Operating earnings per share in the first quarter was $0.28 per share, an increase of 7.7% compared with last year. The company's funds from operations during the quarter was $0.52 per share.

During the first quarter, Archstone-Smith's same-store revenues increased 1.4%, driven principally by the solid performance of the company's two largest markets--Washington, D.C. and Southern California--with revenue growth of 5.4% and 5.5%, respectively. Same-store net operating income during the quarter increased 1.0% over 2001.

"We are very pleased to be one of the few public apartment companies to report positive growth in both same-store revenues and NOI during the quarter," says R. Scot Sellers, chairman and chief executive officer. "Our positive same-store performance reflects the benefits of having more than 80% of our portfolio in protected markets. Limited new competition is very important to strong long-term performance."

Archstone-Smith, with a market cap of about $10 billion, has 225 garden apartment communities and high-rise properties, representing a total of 80,019 units, including 2,565 units under construction, as of March 31.