EXHIBIT 12.1
CAMDEN PROPERTY TRUST
STATEMENT REGARDING COMPUTATION OF RATIOS
FOR THE FIVE YEARS ENDED DECEMBER 31, 2006
STATEMENT REGARDING COMPUTATION OF RATIOS
FOR THE FIVE YEARS ENDED DECEMBER 31, 2006
(in thousands, except for ratio amounts)
2006 (4) | 2005 (3) | 2004 (2) | 2003 (1) | 2002 | ||||||||||||||||
EARNINGS BEFORE FIXED CHARGES: | ||||||||||||||||||||
Income from continuing operations | $ | 128,968 | $ | 155,126 | $ | 26,303 | $ | 22,061 | $ | 35,210 | ||||||||||
Add: income allocated to minority interests | 23,163 | 9,616 | 13,939 | 14,943 | 14,634 | |||||||||||||||
Less: equity in income of joint ventures | (5,156 | ) | (10,049 | ) | (356 | ) | (3,200 | ) | (366 | ) | ||||||||||
146,975 | 154,693 | 39,886 | 33,804 | 49,478 | ||||||||||||||||
Distributed income of joint ventures | — | — | 1,390 | 1,107 | 1,632 | |||||||||||||||
Less: interest capitalized | (20,627 | ) | (17,513 | ) | (9,332 | ) | (15,068 | ) | (10,923 | ) | ||||||||||
Less: preferred distribution of subsidiaries | (7,000 | ) | (7,028 | ) | (10,461 | ) | (12,747 | ) | (12,872 | ) | ||||||||||
Total earnings before fixed charges | 119,348 | 130,152 | 21,483 | 7,096 | 27,315 | |||||||||||||||
FIXED CHARGES: | ||||||||||||||||||||
Interest expense | 118,344 | 111,548 | 78,260 | 74,036 | 70,093 | |||||||||||||||
Interest capitalized | 20,627 | 17,513 | 9,332 | 15,068 | 10,923 | |||||||||||||||
Accretion of discount | 694 | 687 | 609 | 684 | 529 | |||||||||||||||
Amortization of deferred financing charges | 3,813 | 3,739 | 2,697 | 2,633 | 2,165 | |||||||||||||||
Interest portion of rental expense | 864 | 823 | 668 | 610 | 576 | |||||||||||||||
Preferred distribution of subsidiaries | 7,000 | 7,028 | 10,461 | 12,747 | 12,872 | |||||||||||||||
Total fixed charges | 151,342 | 141,338 | 102,027 | 105,778 | 97,158 | |||||||||||||||
Total earnings and fixed charges | $ | 270,690 | $ | 271,490 | $ | 123,510 | $ | 112,874 | $ | 124,473 | ||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 1.79 | 1.92 | 1.21 | 1.07 | 1.28 |
(1) | Earnings include a $2,590 impact related to gain on sales of properties. Excluding this impact, the ratio would be 1.04. | |
(2) | Earnings include a $1,642 impact related to gain on sales of properties. Excluding this impact, the ratio would be 1.19. | |
(3) | Earnings include a $132,914 impact related to gain on sales of properties. Excluding this impact, the ratio would be 0.98. | |
(4) | Earnings include a $97,452 impact related to gain on sales of properties. Excluding this impact, the ratio would be 1.14. |
INTEREST COVERAGE RATIO | ||||||||||||||||||||
Total revenues | $ | 634,960 | $ | 572,993 | $ | 410,900 | $ | 377,957 | $ | 373,051 | ||||||||||
Total expenses | (585,437 | ) | (550,875 | ) | (372,656 | ) | (346,743 | ) | (323,932 | ) | ||||||||||
Income from discontinued operations | 6,434 | 8,249 | 8,357 | 7,410 | 10,248 | |||||||||||||||
Add: Depreciation and amortization | 162,323 | 168,444 | 97,427 | 95,581 | 90,607 | |||||||||||||||
Add: Depreciation of discontinued operations | 1,350 | 6,549 | 11,453 | 12,494 | 14,520 | |||||||||||||||
Add: Interest expense | 118,344 | 111,548 | 78,260 | 74,036 | 70,093 | |||||||||||||||
Add: Interest expense of discontinued operations | — | — | 954 | 1,378 | 1,406 | |||||||||||||||
Total | $ | 337,974 | $ | 316,908 | $ | 234,695 | $ | 222,113 | $ | 235,993 | ||||||||||
Total interest expense | $ | 118,344 | $ | 111,548 | $ | 79,214 | $ | 75,414 | $ | 71,499 | ||||||||||
INTEREST COVERAGE RATIO | 2.9 | 2.8 | 3.0 | 2.9 | 3.3 | |||||||||||||||