703-769-1029; or
Media: Susan Goyette, +1-703-769-6746, both of Charles E. Smith
Residential Realty, Inc.
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