exv12w01

Exhibit 12.01

CRESCENT REAL ESTATE EQUITIES LIMITED PARTNERSHIP

Computation of Ratio of Earnings to Fixed Charges
(dollars in thousands)


	2006			2005			2004			2003			2002
				(As Restated See			(As Restated See			(As Restated See			(As Restated See
				Note 1)			Note 1)			Note 1)			Note 1)
Income from continuing operations before minority interests and income tax	$	20,463		$	28,827		$	191,216		$	56,140		$	85,319
Minority interest from majority owned subsidiaries with no fixed charges		(406	)		(440	)		9			40			—
Distributions received in excess of earnings from unconsolidated companies		16,290			10,050			191			1,750			13,161
Equity in losses from unconsolidated company with guaranteed debt		(1,468	)		(723	)		(1,676	)		(2,979	)		(641	)
Interest Expense		134,273			136,664			176,771			172,116			178,956
Amortization of Capitalized Interest		9,423			16,417			8,433			5,600			5,371
Portion of rent expense representative of interest		524			699			965			1,126			1,319
Amortization of Deferred Financing Costs		7,737			8,108			13,056			11,053			10,265


Earnings	$	186,836		$	199,602		$	388,956		$	244,846		$	293,750


Interest Expense	$	134,865	⁽¹⁾	$	136,969	⁽¹⁾	$	176,993	⁽¹⁾	$	172,351	⁽¹⁾	$	178,976
Capitalized Interest		33,681			21,932			15,850			18,267			16,984
Amortization of Deferred Financing Costs		7,737			8,108			13,056			11,053			10,265
GMAC Preferred Dividend		—			—			—			—			5,723
Portion of rent expense representative of interest		524			699			965			1,126			1,319

Fixed Charges	$	176,807		$	167,708		$	206,864		$	202,797		$	213,267


Ratio of Earnings to Fixed Charges		1.06			1.19			1.88			1.21			1.38


⁽¹⁾		Includes interest expense on debt at an unconsolidated company that is guaranteed by us.