Exhibit 12.1
CAMDEN PROPERTY TRUST
STATEMENT REGARDING COMPUTATION OF RATIOS
(In thousands, except for ratio amounts)
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| Year ended December 31, |
| Three |
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| 2005 (4) |
| 2004 (3) |
| 2003 (2) |
| 2002 |
| 2001 (1) |
| 2006 |
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EARNINGS BEFORE FIXED CHARGES: |
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Income from continuing operations |
| $ | 154,529 |
| $ | 24,754 |
| $ | 19,637 |
| $ | 32,542 |
| $ | 47,036 |
| $ | 10,883 |
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Add: income allocated to minority interests |
| 10,036 |
| 13,926 |
| 14,783 |
| 14,470 |
| 15,723 |
| 3,029 |
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Less: equity in income of joint ventures |
| (10,049 | ) | (356 | ) | (3,200 | ) | (366 | ) | (8,527 | ) | (2,317 | ) | ||||||
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| 154,516 |
| 38,324 |
| 31,220 |
| 46,646 |
| 54,232 |
| 11,595 |
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Distributed income of joint ventures |
| — |
| 1,390 |
| 1,107 |
| 1,632 |
| 15,076 |
| — |
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Less: interest capitalized |
| (17,513 | ) | (9,332 | ) | (15,068 | ) | (10,923 | ) | (10,920 | ) | (5,200 | ) | ||||||
Less: preferred distribution of subsidiaries |
| (7,028 | ) | (10,461 | ) | (12,747 | ) | (12,872 | ) | (12,872 | ) | (1,750 | ) | ||||||
Total earnings before fixed charges |
| 129,975 |
| 19,921 |
| 4,512 |
| 24,483 |
| 45,516 |
| 4,645 |
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FIXED CHARGES |
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Interest expense |
| 111,548 |
| 79,214 |
| 75,414 |
| 71,499 |
| 69,712 |
| 31,037 |
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Interest capitalized |
| 17,513 |
| 9,332 |
| 15,068 |
| 10,923 |
| 10,920 |
| 5,199 |
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Accretion of discount |
| 687 |
| 609 |
| 684 |
| 529 |
| 421 |
| 177 |
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Amortization of deferred financing charges |
| 3,739 |
| 2,697 |
| 2,634 |
| 2,165 |
| 1,591 |
| 1,047 |
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Interest portion of rental expense |
| 823 |
| 668 |
| 610 |
| 576 |
| 569 |
| 206 |
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Preferred distribution of subsidiaries |
| 7,028 |
| 10,461 |
| 12,747 |
| 12,872 |
| 12,872 |
| 1,750 |
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Total fixed charges |
| 141,338 |
| 102,981 |
| 107,157 |
| 98,564 |
| 96,085 |
| 39,416 |
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Total earnings and fixed charges |
| $ | 271,313 |
| $ | 122,902 |
| $ | 111,669 |
| $ | 123,047 |
| $ | 141,601 |
| $ | 44,061 |
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RATIO OF EARNINGS TO FIXED CHARGES |
| 1.92 |
| 1.19 |
| 1.04 |
| 1.25 |
| 1.47 |
| 1.12 |
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RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SHARE DIVIDENDS: |
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Total fixed charges |
| $ | 141,338 |
| $ | 102,981 |
| $ | 107,157 |
| $ | 98,564 |
| $ | 96,085 |
| $ | 39,416 |
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Preferred share dividends |
| — |
| — |
| — |
| — |
| 2,545 |
| — |
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Total combined fixed charges and preferred share dividends |
| 141,338 |
| 102,981 |
| 107,157 |
| 98,564 |
| 98,630 |
| 39,416 |
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Total earnings and combined fixed charges and preferred share dividends |
| $ | 271,313 |
| $ | 122,902 |
| $ | 111,669 |
| $ | 123,047 |
| $ | 144,146 |
| $ | 44,061 |
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RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SHARE DIVIDENDS |
| 1.92 |
| 1.19 |
| 1.04 |
| 1.25 |
| 1.46 |
| 1.12 |
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(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 these impacts, such ratios would be 1.18.
(4) Earnings include a $132,914 impact related to gain on sales of properties. Excluding these impacts, such ratios would be 0.98.
|
| Year ended December 31, |
| Three |
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|
| 2005 (4) |
| 2004 (3) |
| 2003 (2) |
| 2002 |
| 2001 (1) |
| 2006 |
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INTEREST COVERAGE RATIO |
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Total revenues |
| $ | 560,475 |
| $ | 404,311 |
| $ | 379,289 |
| $ | 374,723 |
| $ | 376,591 |
| $ | 147,116 |
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Total expenses |
| (538,534 | ) | (367,629 | ) | (350,659 | ) | (328,436 | ) | (324,705 | ) | (136,020 | ) | ||||||
Income from discontinued operations |
| 8,426 |
| 9,919 |
| 9,994 |
| 13,080 |
| 14,506 |
| 3,965 |
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Add: Depreciation and amortization |
| 165,813 |
| 98,671 |
| 97,403 |
| 92,481 |
| 90,908 |
| 38,100 |
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Add: Depreciation of discontinued operations |
| 9,180 |
| 10,209 |
| 10,672 |
| 12,646 |
| 10,752 |
| 346 |
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Add: Interest expense |
| 111,548 |
| 79,214 |
| 75,414 |
| 71,499 |
| 69,712 |
| 31,037 |
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Total |
| $ | 316,908 |
| $ | 234,695 |
| $ | 222,113 |
| $ | 235,993 |
| $ | 237,764 |
| $ | 84,544 |
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Interest expense |
| $ | 111,548 |
| $ | 79,214 |
| $ | 75,414 |
| $ | 71,499 |
| $ | 69,712 |
| $ | 31,037 |
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INTEREST COVERAGE RATIO |
| 2.8 |
| 3.0 |
| 2.9 |
| 3.3 |
| 3.4 |
| 2.7 |
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