<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,
                                                     -------------------------------------------------------------------------------
                                                        2000        1999       1999       1998     1997(1)      1996        1995
                                                     -------------------------------------------------------------------------------
<S>                                                  <C>          <C>        <C>        <C>         <C>        <C>        <C>
Earnings from operations..........................    $  90,079   $ 82,421   $169,339   $134,571    $24,686    $ 94,089   $ 81,696
Add:
     Interest expense.............................       71,527     56,041    121,494     83,350     61,153      35,288     19,584
                                                     -------------------------------------------------------------------------------
Earnings as adjusted..............................    $ 161,606   $138,462   $290,833   $217,921    $85,839    $129,377   $101,280
                                                     ===============================================================================
Combined fixed charges and Preferred Share
dividends:
     Interest expense.............................    $  71,527   $ 56,041   $121,494   $ 83,350    $61,153    $ 35,288   $ 19,584
     Capitalized interest.........................       13,032     17,739     31,912     29,942     17,606      16,941     11,741
                                                     -------------------------------------------------------------------------------

         Total fixed charges......................       84,559     73,780    153,406    113,292     78,759      52,229     31,325
                                                     -------------------------------------------------------------------------------
     Preferred Share dividends....................       12,801     11,308     23,731     20,938     19,384      24,167     21,823
                                                     -------------------------------------------------------------------------------
Combined fixed charges and Preferred Share
 dividends........................................     $ 97,360   $ 85,088   $177,137   $134,230    $98,143    $ 76,396   $ 53,148
                                                     ===============================================================================
Ratio of earnings to combined charges and
Preferred Share dividends........................           1.7        1.6        1.6        1.6        0.9         1.7        1.9
                                                     ===============================================================================
</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.