Camden Property Trust (CPT) 10-K 2009 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)	2009(1)			2008(2)			2007(3)		2006(4)		2005(5)
EARNINGS BEFORE FIXED CHARGES:
Income (loss) from continuing operations before income taxes	$	(61,464	)	$	(2,177	)	$	56,158	$	141,923	$	155,850
Less: Equity in income (loss) of joint ventures		695			(1,265	)		1,526		5,156		10,049
		(62,159	)		(912	)		54,632		136,767		145,801
Add: Distributed income of joint ventures		5,664			5,392			5,406		—		—
Less: Interest capitalized		10,298			17,718			22,622		20,627		17,513
Less: Preferred distribution of subsidiaries		7,000			7,000			7,000		7,000		7,028
Total earnings before fixed charges		(73,793	)		(20,238	)		30,416		109,140		121,260
FIXED CHARGES:
Interest expense		128,296			132,399			115,753		117,348		110,672
Interest capitalized		10,298			17,718			22,622		20,627		17,513
Accretion of discount		628			571			590		694		687
Loan amortization		3,925			2,958			3,661		3,782		3,712
Interest portion of rental expense		940			928			912		864		823
Preferred distribution of subsidiaries		7,000			7,000			7,000		7,000		7,028
Total fixed charges		151,087			161,574			150,538		150,315		140,435
Total earnings and fixed charges	$	77,294		$	141,336		$	180,954	$	259,455	$	261,695
RATIO OF EARNINGS TO FIXED CHARGES		0.51			0.87			1.20		1.73		1.86

(1)	We would have needed to generate $73,793 to achieve a coverage of one to one 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 this impact, the ratio would be 1.10.
(2)	We would have needed to generate $20,238 to achieve a coverage of one to one in 2008. Earnings include a $51,323 impact related to impairment associated with land development activities, a $13,566 impact related to gain on early retirement of debt, and a $2,929 impact related to gain on sale of properties, including land. Excluding this impact, the ratio would be 1.09.
(3)	Earnings include a $1,447 impact related to impairment associated with land development activities. Excluding this impact, the ratio would be 1.21.
(4)	Earnings include a $97,452 impact related to gain on sale of properties, including land. Excluding this impact, the ratio would be 1.08.
(5)	Earnings include a $132,914 impact related to gain on sale of properties, including land. Excluding this impact, the ratio would be 0.92.

INTEREST COVERAGE RATIO
Total revenues	$	649,369		$	604,476		$	613,321		$	596,559		$	536,608
Total expenses		(623,364	)		(570,560	)		(557,242	)		(557,244	)		(523,382	)
Income from discontinued operations		1,341			4,847			13,558			16,642			17,141
Add: Depreciation and amortization		178,607			174,772			160,958			152,988			159,325
Add: Depreciation of discontinued operations		—			2,762			6,955			10,685			15,668
Add: Interest expense		128,296			132,399			115,753			117,348			110,672
Add: Interest expense of discontinued operations		—			466			998			996			876
Total	$	334,249		$	349,162		$	354,301		$	337,974		$	316,908
Total interest expense	$	128,296		$	132,865		$	116,751		$	118,344		$	111,548
INTEREST COVERAGE RATIO		2.6			2.6			3.0			2.9			2.8