EXHIBIT 12.1
CAMDEN PROPERTY TRUST
STATEMENT REGARDING COMPUTATION OF RATIOS
FOR THE FIVE YEARS ENDED DECEMBER 31, 2003
(In thousands, except for ratio amounts)
2003 (4) | 2002 | 2001 (3) | 2000 (2) | 1999 (1) | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
EARNINGS BEFORE FIXED CHARGES: | |||||||||||||||||
Income from continuing operations | $ | 29,430 | $ | 42,279 | $ | 58,299 | $ | 71,833 | $ | 58,959 | |||||||
Add: income allocated to minority interests | 14,984 | 14,679 | 15,999 | 15,306 | 10,292 | ||||||||||||
Less: equity in income of joint ventures | (3,200 | ) | (366 | ) | (8,527 | ) | (765 | ) | (683 | ) | |||||||
41,214 | 56,592 | 65,771 | 86,374 | 68,568 | |||||||||||||
Distributed income of joint ventures | 1,107 | 1,632 | 15,076 | 2,122 | 2,505 | ||||||||||||
Less: interest capitalized | (15,068 | ) | (10,923 | ) | (10,920 | ) | (15,303 | ) | (16,396 | ) | |||||||
Less: preferred distribution of subsidiaries | (12,747 | ) | (12,872 | ) | (12,872 | ) | (12,845 | ) | (8,278 | ) | |||||||
Total earnings before fixed charges | 14,506 | 34,429 | 57,055 | 60,348 | 46,399 | ||||||||||||
FIXED CHARGES: | |||||||||||||||||
Interest expense | 75,414 | 71,499 | 69,841 | 69,036 | 57,856 | ||||||||||||
Interest capitalized | 15,068 | 10,923 | 10,920 | 15,303 | 16,396 | ||||||||||||
Accretion of discount | 684 | 529 | 421 | 403 | 320 | ||||||||||||
Amortization of deferred financing charges | 2,634 | 2,165 | 1,591 | 1,340 | 1,064 | ||||||||||||
Interest portion of rental expense | 610 | 576 | 569 | 478 | 517 | ||||||||||||
Preferred distribution of subsidiaries | 12,747 | 12,872 | 12,872 | 12,845 | 8,278 | ||||||||||||
Total fixed charges | 107,157 | 98,564 | 96,214 | 99,405 | 84,431 | ||||||||||||
Total earnings and fixed charges | $ | 121,663 | $ | 132,993 | $ | 153,269 | $ | 159,753 | $ | 130,830 | |||||||
RATIO OF EARNINGS TO FIXED CHARGES | 1.14x | 1.35x | 1.59x | 1.61x | 1.55x |
RATIO OF EARNINGS TO COMBINED FIXED | |||||||||||||||||
CHARGES AND PREFERRED SHARE DIVIDENDS: | |||||||||||||||||
Total fixed charges | $ | 107,157 | $ | 98,564 | $ | 96,214 | $ | 99,405 | $ | 84,431 | |||||||
Preferred share dividends | -- | -- | 2,545 | 9,371 | 9,371 | ||||||||||||
Total combined fixed charges and preferred share dividends | 107,157 | 98,564 | 98,759 | 108,776 | 93,802 | ||||||||||||
Total earnings and combined fixed charges and | |||||||||||||||||
preferred share dividends | $ | 121,663 | $ | 132,993 | $ | 155,814 | $ | 169,124 | $ | 140,201 | |||||||
RATIO OF EARNINGS TO COMBINED FIXED | |||||||||||||||||
CHARGES AND PREFERRED SHARE DIVIDENDS | 1.14x | 1.35x | 1.58x | 1.55x | 1.49x |
(1) | Earnings include a $2,979 impact related to gain on sales of properties. Excluding this impact, such ratios would be 1.51x and 1.46x. |
(2) | Earnings include a $18,323 impact related to gain on sales of properties. Excluding this impact, such ratios would be 1.42x and 1.39x. |
(3) | Earnings include a $2,372 impact related to gain on sales of properties. Excluding this impact, such ratios would be 1.57x and 1.55x. |
(4) | Earnings include a $2,590 impact related to gain on sales of properties. Excluding this impact, such ratios would be 1.11x. |
INTEREST COVERAGE RATIO | |||||||||||||||||
Total revenues | $ | 416,540 | $ | 410,983 | $ | 411,527 | $ | 395,107 | $ | 363,374 | |||||||
Total expenses | (377,916 | ) | (354,750 | ) | (348,128 | ) | (327,056 | ) | (297,785 | ) | |||||||
Income from discontinued operations | -- | 3,134 | 2,993 | 2,591 | 2,664 | ||||||||||||
Add: Depreciation and amortization | 108,076 | 103,342 | 99,563 | 94,950 | 87,587 | ||||||||||||
Add: Depreciation of discontinued operations | -- | 1,785 | 2,097 | 2,016 | 1,929 | ||||||||||||
Add: Interest expense | 75,414 | 71,499 | 69,841 | 69,036 | 57,856 | ||||||||||||
Total | $ | 222,114 | $ | 235,993 | $ | 237,893 | $ | 236,644 | $ | 215,625 | |||||||
Interest expense | $ | 75,414 | $ | 71,499 | $ | 69,841 | $ | 69,036 | $ | 57,856 | |||||||
INTEREST COVERAGE RATIO | 2.9x | 3.3x | 3.4x | 3.4x | 3.7x | ||||||||||||