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EXHIBIT 12.2

ARCHSTONE-SMITH OPERATING TRUST
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED UNIT DISTRIBUTIONS

(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 |       
|                                                                         |                          |                     |         |                           |         |                                  |         |        |        |      |         |         |         |      |         |         |         |   |         |         |         |   |         |        |         |   |        |       
|Combined fixed charges and Preferred Unit dividends:                     |                          |                     |         |                           |         |                                  |         |        |        |      |         |         |         |      |         |         |         |   |         |         |         |   |         |        |         |   |        |       
|                                                                         | 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 | 
|                                                                         |                          |                     |         |                           |         |                                  |         |        |        |      |         |         |         |      |         |         |         |   |         |         |         |   |         |        |         |   |        |       
|                                                                         | Preferred Unit dividends |                     |         | 17,440                    |         |                                  |         | 11,211 |        |      |         | 22,277  |         |      |         | 25,340  |         |   |         | 23,733  |         |   |         | 20,938 |         |   |        | 19,384 |       
|                                                                         |                          |                     |         |                           |         |                                  |         |        |        |      |         |         |         |      |         |         |         |   |         |         |         |   |         |        |         |   |        |       
|Combined fixed charges and Preferred Unit dividends                      |                          | $                   | 128,461 |                           |         | $                                | 87,295  |        |        | $    | 184,478 |         |         | $    | 194,830 |         |         | $ | 177,139 |         |         | $ | 134,230 |        |         | $ | 98,143 |       
|                                                                         |                          |                     |         |                           |         |                                  |         |        |        |      |         |         |         |      |         |         |         |   |         |         |         |   |         |        |         |   |        |       
|Ratio of earnings to combined fixed charges and
Preferred Unit dividends |                          |                     | 1.8     |                           |         |                                  | 1.7     |        |        |      | 1.7     |         |         |      | 1.7     |         |         |   | 1.6     |         |         |   | 1.6     |        |         |   | 0.9    |       
|                                                                         |                          |                     |         |                           |         |                                  |         |        |        |      |         |         |         |      |         |         |         |   |         |         |         |   |         |        |         |   |        |       



| | (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. Accordingly, earnings from operations were
insufficient to cover combined fixed charges and Preferred Share
dividends by $12.3 million for the year ended December 31, 1997.
Excluding the charge, the ratio of earnings to combined fixed
charges and Preferred Share dividends for the year ended December
31, 1997 would be 1.6.
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