<PAGE>
 
                                                                    EXHIBIT 12.2
                                                                                
                          ARCHSTONE COMMUNITIES TRUST
          COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
                         AND PREFERRED SHARE DIVIDENDS

                         (Dollar amounts in thousands)

                                  (Unaudited)

<TABLE>
<CAPTION>
 
                                                  Six Months Ended                                                                 
                                                      June 30,                       Twelve Months Ended December 31,              
                                                --------------------   ------------------------------------------------------------
                                                  1998        1997        1997 (1)      1996        1995        1994         1993  
                                                --------    --------   -----------    --------    --------    --------     -------- 
<S>                                             <C>         <C>        <C>            <C>         <C>         <C>          <C> 
 
Earnings from operations......................  $ 57,347    $ 43,341   $    24,686    $ 94,089    $ 81,696    $ 46,719     $ 23,191
Add:                                                                             
 Interest expense.............................    31,629      29,759        61,153      35,288      19,584      19,442        3,923 
                                                --------    --------   -----------    --------    --------    --------     -------- 
Earnings as adjusted..........................  $ 88,976    $ 73,100   $    85,839    $129,377    $101,280    $ 66,161     $ 27,114 
                                                ========    ========   ===========    ========    ========    ========     ========
Combined fixed charges and Preferred Share                                       
 dividends:                                                                      
 Interest expense.............................  $ 31,629    $ 29,759   $    61,153    $ 35,288    $ 19,584    $ 19,442     $  3,923 
 Capitalized interest.........................    11,078       8,751        17,606      16,941      11,741       6,029        2,818 
                                                --------    --------   -----------    --------    --------    --------     -------- 
  Total fixed charges.........................  $ 42,707    $ 38,510   $    78,759    $ 52,229    $ 31,325    $ 25,471     $  6,741 
                                                --------    --------   -----------    --------    --------    --------     -------- 
    Preferred Share dividends.................     9,469       9,840        19,384      24,167      21,823      16,100        1,341 
                                                --------    --------   -----------    --------    --------    --------     -------- 
Combined fixed charges and Preferred Share      $ 52,176    $ 48,350   $    98,143    $ 76,396    $ 53,148    $ 41,571     $  8,082 
 dividends....................................  ========    ========   ===========    ========    ========    ========     ========
                                                                                
Ratio of earnings to combined fixed charges          1.7         1.5          0.9          1.7         1.9         1.6          3.4 
 and Preferred Share dividends................  ========    ========   ===========    ========    ========    ========     ======== 
</TABLE>

--------------
(1)  Earnings from operations for 1997 includes a one-time, non-cash charge of
     $71.7 million associated with costs incurred in acquiring the management
     companies from an affiliate. Accordingly, earnings from operations were
     insufficient to cover combined fixed charges and Preferred Share dividends
     by $12.3 million. Excluding this charge, the ratio of earnings to combined
     fixed charges and Preferred Share dividends for the year ended December 31,
     1997 would be 1.6.