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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)

|                                                                             |                              |                     |         |                   |         |                                  |         |         |         |      |         |         |         |      |         |         |         |   |         |         |         |   |         |        |         |   |        |        |        | 
|---------------------------------------------------------------------------- | ---------------------------- | ------------------- | ------- | ----------------- | ------- | -------------------------------- | ------- | ------- | ------- | ---- | ------- | ------- | ------- | ---- | ------- | ------- | ------- | - | ------- | ------- | ------- | - | ------- | ------ | ------- | - | ------ | ------ | ------ | 
|                                                                             |                              |                     |         | 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 |       
|                                                                             |                              |                     |         |                   |         |                                  |         |         |         |      |         |         |         |      |         |         |         |   |         |         |         |   |         |        |         |   |        |       
|Combined fixed charges and Preferred Unit distributions:                     |                              |                     |         |                   |         |                                  |         |         |         |      |         |         |         |      |         |         |         |   |         |         |         |   |         |        |         |   |        |       
|                                                                             | 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 | 
|                                                                             |                              |                     |         |                   |         |                                  |         |         |         |      |         |         |         |      |         |         |         |   |         |         |         |   |         |        |         |   |        |       
|                                                                             | Preferred Unit distributions |                     |         | 25,142            |         |                                  |         | 15,124  |         |      |         | 22,277  |         |      |         | 25,340  |         |   |         | 23,733  |         |   |         | 20,938 |         |   |        | 19,384 |       
|                                                                             |                              |                     |         |                   |         |                                  |         |         |         |      |         |         |         |      |         |         |         |   |         |         |         |   |         |        |         |   |        |       
|Combined fixed charges and Preferred Unit distributions                      |                              | $                   | 188,044 |                   |         | $                                | 125,210 |         |         | $    | 184,478 |         |         | $    | 194,830 |         |         | $ | 177,139 |         |         | $ | 134,230 |        |         | $ | 98,143 |       
|                                                                             |                              |                     |         |                   |         |                                  |         |         |         |      |         |         |         |      |         |         |         |   |         |         |         |   |         |        |         |   |        |       
|Ratio of earnings to combined fixed charges and
Preferred Unit distributions |                              |                     | 1.8     |                   |         |                                  | 1.7     |         |         |      | 1.7     |         |         |      | 1.7     |         |         |   | 1.6     |         |         |   | 1.6     |        |         |   | 0.9    |       
|                                                                             |                              |                     |         |                   |         |                                  |         |         |         |      |         |         |         |      |         |         |         |   |         |         |         |   |         |        |         |   |        |       



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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.                                                                                                                                                                                                                                                                                      
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|(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. Accordingly, earnings from
operations were insufficient to cover combined fixed charges and
Preferred Unit 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 Unit dividends for the year
ended December 31, 1997 would be 1.6.