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                                                                    Exhibit 12.1

                       WALDEN RESIDENTIAL PROPERTIES, INC.
                  COMPUTATION OF RATIO OF EARNINGS TO COMBINED
                   FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
                             (Dollars in thousands)


<TABLE>
<CAPTION>
                                                                                                   For the period
                                                                                                  February 9, 1994
                                                                                                   (Commencement 
                                                    Six Months                                    of Operations) to
                                                   Ended June 30      Year Ended December 31,        December 31,
                                                   -------------  ------------------------------- -----------------
                                                       1998        1997        1996        1995         1994
                                                      -------     -------     -------     -------      -------
<S>                                                <C>            <C>         <C>         <C>     <C>    
Income before extraordinary item
     and income allocated to minority
     interests ..................................     $17,001     $27,113     $19,122     $10,685      $ 5,356
Add:
     Interest on indebtedness ...................      26,688      28,447      20,573      17,111        6,288
     Amortization of deferred
        financing costs .........................         485         827         916         900          371
                                                      -------     -------     -------     -------      -------
        Earnings ................................     $44,174     $56,387     $40,611     $28,696      $12,015
                                                      =======     =======     =======     =======      =======
Fixed charges and preferred stock dividends:
     Interest on indebtedness ...................      26,688      28,447      20,573      17,111        6,288
     Amortization of deferred
        financing costs .........................         485         827         916         900          371
                                                      -------     -------     -------     -------      -------
        Fixed charges ...........................      27,173      29,274      21,489      18,011        6,659
     Add:
        Preferred stock dividends ...............       9,592      15,889       4,092         922           --
                                                      -------     -------     -------     -------      -------
        Combined fixed charges and
           preferred stock dividends ............     $36,765     $45,163     $25,581     $18,933      $ 6,659
                                                      =======     =======     =======     =======      =======
Ratio of earnings to fixed charges ..............        1.63x       1.93x       1.89x       1.59x        1.80x
Ratio of earnings to fixed charges
     and preferred stock dividends ..............        1.20x       1.25x       1.59x       1.52x        1.80x
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