SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) February 11, 1999
ARCHSTONE COMMUNITIES TRUST
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(Exact Name of Registrant as Specified in Charter)
MARYLAND 1-10272 74-6056896
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
7670 South Chester Street
Englewood, CO 80112
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (303) 708-5959
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Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events.
On February 11, 1999, Archstone Communities Trust (NYSE: ASN)
announced that its Board of Trustees authorized the purchase of up to $100
million of the company's outstanding common shares of beneficial interest.
At current market prices, this purchase represents approximately 3.6% of
the company's outstanding common shares. Archstone plans to repurchase the
shares from time to time in open market and privately negotiated
transactions, depending on market prices and other conditions.
Included as Exhibit 99.1 to this Current Report on Form 8-K is a
copy of the press release, which is incorporated herein by reference.
Item 7. Exhibits.
99.1 Press Release, dated February 11, 1999.
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Signatures
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
Dated: February 16, 1999 Archstone Communities Trust
By: /s/ Jeffrey A. Klopf
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Jeffrey A. Klopf
Senior Vice President and
Secretary
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EXHIBIT INDEX
Exhibit
Number Description
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99.1 Press Release, dated February 11, 1999
3
FOR IMMEDIATE RELEASE
Archstone Communities Trust
Contact: Charles E. Mueller, Jr.
800-982-9293
303-708-5959
ARCHSTONE ANNOUNCES STOCK REPURCHASE PROGRAM
DENVER - February 11, 1999 - Archstone Communities (NYSE: ASN) announced
today that its Board of Trustees has authorized the purchase of up to $100
million of the company's common shares of beneficial interest. At current
market prices, this represents approximately 3.6% of the company's common
shares outstanding. Archstone plans to repurchase shares from time to time
in open market and privately negotiated transactions, depending on market
prices and other conditions.
"At its current price level, we believe our stock is an excellent
investment opportunity especially given Archstone's solid financial
position and growth outlook," said R. Scot Sellers, chairman and chief
executive officer. "This program reflects our continued confidence in our
strategy, and enhances our efforts to create value for our shareholders."
Archstone Communities is a leading real estate operating company focusing
on the development, operation and long-term ownership of multifamily
communities in markets and sub-markets with high barriers to entry
throughout the United States. With a total market capitalization of $5.4
billion, Archstone has a dominant presence with 305 communities
representing 88,631 units, including 19,290 units in its development
pipeline, as of December 31, 1998.
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