<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>
                                                   Three Months Ended
                                                       March 31,                    Twelve Months Ended December 31,
                                             ------------------------------    -------------------------------------------
                                               2000       1999       1999        1998      1997(1)      1996        1995
                                             -------    -------    --------    --------    -------    --------    --------
<S>                                          <C>        <C>        <C>         <C>         <C>        <C>         <C>
Earnings from operations.................... $43,197    $39,668    $169,339    $134,571    $24,686    $ 94,089    $ 81,696
Add:
  Interest expense..........................  34,202     27,018     121,494      83,350     61,153      35,288      19,584
                                             -------    -------    --------    --------    -------    --------    --------

Earnings as adjusted........................ $77,399    $66,686    $290,833    $217,921    $85,839    $129,377    $101,280
                                             =======    =======    ========    ========    =======    ========    ========
Combined fixed charges and Preferred Share
  dividends:
   Interest expense......................... $34,202    $27,018    $121,494    $ 83,350    $61,153    $ 35,288    $ 19,584
   Capitalized interest.....................   6,570      8,838      31,912      29,942     17,606      16,941      11,741
                                             -------    -------    --------    --------    -------    --------    --------

     Total fixed charges....................  40,772     35,856     153,406     113,292     78,759      52,229      31,325
                                             -------    -------    --------    --------    -------    --------    --------
  Preferred Share dividends.................   6,431      5,691      23,731      20,938     19,384      24,167      21,823
                                             -------    -------    --------    --------    -------    --------    --------
Combined fixed charges and Preferred Share
  dividends................................. $47,203    $41,547    $177,137    $134,230    $98,143    $ 76,396    $ 53,148
                                             =======    =======    ========    ========    =======    ========    ========
Ratio of earnings to combined charges and
  Preferred Share dividends.................     1.6        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.