DENVER-Locally based Archstone-Smith should receive about $25 million in eBay stock–or if it sells, cash–thanks to its investment in eBay has announced it plans to pay $415 million, plus’s year-end cash balance, less transaction expenses. is an website that serves the apartment and rental housing industry. eBay, the giant Internet auction house, plans to pay $30 million in cash, with the remainder in its stock for in the first quarter of 2005.

If the closing occurs with no material change in the price of eBay’s stock, Archstone-Smith would receive approximately $25 million of eBay common stock. If Archstone-Smith were to sell its eBay shares following the closing, again assuming no material change in the price, the company would record a gain in its earnings and funds from operations of approximately $0.11 per share. If the so-called “Christmas rally,” continues in the stock market, Archstone-Smith conceivably could make even more money.

Separately, Archstone-Smith is reiterating its previous 2005 same-store revenue growth guidance of 3.5% to 4.0%. The company also estimates 2005 same-store expense growth estimate of 3.0% to 4% and a net operating income growth estimate of 3.3% to 4.3%.

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