<PAGE>


                                                                    EXHIBIT 12.2


                          Archstone Communities Trust
          Computation of Ratio of Earnings to Combined Fixed Charges
                         and Preferred Share Dividends

                         (Dollar amounts in thousands)

                                  (Unaudited)


<TABLE>
<CAPTION>
                                                   Nine Months Ended
                                                     September 30,          Twelve Months Ended December 31,
                                                 ---------------------     ---------------------------------
                                                   1999         1998         1998       1997(1)      1996
                                                 --------     --------     --------     -------     --------
<S>                                              <C>          <C>          <C>          <C>         <C>
Earnings (loss) from operations...............   $125,106     $ 95,308     $133,926     $24,686     $ 94,089
Add:
   Interest expense...........................     87,818       56,151       83,350      61,153       35,288
                                                 --------     --------     --------     -------     --------
Earnings as adjusted..........................   $212,924     $151,459     $217,276     $85,839     $129,377
                                                 ========     ========     ========     =======     ========
Combined fixed charges and Preferred Share
 dividends:
   Interest expense...........................   $ 87,818     $ 56,151     $ 83,350     $61,153     $ 35,288
    Capitalized interest......................     25,385       20,764       29,942      17,606       16,941
                                                 --------     --------     --------     -------     --------
       Total fixed charges....................   $113,203     $ 76,915     $113,292     $78,759     $ 52,229
                                                 --------     --------     --------     -------     --------
     Preferred Share dividends................     17,342       15,192       20,938      19,384       24,167
                                                 --------     --------     --------     -------     --------
Combined fixed charges and Preferred Share
 dividends....................................   $130,545     $ 92,107     $134,230     $98,143     $ 76,396
                                                 ========     ========     ========     =======     ========
Ratio of earnings to combined fixed charges
 and Preferred Share dividends................        1.6          1.6          1.6         0.9          1.7
                                                 ========     ========     ========     =======     ========
</TABLE>

<TABLE>
<CAPTION>
                                                  Twelve Months Ended December 31,
                                                  --------------------------------
                                                    1995          1994
                                                  --------       -------
<S>                                               <C>            <C>
Earnings (loss) from operations...............    $ 81,696       $46,719
Add:
   Interest expense...........................      19,584        19,442
                                                  --------       -------
Earnings as adjusted..........................    $101,280       $66,161
                                                  ========       =======
Combined fixed charges and Preferred Share
 dividends:
   Interest expense...........................    $ 19,584       $19,442
    Capitalized interest......................      11,741         6,029
                                                  --------       -------
       Total fixed charges....................    $ 31,325       $25,471
                                                  --------       -------
    Preferred Share dividends.................      21,823        16,100
                                                  --------       -------
Combined fixed charges and Preferred Share
 dividends....................................    $ 53,148       $41,571
                                                  ========       =======
Ratio of earnings to combined fixed charges
 and Preferred Share dividends................         1.9           1.6
                                                  ========       =======

</TABLE>


--------------
(1)  Earnings from operations for 1997 includes a one-time, non-cash charge of
     $71.7 million associated with costs incurred in acquiring the management
     companies from an affiliate.  Accordingly, earnings from operations were
     insufficient to cover combined fixed charges and Preferred Share dividends
     by $12.5 million.  Excluding this charge, the ratio of earnings to combined
     fixed charges and Preferred Share dividends for the year ended December 31,
     1997 would be 1.6.