**Exhibit 12.1**

 

**Colonial Realty Limited Partnership****Ratio ofEarnings to Fixed Charges**

*(all dollar amounts in thousands)*

 

 
|                                                                                                                  |   | **Year Ended December 31,** |       |
|-----------------------------------------------------------------------------------------------------------------------|--------|----------------------------------|------------|
|                                                                                                                  |   | **2002**                         |       | **2001** |   | **2000** |   | **1999** |   | **1998** |   |
|                                                                                                                  |   | ** **                       | ** ** | ** ** | ** ** | ** ** |
|                                                                                                                  |   |                             | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |
| **Earnings:**                                                                                                         |   |                             | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |
|                                                                                                                  |   |                             | ** ** |   | ** ** |   | ** ** |   | ** ** |   | ** ** |
| Pre-tax income before income, loss from equity  investees, extraordinary gain or loss, or gains on sale of properties |   | $                                | 68,004     |   | $ | 69,230 |   | $ | 69,678 |   | $ | 75,814 |   | $ | 68,685 |   |
| Amoritzation of interest capitalized                                                                                  |   | 1,500                            |       | 1,300 |   | 1,100 |   | 900 |   | 700 |   |
| Interest capitalized                                                                                                  |   | (8,064                           | )          | (10,608 | ) | (9,553 | ) | (8,664 | ) | (3,727 | ) |
| Distributed income of equity investees                                                                                |   | 5,420                            |       | 2,695 |   | 3,968 |   | 8,821 |   | 789 |   |
| Fixed charges                                                                                                         |   | 76,965                           |       | 83,326 |   | 82,632 |   | 67,975 |   | 56,748 |   |
|                                                                                                                  |   |                             |       |   |   |   |   |   |   |   |   |
| Total earnings                                                                                                        |   | $                                | 143,825    |   | $ | 145,943 |   | $ | 147,825 |   | $ | 144,846 |   | $ | 123,195 |   |
|                                                                                                                  |   |                             |       |   |   |   |   |   |   |   |   |
| **Fixed Charges:**                                                                                                    |   |                             |       |   |   |   |   |   |   |   |   |
| Interest expense                                                                                                      |   | $                                | 65,265     |   | $ | 71,397 |   | $ | 71,855 |   | $ | 57,211 |   | $ | 52,063 |   |
| Capitalized interest                                                                                                  |   | 8,064                            |       | 10,608 |   | 9,553 |   | 8,664 |   | 3,727 |   |
| Debt costs amortization                                                                                               |   | 3,636                            |       | 1,321 |   | 1,224 |   | 2,100 |   | 958 |   |
|                                                                                                                  |   |                             |       |   |   |   |   |   |   |   |   |
| Total Fixed Charges                                                                                                   |   | $                                | 76,965     |   | $ | 83,326 |   | $ | 82,632 |   | $ | 67,975 |   | $ | 56,748 |   |
|                                                                                                                  |   |                             |       |   |   |   |   |   |   |   |   |
| **Ratio of Earnings to Fixed  Charges**                                                                               |   | 1.9                              |       | 1.8 |   | 1.8 |   | 2.1 |   | 2.2 |   |

 

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