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 Ended
			September 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	$	108,041
Add:
	Interest expense			138,050		121,653		190,319		87,121		110,134		93,226		56,328
Earnings as adjusted			$	221,566	$	260,280	$	371,017	$	231,217	$	257,566	$	244,683	$	164,369
Combined fixed charges and Preferred Unit distributions:
	Interest expense		$	138,050	$	121,653	$	190,319	$	87,121	$	110,134	$	93,226	$	56,328
	Capitalized interest			18,457		24,587		34,303		29,186		34,471		38,781		29,942
		Total fixed charges		156,507		146,240		224,622		116,307		144,605		132,007		86,270
	Preferred Unit distributions			21,737		25,950		34,024		22,277		25,340		23,733		20,938
Combined fixed charges and Preferred Unit distributions			$	178,244	$	172,190	$	258,646	$	138,584	$	169,945	$	155,740	$	107,208
Ratio 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.

(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.