EXHIBIT 12.1

CRT PROPERTIES, INC.
Ratio of Earnings to Fixed Charges
(In Thousands except Ratios)

	(For the Years Ended December 31,)
	2004			2003			2002			2001			2000
EARNINGS:
Net Income	$	15,902		$	16,691		$	16,423		$	73,223		$	27,153
Adjustments:
Income tax (benefit) provision		—			(94	)		(413	)		684			(21	)
Minority Interest		124			—			20			1,044			1,156
Equity in earnings of unconsolidated subsidiary		—			—			—			(81	)		(645	)
Interest Expense		30,573			27,784			23,252			25,204			27,268
Amortization of loan costs		1,669			1,465			1,893			908			888
Distributed income of equity investees		—			—			2,750			—			438
Interest capitalized		—			—			—			(207	)		(1,059	)
Gain on sale of assets		(211	)		(573	)		(21	)		(39,189	)		(6,015	)
Earnings	$	48,057		$	45,273		$	43,904		$	61,586		$	49,163
FIXED CHARGES:
Dividends on preferred stock	$	6,352		$	1,995		$	—		$	—		$	—
Interest Expense		30,573			27,784			23,252			25,204			27,268
Interest Capitalized		—			—			—			207			1,059
Amortization of loan costs		1,669			1,465			1,893			908			888
Total Fixed Charges	$	38,594		$	31,244		$	25,145		$	26,319		$	29,215
RATIO OF EARNINGS TO FIXED CHARGES		1.25			1.45			1.75			2.34			1.68

 

76