EXHIBIT 12.1

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

(Dollar amounts in thousands)

(Unaudited)

			Nine Months
			Ended September 30,(1)				Twelve Months Ended December 31,
			2002		2001		2001(1)		2000		1999		1998		1997(2)
Earnings from operations			$	192,355	$	115,733	$	175,397	$	176,466	$	169,339	$	134,571	$	24,686
Add interest expense				145,814		94,995		141,907		145,173		121,494		83,350		61,153
Earnings as adjusted			$	338,169	$	210,728	$	317,304	$	321,639	$	290,833	$	217,921	$	85,839
Fixed charges:
	Interest expense		$	145,814	$	94,995	$	141,907	$	145,173	$	121,494	$	83,350	$	61,153
	Capitalized interest			17,088		15,091		20,294		24,317		31,912		29,942		17,606
		Total fixed charges	$	162,902	$	110,086	$	162,201	$	169,490	$	153,406	$	113,292	$	78,759
Ratio of earnings to fixed charges				2.1		1.9		2.0		1.9		1.9		1.9		1.1

(1)	In determining earnings and fixed charges, information for Charles E. Smith Residential Realty, LP, which merged with the Company on October 31, 2001, was included for the last two months of the year ended December 31, 2001 and the nine months ended September 30, 2002 only.
(2)	Earnings from operations for 1997 includes a one-time, non-cash charge of $71.7 million associated with costs incurred in acquiring Archstone-Smith’s REIT and property management companies from Security Capital Group Incorporated. Excluding the charge, the ratio of earnings to fixed charges for the year ended December 31, 1997 would be 2.0.