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                                  EXHIBIT 12.1


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                                                                   EXHIBIT 12.1

                      WALDEN RESIDENTIAL PROPERTIES, INC.
                  COMPUTATION OF RATIO OF EARNINGS TO COMBINED
                  FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
                             (Dollars in thousands)

<TABLE>
<CAPTION>

                                                                                           For the Period
                                                                                          February 9, 1994
                                                                      Year Ended           (Commencement
                                                                      December 31,        of Operations) to
                                                     -------------------------------------  December 31,
                                                      1998      1997      1996      1995        1994
                                                     -------   -------   -------   -------     -------
<S>                                                  <C>       <C>       <C>       <C>         <C>      
Income before extraordinary item and                                                                    
  income allocated to minority interests...........  $36,213   $27,113   $19,122   $10,685     $ 5,356  
                                                                                                        
Add:                                                                                                 
  Interest on indebtedness.........................   54,409    28,447    20,573    17,111       6,288  
  Amortization of deferred financing costs.........    1,048       827       916       900         371  
                                                     -------   -------   -------   -------     -------  
         Earnings..................................  $91,670   $56,387   $40,611   $28,696     $12,015  
                                                     =======   =======   =======   =======     =======  
                                                                                                        
Fixed charges and preferred stock dividends:                                                            
  Interest on indebtedness.........................  $54,409   $28,447   $20,573   $17,111     $ 6,288  
  Amortization of deferred financing costs.........    1,048       827       916       900         371  
                                                     -------   -------   -------   -------     -------  
  Fixed charges....................................   55,457    29,274    21,489    18,011       6,659  
  Add:                                                                                                  
  Preferred stock dividends (1)....................   19,181    15,889     4,092       922        --    
                                                     -------   -------   -------   -------     -------  
         Combined fixed charges and                                                                     
           preferred stock dividends...............  $74,638   $45,163   $25,581   $18,933     $ 6,659  
                                                     =======   =======   =======   =======     =======  
                                                                                                        
Ratio of earnings to fixed charges.................     1.65x     1.93x     1.89x     1.59x       1.80x  
                                                                                                        
Ratio of earnings to fixed charges and                                                                  
  preferred stock dividends........................     1.23x     1.25x     1.59x     1.52x       1.80x  
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(1)  Includes dividends on preferred stock and preferred distributions to
     minority interest holders.