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DENVER-Archstone-Smith Trust, one of the nation's largest apartment REITS, posted $701.5 million in net income in 2005, 14.5% more than the $612.25 million in 2004, according to a 10-K report filed with the Securities and Exchange Commission. Its rental income in 2005 hit $890.87 million, 22.9% higher than the $724.4 million in 2004. And the company's net earnings per share rose to $3, 11.5% higher than the $2.69 per share in 2004.

The company specializes in owning, developing, investing in and managing upper-income apartments in areas with high barriers to entry. In its filing, execs reported fourth-quarter same-store revenue growth of 3.7%, representing the seventh consecutive quarter of improving top-line revenue growth.

During the quarter, Archstone completed the acquisition of a $1.5-billion portfolio from Oakwood Worldwide, comprising 35 communities and representing 12,696 units in core markets including Southern California, the San Francisco Bay area and Washington D.C. The company also enhanced its presence in Manhattan by acquiring three high-rise apartment communities with 1,038 units for $624.6 million.