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EXHIBIT 12.1

ARCHSTONE-SMITH OPERATING TRUST
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollar amounts in thousands)

(Unaudited)

|                                   |                      |                     |         |                  |         |                                  |         |         |         |         |         |         |         |         |         |         |         |   |         |         |         |   |         |        |         |   |         |        |        | 
|---------------------------------- | -------------------- | ------------------- | ------- | ---------------- | ------- | -------------------------------- | ------- | ------- | ------- | ------- | ------- | ------- | ------- | ------- | ------- | ------- | ------- | - | ------- | ------- | ------- | - | ------- | ------ | ------- | - | ------- | ------ | ------ | 
|                                   |                      |                     |         | Six Months Ended |         |                                  |         |         |         |         |         |         |         |         |         |         |         |   |         |         |         |   |         |       
|                                   |                      |                     |         | June 30,         |         | Twelve Months Ended December 31,
|                                   |                      |                     |         |                  |         |                                 
|                                   |                      |                     |         | 2003(1)(2)       |         | 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 |       
|                                   |                      |                     |         |                  |         |                                  |         |         |         |         |         |         |         |         |         |         |         |   |         |         |         |   |         |        |         |   |         |       
|Fixed charges:                     |                      |                     |         |                  |         |                                  |         |         |         |         |         |         |         |         |         |         |         |   |         |         |         |   |         |        |         |   |         |       
|                                   | 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 | 
|                                   |                      |                     |         |                  |         |                                  |         |         |         |         |         |         |         |         |         |         |         |   |         |         |         |   |         |        |         |   |         |       
|Ratio of earnings to
fixed charges |                      |                     | 1.5     |                  |         |                                  | 1.9     |         |         |         | 2.2     |         |         |         | 2.0     |         |         |   | 1.9     |         |         |   | 2.0     |        |         |   | 1.9     |       
|                                   |                      |                     |         |                  |         |                                  |         |         |         |         |         |         |         |         |         |         |         |   |         |         |         |   |         |        |         |   |         |       



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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.