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(ASN)-Archstone-Smith Announces Results for the First Quarter of 2007
Same-Store Operating Performance Continues to Be Strong; Development Pipeline Grows by $540 Million

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DENVER, May 9 /PRNewswire-FirstCall/ -- Archstone-Smith (NYSE: ASN) today announced net earnings per share (EPS) of $1.27 for the quarter ended March 31, 2007, compared with $0.58 per share reported for the same period in 2006. Funds from operations (FFO) for the first quarter of 2007 was $0.50 per share, which is the top end of the guidance previously provided by management.

Solid Same-Store Operating Performance Continues to Be Strong

Same-store revenues increased 6.4% in the first quarter of 2007, driven principally by strong revenue growth in Southern California, the San Francisco Bay Area, the New York City metropolitan area and Seattle -- which represent 57% of the company's portfolio. The company's same-store net operating income (NOI) grew 6.8% in the first quarter. 'Even with the rent increases we have seen over the past few years, renting an apartment remains a bargain relative to the cost of owning a home in our coastal, supply constrained markets,' said R. Scot Sellers, chairman and chief executive officer. 'As a result, we continue to expect strong operating performance this year.'