Exhibit 12.1
 COLONIAL REALTY LIMITED PARTNERSHIP
 Ratio of Earnings to Fixed Charges
 For the three-month period
    
    For the nine-month periodended September 30,
    
    ended September 30,(all dollar amounts in thousands)
    
    2008
    
    2007
    
    2008
    
    2007Earnings:Pre-tax income (loss) before adjustment for minority interest in
consolidated subsidiaries or income or loss from equity
investees,
extraordinary gain or loss, or gains on sale of properties
    
    $
    (5,170
    )
    
    $
    (47,197
    )
    
    $
    (4,095
    )
    
    $
    (66,566
    )Amortization of interest capitalized
    
    
    900
    
    
    
    600
    
    
    
    2,700
    
    
    
    1,800Interest capitalized
    
    
    (6,622
    )
    
    
    (6,599
    )
    
    
    (19,970
    )
    
    
    (20,191
    )Distributed income of equity investees
    
    
    4,363
    
    
    
    3,236
    
    
    
    11,397
    
    
    
    8,489Fixed charges
    
    
    25,562
    
    
    
    25,757
    
    
    
    75,857
    
    
    
    97,993Total Earnings
    
    $
    19,033
    
    
    $
    (24,203
    )
    
    $
    65,889
    
    
    $
    21,525Fixed Charges:Interest expense
    
    $
    17,679
    
    
    $
    17,843
    
    
    $
    52,171
    
    
    $
    72,326Capitalized interest
    
    
    6,622
    
    
    
    6,599
    
    
    
    19,970
    
    
    
    20,191Debt costs amortization
    
    
    1,261
    
    
    
    1,315
    
    
    
    3,716
    
    
    
    5,476Total Fixed Charges
    
    $
    25,562
    
    
    $
    25,757
    
    
    $
    75,857
    
    
    $
    97,993Ratio of Earnings to Fixed Charges
    
    
    (a
    )
    
    
    (a
    )
    
    
    (a
    )
    
    
    (a
    )
 
 a)
    
    For the three and nine months ended September 30,
2008, the aggregate amount of fixed charges exceeded
our earnings by approximately $6.5 million and $10.0
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. For the three and nine months ended
September 30, 2007, the aggregate amount of fixed
charges exceeded our earnings by approximately $50.0
million and $76.5 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 the three
and nine months ended September 30, 2008 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 three and nine months ended September
30, 2007 is a result of the classification of
operations for assets held for sale and sold as
discontinued operations and a $43.3 million non-cash
impairment charge related to CRLPs for-sale
residential business. The deficiency of the ratio of
earnings to fixed charges for the nine months ended
September 30, 2007 also includes $11.0 million of
transaction costs associated with the office and
retail joint venture transactions which closed in
June 2007.  53