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Archstone-Smith Trust



Archstone-Smith Trust is a REIT (real estate investment trust) engaged principally in the operation, development, redevelopment, acquisition and long-term ownership of apartment communities in the United States. Archstone-Smith is structured as an umbrella partnership real estate investment trust, under which all property ownership and business operations are conducted through the Archstone-Smith Operating Trust. Ameriton Properties Incorporated, the Company's wholly owned subsidiary, engages in the opportunistic acquisition, development and eventual disposition of real estate with a short-term investment horizon. Archstone-Smith's two customer-facing brands are Archstone and Charles E. Smith. As of December, 2004, Archstone-Smith owned or had an ownership position in 46 high-rise communities and 189 garden-style communities, representing a total of 235 communities and approximately 81,000 units.



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