Exhibit 12.1
CAMDEN PROPERTY TRUST
STATEMENT REGARDING COMPUTATION OF RATIOS
(in thousands, except for ratio amounts) | Three months ended March 31, 2017 (1) | Year ended December 31, | ||||||||||||||||
2016 (2) | 2015 (3) | 2014 (4) | 2013 (5) | 2012 (6) | ||||||||||||||
EARNINGS BEFORE FIXED CHARGES: | ||||||||||||||||||
Income from continuing operations before income taxes | $ | 36,460 | $ | 457,001 | $ | 240,384 | $ | 285,020 | $ | 140,195 | $ | 148,654 | ||||||
Less: Equity in income of joint ventures | 1,817 | 7,125 | 6,168 | 7,023 | 24,865 | 20,175 | ||||||||||||
34,643 | 449,876 | 234,216 | 277,997 | 115,330 | 128,479 | |||||||||||||
Add: Distributed income of joint ventures | 1,720 | 7,057 | 6,387 | 7,399 | 8,884 | 6,321 | ||||||||||||
Less: Interest capitalized | 4,449 | 18,184 | 19,271 | 22,185 | 15,698 | 12,649 | ||||||||||||
Less: Preferred distribution of subsidiaries | — | — | — | — | — | 776 | ||||||||||||
Total earnings before fixed charges | 31,914 | 438,749 | 221,332 | 263,211 | 108,516 | 121,375 | ||||||||||||
FIXED CHARGES | ||||||||||||||||||
Interest expense | 22,956 | 93,145 | 97,312 | 94,906 | 99,784 | 105,801 | ||||||||||||
Interest capitalized | 4,449 | 18,184 | 19,271 | 22,185 | 15,698 | 12,649 | ||||||||||||
Accretion of discount | 265 | 1,032 | 1,080 | 1,035 | 1,051 | 816 | ||||||||||||
Interest portion of rental expense | 61 | 244 | 202 | 179 | 167 | 156 | ||||||||||||
Preferred distribution of subsidiaries | — | — | — | — | — | 776 | ||||||||||||
Total fixed charges | 27,731 | 112,605 | 117,865 | 118,305 | 116,700 | 120,198 | ||||||||||||
Total earnings and fixed charges | $ | 59,645 | $ | 551,354 | $ | 339,197 | $ | 381,516 | $ | 225,216 | $ | 241,573 | ||||||
RATIO OF EARNINGS TO FIXED CHARGES | 2.15 | 4.90 | 2.88 | 3.22 | 1.93 | 2.01 |
(1) Earnings include a $323 impact related to a loss on early retirement of debt. Excluding this impact, the ratio would be 2.16.
(2) 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.
(3) 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.
(4) 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.
(5) 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.
(6) 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.