Property Management Software

DENVER -- Archstone and Charles E. Smith, two of the most respected apartment brands in America, have changed the way people rent an apartment online through its revolutionary Online Lease system. And, between May 1 and August 31, 2007, customers will have the chance to win free rent for one month - up to $2,500 - when they rent an apartment online with Archstone or Charles E. Smith.

"Our primary goal is to make it as easy as possible for our customers to do business with us. And more and more, that means enhancing our online tools and services," said Daniel E. Amedro, Chief Information Officer. "With our Online Lease system, future residents can rent an apartment online in about 20 minutes, whenever and wherever it`s convenient for them."

Archstone and Charles E. Smith introduced complete online leasing at its apartment communities in 2004, whereby customers fully transact a lease - as opposed to reserving an apartment or simply completing an online application like at other apartment companies. Currently, upwards of 20 of Archstone and Charles E. Smith customers utilize Online Lease.

Using Online Lease is fast, easy and secure. Customers visit http://www.ArchstoneApartments.com or http://www.SmithApartments.com, select an apartment and lease term (two to 12 months at most communities) and create a profile. Next, they select rentable options, such as garages or extra storage, and complete an online application and pay any application fees and deposits via Visa or MasterCard. They then receive a copy of the lease document upon the successful completion of the credit application. New residents have immediate access to their community`s resident-only website where they can sign up for utilities and online rent payment.

There is no purchase necessary to participate in the 2007 Free Rent Contest. Void in Puerto Rico or where prohibited by law. Visit ArchstoneApartments.com or SmithApartments.com for complete contest rules

Archstone and Charles E. Smith are brands of Archstone-Smith (NYSE: ASN), a S&P 500 company and recognized leader in apartment investment and operations. With a current total market capitalization of $20.1 billion, the company`s portfolio is concentrated in many of the most desirable neighborhoods in the Washington, D.C. metropolitan area, Southern California, the San Francisco Bay Area, the New York metropolitan area, Seattle and Boston. The company continually upgrades the quality of its portfolio through the selective sale of assets, using proceeds to fund investments in assets with even better growth prospects. Through its two brands, Archstone and Charles E. Smith, Archstone-Smith strives to provide great apartments and great service to its customers - backed by unconditional service guarantees. As of March 31, 2007, the company owned or had an ownership position in 344 communities, representing 86,014 units, including units under construction.

Archstone-Smith`s archived press releases are available on its website at www.ArchstoneSmith.com or may be obtained by calling 800-982-9293.

In addition to historical information, this press release contains forward-looking statements and information under the federal securities law. These statements are based on current expectations, estimates and projections about the industry and markets in which Archstone-Smith operates, management`s beliefs and assumptions made by management. While Archstone-Smith management believes the assumptions underlying its forward-looking statements and information are reasonable, such information is necessarily subject to uncertainties and may involve certain risks, many of which are difficult to predict and are beyond management`s control. As such, these statements and information are not guarantees of future performance, and actual operating results may differ materially from what is expressed or forecasted in this press release and supplemental information. See "Risk Factors" in Archstone-Smith`s 2006 Annual Report on Form 10-K for factors that could affect Archstone-Smith`s future financial performance.