Archstone-Smith Announces Results for
the First Quarter of 2006
Company's Same-Store Portfolio Produces Largest Quarterly
Increase in Net Operating Income in More Than Ten Years

DENVER — April 25, 2006 — Archstone-Smith (NYSE:ASN) today announced net earnings per share (EPS) of $0.58 for the quarter ended March 31, 2006, compared with the $0.32 per share reported for the same period in 2005. Funds from operations (FFO) with gains/losses was $0.80 per share in the first quarter of 2006, compared with $0.49 per share for the first quarter of 2005 – a reflection of the value Archstone-Smith creates through the selective disposition of non-core assets as part of its capital recycling strategy. FFO for the first quarter of 2006 was $0.59 per share, which is $0.035 above the midpoint of the company's first quarter guidance. FFO per share in the same period in 2005 was $0.46.

Same-Store Operating Performance Continues to Accelerate
Same-store revenues increased 5.6% in the first quarter of 2006, representing the eighth consecutive quarter of increasing revenue growth. The company's same-store net operating income (NOI) grew 9.8% in the first quarter – the largest quarterly increase in more than ten years. This increase was driven principally by strong NOI growth in Washington, D.C., Southern California and the New York City metropolitan area – which represent 68.1% of the company's portfolio – with same-store NOI increases of 9.9%, 12.4% and 10.9% respectively. "This impressive growth is a direct result of our continued strategy of owning apartments in highly desirable neighborhoods with very expensive housing costs, together with our ongoing commitment to innovation," said R. Scot Sellers, chairman and chief executive officer.

Strategic Acquisitions and Developments Strengthen Company's Position in Its Core Markets
Year-to-date, the company has acquired $765.3 million of apartment communities, representing 1,856 units, in markets that include New York City and California. With the completion of these acquisitions, the company's New York City metropolitan area portfolio consists of 3,745 units, including units under construction and joint ventures, representing a total expected investment of $1.8 billion. "New York City is the ultimate high-barrier-to-entry market, and underscores our strategy of owning apartments in markets with median home prices in excess of $1 million, and very strong economic fundamentals. We are proud to be the largest public owner of apartments in Manhattan, and we look forward to expanding our portfolio there," said Mr. Sellers.

Archstone-Smith completed the sale of $311.0 million of apartment communities year-to-date in markets that include Dallas, Denver, Houston, Portland and Southeast Florida. The company is making good progress on its goal to dispose of virtually all of its non-core assets by the end of 2006. The company's dispositions produced cash gains of $76.2 million – a profit of approximately 34% on the company's cost basis – and generated an unleveraged internal rate of return (IRR) of 17.5%.

$4.1 Billion Development Pipeline Expected to Create Significant Value
At the end of the quarter, including joint ventures and Ameriton, the company had 5,133 units with an expected investment of $1.6 billion, under construction, and 10,132 units, representing an expected investment of $2.5 billion, in planning. The development pipeline is concentrated in core markets that include Manhattan, downtown Boston, Southern California and Washington, D.C. "We continue to demonstrate that our locally based development organization consistently creates tremendous value for our shareholders and adds outstanding new communities in great locations to our core portfolio," said Mr. Sellers.

Also during the first quarter, Archstone-Smith delivered first units at Archstone Del Mar Station, a transit-oriented community in the heart of historic Pasadena, Calif.; Archstone Presidio View in San Diego; and The Flats at Dupont Circle, a dramatic redevelopment of a downtown Washington, D.C. hotel. The company has also begun pre-leasing at Archstone Boston Common, the first high-rise rental apartment community to be built in downtown Boston in more than 20 years, which is expected to be completed in 2007.

Ameriton Continues to Deliver Strong Results
Archstone-Smith's first quarter 2006 results include gains from the sale of operating communities by Ameriton, the company's wholly owned subsidiary, which contributed $23.8 million, or $0.10 per share, to first quarter 2006 EPS, and $22.9 million, or $0.09 per share, to its first quarter FFO. Since 2000 through first quarter 2006, Ameriton has completed the sale of $1.5 billion of apartment communities, contributing $0.86 per share to Archstone-Smith's FFO and generating a pre-tax unleveraged IRR of 23.7%.

As expected, the company received $8.8 million, resulting from a previously negotiated insurance settlement related to moisture infiltration and mold litigation at a previously owned community in Southeast Florida. Of this amount, $7.1 million, or $0.03 per share, was included in other income in the first quarter of 2006, and the remainder offset previously capitalized costs. First quarter 2006 results also include a $2.2 million impairment related to a non-core asset that is expected to be sold later in 2006, which was not included in the company's previously issued guidance.

Archstone-Smith Declares 123rd Consecutive Common Share Dividend
The company also announced that its Board declared the company's 123rd consecutive quarterly common share dividend. The company will pay a dividend of $0.435 per common share, payable on May 31, 2006 to shareholders of record as of May 16, 2006. On an annualized basis, this represents a dividend of $1.74 per common share.

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 $17.4 billion, the company's portfolio is concentrated in many of the most desirable neighborhoods in the Washington, D.C. metropolitan area, Southern California, the San Francisco Bay Area, the New York City metropolitan area, Boston, Southeast Florida, Chicago, and Seattle.  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 March 31, 2006, the company owned or had an ownership position in 254 communities, representing 86,513 units, including units under construction.

For full financials click here.

Archstone-Smith's full first quarter 2006 financials and archived press releases are available on its web site at www.ArchstoneSmith.com or may be obtained by calling (800) 982-9293.

In addition to historical information, this press release and quarterly supplemental information contain 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, management's 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 and supplemental information. 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.