DENVER, CO - Archstone – a national leader in apartment investment, development and operations – announced that it has completed a comprehensive financial restructuring effective December 2, 2010. Under the restructuring, the company's total debt is reduced by more than $5.4 billion, and substantially all of its near-term debt maturities are extended.
"We are delighted to have reached an agreement that balances the needs of all constituents," said Scot Sellers, Archstone's chief executive officer. "The debt restructuring significantly improves Archstone's balance sheet and financial flexibility, and positions the company for continued success and value creation through acquisition and development activity in all of our markets."
Chaz Mueller, Archstone's chief operating officer, added: "This restructuring resolves legacy financial issues and will allow the company to focus on growing our best-in-class brand and operating platform. We remain committed to providing the best service to our residents and enhancing the performance of our operating communities."
Archstone is a recognized leader in apartment investment and operations. The company's portfolio is concentrated in many of the most desirable neighborhoods in and around Washington, D.C., Los Angeles, San Diego, San Francisco, New York, Seattle and Boston. Archstone strives to provide great apartments and great service to its customers — backed by service guarantees. As of September 30, 2010, the company owned or had an ownership position in 441 communities located in the United States and Europe, representing 81,613 units, including units under construction. Utilizing this tremendous amount of expertise and institutional knowledge, Archstone now also offers comprehensive advisory services to owners and lenders who want to maximize the value of their assets through Archstone Real Estate Advisory Services.