Long-term Debt Facility with Fannie Mae Enhances Company's
Financial Flexibility
ARLINGTON, Va., Oct. 26 /PRNewswire/ -- Charles E. Smith Residential
Realty, Inc. (NYSE: SRW), one of the country's leading residential REITs,
announced today that the Company has negotiated a standby availability
facility of up to $300 million with Fannie Mae, through Green Park Financial,
as the lender. The new financing vehicle will provide secured non-recourse
long-term debt for up to 15 years. The initial draw on this facility is $140
million at 6.75% for 15 years, with proceeds to be used to retire a $125
million debt and associated prepayment penalty that was scheduled to mature in
2001. Terms and rates of subsequent draws on this facility will be determined
at the time of use.
Denny Minami, Chief Financial Officer for Charles E. Smith Residential,
said, "We are pleased with this long term take-out financing, as it further
enhances one of our key strategic objectives -- to maintain financial
flexibility in funding our development and acquisition programs."
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 also provide a full range of real estate services
to other property owners. The Company owns a portfolio of approximately 20,000
apartment units, has over 3,500 units under construction or subject to
prepurchase agreement, 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
$1.9 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.
This news release contains forward-looking statements regarding the
Company's outlook, including statements of goals, intentions, and expectations
regarding or 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
Company News On-Call: http://www.prnewswire.com or
fax, 800-758-5804, ext. 101271
CONTACT:
Media, John Kurtz, 703-769-1153, or
Investors, Greg Samay, 703-769-1029, both of Charles E. Smith
Residential Realty
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