EXHIBIT 99.2
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 | | $ | 154,529 | | $ | 24,754 | | $ | 19,637 | | $ | 32,542 | | $ | 47,036 | |
Add: income allocated to minority interests | | 10,036 | | 13,926 | | 14,783 | | 14,470 | | 15,723 | |
Less: equity in income of joint ventures | | (10,049 | ) | (356 | ) | (3,200 | ) | (366 | ) | (8,527 | ) |
| | 154,516 | | 38,324 | | 31,220 | | 46,646 | | 54,232 | |
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 | | 129,975 | | 19,921 | | 4,512 | | 24,483 | | 45,516 | |
| | | | | | | | | | | |
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 | | $ | 271,313 | | $ | 122,902 | | $ | 111,669 | | $ | 123,047 | | $ | 141,601 | |
| | | | | | | | | | | |
RATIO OF EARNINGS TO FIXED CHARGES | | 1.92 | | 1.19 | | 1.04 | | 1.25 | | 1.47 | |
| | | | | | | | | | | |
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 | | $ | 271,313 | | $ | 122,902 | | $ | 111,669 | | $ | 123,047 | | $ | 144,146 | |
| | | | | | | | | | | |
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SHARE DIVIDENDS | | 1.92 | | 1.19 | | 1.04 | | 1.25 | | 1.46 | |
(1) Earnings include a $2,346 impact related to gain on sales of properties. Excluding this impact, such ratios would be 1.45 and 1.44.
(2) Earnings include a $2,590 impact related to gain on sales of properties. Excluding this impact, such ratios would be 1.02.
(3) Earnings include a $1,642 impact related to gain on sales of properties. Excluding this impact, such ratios would be 1.18.
(4) Earnings include a $132,914 impact related to gain on sales of properties. Excluding this impact, such ratios would be 0.98.
INTEREST COVERAGE RATIO | | | | | | | | | | | |
Total revenues | | $ | 560,475 | | $ | 404,311 | | $ | 379,289 | | $ | 374,723 | | $ | 376,591 | |
Total expenses | | (538,534 | ) | (367,629 | ) | (350,659 | ) | (328,436 | ) | (324,705 | ) |
Income from discontinued operations | | 8,426 | | 9,919 | | 9,994 | | 13,080 | | 14,506 | |
Add: Depreciation and amortization | | 165,813 | | 98,671 | | 97,403 | | 92,481 | | 90,908 | |
Add: Depreciation of discontinued operations | | 9,180 | | 10,209 | | 10,672 | | 12,646 | | 10,752 | |
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 | |
