<PAGE>
EXHIBIT 12.1
ARCHSTONE COMMUNITIES TRUST
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollar amounts in thousands)
(Unaudited)
<TABLE>
<CAPTION>
Six Months Ended June 30, Twelve Months Ended December 31,
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2000 1999 1999 1998 1997(1) 1996 1995
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<S> <C> <C> <C> <C> <C> <C> <C>
Earnings from operations............. $ 90,079 $ 82,421 $169,339 $134,571 $ 24,686 $ 94,089 $ 81,696
Add:
Interest expense................ 71,527 56,041 121,494 83,350 61,153 35,288 19,584
-------- -------- -------- -------- -------- -------- --------
Earnings as adjusted................. $161,606 $138,462 $290,833 $217,921 $ 85,839 $129,377 $101,280
======== ======== ======== ======== ======== ======== ========
Fixed charges:
Interest expense................ $ 71,527 $ 56,041 121,494 $ 83,350 $ 61,153 $ 35,288 $ 19,584
Capitalized interest............ 13,032 17,739 31,912 29,942 17,606 16,941 11,741
-------- -------- -------- -------- -------- -------- --------
Total fixed charges......... $ 84,559 $ 73,780 $153,406 $113,292 $ 78,759 $ 52,229 $ 31,325
======== ======== ======== ======== ======== ======== ========
Ratio of earnings to fixed charges... 1.9 1.9 1.9 1.9 1.1 2.5 3.2
======== ======== ======== ======== ======== ======== ========
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(1) Earnings from operations for 1997 includes a one-time, non-cash charge
of $71.7 million associated with costs incurred in acquiring the management
companies from an affiliate. Excluding this charge, the ratio of earnings
to fixed charges for the year ended December 31, 1997 would be 2.0.
