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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)

Nine Months EndedSeptember 30,
    
    Twelve Months Ended December 31,2003(1)
    
    2002(1)
    
    2002(1)
    
    2001(1)
    
    2000(1)
    
    1999(1)
    
    1998(1)Earnings from operations
    
    $
    83,516
    
    
    $
    138,627
    
    
    $
    180,698
    
    
    $
    144,096
    
    
    $
    147,432
    
    
    $
    151,457
    
    
    $
    108,041Add:Interest expense
    
    
    138,050
    
    
    
    121,653
    
    
    
    190,319
    
    
    
    87,121
    
    
    
    110,134
    
    
    
    93,226
    
    
    
    56,328Earnings as adjusted
    
    $
    221,566
    
    
    $
    260,280
    
    
    $
    371,017
    
    
    $
    231,217
    
    
    $
    257,566
    
    
    $
    244,683
    
    
    $
    164,369Combined fixed charges and Preferred Unit distributions:Interest expense
    
    $
    138,050
    
    
    $
    121,653
    
    
    $
    190,319
    
    
    $
    87,121
    
    
    $
    110,134
    
    
    $
    93,226
    
    
    $
    56,328Capitalized interest
    
    
    18,457
    
    
    
    24,587
    
    
    
    34,303
    
    
    
    29,186
    
    
    
    34,471
    
    
    
    38,781
    
    
    
    29,942Total fixed charges
    
    
    156,507
    
    
    
    146,240
    
    
    
    224,622
    
    
    
    116,307
    
    
    
    144,605
    
    
    
    132,007
    
    
    
    86,270Preferred Unit distributions
    
    
    21,737
    
    
    
    25,950
    
    
    
    34,024
    
    
    
    22,277
    
    
    
    25,340
    
    
    
    23,733
    
    
    
    20,938Combined fixed charges and Preferred Unit distributions
    
    $
    178,244
    
    
    $
    172,190
    
    
    $
    258,646
    
    
    $
    138,584
    
    
    $
    169,945
    
    
    $
    155,740
    
    
    $
    107,208Ratio of earnings to combined fixed charges and
Preferred Unit distributions
    
    
    1.2
    
    
    
    1.5
    
    
    
    1.4
    
    
    
    1.7
    
    
    
    1.5
    
    
    
    1.6
    
    
    
    1.5




|(1) |  | Net earnings from discontinued operations have been reclassified
for all periods presented.
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|(2) |  | The nine months ended September 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.
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