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Smith Realty FFO Up 13% in Third Quarter

BOSTON-Charles E. Smith Residential Realty Inc., an urban multifamily REIT, reports FFO of $0.94 per diluted share for the quarter ended September 30, a 13.3% increase over the third quarter of 1999.

By Naomi Grossman | Updated on October 27, 2000

BOSTON-Smith Realty began acquiring properties in Boston in 1996 with 188 units at 2000 Commonwealth Ave. here and 281 units at Cronin’s Landing in Waltham. “We tie the FFO number to the strength of the markets that we’re in and Boston is one of those markets,” says Susan Goyette, communications director for the Arlington, VA-based company. “We are only in four markets because of the strength of each of those markets.”

While acquisitions was the most strategic way for Smith Realty to enter this market, Goyette tells Globest.com that the firm is still interested in developments here. “Our properties in Boston are performing well,” she says. “We are looking at markets where urban living is a growing trend. Boston is one of those markets.”

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