Exhibit 12.2

COLONIAL REALTY LIMITED PARTNERSHIP

Ratio of Earnings to Fixed Charges

		For the Years Ended December 31,
(dollar in thousands)		2009				2008				2007				2006				2005
Earnings:
Pre-tax (loss) income from continuing operations before adjustment for income or loss from equity investees
		$	(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
Fixed charges			95,856				100,002				122,996				151,426				147,778
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
Total Fixed Charges		$	95,856			$	100,002			$	122,996			$	151,426			$	147,778
Ratio of Earnings to Fixed Charges			1.1				(a	)			(a	)			(a	)			(a	)

a)

For the years ended December 31, 2008, 2007, 2006 and 2005, the aggregate amount of fixed charges exceeded our earnings by approximately $103.8 million, $75.3 million, $16.5 million and $41.3 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 2005 — 2009 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 CRLP’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 Trust’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.

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.