Exhibit 12.1

POST PROPERTIES, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

AND RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS

(Dollars in thousands)

	Six Months Ended June 30, 2015			Year Ended December 31,
				2014			2013			2012			2011			2010
Earnings:
Income (loss) from continuing operations (1)	$	39,636		$	238,183		$	81,122		$	82,786		$	24,717		$	(8,002	)
Equity in loss (income) of unconsolidated entities		(965	)		(1,788	)		(2,090	)		(7,995	)		(1,001	)		(18,739	)
Income (loss) from continuing operations before equity in loss (income) of unconsolidated entities		38,671			236,395			79,032			74,791			23,716			(26,741	)
Add:
Distribution of income from investments in unconsolidated entities		1,055			2,077			2,865			3,236			1,744			1,076
Fixed charges, less preferred distribution requirement of consolidated subsidiaries		19,164			46,112			51,969			55,156			63,025			65,443
Deduct:
Capitalized interest		(2,219	)		(3,115	)		(3,962	)		(5,534	)		(3,000	)		(6,927	)
Minority interest in income of consolidated property partnerships not incurring fixed charges		—			—			—			—			—			(95	)
Total Earnings (A)	$	56,671		$	281,469		$	129,904		$	127,649		$	85,485		$	32,756
Fixed charges and preferred dividends:
Interest expense (2)	$	15,846		$	40,286		$	44,993		$	46,419		$	56,791		$	54,613
Amortization of deferred financing costs		882			2,282			2,573			2,695			2,797			2,987
Capitalized interest		2,219			3,115			3,962			5,534			3,000			6,927
Rentals (3)		217			429			441			508			437			916
Total Fixed Charges (B)	$	19,164		$	46,112		$	51,969		$	55,156		$	63,025		$	65,443
Preferred dividends, including redemption costs		1,844			3,688			3,688			3,688			6,212			7,547
Total Fixed Charges and Preferred Dividends (C)	$	21,008		$	49,800		$	55,657		$	58,844		$	69,237		$	72,990
Ratio of Earnings to Fixed Charges (A / B)		3.0	x		6.1	x		2.5	x		2.3	x		1.4	x		0.5	x(4)
Ratio of Earnings to Fixed Charges and Preferred Dividends (A / C)		2.7	x		5.7	x		2.3	x		2.2	x		1.2	x		0.4	x(4)

(1) Effective January 1, 2014, the Company early adopted ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of Entity.” Under ASU 2014-08, the Company included gains on sales of apartment communities of $187,825 in continuing operations for the year ended December 31, 2014.

(2) Interest expense includes interest expense for continuing and discontinued operations.

(3) For the six months ended June 30, 2015 and for the years ended December 31, 2014, 2013, 2012, 2011 and 2010, the interest factor of rental expense is calculated as one-third of rental expense. Post Properties, Inc. believes these represent appropriate interest factors.

(4) Post Properties, Inc. would need additional earnings of $32,687 for the years ended December 31, 2010, for the Ratio of Earnings to Fixed Charges to equal 1.0. Post Properties, Inc. would need additional earnings of $40,234 years ended December 31, 2010 for the Ratio of Earnings to Fixed Charges and Preferred Dividends to equal 1.0.