SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
X	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* MUELLER CHARLES E JR (Last) (First) (Middle) 9200 E. PANORAMA CIRCLE SUITE 400 (Street) ENGLEWOOD CO 80112 (City) (State) (Zip)	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
	3. Date of Earliest Transaction (Month/Day/Year) 10/05/2007
	4. If Amendment, Date of 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

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	10/05/2007		A		39,878(1)	A	$0	144,424	D
Common Shares of Beneficial Interest	10/05/2007		D		144,424(2)	D	$60.75	0	D
Common Shares of Beneficial Interest	10/05/2007		D		2,088(3)	D	$60.75	0	I	Held in 401(k) Plan
Common Shares of Beneficial Interest	10/05/2007		D		373(4)	D	$60.75	0	I	Held in Deferred Compensation Plan

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 Securities Underlying Derivative Security (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: 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
Option-to-Buy	$23.09	10/05/2007		D			56,962	(5)	12/03/2012	Common Shares	56,962	$37.66	0	D
Dividend Equivalent Units	(6)	10/05/2007		D			520	(6)	(6)	Common Shares	520	(6)	0	D

Explanation of Responses:

1. Represents performance units issued under the Issuer's Special Long-Term Incentive Program, subject to three-year performance period running from 2006-2009. Pursuant to a merger agreement between Issuer and affiliates of Tishman Speyer Real Estate Venture VII, L.P. and Lehman Brothers Holdings Inc. (the "Merger Agreement"), such units became fully vested and free of any forfeiture restrictions, and were each considered an outstanding common share for purposes of the Merger Agreement. In connection with the the merger, the units were cancelled in exchange for a cash payment of $60.75 per unit

2. Direct total includes 8,892 common shares, the 39,878 performance units and 95,654 Restricted Stock Units, all of which were disposed of in the merger at $60.75 per share.

3. Shares held in Issuer's 401(k) Plan, disposed of pursuant to the Merger Agreement, and cancelled in exchange for the cash merger consideration of $60.75 per share.

4. Shares held in Issuer's Deferred Compensation Plan, disposed of pursuant to the Merger Agreement, and cancelled in exchange for the cash merger consideration of $60.75 per share.

5. This option, which is fully vested, was cancelled pursuant to the Merger Agreement in exchange for a cash payment of $2,145,189, representing the difference between the exercise price of the option and the cash merger consideration of $60.75 ($37.66 per share).

6. Represents outstanding Dividend Equivalent Units ("DEUs") awarded under Issuer's Long-Term Incentive Plan. DEUs 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. DEUs have no expiration date. Pursuant to the Merger Agreement all DEUs became fully vested at the time of the merger and were cancelled in exchange for a cash payment of $60.75 per unit.

	Thomas S. Reif, Attorney-in-Fact on behalf of Charles E. Mueller, Jr.	10/05/2007
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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