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                                                                    EXHIBIT 12.1
                                                                                
                          ARCHSTONE COMMUNITIES TRUST
               COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

                         (Dollar amounts in thousands)

                                  (Unaudited)

                                        
<TABLE>
<CAPTION>
                                 Three Months Ended March 31,                    Twelve Months Ended December 31,     
                               ---------------------------------  ---------------------------------------------------------------
                                     1999            1998            1998         1997/(1)/      1996         1995         1994
                               ------------   ------------------  ----------   ------------   ----------   ----------   --------- 
<S>                            <C>            <C>                 <C>          <C>            <C>          <C>          <C>
Earnings from operations.....     $  39,330           $  29,299   $  133,926   $  24,686      $   94,089   $   81,696   $  46,719
Add:                                                              
  Interest expense...........        27,018              15,623       83,350      61,153          35,288       19,584      19,442
                               ------------   ------------------  ----------   ----------     ----------   ----------   --------- 
Earnings as adjusted.........     $  66,348           $  44,922   $  217,276   $  85,839      $  129,377   $  101,280   $  66,161
                               ============   ==================  ==========   ==========     ==========   ==========   ========= 
Fixed charges:                                                    
  Interest expense...........     $  27,018           $  15,623   $   83,350   $  61,153      $   35,288   $   19,584   $  19,442
  Capitalized interest.......         8,838               5,214       29,942      17,606          16,941       11,741       6,029
                               ------------   ------------------  ----------   ----------     ----------   ----------   --------- 
     Total fixed charges.....     $  35,856           $  20,837   $  113,292   $  78,759      $   52,229   $   31,325   $  25,471
                               ============   ==================  ==========   ==========     ==========   ==========   ========= 
Ratio of earnings to fixed              
 charges.....................           1.9                 2.2          1.9         1.1             2.5          3.2         2.6
                               ============   ==================  ==========   ==========     ==========   ==========   ========= 
</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.  Excluding this charge, the ratio of earnings
     to fixed charges for the year ended December 31, 1997 would be 2.0.