Camden Property Trust (CPT) 10-K 2013 FY Annual report

EXHIBIT 12.1

CAMDEN PROPERTY TRUST

STATEMENT REGARDING COMPUTATION OF RATIOS

FOR THE FIVE YEARS ENDED DECEMBER 31

(in thousands, except for ratio amounts)	2013(1)		2012(2)		2011(3)		2010(4)			2009(5)
EARNINGS BEFORE FIXED CHARGES:
Income (loss) from continuing operations before income taxes	$	157,442	$	162,634	$	19,729	$	3,754		$	(83,517	)
Less: Equity in income (loss) of joint ventures	24,865		20,175		5,679		(839		)	695
	132,577		142,459		14,050		4,593			(84,212		)
Add: Distributed income of joint ventures	8,884		6,321		5,329		6,524			5,664
Less: Interest capitalized	15,439		12,457		8,764		5,687			10,298
Less: Preferred distribution of subsidiaries	—		776		7,000		7,000			7,000
Total earnings (loss) before fixed charges	126,022		135,547		3,615		(1,570		)	(95,846		)
FIXED CHARGES:
Interest expense	98,129		104,246		112,414		125,893			128,296
Interest capitalized	15,439		12,457		8,764		5,687			10,298
Accretion of discount	1,051		816		650		514			628
Loan amortization	3,548		3,608		5,877		4,102			3,925
Interest portion of rental expense	167		156		167		174			940
Preferred distribution of subsidiaries	—		776		7,000		7,000			7,000
Total fixed charges	118,334		122,059		134,872		143,370			151,087
Total earnings and fixed charges	$	244,356	$	257,606	$	138,487	$	141,800		$	55,241
RATIO OF EARNINGS TO FIXED CHARGES	2.06		2.11		1.03		0.99			0.37

(1) Earnings include a $1,000 impact related to non-recurring fee income and a $698 impact related to gain on sale of land. Excluding those impacts, the ratio would be 2.05.

(2) Earnings include a $57,418 impact related to a gain on acquisition of controlling interest in joint ventures. Excluding this impact, the ratio would be 1.64.

(3) Earnings include a $29,791 impact related to a loss on discontinuation of a hedging relationship, a $1,136 impact related to gain on sale of joint venture interests, a $3,316 impact related to a net gain on the sale of an available-for-sale investment, and a $4,748 impact related to gains on the sale of properties, including land. Excluding these impacts, the ratio would be 1.18.

(4) We would have needed to generate an additional $1,570 to achieve a ratio of 1.00 in 2010. Earnings include a $1,000 impact related to an impairment provision on a technology investment and a $236 impact related to a gain on the sale of land. These transactions did not have an impact on the ratio of 0.99.

(5) We would have needed to generate an additional $95,846 to achieve a ratio of 1.00 in 2009. Earnings include an $85,614 impact related to impairment associated with land development activities and a $2,550 impact related to loss on early retirement of debt. Excluding these impacts, the ratio would be 0.95.

(in thousands, except for ratio amounts)	2013			2012			2011			2010			2009
INTEREST COVERAGE RATIO
Total revenues	$	810,048		$	714,725		$	620,796		$	576,093		$	572,490
Total expenses	(678,169		)	(629,684		)	(582,839		)	(570,736		)	(568,538		)
Income from discontinued operations	8,515			17,406			17,831			19,355			23,394
Add: Depreciation and amortization	217,943			198,281			171,363			160,368			158,643
Add: Depreciation of discontinued operations	5,255			15,199			16,679			19,294			19,964
Add: Interest expense	98,129			104,246			112,414			125,893			128,296
Add: Interest expense of discontinued operations	—			36			—			—			—
Total	$	461,721		$	420,209		$	356,244		$	330,267		$	334,249
Total interest expense	$	98,129		$	104,282		$	112,414		$	125,893		$	128,296
INTEREST COVERAGE RATIO	4.7			4.0			3.2			2.6			2.6