Archstone-Smith Partners with Habitat for
Humanity for Strategic Growth Campaign
DENVER — March 31, 2006 — Archstone-Smith (NYSE:ASN) announced today that it has partnered with Habitat for Humanity International to successfully complete Habitat's five-year campaign to build 100,000 homes between 2000 and 2005, effectively doubling the building capacity of the organization's first 25 years, and to raise $500 million to achieve this goal. Archstone-Smith has been instrumental in the campaign's success through its $1 million commitment to Habitat.
"We are very proud to be a national partner of Habitat for Humanity since 1999," said R. Scot Sellers, chairman and chief executive officer of Archstone-Smith. "We're committed to being a good citizen in the markets where we operate, and Habitat provides us with a natural extension of what we do best: providing quality homes to families across the country. It's extremely rewarding to have contributed to Habitat's campaign to build 100,000 homes. "
In 2005, Archstone-Smith committed to a five-year partnership with Habitat, through which the company and its associates, business partners and vendors will contribute $1 million. Since 1999, Archstone-Smith has helped build 45 Habitat homes across the country.
Habitat for Humanity reached its house-building goal in August 2005 when it completed its 200,000th home in Knoxville, Tenn., and then minutes later completed its 200,001st home in Kanyakumari, India. Over the course of the campaign, Habitat sought to raise $500 million to accomplish its goals. As of December 31, 2005, the campaign had raised more than $593 million.
"More than Houses has greatly advanced our ability to serve more families around the world," said Jonathan Reckford, Habitat's chief executive officer. "Without the resources from the campaign, we would never have been able to expand this ministry as quickly."
About Archstone-Smith
Archstone-Smith (NYSE: ASN), an S&P 500 company, is a recognized leader in apartment investment and operations. With a current total market capitalization of $17.4 billion, the company's portfolio is concentrated in many of the most desirable neighborhoods in the Washington, D.C. metropolitan area, Southern California, the San Francisco Bay Area, the New York City metropolitan area, Boston, Southeast Florida, Chicago, and Seattle. 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. Through its two brands, Archstone and Charles E. Smith, Archstone-Smith strives to provide great apartments and great service to its customers – backed by unconditional service guarantees. As of February 28, 2006, Archstone-Smith owned or had an ownership position in 255 communities, representing 86,844 units, including units under construction. To find out more, visit ArchstoneSmith.com.
About Habitat for Humanity International
Habitat for Humanity International, based in Americus, Georgia, is an ecumenical Christian ministry that welcomes to its work all people dedicated to the cause of eliminating poverty housing. Since 1976, Habitat has built more than 200,000 houses in nearly 100 countries, providing simple, decent and affordable shelter for more than one million people. For more information, visit www.habitat.org.
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