Exhibit 12.1
COLONIAL PROPERTIES TRUST
Ratio of Earnings to Fixed Charges
	Three Months Ended						Six Months Ended
($ in thousands)	June 30,						June 30,
	2012			2011			2012			2011
Earnings:
Pre-tax loss before adjustment for noncontrolling interest in
consolidated subsidiaries or income (loss) from equity investees,
extraordinary gain (loss), or gains (losses) on sale of properties	$	(5,582	)	$	(7,172	)	$	(13,219	)	$	(19,843	)
Amortization of interest capitalized	490			497			987			994
Interest capitalized	(350		)	(72		)	(535		)	(124		)
Distributed income of equity investees	185			995			471			2,072
Distributions to Series B preferred unitholders	—			(906		)	—			(1,813		)
Fixed Charges	25,029			22,890			49,700			46,246
Total Earnings	$	19,772		$	16,232		$	37,404		$	27,532
Fixed Charges:
Interest expense	23,277			20,759			46,330			41,998
Interest capitalized	350			72			535			124
Debt costs amortization	1,402			1,153			2,835			2,311
Distributions to Series B preferred unitholders	—			906			—			1,813
Total Fixed Charges	$	25,029		$	22,890		$	49,700		$	46,246
Ratio of Earning to Fixed Charges	(a)			(a)			(a)			(a)

a) For the three and six months ended June 30, 2012, the aggregate amount of fixed charges exceeded our earnings by approximately $5.3 million and $12.3 million, 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 six months ended June 30, 2011, the aggregate amount of fixed charges exceeded our earnings by approximately $6.7 million and $18.7 million, respectively. The deficiency of the ratio of earnings to fixed charges for the periods presented is primarily a result of non-cash depreciation and amortization expense.