Exhibit 12.1

COLONIAL PROPERTIES TRUST

Ratio of Earnings to Fixed Charges and Ratio of Earnings to
Combined Fixed Charges and Preferred Share Distributions
(all dollar amounts in thousands)

	Year Ended December 31,
	2002			2001			2000			1999			1998
Earnings:
Pre-tax income before adjustment for minority interest in consolidated subsidiaries or income, loss from equity investees, extraordinary gain or loss, or gains on sale of properties	$	59,131		$	60,357		$	60,805		$	68,226		$	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			2,746			4,062			8,678			854
Fixed charges	85,838			92,199			91,505			75,563			56,748
Total earnings	$	143,825		$	145,994		$	147,919		$	144,703		$	123,260
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
Distributions to Series B preferred unitholders	8,873			8,873			8,873			7,588			0
Total Fixed Charges	$	85,838		$	92,199		$	91,505		$	75,563		$	56,748
Distributions to Series A, Series C and Series D preferred shareholders	$	15,565		$	13,407		$	10,940		$	10,943		$	10,938
Combined Fixed Charges and Preferred Share Distributions	$	101,403		$	105,606		$	102,445		$	86,506		$	67,686
Ratio of Earnings to Fixed Charges	1.7			1.6			1.6			1.9			2.2
Ratio of Earnings to Combined Fixed Charges and Preferred Share Distributions	1.4			1.4			1.4			1.7			1.8