Archstone Unveils Lease Assurance Program in New York

Laid Off New York Customers Can Break Lease without Penalty

DENVER – March 3, 2009 – In an effort to do its part in restoring consumer confidence and offering peace of mind to customers who are concerned about the stability of their jobs, Archstone unveiled today its Archstone Lease Assurance Program* in New York.

Customers, who sign a new lease or renew their lease at any Archstone apartment community in the New York City metropolitan area between now and March 31, 2009, will have the security of knowing that if they lose their main source of income due to a lay off without cause at any time during the lease term, they will be able to cancel their lease within 45 days without penalty.

“New York is one of the hardest hit markets and many people have a very real concern about the stability of their jobs,” said Matt Smith, Archstone’s Executive Vice President of Operations for the East Region. “We want to give them some peace of mind in making the important decision of where to call home.”

If a protected customer is laid off without cause, all he or she will be required to do is provide proof of losing his or her main source of income due to a lay off.

“We redefine the way people live in New York not just with our stunning apartment features and amenities, but also with our world-class customer service,” said Linda Early, Archstone’s Vice President of Operations for New York. “Telling our customers that they can terminate their leases without financial penalty if they are laid off is providing a level of customer service that no other New York apartment community can offer today.  We hope that this gesture of goodwill to new customers and renewing customers alike will help provide some sense of security in an uncertain economic environment.”

The offer will be valid at all 14 apartment communities Archstone currently operates in New York. The uniquely stylish apartment communities can be found in Clinton, Chelsea, Midtown, Upper East Side and Upper West Side.

“I’ve recognized a lot of anxiety about job security among those looking for an apartment today,” said Glen Reynolds, General Manager at Archstone Clinton. “The Archstone Lease Assurance Program gives those thinking about signing or renewing a lease with us the confidence to make the decision.”

*Terms: Program ends March 31, 2009. Program applies only to residents who sign a new lease or renew a lease between March 2, 2009 and March 31, 2009 in the New York City metropolitan area, and have been laid off from employment that accounted for the majority of their household income. This right of cancellation does not apply to residents who voluntarily resign, retire, transfer or are terminated with cause. This right terminates when the new or renewed lease terminates. Resident shall notify Owner in writing of his/her intention to cancel at least 45 days prior to vacating.  Resident shall provide written documentation from his/her employer verifying the job layoff on the date notice is given. Owner shall have 7 business days to confirm the validity of the layoff documentation provided. These 7 days will be included in the 45 day notice period. If Owner determines the layoff documentation to be false or misleading, the right of cancellation will not apply. If an upfront concession was issued under the terms of lease, the pro-rata portion of the unused concession must be repaid at time of move out.

About Archstone
Archstone is a recognized leader in apartment investment and operations. The company's portfolio is concentrated in many of the most desirable neighborhoods in the Washington, D.C. metropolitan area, the Los Angeles area, the San Diego area, the San Francisco Bay Area, the New York City metropolitan area, Seattle and Boston. The company continually upgrades the quality of its portfolio through the selective sale of assets, using proceeds to fund investments in assets with even better growth prospects. Archstone strives to provide great apartments and great service to its customers—backed by service guarantees. As of Dec. 31, 2008, the company owned or had an ownership position in 443 communities located in the United States and Europe, representing 84,631 units, including units under construction.