Archstone-Smith Swats Acquisition Rumor

Responding to market speculation, Archstone-Smith, a Denver-based multifamily real estate investment trust, has reported that the company "is not currently engaged in any discussions to acquire another publicly traded company."Scot Sellers, Archstone-Smith's chairman and chief executive officer, said it is not the company's practice to comment on rumors, but that "the level of speculation reached a point that we felt that it was appropriate to clarify our position." He added that the REIT is in the process of marketing some of its "noncore" assets to pay a special dividend. The REIT owns and operates multifamily properties in a number of key metropolitan areas.