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^*

SELLERS R SCOT

(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)
	Trustee and CEO

3. Date of Earliest Transaction (Month/Day/Year)
03/06/2006

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	03/06/2006		M		7,064	A	$22.1875	442,142	D
Common Shares of Beneficial Interest	03/06/2006		M		78,884	A	$19	520,986	D
Common Shares of Beneficial Interest	03/06/2006		M		103	A	$19	521,089	D
Common Shares of Beneficial Interest	03/06/2006		F		21,108⁽¹⁾	D	$47.9268	499,981	D
Common Shares of Beneficial Interest	03/06/2006		S		64,800	D	$47.9268	435,181	D
Common Shares of Beneficial Interest	03/06/2006		F		26⁽¹⁾	D	$48.21	435,155	D
Common Shares of Beneficial Interest	03/06/2006		S		77	D	$48.21	435,078⁽²⁾	D
Common Shares of Beneficial Interest								33,579	I	See footnote⁽³⁾

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	$22.1875	03/06/2006		M			7,064	⁽⁴⁾	06/14/2009	Common Shares	7,064	$22.1875	0	D
Option-to-Buy	$19	03/06/2006		M			78,884	⁽⁵⁾	12/14/2009	Common Shares	78,884	$19	103	D
Option-to-Buy	$19	03/06/2006		M			103	⁽⁵⁾	12/14/2009	Common Shares	103	$19	0	D

Explanation of Responses:

1. Withholding of shares for payment of tax liability.

2. Direct total includes 288,043 restricted share units awarded under Issuer's Long-Term Incentive Plan.

3. Indirect total includes 250 shares held in trust for child, 189 shares held in Issuer's 401(k) Plan and 33,140 shares held in a revocable trust.

4. Options granted on 6/14/99 vested at 25% a year over 4 years, beginning on 6/14/00.

5. Options granted on 12/14/99 vested at 25% a year over 4 years, beginning on 12/14/00.

	Erin McMahon, Attorney-in-Fact on behalf of R. Scot Sellers	03/08/2006
	** 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).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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