Exhibit 10.9  


FORM OF RESTRICTED SHARE UNIT AGREEMENT

ARCHSTONE-SMITH TRUST EQUITY PLAN FOR OUTSIDE TRUSTEES

Grant No. «GrantNo»  


        THIS AGREEMENT, entered into as of «GrantDate» (the "Grant Date"), by and between  «FirstName» «LastName» (the "Participant"), and Archstone-Smith Trust (the "Trust");
 


WITNESSETH THAT:  


        WHEREAS, the Trust maintains the Archstone-Smith Trust Equity Plan for Outside Trustees as amended from time to time (the "Plan"), which is incorporated into and
forms a part of this Agreement; and 


        WHEREAS,
the Participant has been awarded a restricted share unit award under the Plan; 


        NOW,
THEREFORE, IT IS AGREED, by and between the Trust and the Participant as follows: 



	1.
	Award.    Subject to the terms of this Agreement and the Plan, the Participant is hereby granted  «TotalShares» restricted share units (the "Units). This Award contains the right to Quarterly Cash Payments as described in
Paragraph 3 of this Agreement.



	2.
	Definitions.    Except where the context clearly implies or indicates the contrary, any term used in this Agreement but not
defined herein shall have the meaning given such term in the Plan. To the extent that a determination of fair market value of a common share of beneficial interest of the Trust, par value $.01 per
share (a "Share"), is required for any purpose with respect to the Units, "fair market value" of a Share shall be the reported closing price of a Share on the principal exchange or market on which the
Shares are then listed or admitted to trading, as of the date of grant.



	3.
	Quarterly Cash Payments.    The Participant shall be entitled to receive "Quarterly Cash Payments" with respect to the Units,
as follows:



	(a)
	Quarterly
Cash Payments will be paid on outstanding units held as each dividend record date for actual Archstone-Smith Trust common shares (the "Shares"). Such payments will be equal
to the amount of the dividend that would have been payable on each outstanding unit had the unit been an actual Share. Payments will be made as soon as practicable following the dividend payable date
for such Shares.



	(b)
	The
Participant may file an election to have the Quarterly Cash Payments deferred into the Archstone-Smith Deferred Compensation Plan (the "Deferred Compensation Plan").



	(c)
	Notwithstanding
subsections (a) and (b) above, all Units shall immediately vest upon the Date of Termination in connection with the Participant's Retirement.






	4.
	Vesting.    Subject to the terms and conditions of the Plan and this Agreement, the Units awarded hereunder shall vest in
accordance with the following:



	(a)
	The
Units shall vest in one-third increments, commencing on the first anniversary date of the Grant Date with 33.33% of the Units vesting on each of the first, second and
third anniversary dates of the Grant Date.



	(b)
	The
Units shall also vest as described in Paragraph 9. 










All
Units which are not vested upon the Participant's Date of Termination shall be forfeited on such date. For purposes of this Agreement, the Participant's "Date of Termination" shall be the day
following the last day on which the Participant serves as a Trustee. "Retirement" means that the Participant (i) has reached the age of 60, and (ii)(A) has elected not to run for
re-election to the Board, (B) has resigned from the Board between annual meetings of the 









 


shareholders
of the Trust, or (C) is ineligible to stand for re-election under the then-existing age limitation for nomination to the Board under the Trust's Corporate
Governance Guidelines. 



	5.
	Settlement.



	(a)
	Subject
to Paragraph 5 (b) below, the total number of Units credited to the Participant that vest on a Vesting Date shall be valued as of such Vesting Date, and
settlement of the Units shall be made as soon thereafter as practicable by transferring to the Participant a number of whole shares of Stock equal to the number of vested Units which vested on the
Vesting Date. The Units then being settled shall be cancelled.



	(b)
	Notwithstanding
the foregoing to the contrary, the Participant may elect to defer the settlement of the Units in accordance with the terms of the Archstone-Smith Deferred Compensation
Plan (the "Deferred Compensation Plan").






	6.
	Unit Not shares of Stock.    The award of Units under this Agreement does not constitute the award of shares of Stock, and
nothing in this Agreement shall be construed to give the Participant any rights as a shareholder of the Trust prior to settlement of a vested Award.



	7.
	Transferability.    This Award is not transferable except as designated by the Participant by will or by the laws of descent
and distribution.



