1

EXHIBIT 12.1

SUMMIT PROPERTIES PARTNERSHIP, L.P.
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
THREE MONTHS ENDED MARCH 31, 2001
(Dollars In thousands)

Earnings:
    Net income......................................................... $ 12,487
    Interest:
      Expense incurred.................................................    9,971
      Amortization of deferred financing costs.........................      343
      Rental fixed charges.............................................       78
                                                                        --------

      Total                                                             $ 22,879
                                                                        ========


Fixed charges:
    Interest expense................................................... $  9,971
    Interest capitalized...............................................    3,290
    Dividends to preferred unitholders in Operating Partnership........    3,105
    Rental fixed charges...............................................       78
    Amortization of deferred financing costs...........................      343
                                                                        --------

      Total............................................................ $ 16,787
                                                                        ========


Ratio of earnings to fixed charges.....................................     1.36
                                                                        ========