Archstone-Smith Named Property Management Company of the Year by the National Association of Home Builders
DENVER – April 12, 2006 – Archstone-Smith (NYSE: ASN), one of the nation's largest apartment companies, has been honored by the National Association of Home Builders (NAHB) as Property Management Company of the Year at the 2006 Pillars of the Industry Awards ceremony. The annual Pillars Awards recognize the best of the best in the multifamily housing industry.
"It is truly an honor to be named Property Management Company of the Year, in recognition of the hard work of our associates, our strong financial performance, our commitment to innovation and the quality of our portfolio," said J. Lindsay Freeman, chief operating officer. "We are proud to provide great apartments and great service to our residents. We still have many ambitious goals to accomplish and look forward to continuing to improve our portfolio and strengthening our leadership position within the industry."
The NAHB created the Pillars of the Industry Awards program in 1990 to promote the benefits of apartment living. Recognized as the industry's most coveted awards, the Pillars of the Industry Awards honor superior achievement in apartment and condominium development, design, marketing and management. Presented annually, they are considered a showcase of innovation and future trends in the housing industry.
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 $16.7 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 March 31, 2006, Archstone-Smith owned or had an ownership position in 254 communities, representing 86,513 units, including units under construction.
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Archstone-Smith's archived press releases are available on its web site at www.ArchstoneSmith.com or may be obtained by calling (800) 982-9293.
In addition to historical information, this press release contains forward-looking statements and information under the federal securities law. These statements are based on current expectations, estimates and projections about the industry and markets in which Archstone-Smith operates, management's beliefs and assumptions made by management. While Archstone-Smith management believes the assumptions underlying its forward-looking statements and information are reasonable, such information is necessarily subject to uncertainties and may involve certain risks, many of which are difficult to predict and are beyond management's control. As such, these statements and information are not guarantees of future performance, and actual operating results may differ materially from what is expressed or forecasted in this press release and supplemental information. See "Risk Factors" in Archstone-Smith's 2005 Annual Report on Form 10-K for factors that could affect Archstone-Smith's future financial performance.