Exhibit 12.1

COLONIAL PROPERTIES TRUST

Ratio of Earnings to Fixed Charges and Ratio of Earnings to
Combined Fixed Charges and Preferred Share Distributions

		For the Years Ended December 31,
(all dollar amounts in thousands)		2009				2008				2007				2006				2005
Earnings:
Pre-tax (loss) income from continuing operations before adjustment for income or loss from equity investees, or gain on the sale of properties
		$	(1,690	)		$	(95,254	)		$	(64,836	)		$	(12,071	)		$	(38,405	)
Amortization of interest capitalized			3,780				3,100				3,392				3,252				2,709
Interest capitalized			(3,870	)			(25,032	)			(27,105	)			(17,063	)			(9,586	)
Distributed income of equity investees			11,601				13,344				13,207				9,370				3,942
Preference security dividend requirements of consolidated subsidiaries			(7,250	)			(7,251	)			(7,250	)			(7,250	)			(7,251	)
Fixed charges			103,106				107,253				130,246				158,676				155,029
Total earnings		$	105,677			$	(3,840	)		$	47,654			$	134,914			$	106,438
Fixed Charges:
Interest expense			87,023				69,951				89,105				127,779				132,493
Capitalized interest			3,870				25,032				27,105				17,063				9,586
Debt costs amortization			4,963				5,019				6,786				6,584				5,699
Distributions to Series B preferred unitholders			7,250				7,251				7,250				7,250				7,251
Total Fixed Charges		$	103,106			$	107,253			$	130,246			$	158,676			$	155,029
Distributions to Series A, Series C, Series D and Series E preferred shareholders			8,142				8,773				13,439				20,902				22,391
Combined Fixed Charges and Preferred Share Distributions		$	111,248			$	116,026			$	143,685			$	179,578			$	177,420
Ratio of Earnings to Fixed Charges			1.0				(a	)			(a	)			(a	)			(a	)
Ratio of Earnings to Combined Fixed Charges and Preferred Share Distributions			(b	)			(b	)			(b	)			(b	)			(b	)

a)		For the years ended December 31, 2008, 2007, 2006 and 2005, the aggregate amount of fixed charges exceeded our earnings by approximately $111.1 million, $82.6 million, $23.8 million and $48.6 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 presented 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 the Company’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 Company’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 merger with Cornerstone Realty Income Trust.
b)		For the years ended December 31, 2009, 2008, 2007, 2006 and 2005 the aggregate amount of fixed charges and preferred share distributions exceeded our earnings by approximately $5.6 million, $119.9 million, $96.0 million, $44.7 million and $71.0 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 periods presented 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 the Company’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 Company’s for-sale residential business. For the year ended December 31, 2005, the deficiency is also a result of the Company recording amortization expense of approximately $42.0 million related to intangible assets acquired in the Cornerstone merger.

The ratios of earnings to fixed charges were computed by dividing earnings by fixed charges. For this purpose, earnings consist of pre-tax income from continuing operations before adjustment for noncontrolling interest in consolidated subsidiaries or income or loss from equity investees, gains on sale of properties, distributed income of equity investees, fixed charges and amortization of capitalized interest excluding interest costs capitalized. Fixed charges consist of interest expense (including interest costs capitalized) and amortization of debt issuance costs.