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,
|---------------------------------------------------------------------------- | ---------------------------- | ------------------------- | ------- | --------------------------------
|
|Earnings from operations                                                     |                              | $                         | 69,173  |                                 
|Add:                                                                         |                              |                           |         |                                 
|                                                                             | Interest expense             |                           |         | 138,135                         
|                                                                             |                              |                           |         |                                 
|Earnings as adjusted                                                         |                              | $                         | 207,308 |                                 
|                                                                             |                              |                           |         |                                 
|Combined fixed charges and Preferred Unit distributions:                     |                              |                           |         |                                 
|                                                                             | Interest expense             |                           | $       | 138,135                         
|                                                                             | Capitalized interest         |                           |         | 25,372                          
|                                                                             |                              |                           |         |                                 
|                                                                             |                              | Total fixed charges       |         | $                               
|                                                                             |                              |                           |         |                                 
|                                                                             | Preferred Unit distributions |                           |         | 1,916                           
|                                                                             |                              |                           |         |                                 
|Combined fixed charges and Preferred Unit distributions                      |                              | $                         | 165,423 |                                 
|                                                                             |                              |                           |         |                                 
|Ratio of earnings to combined fixed charges and Preferred Unit distributions |                              |                           | 1.3     |                                 
|                                                                             |                              |                           |         |                                 

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