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Exhibit 12.1
 COLONIAL PROPERTIES TRUST
 Ratio of Earnings to Fixed Charges and Ratio of Earnings to
Combined Fixed Charges and Preferred Share Distributions  (all dollar amounts in thousands)
 Year Ended December 31,2006
    
    
    2005
    
    
    2004
    
    
    2003
    
    
    2002Earnings:Pre-tax income before adjustment for minority interest in
consolidated subsidiaries or income, loss from equity investees,
extraordinary gain or loss, or gains on sale of properties
    
    $
    (13,580
    )
    
    $
    (45,500
    )
    
    $
    (768
    )
    
    $
    4,694
    
    
    $
    13,528Amortization of interest capitalized
    
    
    2,400
    
    
    
    2,400
    
    
    
    1,800
    
    
    
    1,700
    
    
    
    1,500Interest capitalized
    
    
    (17,063
    )
    
    
    (9,586
    )
    
    
    (6,907
    )
    
    
    (5,576
    )
    
    
    (8,064
    )Distributed income of equity investees
    
    
    9,370
    
    
    
    3,942
    
    
    
    3,588
    
    
    
    2,148
    
    
    
    2,073Fixed charges
    
    
    158,676
    
    
    
    155,027
    
    
    
    97,804
    
    
    
    85,118
    
    
    
    85,764Total earnings
    
    $
    139,803
    
    
    $
    106,283
    
    
    $
    95,517
    
    
    $
    88,084
    
    
    $
    94,801Fixed Charges:Interest expense
    
    $
    127,779
    
    
    $
    132,492
    
    
    $
    79,136
    
    
    $
    67,556
    
    
    $
    65,265Capitalized interest
    
    
    17,063
    
    
    
    9,586
    
    
    
    6,907
    
    
    
    5,576
    
    
    
    8,064Debt costs amortization
    
    
    6,584
    
    
    
    5,699
    
    
    
    4,267
    
    
    
    3,111
    
    
    
    3,560Distributions to Series B preferred unitholders
    
    
    7,250
    
    
    
    7,250
    
    
    
    7,494
    
    
    
    8,875
    
    
    
    8,875Total Fixed Charges
    
    $
    158,676
    
    
    $
    155,027
    
    
    $
    97,804
    
    
    $
    85,118
    
    
    $
    85,764Distributions to Series A, Series C, Series D and Series E preferred shareholders
    
    $
    20,903
    
    
    $
    22,391
    
    
    $
    14,781
    
    
    $
    15,284
    
    
    $
    15,565Combined Fixed Charges and Preferred Share Distributions
    
    $
    179,579
    
    
    $
    177,418
    
    
    $
    112,585
    
    
    $
    100,402
    
    
    $
    101,329Ratio of Earnings to Fixed Charges
    
    
    (a
    )
    
    
    (a
    )
    
    
    1.0
    
    
    
    1.0
    
    
    
    1.1Ratio of Earnings to Combined Fixed Charges and Preferred
Share Distributions
    
    
    (b
    )
    
    
    (b
    )
    
    
    (b
    )
    
    
    (b
    )
    
    
    (b
    )
 
 a)
    
    For the twelve months ended December 31, 2006 and 2005, the aggregate amount of fixed
charges exceeded our earnings by approximately $18.9 million and $48.2 million,
respectively, which is the amount of additional earnings that would have been required
to achieve a ratio of earnings to fixed charges of 1.0x for such period. The
deficiency of the ratio of earnings to fixed charges for the twelve months ended
December 31, 2006 is primarily due to the classification of operations for assets held
for sale and sold as discontinued operations. The deficiency of the ratio of earnings
to fixed charges for the twelve months ended December 31, 2005, is primarily due to the
classification of operations for assets held for sale and sold as discontinued
operations and amortization of intangible assets acquired in the Cornerstone merger.
 b)
    
    For the twelve months ended December 31, 2006, 2005, 2004, 2003 and 2002 the
aggregate amount of fixed charges and preferred share distributions exceeded our
earnings by approximately $39.8 million, $71.1 million, $17.1 million, $12.3 million
and $6.5 million, respectively, which is the amount of additional earnings that would
have been required to achieve a ratio of earnings to fixed charges of 1.0x for such
period. The deficiency of the ratio of earnings to fixed charges for all periods
presented is primarily due to the classification of operations for assets held for sale
and sold as discontinued operations. Additionally, for the twelve months ended
December 31, 2005, the deficiency is a result of the company recording amortization
expense of approximately $42.0 million related to intangible assets acquired in the
Cornerstone merger.