EXHIBIT 12.1
CAMDEN PROPERTY TRUST
STATEMENT REGARDING COMPUTATION OF RATIOS
FOR THE FIVE YEARS ENDED DECEMBER 31, 2004
(In thousands, except for ratio amounts)
2004 (4) | 2003 (3) | 2002 | 2001 (2) | 2000 (1) | ||||||||||||||||
EARNINGS BEFORE FIXED CHARGES: | ||||||||||||||||||||
Income from continuing operations | $ | 30,556 | $ | 26,841 | $ | 41,004 | $ | 55,833 | $ | 70,402 | ||||||||||
Add: income allocated to minority interests | 13,971 | 14,843 | 14,528 | 15,798 | 15,109 | |||||||||||||||
Less: equity in income of joint ventures | (356 | ) | (3,200 | ) | (366 | ) | (8,527 | ) | (765 | ) | ||||||||||
44,171 | 38,484 | 55,166 | 63,104 | 84,746 | ||||||||||||||||
Distributed income of joint ventures | 1,390 | 1,107 | 1,632 | 15,076 | 2,122 | |||||||||||||||
Less: interest capitalized | (9,332 | ) | (15,068 | ) | (10,923 | ) | (10,920 | ) | (15,303 | ) | ||||||||||
Less: preferred distribution of subsidiaries | (10,461 | ) | (12,747 | ) | (12,872 | ) | (12,872 | ) | (12,845 | ) | ||||||||||
Total earnings before fixed charges | 25,768 | 11,776 | 33,003 | 54,388 | 58,720 | |||||||||||||||
FIXED CHARGES: | ||||||||||||||||||||
Interest expense | 79,214 | 75,414 | 71,499 | 69,712 | 68,000 | |||||||||||||||
Interest capitalized | 9,332 | 15,068 | 10,923 | 10,920 | 15,303 | |||||||||||||||
Accretion of discount | 609 | 684 | 529 | 421 | 403 | |||||||||||||||
Amortization of deferred financing charges | 2,697 | 2,634 | 2,165 | 1,591 | 1,340 | |||||||||||||||
Interest portion of rental expense | 668 | 610 | 576 | 569 | 478 | |||||||||||||||
Preferred distribution of subsidiaries | 10,461 | 12,747 | 12,872 | 12,872 | 12,845 | |||||||||||||||
Total fixed charges | 102,981 | 107,157 | 98,564 | 96,085 | 98,369 | |||||||||||||||
Total earnings and fixed charges | $ | 128,749 | $ | 118,933 | $ | 131,567 | $ | 150,473 | $ | 157,089 | ||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 1.25x | 1.11x | 1.33x | 1.57x | 1.60x | |||||||||||||||
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SHARE DIVIDENDS: | ||||||||||||||||||||
Total fixed charges | $ | 102,981 | $ | 107,157 | $ | 98,564 | $ | 96,085 | $ | 98,369 | ||||||||||
Preferred share dividends | — | — | — | 2,545 | 9,371 | |||||||||||||||
Total combined fixed charges and preferred share dividends | 102,981 | 107,157 | 98,564 | 98,630 | 107,740 | |||||||||||||||
Total earnings and combined fixed charges and preferred share dividends | $ | 128,749 | $ | 118,933 | $ | 131,567 | $ | 153,018 | $ | 166,460 | ||||||||||
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SHARE DIVIDENDS | 1.25x | 1.11x | 1.33x | 1.55x | 1.55x |
(1) | Earnings include a $18,323 impact related to gain on sales of properties. Excluding this impact, such ratios would be 1.41x and 1.37x. | |
(2) | Earnings include a $2,372 impact related to gain on sales of properties. Excluding this impact, such ratios would be 1.54x and 1.53x. | |
(3) | Earnings include a $2,590 impact related to gain on sales of properties. Excluding this impact, such ratios would be 1.09x. | |
(4) | Earnings include a $2,625 impact related to gain on sales of properties, and a $1,143 impact related to an impairment loss on land held for sale. Excluding these impacts, such ratios would be 1.24x. |
INTEREST COVERAGE RATIO | ||||||||||||||||||||
Total revenues | $ | 431,231 | $ | 406,617 | $ | 402,114 | $ | 404,009 | $ | 387,913 | ||||||||||
Total expenses | (388,542 | ) | (370,723 | ) | (347,307 | ) | (343,277 | ) | (321,490 | ) | ||||||||||
Income from discontinued operations | 3,912 | 2,730 | 4,560 | 5,660 | 4,219 | |||||||||||||||
Add: Depreciation and amortization | 106,225 | 104,674 | 99,470 | 97,588 | 93,101 | |||||||||||||||
Add: Depreciation of discontinued operations | 2,655 | 3,402 | 5,657 | 4,072 | 3,865 | |||||||||||||||
Add: Interest expense | 79,214 | 75,414 | 71,499 | 69,712 | 68,000 | |||||||||||||||
Total | $ | 234,695 | $ | 222,114 | $ | 235,993 | $ | 237,764 | $ | 235,608 | ||||||||||
Interest expense | $ | 79,214 | $ | 75,414 | $ | 71,499 | $ | 69,712 | $ | 68,000 | ||||||||||
INTEREST COVERAGE RATIO | 3.0x | 2.9x | 3.3x | 3.4x | 3.5x | |||||||||||||||