# 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)

`Three Months Ended
                                                         March 31,                      Twelve Months Ended December 31,      
                                                      2002       2001        2001      2000       1999       1998     19971    
Earnings from operations.........................  $   66,433 $   37,055 $  175,397 $  176,466 $  169,339 $  134,571 $  24,686
Add:
    Interest expense.............................      48,574     34,247    141,907    145,173    121,494     83,350    61,153
Earnings as adjusted.............................  $  115,007 $   71,302 $  317,304 $  321,639 $  290,833 $  217,921 $  85,839
                                                   ========== ========== ========== ========== ========== ========== =========

Combined fixed charges and Preferred Unit
distributions:
    Interest expense.............................  $   48,574 $   34,247 $  141,907 $  145,173 $  121,494 $   83,350 $  61,153
    Capitalized interest.........................       5,639      5,318     20,294     24,317     31,912     29,942    17,606
     Total fixed charges.........................      54,213     39,565    162,201    169,490    153,406    113,292    78,759
    Preferred Unit distributions.................       8,759      6,307     22,277     25,340     23,733     20,938    19,384
Combined fixed charges and Preferred Unit
distributions....................................  $   62,972 $   45,872 $  184,478 $  194,830 $  177,139 $  134,230 $  98,143
                                                   ========== ========== ========== ========== ========== ========== =========
Ratio of earnings to combined fixed charges and
    Preferred Unit distributions.................         1.8        1.6        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's  REIT and  property  management  companies  from  Security
         Capital.  Accordingly,  earnings from  operations  were  insufficient  to cover  combined fixed charges and
         Preferred  Unit  distributions 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  distributions for the year ended December
         31, 1997 would be 1.6.
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