DENVER--(BUSINESS WIRE)--March 18, 2004--Affordable Residential
Communities Inc. (NYSE: ARC) today announced that the underwriters in
its initial public offering have exercised their option to purchase
791,592 additional shares of common stock out of a total
over-allotment option of 3.69 million shares. The net proceeds to ARC
from the sale of these additional shares, after deducting estimated
offering expenses, will be approximately $14.0 million.
The over-allotment option on the Company's Series A Cumulative
Redeemable Preferred Stock was not exercised.
Citigroup Global Markets Inc. and Merrill Lynch, Pierce, Fenner &
Smith served as joint-book running managers of the common stock
offering. Copies of the prospectus relating to the offering may be
obtained by contacting Citigroup Global Markets Inc., Prospectus
Department, Brooklyn Army Terminal, 140 58th Street, 5th Floor,
Brooklyn, NY 11220 or Merrill Lynch & Co, 4 World Financial Center,
New York, NY 10080.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of these
securities in any state or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or other
Affordable Residential Communities Inc. currently owns and
operates approximately 67,000 homesites located in 298 communities in
29 states. ARC is a fully integrated, self-administered, self-managed
equity real estate investment trust (REIT) focused on the acquisition,
renovation, repositioning and operation of primarily all-age
manufactured home communities with headquarters in Denver, CO.
The forward-looking statements contained in this news release are
subject to certain risks and uncertainties including, but not limited
to, general risks affecting the real estate industry; the Company's
ability to maintain or increase rental rates and occupancy with
respect to properties currently owned; the Company's assumptions on
rental home and home sales and financing activity; completion of
pending acquisitions, if any, and timing with respect thereto; the
Company's growth and expansion into new markets or to integrate
acquisitions successfully; the effect of interest rates as well as
other risks indicated from time to time in the Company's filings with
the Securities and Exchange Commission. The Company expressly
disclaims any intention or obligation to provide public updates,
revisions or amendments to any forward-looking statements that become
untrue because of subsequent events.
CONTACT: Affordable Residential Communities Inc.
Haynes Chidsey, 303-383-7503
SOURCE: Affordable Residential Communities Inc.