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EXHIBIT 12.2

ARCHSTONE-SMITH OPERATING TRUST
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED UNIT DISTRIBUTIONS

(Dollar amounts in thousands)

(Unaudited)

|                                                                             |                              |                     |         |                          |         |         |         |            |         |            |         |            |         |   |         |         |         |   |         |        |         | 
|---------------------------------------------------------------------------- | ---------------------------- | ------------------- | ------- | ------------------------ | ------- | ------- | ------- | ---------- | ------- | ---------- | ------- | ---------- | ------- | - | ------- | ------- | ------- | - | ------- | ------ | ------- | 
|                                                                             |                              |                     |         | Years Ended December 31,
|                                                                             |                              |                     |         |                         
|                                                                             |                              |                     |         | 2002(1)                  |         | 2001(1) |         | 2000(1)(2) |         | 1999(1)(2) |         | 1998(1)(2)
|                                                                             |                              |                     |         |                          |         |         |         |            |         |            |         |           
|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 |       
|                                                                             |                              |                     |         |                          |         |         |         |            |         |            |         |            |         |   |         |         |         |   |         |       
|Combined fixed charges and
Preferred Unit distributions:                     |                              |                     |         |                          |         |         |         |            |         |            |         |            |         |   |         |         |         |   |         |       
|                                                                             | 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 | 
|                                                                             |                              |                     |         |                          |         |         |         |            |         |            |         |            |         |   |         |         |         |   |         |       
|                                                                             | Preferred Unit distributions |                     |         | 34,024                   |         |         |         | 22,277     |         |            |         | 25,340     |         |   |         | 23,733  |         |   |         | 20,938 |        
|                                                                             |                              |                     |         |                          |         |         |         |            |         |            |         |            |         |   |         |         |         |   |         |       
|Combined fixed charges and
Preferred Unit distributions                      |                              | $                   | 250,631 |                          |         | $       | 172,598 |            |         | $          | 184,656 |            |         | $ | 167,440 |         |         | $ | 125,215 |       
|                                                                             |                              |                     |         |                          |         |         |         |            |         |            |         |            |         |   |         |         |         |   |         |       
|Ratio of earnings to combined
fixed charges and Preferred
Unit distributions |                              |                     | 1.9     |                          |         |         | 1.7     |            |         |            | 1.6     |            |         |   | 1.6     |         |         |   | 1.6     |       
|                                                                             |                              |                     |         |                          |         |         |         |            |         |            |         |            |         |   |         |         |         |   |         |       



---

|(1) |  | Net earnings from discontinued operations have been reclassified for
all years presented.                                                                                                                                                                
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|(2) |  | In October 2001, Archstone was reorganized into an UPREIT structure and
was renamed Archstone-Smith Operating Trust. All periods prior to
reorganization have been recast as if Archstone-Smith Operating Trust were
an UPREIT for all periods presented.