Exhibit 12.1
 COLONIAL REALTY LIMITED PARTNERSHIP
 Ratio of Earnings to Fixed Charges
 (all dollar amounts in thousands)
    
    For the Years Ended December 31,2008
    
    2007
    
    2006
    
    2005
    
    2004Earnings: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 properties
    
    $
    (119,749
    )
    
    $
    (77,474
    )
    
    $
    (16,789
    )
    
    $
    (47,150
    )
    
    $
    2,250Amortization 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
    
    
    100,002
    
    
    
    122,996
    
    
    
    151,425
    
    
    
    90,310
    
    
    
    76,243Total earnings
    
    $
    (27,835
    )
    
    $
    34,324
    
    
    $
    129,343
    
    
    $
    41,641
    
    
    $
    76,765Fixed 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
    
    
    
    3,111Total Fixed Charges
    
    $
    100,002
    
    
    $
    122,996
    
    
    $
    151,425
    
    
    $
    90,310
    
    
    $
    76,243Ratio of Earnings to Fixed Charges
    
    
    (a
    )
    
    
    (a
    )
    
    
    (a
    )
    
    
    (a
    )
    
    
    1.0
 
 a)
    
    For the years ended December 31, 2008, 2007, 2006 and 2005, the aggregate amount of fixed
charges exceeded our earnings by approximately $127.8 million, $88.8 million, $22.1 million
and $48.7 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 years 2005  2008 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 CRLP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 Trust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.