EXHIBIT 12.1
CAMDEN PROPERTY TRUST
STATEMENT REGARDING COMPUTATION OF RATIOS
FOR THE FIVE YEARS ENDED DECEMBER 31
|
| | | | | | | | | | | | | | | | | | | | |
| (in thousands, except for ratio amounts) | | 2016 (1) | | 2015 (2) | | 2014 (3) | | 2013 (4) | | 2012 (5) |
| EARNINGS BEFORE FIXED CHARGES: | | | | | | | | | | |
| Income from continuing operations before income taxes | | $ | 457,001 |
| | $ | 240,384 |
| | $ | 285,020 |
| | $ | 140,195 |
| | $ | 148,654 |
|
| Less: Equity in income of joint ventures | | 7,125 |
| | 6,168 |
| | 7,023 |
| | 24,865 |
| | 20,175 |
|
| | | 449,876 |
| | 234,216 |
| | 277,997 |
| | 115,330 |
| | 128,479 |
|
| Add: Distributed income of joint ventures | | 7,057 |
| | 6,387 |
| | 7,399 |
| | 8,884 |
| | 6,321 |
|
| Less: Interest capitalized | | 18,184 |
| | 19,271 |
| | 22,185 |
| | 15,698 |
| | 12,649 |
|
| Less: Preferred distribution of subsidiaries | | — |
| | — |
| | — |
| | — |
| | 776 |
|
| Total earnings before fixed charges | | 438,749 |
| | 221,332 |
| | 263,211 |
| | 108,516 |
| | 121,375 |
|
| FIXED CHARGES: | | | | | | | | | | |
| Interest expense | | 93,145 |
| | 97,312 |
| | 94,906 |
| | 99,784 |
| | 105,801 |
|
| Interest capitalized | | 18,184 |
| | 19,271 |
| | 22,185 |
| | 15,698 |
| | 12,649 |
|
| Accretion of discount | | 1,032 |
| | 1,080 |
| | 1,035 |
| | 1,051 |
| | 816 |
|
| Interest portion of rental expense | | 244 |
| | 202 |
| | 179 |
| | 167 |
| | 156 |
|
| Preferred distribution of subsidiaries | | — |
| | — |
| | — |
| | — |
| | 776 |
|
| Total fixed charges | | 112,605 |
| | 117,865 |
| | 118,305 |
| | 116,700 |
| | 120,198 |
|
| Total earnings and fixed charges | | $ | 551,354 |
| | $ | 339,197 |
| | $ | 381,516 |
| | $ | 225,216 |
| | $ | 241,573 |
|
| RATIO OF EARNINGS TO FIXED CHARGES | | 4.90 |
| | 2.88 |
| | 3.22 |
| | 1.93 |
| | 2.01 |
|
| |
| (1) | Earnings include a $295,397 impact related to a gain on sale of operating properties, including land. Excluding this impact, the ratio would be 2.27. |
| |
| (2) | Earnings include a $104,288 impact related to a gain on sale of operating properties, including land. Excluding this impact, the ratio would be 1.99. |
| |
| (3) | Earnings include a $159,289 impact related to a gain on sale of operating properties, including land, a $10,000 impact related to incentive compensation expense as a result of joint venture restructuring, and a $1,152 impact related to an impairment charge associated with land holdings. Excluding these impacts, the ratio would be 1.97. |
| |
| (4) | Earnings include a $1,000 impact related to non-recurring fee income and a $698 impact related to gain on sale of land. Excluding these impacts, the ratio would be 1.92. |
| |
| (5) | 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 1.53. |
|
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | |
| (in thousands, except for ratio amounts) | | 2016 | | 2015 | | 2014 | | 2013 | | 2012 |
| INTEREST COVERAGE RATIO | | | | | | | | | | |
| Total revenues | | $ | 891,024 |
| | $ | 842,950 |
| | $ | 804,874 |
| | $ | 758,230 |
| | $ | 664,448 |
|
| Total expenses | | (736,545 | ) | | (713,022 | ) | | (685,014 | ) | | (643,598 | ) | | (593,387 | ) |
| Income from discontinued operations | | 7,605 |
| | 19,750 |
| | 18,197 |
| | 25,762 |
| | 31,386 |
|
| Add: Depreciation and amortization | | 250,146 |
| | 240,944 |
| | 222,055 |
| | 201,428 |
| | 180,074 |
|
| Add: Depreciation of discontinued operations | | 4,327 |
| | 16,138 |
| | 15,291 |
| | 20,115 |
| | 31,782 |
|
| Add: Interest expense | | 93,145 |
| | 97,312 |
| | 94,906 |
| | 99,784 |
| | 105,801 |
|
| Add: Interest expense of discontinued operations | | — |
| | — |
| | — |
| | — |
| | 105 |
|
| Total | | $ | 509,702 |
| | $ | 504,072 |
| | $ | 470,309 |
| | $ | 461,721 |
| | $ | 420,209 |
|
| Total interest expense | | $ | 93,145 |
| | $ | 97,312 |
| | $ | 94,906 |
| | $ | 99,784 |
| | $ | 105,906 |
|
| INTEREST COVERAGE RATIO | | 5.5 |
| | 5.2 |
| | 5.0 |
| | 4.6 |
| | 4.0 |
|
