BOCA RATON, Fla.--July 14, 2004--Gables Residential (NYSE: GBP) (the "Company"), the 2004 NAHB Property Management Company of the Year, today announced David Fitch will assume the role of President in addition to his Chief Investment Officer responsibilities. Mr. Fitch has been the Chief Investment Officer for Gables Residential for approximately two years. During that time he has provided extraordinary leadership completing $300 million of non-core asset dispositions and the oversight of a $600 million pipeline of new development and acquisition opportunities.
Mr. Fitch is a former divisional President of the St. Joe Company, where he operated St. Joe Commercial and directed the development and acquisition of several million square feet of assets and the creation of Advantis Real Estate Services. Mr. Fitch has extensive experience in commercial, multifamily, and mixed-use development in Texas; Washington, DC; and Florida and has served as Senior Vice President for Insignia Financial Group and Cadillac Fairview Urban Development, in addition to other activities. He is a graduate of Colorado College and is an active member of the Urban Land Institute.
"During the past five years we have successfully executed our strategy of repositioning our portfolio into Established Premium Neighborhoods(TM) ("EPNs") in our core markets while exiting non-core markets. The next phase of our strategic plan is aimed at achieving the desired portfolio allocation within our eight markets that will allow us to produce total returns that exceed the NAREIT apartment sector index. We expect to grow the Company by fifty percent during the next five years and David's proven leadership will be instrumental in achieving those objectives," stated Chris Wheeler, Chairman and Chief Executive Officer.
With a mission of Taking Care of the Way People Live(R), Gables Residential has received national recognition for excellence in the management, development, acquisition and construction of luxury multi-family communities in high job growth markets. The Company's strategic objective is to produce total returns through monthly dividends and share price changes that exceed the NAREIT apartment sector index.
The Company has a research-driven strategy focused on markets characterized by high job growth and resiliency to national economic downturns. Within these markets, the Company targets Established Premium Neighborhoods(TM) ("EPNs"), generally defined as areas with high per square foot prices for single-family homes. By investing in resilient, demand-driven markets and EPN locations with barriers to entry, the Company expects to achieve its strategic objective.
The Company is one of the largest apartment operators in the nation and currently manages 47,063 apartment homes in 184 communities, including the 85 communities it owns with 22,684 stabilized apartment homes primarily in Atlanta, Houston, South Florida, Austin, Dallas, Washington, DC, and San Diego/Inland Empire and has an additional 10 communities with 2,624 apartment homes under development or lease-up. For further information, please contact Gables Investor Relations at (800) 371-2819 or access Gables Residential's website at www.gables.com.
