(from www.sec.gov)
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Charles E. Smith Residential Realty Inc. |
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From the April 28, 1997 Washington Post
| '96 (in $ 000s) | % Change From '95 | |
| Revenue | 166,283 | 14.7 |
| Net Income | 34,817 | 12.1 |
Description:
Smith Residential Realty is a real estate investment trust that develops, owns and manages apartment buildings throughout the Washington region. It also provides such real estate services as property management, engineering and construction to other property owners. The core of its portfolio is the residential buildings developed by the Charles E. Smith Cos., but since going public in 1995 Smith Realty has acquired apartments built by other developers. The Smith-developed office buildings remain privately held.
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During 1996 Smith purchased four properties with 1,049 apartment units, with two buildings in the District, one in Reston and one in Alexandria. So far this year, the company has purchased three buildings totaling 1,828 units, two in Crystal City and one in the District. That brings its portfolio to 45 buildings with 17,028 units. Most of the acquisitions were paid for with a combination of cash and partnership units that are convertible to stock.
During 1996 the firm also completed leasing of its 320-unit Worldgate apartment complex in western Fairfax County, which opened in 1995. The company plans to begin construction this year on at least one new apartment complex.
As with other real estate investment trusts, investors and analysts usually evaluate Smith's financial results not by net income but by funds from operations, a measure that takes into account such real estate-related items as depreciation and amortization. In 1996 funds from operation rose to $2.41 per share from $2.19 per share in 1995, a 10 percent increase.
