EXHIBIT 12.2

ARCHSTONE-SMITH TRUST
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED SHARE DIVIDENDS

(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 Share dividends:
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 Share dividends		20,997		32,185		25,877		25,340		23,733
Combined fixed charges and Preferred Share dividends	$	234,683	$	254,567	$	145,558	$	169,650	$	159,303
Ratio of earnings to combined fixed charges and Preferred Share dividends		1.3		1.2		1.5		1.5		1.5

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