exv12w2

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)


	Years Ended December 31,
	2003 ⁽¹⁾		2002 ⁽¹⁾		2001 ⁽¹⁾		2000 ⁽¹⁾		1999 ⁽¹⁾
Earnings from operations	$	108,262	$	127,619	$	130,070	$	139,295	$	140,920
Add:
Interest expense		186,832		190,005		88,081		107,231		94,471

Earnings as adjusted	$	295,094	$	317,624	$	218,151	$	246,526	$	235,391

Combined fixed charges and Preferred Unit distributions:
Interest expense	$	186,832	$	190,005	$	88,081	$	107,231	$	94,471
Capitalized interest		26,854		32,377		31,600		37,079		41,099

Total fixed charges		213,686		222,382		119,681		144,310		135,570

Preferred Unit distributions		20,997		32,185		25,877		25,340		23,733

Combined fixed charges and Preferred Unit distributions	$	234,683	$	254,567	$	145,558	$	169,650	$	159,303

Ratio of earnings to combined fixed charges and Preferred Unit distributions		1.3		1.2		1.5		1.5		1.5

(1)

Net earnings from discontinued operations have been reclassified for all years presented.