<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,
                                                    --------------------   --------------------------------------------------------
                                                      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
                                                    ========  ==========    =========  ========     =========    ========  ======== 
Combined fixed charges and Preferred Share 
dividends:                                                                              
  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
                                                    ========  ==========    =========  ========    =========     ========  ======== 
  Preferred Share dividends.....................       5,691       4,712       20,938    19,384       24,167       21,823    16,100
                                                    --------  ----------    ---------  --------    ---------     --------  -------- 
Combined fixed charges and Preferred Share                                                                  
 dividends......................................     $41,547     $25,549     $134,230   $98,143     $ 76,396     $ 53,148   $41,571
                                                    ========  ==========    =========  ========    =========     ========  ======== 
Ratio of earnings to combined charges and                                                                   
 Preferred Share dividends......................         1.6         1.8          1.6       0.9          1.7          1.9       1.6
                                                    ========  ==========    =========  ========    =========     ========  ======== 
</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.  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.