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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): APRIL 17, 1998
CHARLES E. SMITH RESIDENTIAL REALTY, INC.
(Exact name of registrant as specified in its charter)
COMMISSION FILE NUMBER: 1934 ACT FILE NUMBER: 1-13174
MARYLAND 54-1681655
(State of other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2345 CRYSTAL DRIVE
CRYSTAL CITY, VA 22202
(Address of principal (Zip Code)
executive offices)
Registrant's telephone number including area code: (703) 920-8500
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Item 2. Property Acquisitions
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On April 17, 1998, Charles E. Smith Residential Realty L.P. ("the Operating
Partnership"), of which Charles E. Smith Residential Realty, Inc. ("the
Company") is the sole general partner, acquired a 1,075 unit luxury high-rise
apartment property located in Chicago, Illinois ("McClurg Court") for
approximately $70 million in cash. The property was built in 1972 and consists
of two 45-story towers, a 52,000 square foot health club and 58,000 square feet
of commercial space.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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Pro Forma and historical financial information for McClurg Court will be filed
within 60 days of this Report on Form 8-K.
2
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, as amended, the Registrant has duly caused this report to be signed
on its behalf by the undersigned, hereunto duly authorized, on the 22nd day of
April 1998.
CHARLES E. SMITH RESIDENTIAL REALTY, INC.
By: /s/ W. D. Minami
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W. D. Minami
Senior Vice President and Chief Financial
Officer of the Registrant
By: /s/ S. E. Gulley
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Steven E. Gulley
Vice President and Chief Accounting
Officer of the Registrant
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EXHIBIT INDEX
EXHIBIT NO. EXHIBIT
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99.1 Press Release dated April 20, 1998 of the Company
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NEWS RELEASE
[COMPANY LOGO]
CHARLES E. SMITH RESIDENTIAL REALTY, INC.
FOR IMMEDIATE RELEASE Contact: Investors - Brian Cass
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April 20, 1998 (703) 769-1159
Media - John Kurtz
(703) 769-1153
CHARLES E. SMITH RESIDENTIAL ADDS 1,075 UNIT
LUXURY HIGH-RISE IN DOWNTOWN CHICAGO
ARLINGTON, VA -- Charles E. Smith Residential Realty, Inc. (NYSE:SRW),
announced today that it has acquired McClurg Court, a 1,075-unit, twin tower
luxury high-rise near Lake Michigan in downtown Chicago, for approximately $70
million.
Ernest Gerardi, Jr., President of Charles E. Smith Residential said: "This
high quality acquisition significantly advances our geographic expansion
strategy of building critical mass in our primary growth markets. It is
superbly located just a few blocks from the lake, and increases our total
existing and under construction apartment units in downtown Chicago to nearly
2,200. In 1998 to date, the company has completed property acquisitions in the
Northern Virginia, Washington, DC and Chicago markets totaling more than $122
million."
McClurg Court is a 45-story twin tower containing 1,075 residential units
located in the prestigious Streeterville submarket of downtown Chicago. The
site is three blocks from the lake shore, just north of the Loop, and many of
its apartments offer expansive views of the lake and city skyline. The property
also includes a 52,000 square foot health club and 58,000 square feet of
commercial space, with a cinema, restaurant, bank and convenience store. It was
built in
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page - 2
1972. Charles E. Smith Residential acquired McClurg Court from a private
investment partnership for approximately $70 million in cash, and plans to
invest an additional $4 million in initial capital improvements to the property.
Approximately 13% of the underlying land is included in the purchase, with the
balance subject to ground leases running through the year 2067. The transaction
was funded from the company's recently announced new credit line, together with
$26 million from the sale of convertible preferred stock, which completes a
private placement arranged in 1997 with Security Capital Preferred Growth, Inc.
Charles E. Smith Residential Realty, Inc. is a self-managed real estate
investment trust listed on the New York Stock Exchange (SRW). The company and
its subsidiaries and affiliates own, acquire, develop, and manage multifamily
residential properties for its own account, and provide a full range of real
estate services to other property owners. The company owns a portfolio of over
19,650 apartment units and two retail centers, has another 2,000 units under
construction, and manages an additional 3,500+ units for other owners. The
total market capitalization of the Company -- Charles E. Smith Residential
Realty, including its Operating Partnership -- is approximately $1.8 billion.
Investor information including press releases about Charles E. Smith Residential
Realty is available on the company's Web site at: HTTP://WWW.SMITHREIT.COM ...
and also through PR Newswire Company's "News on Call" by fax 800-758-5804, ext.
101271, or at: HTTP:// WWW.PRNEWSWIRE.COM.
Certain items discussed in this press release may be deemed to be forward-
looking statements. Although Charles E. Smith Residential Realty, Inc. believes
that such statements are based on reasonable expectations and assumptions, it
can give no assurance that its expectations will be attained. Factors that
could cause actual results to differ materially from the company's expectations
include real estate market conditions, information determined in the course of
due diligence review, changes in local economic conditions and other risks
detailed from time to time in the company's reports and filings with the
Securities and Exchange Commission. The company assumes no obligation to
update or supplement forward-looking statements that may become untrue because
of subsequent events.
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