florida real estate broker

Gables Promotes Sullivan to Senior Vice President

Business Editors

BOCA RATON, Fla.--(BUSINESS WIRE)--May 4, 2004

Gables Residential (NYSE:GBP) (the "Company") announced today that Cristina F. Sullivan, Vice President of Asset Management Operations, has been promoted to the rank of Senior Vice President. She will remain in the Boca Raton corporate office and will continue to oversee Gables' REIT operations in the East and fee-management operations in the District of Columbia.

Ms. Sullivan joined the Company in 1988 as a leasing agent. She assumed increasing responsibility within Gables, and in 1999 was named a Regional Vice President, overseeing management operations for Florida. In 2002, she was named a Vice President. A graduate of Florida Atlantic University, Ms. Sullivan is a licensed Florida real estate broker.

In announcing her promotion, Mike Hefley, Gables' Chief Operating Officer, said, "Cris's leadership, team work, team building and professionalism have contributed significantly to the success of Gables. She represents the ideals and culture of excellence that we are constantly striving for as an organization."

With a mission of Taking Care of the Way People Live(R), Gables Residential has received national recognition for excellence in the management, development, acquisition and construction of luxury multi-family communities in high job growth markets. The Company's strategic objective is to produce total returns through monthly dividends and share price changes that exceed the NAREIT apartment sector index.

The Company has a research-driven strategy focused on markets characterized by high job growth and resiliency to national economic downturns. Within these markets, the Company targets Established Premium Neighborhoods(TM) ("EPNs"), generally defined as areas with high per square foot prices for single-family homes. By investing in resilient, demand-driven markets and EPN locations with barriers to entry, the Company expects to achieve its strategic objective.

The Company is one of the largest apartment operators in the nation and currently manages 45,002 apartment homes in 165 communities, owns 83 communities with 22,704 stabilized apartment homes primarily in Atlanta, Houston, South Florida, Austin, Dallas, and Washington, DC and has an additional 9 communities with 2,496 apartment homes under development or lease-up. For further information, please contact Gables Investor Relations at (800) 371-2819 or access Gables Residential's website at www.gables.com.

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