FWP 1 d34021fwp.htm FREE-WRITING PROSPECTUS fwp
 

Filed Pursuant to Rule 433
Dated March 13, 2006
Registration Statement
No. 333-124163
ARCHSTONE-SMITH OPERATING TRUST
$300,000,000
5.750% NOTES DUE 2016
FINAL PRICING TERMS
             
ISSUER:  
Archstone-Smith Operating Trust
        
   
 
        
RATINGS:  
Baa1(stable outlook)/BBB+(stable outlook)/A-(stable outlook)
        
   
 
        
OFFERING FORMAT:   SEC Registered
   
 
        
    5.750% Notes due 2016
PAR AMOUNT:  
$300,000,000
        
   
 
        
TRADE DATE:  
March 13, 2006
        
   
 
        
SETTLEMENT DATE:  
March 16, 2006
        
   
 
        
INTEREST ACCRUAL:  
March 16, 2006
        
   
 
        
MATURITY:  
March 15, 2016
        
   
 
        
BENCHMARK TREASURY:  
4.500% due 02/16
        
   
 
        
TREASURY YIELD:  
4.769%
        
   
 
        
RE-OFFER SPREAD:  
+103 bps
        
   
 
        
YIELD TO MATURITY:  
5.799%
        
   
 
        
COUPON:   5.750%
   
 
        
PUBLIC OFFERING PRICE (%):  
99.632%
        
   
 
        
GROSS PROCEEDS ($):  
$298,896,000
        
   
 
        
GROSS SPREAD (%):  
0.650%
        
   
 
        
GROSS SPREAD ($):  
$1,950,000
        
   
 
        
PURCHASE PRICE (%):  
98.982%
        
   
 
        
NET PROCEEDS:   $296,946,000
   
 
        
INTEREST PAYMENT DATES:   March 15, September 15
   
 
        
FIRST COUPON:  
September 15, 2006
        
   
 
        
DAY COUNT:  
30/360
        
   
 
        
OPTIONAL REDEMPTION:   Make-Whole Call @ T +20 bps
Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling J.P. Morgan Securities Inc. at (212) 834-4533 (collect) or by calling Morgan Stanley & Co. Incorporated at (866) 718-1649 (toll free).