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EXHIBIT 12.1

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

(Dollar amounts in thousands)

(Unaudited)

|                                   |                      |                     |         |                        |         |                                  |         |         |         |      |         |         |         |      |         |         |         |   |         |         |         |   |         |        |         |   |        |        |        | 
|---------------------------------- | -------------------- | ------------------- | ------- | ---------------------- | ------- | -------------------------------- | ------- | ------- | ------- | ---- | ------- | ------- | ------- | ---- | ------- | ------- | ------- | - | ------- | ------- | ------- | - | ------- | ------ | ------- | - | ------ | ------ | ------ | 
|                                   |                      |                     |         | Nine Months            |         |                                  |         |         |         |      |         |         |         |      |         |         |         |   |         |         |         |   |         |       
|                                   |                      |                     |         | Ended September 30,(1) |         | Twelve Months Ended December 31,
|                                   |                      |                     |         |                        |         |                                 
|                                   |                      |                     |         | 2002                   |         | 2001                             |         | 2001(1) |         | 2000 |         | 1999    |         | 1998 |         | 1997(2)
|                                   |                      |                     |         |                        |         |                                  |         |         |         |      |         |         |         |      |         |        
|Earnings from operations           |                      | $                   | 192,355 |                        |         | $                                | 115,733 |         |         | $    | 175,397 |         |         | $    | 176,466 |         |         | $ | 169,339 |         |         | $ | 134,571 |        |         | $ | 24,686 |       
|Add interest expense               |                      |                     | 145,814 |                        |         |                                  | 94,995  |         |         |      | 141,907 |         |         |      | 145,173 |         |         |   | 121,494 |         |         |   | 83,350  |        |         |   | 61,153 |       
|                                   |                      |                     |         |                        |         |                                  |         |         |         |      |         |         |         |      |         |         |         |   |         |         |         |   |         |        |         |   |        |       
|Earnings as adjusted               |                      | $                   | 338,169 |                        |         | $                                | 210,728 |         |         | $    | 317,304 |         |         | $    | 321,639 |         |         | $ | 290,833 |         |         | $ | 217,921 |        |         | $ | 85,839 |       
|                                   |                      |                     |         |                        |         |                                  |         |         |         |      |         |         |         |      |         |         |         |   |         |         |         |   |         |        |         |   |        |       
|Fixed charges:                     |                      |                     |         |                        |         |                                  |         |         |         |      |         |         |         |      |         |         |         |   |         |         |         |   |         |        |         |   |        |       
|                                   | Interest expense     |                     | $       | 145,814                |         |                                  | $       | 94,995  |         |      | $       | 141,907 |         |      | $       | 145,173 |         |   | $       | 121,494 |         |   | $       | 83,350 |         |   | $      | 61,153 |       
|                                   | Capitalized interest |                     |         | 17,088                 |         |                                  |         | 15,091  |         |      |         | 20,294  |         |      |         | 24,317  |         |   |         | 31,912  |         |   |         | 29,942 |         |   |        | 17,606 |       
|                                   |                      |                     |         |                        |         |                                  |         |         |         |      |         |         |         |      |         |         |         |   |         |         |         |   |         |        |         |   |        |       
|                                   |                      | Total fixed charges |         | $                      | 162,902 |                                  |         | $       | 110,086 |      |         | $       | 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    |       
|                                   |                      |                     |         |                        |         |                                  |         |         |         |      |         |         |         |      |         |         |         |   |         |         |         |   |         |        |         |   |        |       



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|(1) |  | In determining earnings and
fixed charges, information for Charles E. Smith Residential
Realty, LP, which merged with the Company on October 31, 2001, was included
for the last two months of the year ended December 31, 2001 and
the nine months ended September 30, 2002 only.                                                                    
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|(2) |  | 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 Group Incorporated. Excluding the charge, the ratio
of earnings to fixed charges for the year ended December 31, 1997
would be 2.0.