Archstone-Smith Named Property Management Company of the Year by the National Association of Home Builders
DENVER, CO USA
DENVER, April 12 -- 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, Chicago, Southeast Florida 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.
Archstone-Smith's archived press releases are available on its web site
at http://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.
Contact: Heather Campbell
800-982-9293 303-708-5959
