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)

	Three Months Ended
	March 31,				Twelve Months Ended December 31,
	2007(1)		2006(1)		2006(1)		2005(1)		2004(1)		2003(1)		2002(1)
Earnings from operations	$	39,478	$	35,098	$	174,400	$	103,487	$	85,755	$	72,899	$	82,304
Add:
Interest expense		67,293		45,527		220,123		133,578		101,653		94,012		92,964
Earnings as adjusted	$	106,771	$	80,625	$	394,523	$	237,065	$	187,408	$	166,911	$	175,268
Combined fixed charges and Preferred Unit distributions:
Interest expense	$	67,293	$	45,527	$	220,123	$	133,578	$	101,653	$	94,012	$	92,964
Capitalized interest		12,887		12,771		51,808		39,111		23,572		26,854		32,377
Total fixed charges		80,180		58,298		271,931		172,689		125,225		120,866		125,341
Preferred Unit distributions		958		958		3,829		3,831		10,892		20,997		32,185
Combined fixed charges and Preferred Unit distributions	$	81,138	$	59,256	$	275,760	$	176,520	$	136,117	$	141,863	$	157,526
Ratio of earnings to combined fixed charges and Preferred Unit distributions		1.3		1.4		1.4		1.3		1.4		1.2		1.1

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