SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

MUELLER CHARLES E JR

(Last)

(First)

(Middle)

9200 E. PANORAMA CIRCLE

SUITE 400

(Street)

ENGLEWOOD

80112

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
ARCHSTONE SMITH TRUST [ ASN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chief Financial Officer & EVP

3. Date of Earliest Transaction (Month/Day/Year)
12/29/2005

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Shares of Beneficial Interest	12/29/2005		M		3,535	A	$22.0625	103,080	D
Common Shares of Beneficial Interest	12/29/2005		M		11,185	A	$20.5625	114,265	D
Common Shares of Beneficial Interest	12/29/2005		S		14,720	D	$42.3692	99,545	D
Common Shares of Beneficial Interest	12/29/2005		S		2,442	D	$42.4	97,103	D
Common Shares of Beneficial Interest	12/29/2005		S		400	D	$42.6	96,703	D
Common Shares of Beneficial Interest	12/29/2005		S		1,600	D	$42.53	95,103⁽¹⁾	D
Common Shares of Beneficial Interest								2,153	I	See footnote⁽²⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Option-to-Buy	$22.0625	12/29/2005		M			3,535	⁽³⁾	09/08/2007	Common Shares	3,535	$22.0625	0	D
Option-to-Buy	$20.5625	12/29/2005		M			11,185	⁽⁴⁾	08/10/2008	Common Shares	11,185	$20.5625	0	D

Explanation of Responses:

1. Direct total includes 79,615 Restricted Stock Units and 15,488 Performance Units awarded under the Issuer's Long-Term Incentive Plan.

2. Indirect total includeds 1799 shares held in the Archstone-Smith 401(k), and 354 shares held in the Archstone-Smith Deferred Compensation Plan.

3. Options were granted on 9/8/97 and vested at the rate of 25% a year over 4 years, beginning on 9/8/99

4. Options were granted on 8/10/98 and vested at the rate of 25% a year over 4 years, beginning on 8/10/99

Remarks:

The option exercise and sale of shares is being made pursuant to a 10b5-1 plan filed by Mr. Mueller on December 1, 2005.

	/s/ Erin McMahon, Attorney-in-Fact on behalf of Charles E. Mueller, Jr.	01/03/2006
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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