CSE Cambridge Realty S-4/A Registration of securities issued in business combination transactions (amended)

 Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

The following table sets forth our ratio of earnings to fixed charges on a reported basis for the periods indicated. Earnings consist of income from continuing operations plus fixed charges. Fixed charges consist of interest expense, amortization of deferred financing costs and costs related to retiring certain debt early. We have calculated the ratio of earnings to fixed charges by adding net income from continuing operations to fixed charges and dividing that sum by such fixed charges.

											Six Months Ended
	Year Ended December 31,										June 30,
	2007		2008		2009		2010		2011		2011		2012
Net Income (loss) from continuing operations	$	67,598	$	77,691	$	82,111	$	58,436	$	52,606	$	11,877	$	56,656
Interest Expense(1)		44,092		39,746		39,075		90,602		86,899		41,485		53,683
Net income (loss) before fixed charges		111,690		117,437		121,186		149,038		139,505		53,362		110,339
Capitalized interest		110		160		141		22		139		139		61
Interest expense(1)		44,092		39,746		39,075		90,602		86,899		41,485		53,683
Total fixed charges		44,202		39,906		39,216		90,624		87,038		41,624		53,744
Earnings / Fixed Charge Coverage Ratio		2.5x		2.9x		3.1x		1.6x		1.6x		1.3x		2.1x
(1) Includes interest refinancing costs and amortization of deferred financing costs.