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EXHIBIT 12.1

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

(Dollar amounts in thousands)

(Unaudited)

|                                   |                      |                     |         |                           |         |                                  |         |        |        |      |         |         |         |      |         |         |         |   |         |         |         |   |         |        |         |   |        |        |        | 
|---------------------------------- | -------------------- | ------------------- | ------- | ------------------------- | ------- | -------------------------------- | ------- | ------ | ------ | ---- | ------- | ------- | ------- | ---- | ------- | ------- | ------- | - | ------- | ------- | ------- | - | ------- | ------ | ------- | - | ------ | ------ | ------ | 
|                                   |                      |                     |         | Six Months Ended June 30, |         | Twelve Months Ended December 31,
|                                   |                      |                     |         |                           |         |                                 
|                                   |                      |                     |         | 2002                      |         | 2001                             |         | 2001   |        | 2000 |         | 1999    |         | 1998 |         | 1997(1)
|                                   |                      |                     |         |                           |         |                                  |         |        |        |      |         |         |         |      |         |        
|Earnings from operations           |                      | $                   | 132,693 |                           |         | $                                | 78,838  |        |        | $    | 175,397 |         |         | $    | 176,466 |         |         | $ | 169,339 |         |         | $ | 134,571 |        |         | $ | 24,686 |       
|Add:                               |                      |                     |         |                           |         |                                  |         |        |        |      |         |         |         |      |         |         |         |   |         |         |         |   |         |        |         |   |        |       
|                                   | Interest expense     |                     |         | 99,151                    |         |                                  |         | 65,883 |        |      |         | 141,907 |         |      |         | 145,173 |         |   |         | 121,494 |         |   |         | 83,350 |         |   |        | 61,153 |       
|                                   |                      |                     |         |                           |         |                                  |         |        |        |      |         |         |         |      |         |         |         |   |         |         |         |   |         |        |         |   |        |       
|Earnings as adjusted               |                      | $                   | 231,844 |                           |         | $                                | 144,721 |        |        | $    | 317,304 |         |         | $    | 321,639 |         |         | $ | 290,833 |         |         | $ | 217,921 |        |         | $ | 85,839 |       
|                                   |                      |                     |         |                           |         |                                  |         |        |        |      |         |         |         |      |         |         |         |   |         |         |         |   |         |        |         |   |        |       
|Fixed charges:                     |                      |                     |         |                           |         |                                  |         |        |        |      |         |         |         |      |         |         |         |   |         |         |         |   |         |        |         |   |        |       
|                                   | Interest expense     |                     | $       | 99,151                    |         |                                  | $       | 65,883 |        |      | $       | 141,907 |         |      | $       | 145,173 |         |   | $       | 121,494 |         |   | $       | 83,350 |         |   | $      | 61,153 |       
|                                   | Capitalized interest |                     |         | 11,870                    |         |                                  |         | 10,201 |        |      |         | 20,294  |         |      |         | 24,317  |         |   |         | 31,912  |         |   |         | 29,942 |         |   |        | 17,606 |       
|                                   |                      |                     |         |                           |         |                                  |         |        |        |      |         |         |         |      |         |         |         |   |         |         |         |   |         |        |         |   |        |       
|                                   |                      | Total fixed charges |         | $                         | 111,021 |                                  |         | $      | 76,084 |      |         | $       | 162,201 |      |         | $       | 169,490 |   |         | $       | 153,406 |   |         | $      | 113,292 |   |        | $      | 78,759 | 
|                                   |                      |                     |         |                           |         |                                  |         |        |        |      |         |         |         |      |         |         |         |   |         |         |         |   |         |        |         |   |        |       
|Ratio of earnings to
fixed charges |                      |                     | 2.1     |                           |         |                                  | 1.9     |        |        |      | 2.0     |         |         |      | 1.9     |         |         |   | 1.9     |         |         |   | 1.9     |        |         |   | 1.1    |       
|                                   |                      |                     |         |                           |         |                                  |         |        |        |      |         |         |         |      |         |         |         |   |         |         |         |   |         |        |         |   |        |       



| | (1) |  | Earnings from operations for 1997 includes a one-time,
non-cash charge of $71.7 million associated with costs incurred in
acquiring Archstone-Smiths REIT and property management companies
from Security Capital. Excluding the charge, the ratio of earnings
to fixed charges for the year ended December 31, 1997 would be 2.0.
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