	8.
	Adjustment of Award.    The number of Units associated with these Units awarded pursuant to this Award may be adjusted by the
Committee in accordance with the terms of the Plan to reflect certain transactions which affect the number, type or value of the Stock.



	9.
	Change in Control.    In the event that, (i) a Trustee's service is terminated by the Trust or the successor to the
Trust for reasons other than Cause following a Change in Control of the Trust (as defined below), or (ii) the Plan is terminated by the Trust or its successor following a Change in Control
without provision for the continuation of outstanding awards hereunder, all awards which have not otherwise expired shall become immediately fully vested. For purposes of the Plan, a "Change in
Control" means the happening of any of the following:



	(a)
	the
shareholders of the Trust approve a definitive agreement to merge the Trust into or consolidate the Trust with another entity, sell or otherwise dispose of all or substantially
all of its assets or adopt a plan of liquidation, provided, however, that a Change in Control shall not be deemed to have occurred by reason of a transaction, or a substantially concurrent or
otherwise related series of transactions, upon the completion of which 50% or more of the beneficial ownership of the voting power of the Trust, the surviving corporation or corporation directly or
indirectly controlling the Trust or the surviving corporation, as the case may be, is held by the same persons (although not necessarily in the same proportion) as held the beneficial ownership of the
voting power of the Trust immediately prior to the transaction or the substantially concurrent or otherwise related series of transactions, except that upon the completion thereof, employees or
employee benefit plans of the Trust may be a new holder of such beneficial ownership; provided, further, that a transaction with an "Affiliate" of the Trust (as defined in the Securities Exchange Act
of 1934, as amended (the "Exchange Act')) shall not be treated as a Change in Control; or



	(b)
	the
"beneficial ownership" (as defined in Rule 13d-3 under the Exchange Act) of securities representing 50% or more of the combined voting power of the Trust is
acquired, other than from the Trust, by any "person" as defined in Sections 13(d) and 14(d) of the Exchange Act (other than any trustee or other fiduciary holding securities under an employee benefit
or other similar stock plan of the Trust); or 






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	(c)
	at
any time during any period of two consecutive years, individuals who at the beginning of such period were members of the Board cease for any reason to constitute at least a
majority thereof (unless the election, or the nomination for election by the Trust's shareholders, of each new trustee was approved by a vote of at least two-thirds of the trustees still
in office at the time of such election or nomination who were trustees at the beginning of such period). 






For
purposes of the Plan, "Cause" shall mean, in the reasonable judgment of the Administrator (i) the willful and continued failure by the Trustee to substantially perform his or her duties
with the Trust after written notification by the Trust, (ii) the willful engaging by the Trustee in conduct which is demonstrably injurious to the Trust or any Related Trust, monetarily or
otherwise, or (iii) the engaging by the Trustee in egregious misconduct involving serious moral turpitude. For purposes hereof, no act, or failure to act, on the Trustee's part shall be deemed
"willful" unless done, or omitted to be done, by the Trustee not in good faith and without reasonable belief that such action was in the best interest of the Trust or Related Company. For purposes of
this subsection, a Trustee's service shall be deemed to be terminated by the Trust or the successor to the Trust if the Trustee terminates service after a material reduction in the Trustee's annual
compensation as in effect immediately prior to the Change in Control. If, upon a Change in Control, awards in other shares or securities are substituted for outstanding Awards pursuant to
Section 4.3, and immediately following the Change in Control the Trustee becomes director of the entity into which the Trust merged, or the purchaser of substantially all of the assets of the
Trust, or a successor to such entity or purchaser, the Trustee shall not be treated as having terminated service for purposes of this Section 4.13 until such time as the Trustee terminates
service with the merged entity or purchaser (or successor), as applicable. 



	10.
	Plan Governs.    The terms of this Agreement shall be subject to the terms of the Plan, a copy of which may be obtained by
the Participant from the office of the Secretary of the Trust.



	11.
	Amendment and Termination.    The Board may at any time amend or terminate the Plan, provided that no such amendment or
termination may materially adversely affect the rights of the Participant awarded hereunder. 




        IN
WITNESS WHEREOF, the Participant has hereunto set his hand, and the Trust has caused these presents to be executed in its name and on its behalf, all as of the Grant Date. 



	ARCHSTONE SMITH TRUST	 	PARTICIPANT
	

    
 CAROLINE BROWER

Executive Vice President, Secretary and General Counsel	
 	

    
«FirstName» «LastName»




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