GABLES RESIDENTIAL is a fully integrated real estate company engaged in the multifamily apartment community management, development, construction, acquisition and disposition businesses. Gables owns upscale class AA/A apartment home communities in resilient, high job growth markets, primarily Atlanta, Houston, Austin, Dallas and South Florida. Organized as a Real Estate Investment Trust (REIT), Gables has been a public company since 1994, but its experience dates back to 1982 as a private entity under the Trammell Crow Residential umbrella. The Company has one of the newest property portfolios in the industry, averaging nine years, and enjoys some of the highest rental rates in its markets. Gables’ research-driven investment strategy, vertical integration, high quality assets and skilled staff have combined to contribute continued operating profitability for 18 years and through multiple real estate cycles. As of December 31, 1999, Gables owned 92 communities with 27,352 apartment homes, including 11 communities with 3,411 apartment homes under development. Gables stock is traded on the New York Stock Exchange under the symbol “GBP,” and its web address is www.gables.com.