Archstone-Smith Trust (ASN)

Archstone-Smith Trust operates as a real estate investment trust. The company, through its subsidiaries, engages in the operation, development, redevelopment, acquisition, and ownership of apartment communities in the United States. It owns and operates an unreplicated portfolio of high-rise and garden apartment communities in Washington, D.C. metropolitan area, southern California, the San Francisco bay area, the New York City metropolitan area, Boston, Chicago, southeast Florida, and Seattle. The company operates its garden-style communities under the Archstone Communities brand name; and high-rise properties under the Charles E. Smith brand name. As of December 31, 2005, it owned or had an ownership position in 257 communities, representing 86,930 units, including units under construction. The company has elected to be taxed as a REIT and it would not be subject to federal income tax, provided it distributes at least 90% of its taxable income to its shareholders. Archstone-Smith, formerly known as Archstone Communities Trust, was founded in 1963 and is headquartered in Englewood, Colorado.

For the nine months ended 30 September 2006, Archstone-Smith Trust's revenues increased 38% to $885.2M. Net income from continuing operations applicable to Common increased 41% to $168M. Revenues reflect an increase in revenues from rental operations and higher other income. Net income also reflects an increase in equity in earnings from unconsolidated entites, lower other operating expenses and improved operating margins.