ARLINGTON, Va., April 21 /PRNewswire/ -- Charles E. Smith Residential
Realty, Inc. (NYSE: SRW) announced today that John W. Guinee has joined the
Company as Senior Vice President-Chief Investment Officer. Mr. Guinee will
head the Company's program to expand beyond the Washington metro area --
targeting mergers with multifamily operating companies in other metro areas
with strong portfolios and management teams.
Ernest Gerardi, Jr., president of the Smith REIT said: "John Guinee brings
a wealth of investment and asset acquisition experience in markets throughout
the United States. In conjunction with our recent follow-on stock offering,
we announced plans to augment our Washington area growth by expansion into
other geographic markets. In a number of major metro areas there are private
apartment owner/operators with portfolios of several thousand units who can
benefit by joining forces with a REIT to gain economic advantages and fund
growth opportunities. We are pleased to have John, with his outstanding
expertise and national experience, heading up our program."
"In our expansion program we are seeking alliances with multifamily
operating companies that have a substantial presence within their markets and
strong management in place. We are particularly interested in those that have
experience with high rise properties, since our portfolio is about 60% high
rise, which orients our initial focus to the northeast and midwest regions.
Our intent is to rely on current management to facilitate further growth in
their markets. We plan to fund our expansion in these new markets through
both tax deferred Operating Partnership equity exchanges (Unit Swaps) and
direct cash investment. Our geographic expansion program will complement our
strong ongoing property acquisition program in the Virginia, Maryland and
Washington D.C. market areas, and reinforce our continuing commitment to
double digit FFO growth."
Mr. Guinee has been engaged in the commercial real estate industry at the
national level since 1982, most recently as Managing Director with LaSalle
Advisors (formerly Alex. Brown, Kleinwort, Benson). At LaSalle his
responsibilities included heading an acquisitions group with an annual
investment volume of $250-300 million. Additional responsibilities during his
12 years with LaSalle and Alex. Brown included asset management and investor
relations. Earlier he was with Gerald D. Hines Interests in San Francisco.
Mr. Guinee holds an M.B.A. degree in Finance from the University of Virginia's
Darden School, and a B.A. in Economics from the University of Virginia.
Charles E. Smith Residential Realty, Inc. is a self-managed Real Estate
Investment Trust. The company and its subsidiaries and affiliates own,
acquire, develop and manage multifamily residential properties, and provide
related real estate services to other property owners. The company owns a
portfolio of over 17,000 apartment units and has a total market capitalization
of approximately $1.25 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's "Company
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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CONTACT:
Ernest Gerardi, Jr. president, 703-769-1385,
or Denny Minami, chief financial officer, 703-769-1020, both of
Charles E. Smith
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