Archstone-Smith Reports EPS Spike

Archstone-Smith, Denver, has reported earnings of $1.11 per share for the fourth quarter, a 76% increase from $0.63 per share for the same period of 2003.The multifamily real estate investment trust said it delivered a record EPS of $2.69 in 2004, a 23.4% increase from $2.18 the year before. The REIT reported funds from operations of $1.22 per share for the fourth quarter, compared with $0.73 per share for the fourth quarter of 2003. Archstone-Smith's results for the year reflect the impact of "significant gains" from some property sales, the REIT said. "We expect our substantial development pipeline will contribute significantly to our earnings growth rate over the next five years as these projects are completed and stabilized,"said Charles E. Mueller Jr., Archstone-Smith's chief financial officer.