This report summarizes the proceedings of the Asset Management Peer Exchange hosted by the Federal Highway Administration (FHWA) and the American Association of State Highway and Transportation Officials (AASHTO). The peer exchange was held in San Diego, CA on April 19, 2012. The peer exchange addressed various aspects of asset management implementation – how can one improve performance through better asset management? What are effective tools and techniques for asset management implementation? How do agencies plan, prioritize, and budget long-term asset needs? Managers from state DOTs and FHWA gathered for dialogue on best practices, challenges, and sharing of experiences.