Exhibit 12.1
 COLONIAL PROPERTIES TRUST
 Ratio of Earnings to Fixed Charges and Ratio of Earnings to
Combined Fixed Charges and Preferred Share Distributions
 For the Years Ended December 31,(all dollar amounts in thousands)
    
    2009
    
    2008
    
    2007
    
    2006
    
    2005Earnings:Pre-tax (loss) income from continuing operations before adjustment
for income or loss from equity investees, or gain on the sale of properties$
    (1,690
    )
    
    $
    (95,254
    )
    
    $
    (64,836
    )
    
    $
    (12,071
    )
    
    $
    (38,405
    )Amortization of interest capitalized
    
    
    3,780
    
    
    
    3,100
    
    
    
    3,392
    
    
    
    3,252
    
    
    
    2,709Interest capitalized
    
    
    (3,870
    )
    
    
    (25,032
    )
    
    
    (27,105
    )
    
    
    (17,063
    )
    
    
    (9,586
    )Distributed income of equity investees
    
    
    11,601
    
    
    
    13,344
    
    
    
    13,207
    
    
    
    9,370
    
    
    
    3,942Preference security dividend requirements of consolidated subsidiaries
    
    
    (7,250
    )
    
    
    (7,251
    )
    
    
    (7,250
    )
    
    
    (7,250
    )
    
    
    (7,251
    )Fixed charges
    
    
    103,106
    
    
    
    107,253
    
    
    
    130,246
    
    
    
    158,676
    
    
    
    155,029Total earnings
    
    $
    105,677
    
    
    $
    (3,840
    )
    
    $
    47,654
    
    
    $
    134,914
    
    
    $
    106,438Fixed Charges:Interest expense
    
    
    87,023
    
    
    
    69,951
    
    
    
    89,105
    
    
    
    127,779
    
    
    
    132,493Capitalized interest
    
    
    3,870
    
    
    
    25,032
    
    
    
    27,105
    
    
    
    17,063
    
    
    
    9,586Debt costs amortization
    
    
    4,963
    
    
    
    5,019
    
    
    
    6,786
    
    
    
    6,584
    
    
    
    5,699Distributions to Series B preferred unitholders
    
    
    7,250
    
    
    
    7,251
    
    
    
    7,250
    
    
    
    7,250
    
    
    
    7,251Total Fixed Charges
    
    $
    103,106
    
    
    $
    107,253
    
    
    $
    130,246
    
    
    $
    158,676
    
    
    $
    155,029Distributions to Series A, Series C, Series D and Series E preferred shareholders
    
    
    8,142
    
    
    
    8,773
    
    
    
    13,439
    
    
    
    20,902
    
    
    
    22,391Combined Fixed Charges and Preferred Share Distributions
    
    $
    111,248
    
    
    $
    116,026
    
    
    $
    143,685
    
    
    $
    179,578
    
    
    $
    177,420Ratio of Earnings to Fixed Charges
    
    
    1.0
    
    
    
    (a
    )
    
    
    (a
    )
    
    
    (a
    )
    
    
    (a
    )Ratio of Earnings to Combined Fixed Charges and Preferred
Share Distributions
    
    
    (b
    )
    
    
    (b
    )
    
    
    (b
    )
    
    
    (b
    )
    
    
    (b
    )
 
 a)
    
    For the years ended December 31, 2008, 2007, 2006 and 2005, the aggregate amount of
fixed charges exceeded our earnings by approximately $111.1 million, $82.6 million,
$23.8 million and $48.6 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 years presented is impacted by 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 year ended December 31, 2008 is also due to the $116.9 million
non-cash impairment charge related to the Companys for-sale residential business and
certain development projects.The deficiency of the ratio of earnings to fixed charges
for the year ended December 31, 2007 is also due to the $43.3 million non-cash impairment charge
related to the Companys for-sale residential business.The deficiency of the ratio of
earnings to fixed charges for the year ended December 31, 2005, is also impacted by
amortization of intangible assets acquired in the merger with Cornerstone Realty Income
Trust.b)
    
    For the years ended December 31, 2009, 2008, 2007, 2006 and 2005 the aggregate
amount of fixed charges and preferred share distributions exceeded our earnings by
approximately $5.6 million, $119.9 million, $96.0 million, $44.7 million and $71.0
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
impacted by 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 year ended December 31, 2008 is also due to the $116.9 million non-cash impairment
charge related to the Companys for-sale residential business and certain development
projects. The deficiency of the ratio of earnings to fixed charges for the year ended
December 31, 2007 is also due to the $43.3 million non-cash impairment charge related
to the Companys for-sale residential business. For the year ended December 31, 2005,
the deficiency is also a result of the Company recording amortization expense of
approximately $42.0 million related to intangible assets acquired in the Cornerstone
merger.