EXHIBIT 12.1
CAMDEN PROPERTY TRUST
STATEMENT REGARDING COMPUTATION OF RATIOS
FOR THE FIVE YEARS ENDED DECEMBER 31
September 30, | September 30, | September 30, | September 30, | September 30, | ||||||||||||||||
(in thousands, except for ratio amounts) | 2011(1) | 2010(2) | 2009(3) | 2008(4) | 2007(5) | |||||||||||||||
EARNINGS BEFORE FIXED CHARGES: | ||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 35,348 | $ | 17,749 | $ | (67,637 | ) | $ | (8,445 | ) | $ | 50,261 | ||||||||
Less: Equity in income (loss) of joint ventures | 5,679 | (839 | ) | 695 | (1,265 | ) | 1,526 | |||||||||||||
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29,669 | 18,588 | (68,332 | )` | (7,180 | ) | 48,735 | ||||||||||||||
Add: Distributed income of joint ventures | 5,329 | 6,524 | 5,664 | 5,392 | 5,406 | |||||||||||||||
Less: Interest capitalized | 8,764 | 5,687 | 10,298 | 17,718 | 22,622 | |||||||||||||||
Less: Preferred distribution of subsidiaries | 7,000 | 7,000 | 7,000 | 7,000 | 7,000 | |||||||||||||||
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Total earnings before fixed charges | 19,234 | 12,425 | (79,966 | ) | (26,506 | ) | 24,519 | |||||||||||||
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FIXED CHARGES: | ||||||||||||||||||||
Interest expense | 112,414 | 125,893 | 128,296 | 132,399 | 115,753 | |||||||||||||||
Interest capitalized | 8,764 | 5,687 | 10,298 | 17,718 | 22,622 | |||||||||||||||
Accretion of discount | 650 | 514 | 628 | 571 | 590 | |||||||||||||||
Loan amortization | 5,877 | 4,102 | 3,925 | 2,958 | 3,661 | |||||||||||||||
Interest portion of rental expense | 167 | 174 | 940 | 928 | 912 | |||||||||||||||
Preferred distribution of subsidiaries | 7,000 | 7,000 | 7,000 | 7,000 | 7,000 | |||||||||||||||
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Total fixed charges | 134,872 | 143,370 | 151,087 | 161,574 | 150,538 | |||||||||||||||
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Total earnings and fixed charges | $ | 154,106 | $ | 155,795 | $ | 71,121 | $ | 135,068 | $ | 175,057 | ||||||||||
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RATIO OF EARNINGS TO FIXED CHARGES | 1.14 | 1.09 | 0.47 | 0.84 | 1.16 |
(1) | Earnings include a $29,791 loss impact related to a loss on discontinuation of a hedging relationship, a $1,136 impact related to gain on sale of joint venture interests, a $6,394 gain on sale of unconsolidated joint venture properties, a $3,316 impact related to a net gain on the sale of an available-for-sale investment, and a $4,748 impact related to gains on the sale of properties, including land. Excluding these impacts, the ratio would be 1.25. |
(2) | Earnings include a $1,000 impact related to an impairment provision on technology investment and a $236 impact related to a gain on the sale of land. These transactions did not have an impact on the ratio of 1.09. |
(3) | We would have needed to generate an additional $79,966 to achieve a coverage of one to one in 2009. Earnings include an $85,614, impact related to impairment associated with land development activities and a $2,550 impact related to loss on early retirement of debt. Excluding these impacts, the ratio would be 1.05. |
(4) | We would have needed to generate an additional $26,506 to achieve a coverage of one to one in 2008. Earnings include a $51,323 impact related to impairment associated with land development activities, a $13,566 impact related to gain on early retirement of debt, and a $2,929 impact related to gain on sale of properties, including land. Excluding these impacts, the ratio would be 1.05. |
(5) | Earnings include a $1,447 impact related to impairment associated with land development activities. Excluding this impact, the ratio would be 1.17. |
September 30, | September 30, | September 30, | September 30, | September 30, | ||||||||||||||||
INTEREST COVERAGE RATIO | ||||||||||||||||||||
Total revenues | $ | 677,263 | $ | 629,787 | $ | 628,091 | $ | 583,392 | $ | 593,062 | ||||||||||
Total expenses | (623,687 | ) | (610,435 | ) | (608,259 | ) | (555,744 | ) | (542,880 | ) | ||||||||||
Income from discontinued operations | 2,212 | 5,360 | 7,514 | 11,115 | 19,455 | |||||||||||||||
Add: Depreciation and amortization | 185,744 | 174,464 | 172,770 | 168,963 | 155,248 | |||||||||||||||
Add: Depreciation of discontinued operations | 2,298 | 5,198 | 5,837 | 8,571 | 12,665 | |||||||||||||||
Add: Interest expense | 112,414 | 125,893 | 128,296 | 132,399 | 115,753 | |||||||||||||||
Add: Interest expense of discontinued operations | — | — | — | 466 | 998 | |||||||||||||||
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Total | $ | 356,244 | $ | 330,267 | $ | 334,249 | $ | 349,162 | $ | 354,301 | ||||||||||
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Total interest expense | $ | 112,414 | $ | 125,893 | $ | 128,296 | $ | 132,865 | $ | 116,751 | ||||||||||
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INTEREST COVERAGE RATIO | 3.2 | 2.6 | 2.6 | 2.6 | 3.0 | |||||||||||||||
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