EXHIBIT 12.2

ARCHSTONE-SMITH OPERATING TRUST

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED SHARE DISTRIBUTIONS
(Dollar amounts in thousands)

	Years Ended December 31,
	2005(1)		2004(1)		2003(1)		2002(1)		2001(1)
Earnings from operations	$	134,378	$	116,701	$	114,244	$	117,336	$	95,723
Add:
Interest Expense		187,982		144,500		121,671		123,506		56,332
Earnings as adjusted	$	322,360	$	261,201	$	235,915	$	240,842	$	152,055
Combined fixed charges and Preferred Unit distributions:
Interest expense	$	187,982	$	144,500	$	121,671	$	123,506	$	56,332
Capitalized interest		39,111		23,572		26,854		32,377		29,186
Total fixed charges		227,093		168,072		148,525		155,883		85,518
Preferred Unit distributions		4,572		16,254		26,153		34,309		25,877
Combined fixed charges and Preferred Unit distributions	$	231,665	$	184,326	$	174,678	$	190,192	$	111,395
Ratio of earnings to combined fixed charges and Preferred Unit distributions		1.4		1.4		1.4		1.3		1.4

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