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)


	Six Months Ended
	June 30,				Twelve Months Ended December 31,
	2004 ⁽¹⁾		2003 ⁽¹⁾		2003 ⁽¹⁾		2002 ⁽¹⁾		2001 ⁽¹⁾		2000 ⁽¹⁾		1999 ⁽¹⁾
Earnings from operations	$	72,953	$	60,032	$	106,395	$	107,857	$	101,561	$	118,307	$	139,662
Add:
Interest expense		87,717		76,774		174,397		189,432		80,359		83,286		93,974

Earnings as adjusted	$	160,670	$	136,806	$	280,792	$	297,289	$	181,920	$	201,593	$	233,636

Combined fixed charges and Preferred Unit distributions:
Interest expense	$	87,717	$	76,774	$	174,397	$	189,432	$	80,359	$	83,286	$	93,974
Capitalized interest		11,347		11,528		26,854		32,377		29,186		37,079		41,099

Total fixed charges		99,064		88,302		201,251		221,809		109,545		120,365		135,073

Preferred Unit distributions		8,906		15,609		26,153		34,309		25,877		25,340		23,733

Combined fixed charges and Preferred Unit distributions	$	107,970	$	103,911	$	227,404	$	256,118	$	135,422	$	145,705	$	158,806

Ratio of earnings to combined fixed charges and Preferred Unit distributions		1.5		1.3		1.2		1.2		1.3		1.4		1.5

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