Archstone-Smith to Hold Fourth Quarter 2006 Conference
Call with Senior Management

DENVER — December 14, 2006 — Archstone-Smith (NYSE:ASN) will release its fourth quarter 2006 financial results on Thursday, February 1, 2007, before the open of market. Its conference call with senior management is scheduled for February 1, 2007, at 11:00 a.m. EST.

For live access to the call:

- Conference call dial-in: Domestic (800) 218-0204; International (303) 262-2190.

- Webcast: At www.archstonesmith.com, select "Investors," click on "Quarterly results," and follow the instructions.

To hear a replay of the call:

- Webcast replay: At www.archstonesmith.com, select "Investors" and click on "Quarterly results." The call will be archived for approximately one month.

- Conference call replay: Domestic (800) 405-2236 (access code 11079062#); International (303) 590-3000 (access code 11079062#). The call replay will be available at 2:00 p.m. EST on February 1, 2007, and will be available through February 15, 2007.

Archstone-Smith (NYSE: ASN), an S&P 500 company, is a recognized leader in apartment investment and operations. With a current total market capitalization of $21.4 billion, the company's portfolio is concentrated in many of the most desirable neighborhoods in the Washington, D.C. metropolitan area, Southern California,  the New York City metropolitan area, the San Francisco Bay Area, Boston, Seattle, Southeast Florida and Chicago. The company continually upgrades the quality of its portfolio through the selective sale of assets, using proceeds to fund investments in assets with even better growth prospects. Through its two brands, Archstone and Charles E. Smith, Archstone-Smith strives to provide great apartments and great service to its customers – backed by unconditional service guarantees. As of October 31, 2006, the company owned or had an ownership position in 353 communities, representing 89,699 units, including units under construction.

Download a PDF of this release.

Archstone-Smith's press releases are available on the company's web site at www.archstonesmith.com or by calling (800) 982-9293.

In addition to historical information, this press release contains forward-looking statements and information under the federal securities law. These statements are based on current expectations, estimates and projections about the industry and markets in which Archstone-Smith operates, and beliefs and assumptions made by management. While Archstone-Smith management believes the assumptions underlying its forward-looking statements and information are reasonable, such information is necessarily subject to uncertainties and may involve certain risks, many of which are difficult to predict and are beyond management's control. As such, these statements and information are not guarantees of future performance, and actual operating results may differ materially from what is expressed or forecasted in this press release. See "Risk Factors" in Archstone-Smith's 2005 Annual Report on Form 10-K for factors which could affect Archstone-Smith's future financial performance.