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

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person * MUELLER CHARLES E JR   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 (Last) (First) (Middle) 9200 E. PANORAMA CIRCLE, SUITE 400 3. Date of Earliest Transaction (Month/Day/Year) 01/01/2006 (Street) ENGLEWOOD, CO 80112 4. If Amendment, Date 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 (City) (State) (Zip) 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) Code V Amount (A) or (D) Price Common Shares of Beneficial Interest 01/01/2006   M   999 (1) A $ 41.89 96,102 D   Common Shares of Beneficial Interest 01/01/2006   F   323 (2) D $ 41.89 95,779 D   Common Shares of Beneficial Interest 01/01/2006   F   1,069 (3) D $ 41.89 94,710 D   Common Shares of Beneficial Interest 01/03/2006   S   3,213 (4) D $ 42.122 91,497 D   Common Shares of Beneficial Interest 01/03/2006   M   9,876 (4) A $ 20.25 101,373 D   Common Shares of Beneficial Interest 01/03/2006   S   9,876 (4) D $ 42.9 91,497 (5) D   Common Shares of Beneficial Interest               2,153 I see footnote (6)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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 Underlying Securities (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 of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Dividend Equivalent Units

$ 41.89

01/01/2006

A

5,899

(7)

(7)

Common Shares of Beneficial Interest

5,899

$ 41.89

8,719

D

Dividend Equivalent Units

$ 41.89

01/01/2006

M

999 (1)

(7)

(7)

Common Shares of Beneficial Interest

999

$ 41.89

7,720

D

Option-to-Buy

$ 20.25

01/03/2006

M

9,876

(8)

12/14/2008

Common Shares

9,876

$ 20.25

0

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
MUELLER CHARLES E JR 9200 E. PANORAMA CIRCLE SUITE 400 ENGLEWOOD, CO 80112			Chief Financial Officer & EVP

Signatures

/s/ Erin McMahon, Attorney-in-Fact on behalf of Charles E. Mueller, Jr.		01/04/2006
**Signature of Reporting Person		Date

Explanation of Responses:

*	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).
(1)	Automatic conversion of vested Dividend Equivalent Units, pursuant to Issuer's Long-Term Incentive Plan.
(2)	Withholding of shares for payment of tax liability on the settlement of vested Dividend Equivalent Units.
(3)	Withholding of shares for payment of tax liability on the settlement of vested Restricted Stock Units.
(4)	Option exercise and sale of shares made pursuant to 10b5-1 plan filed by Mr. Mueller on December 1, 2005.
(5)	Direct total includes 76,009 Restricted Stock Units and 15,488 Performance Units awarded under the Issuer's Long-Term Incentive Plan.
(6)	Indirect total includes 1799 shares held in the Archstone-Smith 401(k) and 354 shares held in the Archstone-Smith Deferred Compensation Plan.
(7)	Dividend Equivalent Units accrue on certain option and Restricted Stock Unit grants and vest at the same rate as the underlying grant. Upon settlement DEUs convert to shares of ASN common stock on a 1 to 1 basis and are valued at that time. DEUs have no expiration date.
(8)	Options were granted on 12/14/98 and vested 25% a year over a 4 year period, beginning on 12/14/99
Remarks: The option exercise and sale of shares were executed pursuant to a 10b5-1 plan filed by Mr. Mueller on December 1, 2005.

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