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)
    
    2008
    
    
    2007
    
    
    2006
    
    
    2005
    
    
    2004Earnings:Pre-tax income (loss) before adjustment for minority interest in
consolidated subsidiaries or income, loss from equity investees,
extraoridinary gain or loss, or gains on sale of properties
    
    $
    (127,000
    )
    
    $
    (72,930
    )
    
    $
    (24,039
    )
    
    $
    (49,795
    )
    
    $
    (5,243
    )Amortization of interest capitalized
    
    
    3,600
    
    
    
    2,700
    
    
    
    2,400
    
    
    
    1,800
    
    
    
    1,700Interest capitalized
    
    
    (25,032
    )
    
    
    (27,105
    )
    
    
    (17,063
    )
    
    
    (6,907
    )
    
    
    (5,576
    )Distributed income of equity investees
    
    
    13,344
    
    
    
    13,207
    
    
    
    9,370
    
    
    
    3,588
    
    
    
    2,148Fixed charges
    
    
    107,253
    
    
    
    130,246
    
    
    
    158,676
    
    
    
    97,804
    
    
    
    85,118Total earnings
    
    $
    (27,835
    )
    
    $
    46,118
    
    
    $
    129,344
    
    
    $
    46,490
    
    
    $
    78,147Fixed Charges:Interest expense
    
    
    69,951
    
    
    
    89,105
    
    
    
    127,778
    
    
    
    79,136
    
    
    
    67,556Capitalized interest
    
    
    25,032
    
    
    
    27,105
    
    
    
    17,063
    
    
    
    6,907
    
    
    
    5,576Debt costs amortization
    
    
    5,019
    
    
    
    6,786
    
    
    
    6,584
    
    
    
    4,267
    
    
    
    3,111Distributions to Series B preferred unitholders
    
    
    7,251
    
    
    
    7,250
    
    
    
    7,251
    
    
    
    7,494
    
    
    
    8,875Total Fixed Charges
    
    $
    107,253
    
    
    $
    130,246
    
    
    $
    158,676
    
    
    $
    97,804
    
    
    $
    85,118Distributions to Series A, Series C and Series D preferred shareholders
    
    
    8,773
    
    
    
    13,439
    
    
    
    20,902
    
    
    
    14,781
    
    
    
    15,284Combined Fixed Charges and Preferred Share Distributions
    
    $
    116,026
    
    
    $
    143,685
    
    
    $
    179,578
    
    
    $
    112,585
    
    
    $
    100,402Ratio 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, 2008, 2007, 2006, 2005 and 2004, the aggregate
amount of fixed charges exceeded our earnings by approximately $135.1 million, $84.1
million, $29.3 million, $51.3 million and $7.0 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 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 Cornerstone merger.b)
    
    For the years ended December 31, 2008, 2007, 2006, 2005 and 2004, the aggregate
amount of fixed charges and preferred share distributions exceeded our earnings by
approximately $143.9 million, $97.6 million, $50.2 million, $66.1 million and $22.3
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.