##### 



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)
    
    For the Years Ended December 31,2007
    
    
    2006
    
    
    2005
    
    
    2004
    
    
    2003Earnings:Pre-tax income (loss) before adjustment for minority interest in
consolidated subsidiaries or income, loss from equity investees,
extraordinary gain or loss, or gains on sale of propertiesAmortization of interest capitalized
    
    $
    (74,892
    )
    
    $
    (20,333
    )
    
    $
    (43,817
    )
    
    $
    (3,045
    )
    
    $
    (5,675
    )Interest capitalized
    
    
    2,700
    
    
    
    2,400
    
    
    
    1,800
    
    
    
    1,700
    
    
    
    1,500Distributed income of equity investees
    
    
    (27,105
    )
    
    
    (17,063
    )
    
    
    (6,907
    )
    
    
    (5,576
    )
    
    
    (8,064
    )Fixed charges
    
    
    13,207
    
    
    
    9,370
    
    
    
    3,588
    
    
    
    2,148
    
    
    
    2,073130,246
    
    
    
    158,676
    
    
    
    97,804
    
    
    
    85,118
    
    
    
    85,764Total earnings
    
    $
    44,156
    
    
    $
    133,050
    
    
    $
    52,468
    
    
    $
    80,345
    
    
    $
    75,598Fixed Charges:Interest expenseCapitalized interest
    
    
    89,105
    
    
    
    127,778
    
    
    
    79,136
    
    
    
    67,556
    
    
    
    65,265Debt costs amortization
    
    
    27,105
    
    
    
    17,063
    
    
    
    6,907
    
    
    
    5,576
    
    
    
    8,064Distributions to Series B preferred unitholders
    
    
    6,786
    
    
    
    6,584
    
    
    
    4,267
    
    
    
    3,111
    
    
    
    3,5607,250
    
    
    
    7,251
    
    
    
    7,494
    
    
    
    8,875
    
    
    
    8,875Total Fixed Charges
    
    $
    130,246
    
    
    $
    158,676
    
    
    $
    97,804
    
    
    $
    85,118
    
    
    $
    85,764Distributions to Series A, Series C and Series D preferred
shareholders
    
    
    13,439
    
    
    
    20,902
    
    
    
    14,781
    
    
    
    15,284
    
    
    
    15,565Combined Fixed Charges and Preferred Share Distributions
    
    $
    143,685
    
    
    $
    179,578
    
    
    $
    112,585
    
    
    $
    100,402
    
    
    $
    101,329Ratio of Earnings to Fixed Charges
    
    
    (a
    )
    
    
    (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, 2007, 2006, 2005, 2004 and 2003, the aggregate
amount of fixed charges exceeded our earnings by approximately $86.0 million, $25.6
million, $45.3 million, $4.8 million and $10.2 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 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,
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 Cornerstone merger.b)
    
    For the years ended December 31, 2007, 2006, 2005, 2004 and 2003 the aggregate
amount of fixed charges and preferred share distributions exceeded our earnings by
approximately $99.5 million, $46.5 million, $60.1 million, $20.1 million and $25.7
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, 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.