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EXHIBIT 12.2

ARCHSTONE-SMITH TRUST
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED SHARE DIVIDENDS
(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 |       
|                                                                          |                           |                     |         |                          |         |         |         |         |         |         |         |         |         |   |         |         |         |   |         |       
|Combined fixed charges and Preferred Share dividends:                     |                           |                     |         |                          |         |         |         |         |         |         |         |         |         |   |         |         |         |   |         |       
|                                                                          | 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 Share dividends |                     |         | 32,185                   |         |         |         | 22,277  |         |         |         | 25,340  |         |   |         | 23,733  |         |   |         | 20,938 |        
|                                                                          |                           |                     |         |                          |         |         |         |         |         |         |         |         |         |   |         |         |         |   |         |       
|Combined fixed charges and
Preferred Share dividends                      |                           | $                   | 248,792 |                          |         | $       | 172,598 |         |         | $       | 184,656 |         |         | $ | 167,440 |         |         | $ | 125,215 |       
|                                                                          |                           |                     |         |                          |         |         |         |         |         |         |         |         |         |   |         |         |         |   |         |       
|Ratio of earnings to
combined fixed charges and
Preferred Share dividends |                           |                     | 1.9     |                          |         |         | 1.7     |         |         |         | 1.6     |         |         |   | 1.6     |         |         |   | 1.6     |       
|                                                                          |                           |                     |         |                          |         |         |         |         |         |         |         |         |         |   |         |         |         |   |         |       

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