**EXHIBIT 12.1**

 

**ARCHSTONE-SMITH OPERATING TRUST**

**COMPUTATION OF RATIO OF EARNINGS TO FIXEDCHARGES**

 

**(Dollar amounts in thousands)**

**(Unaudited)**

 
| ** **                         | ** ** | **Nine Months Ended  September 30,** | ** ** | **Twelve Months Ended December 31,** | ** ** |
|------------------------------------|------------|-----------------------------------------------------|------------|----------------------------------------------------------|------------|
| ** **                         | ** ** | **2007(1)**                                         | ** ** | **2006(1)**                                              | ** ** | **2006(1)** | ** ** | **2005(1)** | ** ** | **2004(1)** | ** ** | **2003(1)** | ** ** | **2002(1)** | ** ** |
| Earnings from operations           |       | $                                                   | 106,116    |                                                     | $          | 131,334 |   | $ | 171,502 |   | $ | 107,300 |   | $ | 84,273 |   | $ | 71,183 |   | $ | 78,634 |   |
| Add:                               |       |                                                |       |                                                     |       |   |   |   |   |   |   |   |   |   |   |
| Interest expense                   |       | 210,360                                             |       | 150,402                                                  |       | 216,673 |   | 125,013 |   | 100,018 |   | 92,211 |   | 95,053 |   |
| Earnings as adjusted               |       | $                                                   | 316,476    |                                                     | $          | 281,736 |   | $ | 388,175 |   | $ | 232,313 |   | $ | 184,291 |   | $ | 163,394 |   | $ | 173,687 |   |
|                               |       |                                                |       |                                                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fixed charges:                     |       |                                                |       |                                                     |       |   |   |   |   |   |   |   |   |   |   |
| Interest expense                   |       | $                                                   | 210,360    |                                                     | $          | 150,402 |   | $ | 216,673 |   | $ | 125,013 |   | $ | 100,018 |   | $ | 92,211 |   | $ | 95,053 |   |
| Capitalized interest               |       | 37,575                                              |       | 39,638                                                   |       | 51,808 |   | 39,111 |   | 23,572 |   | 26,854 |   | 32,377 |   |
| Total fixed charges                |       | $                                                   | 247,935    |                                                     | $          | 190,040 |   | $ | 268,481 |   | $ | 164,124 |   | $ | 123,590 |   | $ | 119,065 |   | $ | 127,430 |   |
|                               |       |                                                |       |                                                     |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ratio of earnings to fixed charges |       | 1.3                                                 |       | 1.5                                                      |       | 1.4 |   | 1.4 |   | 1.5 |   | 1.4 |   | 1.4 |   |

 

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(1)          Net earnings from discontinued operationshave been reclassified for all periods presented.

 

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