Archstone-Smith Acquires 207-Unit Apartment Community in Manhattan's Upper West Side
DENVER – September 21, 2006 – Archstone-Smith (NYSE: ASN), one of the nation's largest apartment companies, today announced the acquisition of Key West, a 207-unit, 13-story high-rise community in Manhattan. Representing a purchase price of $110 million, the acquisition is expected to be funded primarily through tax-deferred exchange proceeds from dispositions of apartment communities that no longer meet the company's long-term investment criteria. The largest public owner of apartments in Manhattan, Archstone-Smith now owns and operates a New York Metropolitan Area portfolio that includes 13 communities representing 4,115 units, including units under construction, and a total expected investment of more than $2.0 billion.
"Key West is very well situated in New York's exclusive Upper West Side neighborhood, which is highly sought after by families and young professionals alike," said R. Scot Sellers, chairman and chief executive officer. "Residents can enjoy the convenience of immediate access to millions of jobs, excellent public and private schools, extensive shopping choices and world-class dining options, as well as exceptional cultural and recreational opportunities."
Key West is located on Columbus Avenue between 96th and 97th Streets in Manhattan's exclusive Upper West Side neighborhood and directly across the street from The Westmont, acquired by Archstone-Smith in July. The community is just one block from Central Park, close to Riverside Park and just one block from the 96th Street subway stations serving the 1, 2, 3, B and C lines. It is also convenient to the West Side Highway and George Washington Bridge, and also to bus access on Columbus Avenue. The community features more than 13,000 square feet of on-site, ground floor retail space occupied by a variety of businesses, including a delicatessen, dry cleaner and financial advisor.
Key West's one-, two-, and three-bedroom apartments feature generous, open floor plans, with hardwood floors and oversized windows. Residents also enjoy an on-site fitness center, 24-hour concierge service, onsite parking garage, large rooftop terrace and beautifully landscaped courtyard. The community will operate under the company's Archstone brand.
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 $19.5 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 July 31, 2006, Archstone-Smith owned or had an ownership position in 350 communities, representing 88,365 units, including units under construction.
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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.