The Company has structured the transaction as a Section 1031 tax deferred exchange under the Internal Revenue Code of 1986, as amended, and intends to reinvest its share of the proceeds from the sale of Marina Mile in the purchase of a qualified replacement property.
The Company is a REIT whose objective is to acquire, operate, and rehabilitate multifamily apartment communities. The Company owns interests in twenty-four such multifamily apartment communities, of which eight are located in the Baltimore/Washington, D.C. metropolitan area, five are located in Virginia, three are located in Houston, Texas, two are located in each of Dallas, Texas and the Chicago, Illinois area and one is located in each of Austin, Texas, Charlotte, North Carolina, Tampa, Florida and the Ft. Lauderdale, Florida area.
This press release may contain "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995, about the Company. These statements involve a number of risks and uncertainties that could materially affect future results. Among these risk factors are the ones listed in the Company's periodic reports filed with the Securities and Exchange Commission, including without limitation the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2004 and Quarterly Reports on Form 10-Q for the periods ended March 31, 2005, June 30, 2005 and September 30, 2005.
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