EXHIBIT 12.1
CAMDEN PROPERTY TRUST
STATEMENT REGARDING COMPUTATION OF RATIOS
FOR THE FIVE YEARS ENDED DECEMBER 31
STATEMENT REGARDING COMPUTATION OF RATIOS
FOR THE FIVE YEARS ENDED DECEMBER 31
(in thousands, except for ratio amounts) | 2010(1) | 2009(2) | 2008(3) | 2007(4) | 2006(5) | |||||||||||||||
EARNINGS BEFORE FIXED CHARGES: | ||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 19,628 | $ | (65,224 | ) | $ | (5,771 | ) | $ | 52,922 | $ | 141,052 | ||||||||
Less: Equity in income (loss) of joint ventures | (839 | ) | 695 | (1,265 | ) | 1,526 | 5,156 | |||||||||||||
20,467 | (65,919 | ) | (4,506 | ) | 51,396 | 135,896 | ||||||||||||||
Add: Distributed income of joint ventures | 6,524 | 5,664 | 5,392 | 5,406 | — | |||||||||||||||
Less: Interest capitalized | 5,687 | 10,298 | 17,718 | 22,622 | 20,627 | |||||||||||||||
Less: Preferred distribution of subsidiaries | 7,000 | 7,000 | 7,000 | 7,000 | 7,000 | |||||||||||||||
Total earnings before fixed charges | 14,304 | (77,553 | ) | (23,832 | ) | 27,180 | 108,269 | |||||||||||||
FIXED CHARGES: | ||||||||||||||||||||
Interest expense | 125,893 | 128,296 | 132,399 | 115,753 | 117,348 | |||||||||||||||
Interest capitalized | 5,687 | 10,298 | 17,718 | 22,622 | 20,627 | |||||||||||||||
Accretion of discount | 514 | 628 | 571 | 590 | 694 | |||||||||||||||
Loan amortization | 4,102 | 3,925 | 2,958 | 3,661 | 3,782 | |||||||||||||||
Interest portion of rental expense | 174 | 940 | 928 | 912 | 864 | |||||||||||||||
Preferred distribution of subsidiaries | 7,000 | 7,000 | 7,000 | 7,000 | 7,000 | |||||||||||||||
Total fixed charges | 143,370 | 151,087 | 161,574 | 150,538 | 150,315 | |||||||||||||||
Total earnings and fixed charges | $ | 157,674 | $ | 73,534 | $ | 137,742 | $ | 177,718 | $ | 258,584 | ||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 1.10 | 0.49 | 0.85 | 1.18 | 1.72 |
(1) | Earnings include a 1,000 impact related to an impairment provision for tech investments. Excluding this impact, the ratio would be 1.10. | |
(2) | We would have needed to generate $77,553 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 1.07. | |
(3) | We would have needed to generate $23,832 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 1.07. | |
(4) | Earnings include a $1,447 impact related to impairment associated with land development activities. Excluding this impact, the ratio would be 1.19. | |
(5) | Earnings include a $97,452 impact related to gain on sale of properties, including land. Excluding this impact, the ratio would be 1.07. |
INTEREST COVERAGE RATIO | ||||||||||||||||||||
Total revenues | $ | 638,741 | $ | 637,453 | $ | 592,868 | $ | 602,431 | $ | 588,767 | ||||||||||
Total expenses | (617,510 | ) | (615,208 | ) | (562,546 | ) | (549,588 | ) | (550,323 | ) | ||||||||||
Income from discontinued operations | 3,481 | 5,101 | 8,441 | 16,794 | 17,513 | |||||||||||||||
Add: Depreciation and amortization | 176,951 | 175,247 | 171,446 | 157,629 | 149,548 | |||||||||||||||
Add: Depreciation of discontinued operations | 2,711 | 3,360 | 6,088 | 10,284 | 14,125 | |||||||||||||||
Add: Interest expense | 125,893 | 128,296 | 132,399 | 115,753 | 117,348 | |||||||||||||||
Add: Interest expense of discontinued operations | — | — | 466 | 998 | 996 | |||||||||||||||
Total | $ | 330,267 | $ | 334,249 | $ | 349,162 | $ | 354,301 | $ | 337,974 | ||||||||||
Total interest expense | $ | 125,893 | $ | 128,296 | $ | 132,865 | $ | 116,751 | $ | 118,344 | ||||||||||
INTEREST COVERAGE RATIO | 2.6 | 2.6 | 2.6 | 3.0 | 2.9 | |||||||||||||||