Six Months Ended Year Ended December 31 ---------------- ------------------------------------------------------------------------ June 30, 1996 1995 1994 1993 1992 1991 ---------------- ------------ ------------ ------------ ------------ ------------

                                                                       EXHIBIT C
 
                      COLONIAL REALTY LIMITED PARTNERSHIP
                      CONSOLIDATED AND COMBINED INCLUDING
                             PREDECESSOR BUSINESS
                        EARNINGS TO FIXED CHARGES RATIO




 
                                     Six Months Ended                              Year Ended December 31
                                     ----------------    ------------------------------------------------------------------------
                                      June 30, 1996          1995           1994           1993          1992            1991      
                                     ----------------   ------------   ------------   ------------   ------------    ------------   

                                                                                                            
Income before gains from                                                                                                           
    sales of property and                                                                                                          
    extraordinary items                   $18,958,016  $  25,066,843  $  16,527,968  $   3,509,020  $    (780,119)  $  (3,365,952)  
                                          -----------   ------------   ------------   ------------   ------------    ------------

Fixed charges:                                                                                                                      
    Interest expense                       10,230,852     23,972,107     10,819,643     12,771,645     14,508,800      14,654,142   
    Interest expense capitalized            1,418,100        868,093        333,197            -0-        175,962         567,412   
    Amortization of debts issuance                                                                                                  
       costs and interest rate caps           990,478      2,325,070      2,292,000        736,504        249,246         292,082   
                                          -----------   ------------   ------------   ------------   ------------    ------------

Total Fixed Charges                        12,639,430     27,165,270     13,444,840     13,508,149     14,934,008      15,513,636   
                                          -----------   ------------   ------------   ------------   ------------    ------------
                                                                                                                                    
Earnings                                  $31,597,446  $  52,232,113  $  29,972,808  $  17,017,169  $  14,153,889   $  12,147,684   
                                         ============   ============   ============   ============   ============    ============

Ratio of Earnings to                                                                                                                
    Fixed Charges                                2.50           1.92           2.23           1.26            .95             .78   
                                          ===========   ============   ============   ============   ============    ============

Earnings deficiency to                                                                                                              
    cover fixed charges                           N/A            N/A            N/A             NA  $     780,119   $   3,365,952   
                                          ===========   ============   ============   ============   ============    ============