EXHIBIT 12.1
CAMDEN PROPERTY TRUST
STATEMENT REGARDING COMPUTATION OF RATIOS
FOR THE FIVE YEARS ENDED DECEMBER 31, 2005
(in thousands, except for ratio amounts)
|
| 2005 (4) |
| 2004 (3) |
| 2003 (2) |
| 2002 |
| 2001 (1) |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
EARNINGS BEFORE FIXED CHARGES: |
|
|
|
|
|
|
|
|
|
|
| |||||
Income from continuing operations |
| $ | 156,207 |
| $ | 26,906 |
| $ | 22,274 |
| $ | 35,771 |
| $ | 50,524 |
|
Add: income allocated to minority interests |
| 10,053 |
| 13,926 |
| 14,783 |
| 14,470 |
| 15,723 |
| |||||
Less: equity in income of joint ventures |
| (10,049 | ) | (356 | ) | (3,200 | ) | (366 | ) | (8,527 | ) | |||||
|
| 156,211 |
| 40,476 |
| 33,857 |
| 49,875 |
| 57,720 |
| |||||
Distributed income of joint ventures |
| — |
| 1,390 |
| 1,107 |
| 1,632 |
| 15,076 |
| |||||
Less: interest capitalized |
| (17,513 | ) | (9,332 | ) | (15,068 | ) | (10,923 | ) | (10,920 | ) | |||||
Less: preferred distribution of subsidiaries |
| (7,028 | ) | (10,461 | ) | (12,747 | ) | (12,872 | ) | (12,872 | ) | |||||
Total earnings before fixed charges |
| 131,670 |
| 22,073 |
| 7,149 |
| 27,712 |
| 49,004 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
FIXED CHARGES: |
|
|
|
|
|
|
|
|
|
|
| |||||
Interest expense |
| 111,548 |
| 79,214 |
| 75,414 |
| 71,499 |
| 69,712 |
| |||||
Interest capitalized |
| 17,513 |
| 9,332 |
| 15,068 |
| 10,923 |
| 10,920 |
| |||||
Accretion of discount |
| 687 |
| 609 |
| 684 |
| 529 |
| 421 |
| |||||
Amortization of deferred financing charges |
| 3,739 |
| 2,697 |
| 2,634 |
| 2,165 |
| 1,591 |
| |||||
Interest portion of rental expense |
| 823 |
| 668 |
| 610 |
| 576 |
| 569 |
| |||||
Preferred distribution of subsidiaries |
| 7,028 |
| 10,461 |
| 12,747 |
| 12,872 |
| 12,872 |
| |||||
Total fixed charges |
| 141,338 |
| 102,981 |
| 107,157 |
| 98,564 |
| 96,085 |
| |||||
Total earnings and fixed charges |
| $ | 273,008 |
| $ | 125,054 |
| $ | 114,306 |
| $ | 126,276 |
| $ | 145,089 |
|
RATIO OF EARNINGS TO FIXED CHARGES |
| 1.93 |
| 1.21 |
| 1.07 |
| 1.28 |
| 1.51 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SHARE DIVIDENDS: |
|
|
|
|
|
|
|
|
|
|
| |||||
Total fixed charges |
| $ | 141,338 |
| $ | 102,981 |
| $ | 107,157 |
| $ | 98,564 |
| $ | 96,085 |
|
Preferred share dividends |
| — |
| — |
| — |
| — |
| 2,545 |
| |||||
Total combined fixed charges and preferred share dividends |
| 141,338 |
| 102,981 |
| 107,157 |
| 98,564 |
| 98,630 |
| |||||
Total earnings and combined fixed charges and preferred share dividends |
| $ | 299,127 |
| $ | 125,054 |
| $ | 114,306 |
| $ | 126,276 |
| $ | 147,634 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SHARE DIVIDENDS |
| 1.93 |
| 1.21 |
| 1.07 |
| 1.28 |
| 1.50 |
|
(1) Earnings include a $2,346 impact related to gain on sales of properties. Excluding this impact, such ratios would be 1.49 and 1.47.
(2) Earnings include a $2,590 impact related to gain on sales of properties. Excluding this impact, such ratios would be 1.04.
(3) Earnings include a $1,642 impact related to gain on sales of properties. Excluding this impact, such ratios would be 1.20.
(4) Earnings include a $132,914 impact related to gain on sales of properties. Excluding this impact, such ratios would be 0.99.
INTEREST COVERAGE RATIO |
|
|
|
|
|
|
|
|
|
|
| |||||
Total revenues |
| $ | 568,581 |
| $ | 412,657 |
| $ | 387,906 |
| $ | 383,523 |
| $ | 385,477 |
|
Total expenses |
| (544,962 | ) | (373,823 | ) | (356,639 | ) | (334,007 | ) | (330,103 | ) | |||||
Income from discontinued operations |
| 6,748 |
| 7,767 |
| 7,357 |
| 9,851 |
| 11,018 |
| |||||
Add: Depreciation and amortization |
| 167,871 |
| 100,666 |
| 99,281 |
| 94,260 |
| 92,568 |
| |||||
Add: Depreciation of discontinued operations |
| 7,122 |
| 8,214 |
| 8,794 |
| 10,867 |
| 9,092 |
| |||||
Add: Interest expense |
| 111,548 |
| 79,214 |
| 75,414 |
| 71,499 |
| 69,712 |
| |||||
Total |
| $ | 316,908 |
| $ | 234,695 |
| $ | 222,113 |
| $ | 235,993 |
| $ | 237,764 |
|
Interest expense |
| $ | 111,548 |
| $ | 79,214 |
| $ | 75,414 |
| $ | 71,499 |
| $ | 69,712 |
|
INTEREST COVERAGE RATIO |
| 2.8 |
| 3.0 |
| 2.9 |
| 3.3 |
| 3.4 |
|