##### 



EXHIBIT 12.1

ARCHSTONE-SMITH OPERATING TRUST
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollar amounts in thousands)

(Unaudited)

|                                   |                      |                     |         |                          |         |         |         |         |         |         |         |         |         |   |         |         |         |   |         |        |         | 
|---------------------------------- | -------------------- | ------------------- | ------- | ------------------------ | ------- | ------- | ------- | ------- | ------- | ------- | ------- | ------- | ------- | - | ------- | ------- | ------- | - | ------- | ------ | ------- | 
|                                   |                      |                     |         | Years Ended December 31,
|                                   |                      |                     |         |                         
|                                   |                      |                     |         | 2002(1)                  |         | 2001(1) |         | 2000(1) |         | 1999(1) |         | 1998(1)
|                                   |                      |                     |         |                          |         |         |         |         |         |         |         |        
|Earnings from operations           |                      | $                   | 276,290 |                          |         | $       | 163,993 |         |         | $       | 167,980 |         |         | $ | 161,802 |         |         | $ | 131,521 |       
|Add:                               |                      |                     |         |                          |         |         |         |         |         |         |         |         |         |   |         |         |         |   |         |       
|                                   | Interest expense     |                     |         | 194,955                  |         |         |         | 130,027 |         |         |         | 134,999 |         |   |         | 111,795 |         |   |         | 74,335 |        
|                                   |                      |                     |         |                          |         |         |         |         |         |         |         |         |         |   |         |         |         |   |         |       
|Earnings as adjusted               |                      | $                   | 471,245 |                          |         | $       | 294,020 |         |         | $       | 302,979 |         |         | $ | 273,597 |         |         | $ | 205,856 |       
|                                   |                      |                     |         |                          |         |         |         |         |         |         |         |         |         |   |         |         |         |   |         |       
|Fixed charges:                     |                      |                     |         |                          |         |         |         |         |         |         |         |         |         |   |         |         |         |   |         |       
|                                   | Interest expense     |                     | $       | 194,955                  |         |         | $       | 130,027 |         |         | $       | 134,999 |         |   | $       | 111,795 |         |   | $       | 74,335 |        
|                                   | Capitalized interest |                     |         | 21,652                   |         |         |         | 20,294  |         |         |         | 24,317  |         |   |         | 31,912  |         |   |         | 29,942 |        
|                                   |                      |                     |         |                          |         |         |         |         |         |         |         |         |         |   |         |         |         |   |         |       
|                                   |                      | Total fixed charges |         | $                        | 216,607 |         |         | $       | 150,321 |         |         | $       | 159,316 |   |         | $       | 143,707 |   |         | $      | 104,277 | 
|                                   |                      |                     |         |                          |         |         |         |         |         |         |         |         |         |   |         |         |         |   |         |       
|Ratio of earnings to fixed charges |                      |                     | 2.2     |                          |         |         | 2.0     |         |         |         | 1.9     |         |         |   | 1.9     |         |         |   | 2.0     |       
|                                   |                      |                     |         |                          |         |         |         |         |         |         |         |         |         |   |         |         |         |   |         |       



---

|(1) |  | Net earnings from discontinued operations have been reclassified
for all years presented.
|--- |  | -----------------------------------------------------------------------------------------