Gables Realty Limited Partnership							Exhibit 12.1
Calculation of Ratios of Earnings to Fixed Charges
Dollars in Thousands
			Years ended December 31,
			2004	2003	2002	2001	2000
Earnings:
Income from continuing operations before equity
	in income of joint ventures and gain on sale		$     15,259	$     24,704	$     30,124	$     32,812	$     46,715
Add:
	Gain on sale of previously depreciated operating
		real estate assets	-	-	17,906	34,110	28,622
	Gain on sale of land		12,906	-	2,100	3,220	845
	Distributions from unconsolidated joint ventures		6,042	2,367	12,425	1,703	1,432
	Fixed charges (see below)		51,579	48,050	45,106	43,967	43,276
Subtract:
	Interest capitalized		8,412	8,416	8,875	8,844	8,858
	Loan cost amortization capitalized		381	323	229	204	196
Total earnings (1)			$     76,993	$     66,382	$     98,557	$   106,764	$   111,836
Fixed charges:
	Interest expense and credit enhancement fees		$     40,911	$    37,708	$    34,855	$     33,992	$      33,399
	Interest capitalized		8,412	8,416	8,875	8,844	8,858
	Loan cost amortization expense		1,875	1,603	1,147	927	823
	Loan cost amortization capitalized		381	323	229	204	196
Total fixed charges (2)			$     51,579	$     48,050	$     45,106	$     43,967	$     43,276
Ratio (1 divided by 2)			1.49x	1.38x	2.19x	2.43x	2.58x