Archstone-Smith Acquires The Westmont in
Manhattan's Upper West Side

DENVER – July 19, 2006 – Archstone-Smith (NYSE: ASN), one of the nation's largest apartment companies, today announced the acquisition of The Westmont, a 163-unit, 16-story high-rise community in Manhattan. Representing a purchase price of $87.8 million, the acquisition was funded primarily through tax-deferred exchange proceeds from dispositions of apartment communities that no longer meet the company's long-term investment criteria, and the assumption of $24.2 million of secured debt that will be paid off with the proceeds from the company's recent convertible debt offering.

"By virtue of its close proximity to the multitude of recreational and cultural opportunities available in the Upper West Side, and also to the millions of jobs in Manhattan's business districts, The Westmont is a great fit with our growing New York City portfolio," said R. Scot Sellers, chairman and chief executive officer. Archstone-Smith is the largest public owner of apartments in Manhattan; the company's presence in the New York City metropolitan area now consists of 12 communities representing 3,908 units, including units under construction, and a total expected investment of $1.9 billion.

The Westmont is located on Columbus Avenue between 95th and 96th Streets in Manhattan's exclusive Upper West Side neighborhood – known for its collection of height-restricted residential buildings, extensive shopping choices and world-class dining options. The community is just one block from Central Park, close to Riverside Park and just one block from the 96th Street subway stations serving the 1, 2, 3, B and C lines. It is also convenient to the West Side Highway and George Washington Bridge, and also to bus access on Columbus Avenue. The community features more than 9,000 square feet of on-site, ground floor retail space occupied by a high-end wine retailer, delicatessen and gourmet food market.

The Westmont's studio, one-, two-, and three-bedroom apartments feature generous floor plans, hardwood floors and oversized windows. Residents also enjoy an on-site fitness center, 24-hour concierge, on-site parking garage, large rooftop terrace, club room and landscaped courtyard. The community will operate under the company's Archstone brand.

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 $18.6 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 June 30, 2006, Archstone-Smith owned or had an ownership position in 267 communities, representing 82,491 units, including units under construction.

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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 that could affect Archstone-Smith's future financial performance.