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EXHIBIT 12.1

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

(Dollar amounts in thousands)

(Unaudited)

|                                   |                      |                     |         |                 |        |                                  |         |         |        |         |         |         |         |         |         |         |         |   |         |         |         |   |         |         |         |   |         |        |         | 
|---------------------------------- | -------------------- | ------------------- | ------- | --------------- | ------ | -------------------------------- | ------- | ------- | ------ | ------- | ------- | ------- | ------- | ------- | ------- | ------- | ------- | - | ------- | ------- | ------- | - | ------- | ------- | ------- | - | ------- | ------ | ------- | 
|                                   |                      |                     |         | Three Months    |        |                                  |         |         |        |         |         |         |         |         |         |         |         |   |         |         |         |   |         |        
|                                   |                      |                     |         | Ended March 31, |        | Twelve Months Ended December 31,
|                                   |                      |                     |         |                 |        |                                 
|                                   |                      |                     |         | 2003(1)         |        | 2002(1)                          |         | 2002(1) |        | 2001(1) |         | 2000(1) |         | 1999(1) |         | 1998(1)
|                                   |                      |                     |         |                 |        |                                  |         |         |        |         |         |         |         |         |         |        
|Earnings from operations           |                      | $                   | 51,294  |                 |        | $                                | 60,352  |         |        | $       | 269,124 |         |         | $       | 159,897 |         |         | $ | 151,631 |         |         | $ | 160,678 |         |         | $ | 117,493 |       
|Add:                               |                      |                     |         |                 |        |                                  |         |         |        |         |         |         |         |         |         |         |         |   |         |         |         |   |         |         |         |   |         |       
|                                   | Interest expense     |                     |         | 49,136          |        |                                  |         | 41,434  |        |         |         | 179,959 |         |         |         | 120,477 |         |   |         | 127,286 |         |   |         | 105,855 |         |   |         | 70,698 |        
|                                   |                      |                     |         |                 |        |                                  |         |         |        |         |         |         |         |         |         |         |         |   |         |         |         |   |         |         |         |   |         |       
|Earnings as adjusted               |                      | $                   | 100,430 |                 |        | $                                | 101,786 |         |        | $       | 449,083 |         |         | $       | 280,374 |         |         | $ | 278,917 |         |         | $ | 266,533 |         |         | $ | 188,191 |       
|                                   |                      |                     |         |                 |        |                                  |         |         |        |         |         |         |         |         |         |         |         |   |         |         |         |   |         |         |         |   |         |       
|Fixed charges:                     |                      |                     |         |                 |        |                                  |         |         |        |         |         |         |         |         |         |         |         |   |         |         |         |   |         |         |         |   |         |       
|                                   | Interest expense     |                     | $       | 49,136          |        |                                  | $       | 41,434  |        |         | $       | 179,959 |         |         | $       | 120,477 |         |   | $       | 127,286 |         |   | $       | 105,855 |         |   | $       | 70,698 |        
|                                   | Capitalized interest |                     |         | 4,525           |        |                                  |         | 5,639   |        |         |         | 21,652  |         |         |         | 20,294  |         |   |         | 24,317  |         |   |         | 31,912  |         |   |         | 29,942 |        
|                                   |                      |                     |         |                 |        |                                  |         |         |        |         |         |         |         |         |         |         |         |   |         |         |         |   |         |         |         |   |         |       
|                                   |                      | Total fixed charges |         | $               | 53,661 |                                  |         | $       | 47,073 |         |         | $       | 201,611 |         |         | $       | 140,771 |   |         | $       | 151,603 |   |         | $       | 137,767 |   |         | $      | 100,640 | 
|                                   |                      |                     |         |                 |        |                                  |         |         |        |         |         |         |         |         |         |         |         |   |         |         |         |   |         |         |         |   |         |       
|Ratio of earnings to
fixed charges |                      |                     | 1.9     |                 |        |                                  | 2.2     |         |        |         | 2.2     |         |         |         | 2.0     |         |         |   | 1.8     |         |         |   | 1.9     |         |         |   | 1.9     |       
|                                   |                      |                     |         |                 |        |                                  |         |         |        |         |         |         |         |         |         |         |         |   |         |         |         |   |         |         |         |   |         |       



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