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

DENVER — June 19, 2006 — Archstone-Smith (NYSE:ASN) will release its second quarter 2006 financial results on Tuesday, July 25, 2006, before the open of market. Its conference call with senior management is scheduled for July 25, 2006, at 11:00 a.m. EST.

For live access to the call:

• Conference call dial-in: Domestic (800) 218-0713; 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 11064024#); International (303) 590-3000 (access code 11064024#). The call replay will be available at 2:00 p.m. EST on July 25, 2006, and will be available through August 8, 2006.

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 $17.9 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 May 31, 2006, Archstone-Smith owned or had an ownership position in 271 communities, representing 83,776 units, including units under construction.

Download a PDF of this release.

Archstone-Smith's 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 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, 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.