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                                                                    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>
                                                        Nine Months Ended
                                                          September 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............................ $  140,050  $  126,167  $  169,339  $  134,571  $  24,686  $  94,089  $  81,696
Add:
  Interest expense..................................    109,010      87,818     121,494      83,350     61,153     35,288     19,584
                                                     ----------  ----------  ----------  ----------  ---------  ---------  ---------
Earnings as adjusted................................ $  249,060  $  213,985  $  290,833  $  217,921  $  85,839  $ 129,377  $ 101,280
                                                     ==========  ==========  ==========  ==========  =========  =========  =========
Combined fixed charges and Preferred Share dividends:
  Interest expense.................................. $  109,010  $   87,818  $  121,494  $   83,350  $  61,153  $  35,288  $  19,584
  Capitalized interest..............................     18,694      25,385      31,912      29,942     17,606     16,941     11,741
                                                     ----------  ----------  ----------  ----------  ---------  ---------  ---------
     Total fixed charges............................    127,704     113,203     153,406     113,292     78,759     52,229     31,325
                                                     ----------  ----------  ----------  ----------  ---------  ---------  ---------

  Preferred Share dividends.........................     19,108      17,344      23,731      20,938     19,384     24,167     21,823
                                                     ----------  ----------  ----------  ----------  ---------  ---------  ---------
Combined fixed charges and Preferred Share dividends $  146,812  $  130,547  $  177,137  $  134,230  $  98,143  $  76,396  $  53,148
                                                     ==========  ==========  ==========  ==========  =========  =========  =========
Ratio of earnings to combined fixed 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.