The sales include three joint venture transactions with a large institutional investor, through which Archstone contributed 27 communities with a value of approximately $650 million.

"Since 1995, Archstone has completed the disposition of $3.3 billion of non-core assets--producing $430 million in aggregate gains--substantially improving the quality of our earnings and our long-term growth rate," says R. Scot Sellers, chairman and chief executive officer.

Archstone used a portion of its disposition proceeds to fund the industry's largest common share repurchase program, and has successfully redeployed capital into protected locations with excellent long-term growth prospects.