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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)

|                                                                             |                              |                     |         |                  |         |                                  |         |         |         |         |         |         |         |         |         |         |         |   |         |         |         |   |         |        |         |   |         |        |        | 
|---------------------------------------------------------------------------- | ---------------------------- | ------------------- | ------- | ---------------- | ------- | -------------------------------- | ------- | ------- | ------- | ------- | ------- | ------- | ------- | ------- | ------- | ------- | ------- | - | ------- | ------- | ------- | - | ------- | ------ | ------- | - | ------- | ------ | ------ | 
|                                                                             |                              |                     |         | Six Months Ended |         |                                  |         |         |         |         |         |         |         |         |         |         |         |   |         |         |         |   |         |       
|                                                                             |                              |                     |         | June 30,         |         | Twelve Months Ended December 31,
|                                                                             |                              |                     |         |                  |         |                                 
|                                                                             |                              |                     |         | 2003(1)          |         | 2002(1)                          |         | 2002(1) |         | 2001(1) |         | 2000(1) |         | 1999(1) |         | 1998(1)
|                                                                             |                              |                     |         |                  |         |                                  |         |         |         |         |         |         |         |         |         |        
|Earnings from operations                                                     |                              | $                   | 66,010  |                  |         | $                                | 104,617 |         |         | $       | 260,160 |         |         | $       | 151,175 |         |         | $ | 155,704 |         |         | $ | 158,670 |        |         | $ | 117,482 |       
|Add:                                                                         |                              |                     |         |                  |         |                                  |         |         |         |         |         |         |         |         |         |         |         |   |         |         |         |   |         |        |         |   |         |       
|                                                                             | Interest expense             |                     |         | 94,913           |         |                                  |         | 90,399  |         |         |         | 176,186 |         |         |         | 105,817 |         |   |         | 114,041 |         |   |         | 99,261 |         |   |         | 65,312 |       
|                                                                             |                              |                     |         |                  |         |                                  |         |         |         |         |         |         |         |         |         |         |         |   |         |         |         |   |         |        |         |   |         |       
|Earnings as adjusted                                                         |                              | $                   | 160,923 |                  |         | $                                | 195,016 |         |         | $       | 436,346 |         |         | $       | 256,992 |         |         | $ | 269,745 |         |         | $ | 257,931 |        |         | $ | 182,794 |       
|                                                                             |                              |                     |         |                  |         |                                  |         |         |         |         |         |         |         |         |         |         |         |   |         |         |         |   |         |        |         |   |         |       
|Combined fixed charges and Preferred Unit distributions:                     |                              |                     |         |                  |         |                                  |         |         |         |         |         |         |         |         |         |         |         |   |         |         |         |   |         |        |         |   |         |       
|                                                                             | Interest expense             |                     | $       | 94,913           |         |                                  | $       | 90,399  |         |         | $       | 176,186 |         |         | $       | 105,817 |         |   | $       | 114,041 |         |   | $       | 99,261 |         |   | $       | 65,312 |       
|                                                                             | Capitalized interest         |                     |         | 8,911            |         |                                  |         | 11,870  |         |         |         | 21,652  |         |         |         | 20,294  |         |   |         | 24,317  |         |   |         | 31,912 |         |   |         | 29,942 |       
|                                                                             |                              |                     |         |                  |         |                                  |         |         |         |         |         |         |         |         |         |         |         |   |         |         |         |   |         |        |         |   |         |       
|                                                                             |                              | Total fixed charges |         |                  | 103,824 |                                  |         |         | 102,269 |         |         |         | 197,838 |         |         |         | 126,111 |   |         |         | 138,358 |   |         |        | 131,173 |   |         |        | 95,254 | 
|                                                                             |                              |                     |         |                  |         |                                  |         |         |         |         |         |         |         |         |         |         |         |   |         |         |         |   |         |        |         |   |         |       
|                                                                             | Preferred Unit distributions |                     |         | 15,609           |         |                                  |         | 17,440  |         |         |         | 34,024  |         |         |         | 22,277  |         |   |         | 25,340  |         |   |         | 23,733 |         |   |         | 20,938 |       
|                                                                             |                              |                     |         |                  |         |                                  |         |         |         |         |         |         |         |         |         |         |         |   |         |         |         |   |         |        |         |   |         |       
|Combined fixed charges and Preferred Unit distributions                      |                              | $                   | 119,433 |                  |         | $                                | 119,709 |         |         | $       | 231,862 |         |         | $       | 148,388 |         |         | $ | 163,698 |         |         | $ | 154,906 |        |         | $ | 116,192 |       
|                                                                             |                              |                     |         |                  |         |                                  |         |         |         |         |         |         |         |         |         |         |         |   |         |         |         |   |         |        |         |   |         |       
|Ratio of earnings to combined fixed charges and
Preferred Unit distributions |                              |                     | 1.4     |                  |         |                                  | 1.6     |         |         |         | 1.9     |         |         |         | 1.7     |         |         |   | 1.6     |         |         |   | 1.7     |        |         |   | 1.6     |       
|                                                                             |                              |                     |         |                  |         |                                  |         |         |         |         |         |         |         |         |         |         |         |   |         |         |         |   |         |        |         |   |         |       



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|(1) |  | Net earnings from discontinued operations have been reclassified
for all periods presented.                                                                                                                                                                                                                                                                                                                                                                                                                              
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|(2) |  | The six months ended June 30, 2003 include $25.0 million in expense
for estimated and incurred legal fees for our counsel and
plaintiffs counsel, estimated settlement costs based upon the current
status of discussions, additional resident property repair and
replacement costs and temporary resident relocation expenses associated
with moisture infiltration and resulting mold issues at Harbour House,
a Southeast Florida high-rise property that became subject to
litigation in the third quarter of 2002.