Exhibit 12.1
CAMDEN PROPERTY TRUST
STATEMENT REGARDING COMPUTATION OF RATIOS
| (in thousands, except for ratio amounts) | Six months | Year ended December 31, | ||||||||||||||||||||||
| ended June 30, | ||||||||||||||||||||||||
| 2014 (1) | 2013 (2) | 2012 (3) | 2011 (4) | 2010 (5) | 2009 (6) | |||||||||||||||||||
EARNINGS BEFORE FIXED CHARGES: | ||||||||||||||||||||||||
Income from continuing operations before income taxes | $ | 78,232 | $ | 157,442 | $ | 162,634 | $ | 19,729 | $ | 3,754 | $ | (83,517) | ||||||||||||
Less: Equity in income (loss) of joint ventures | 5,026 | 24,865 | 20,175 | 5,679 | (839) | 695 | ||||||||||||||||||
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| 73,206 | 132,577 | 142,459 | 14,050 | 4,593 | (84,212) | |||||||||||||||||||
Add: Distributed income of joint ventures | 5,161 | 8,884 | 6,321 | 5,329 | 6,524 | 5,664 | ||||||||||||||||||
Less: Interest capitalized | 10,324 | 15,439 | 12,457 | 8,764 | 5,687 | 10,298 | ||||||||||||||||||
Less: Preferred distribution of subsidiaries | - | - | 776 | 7,000 | 7,000 | 7,000 | ||||||||||||||||||
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Total earnings before fixed charges | 68,043 | 126,022 | 135,547 | 3,615 | (1,570) | (95,846) | ||||||||||||||||||
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FIXED CHARGES | ||||||||||||||||||||||||
Interest expense | 45,879 | 98,129 | 104,246 | 112,414 | 125,893 | 128,296 | ||||||||||||||||||
Interest capitalized | 10,324 | 15,439 | 12,457 | 8,764 | 5,687 | 10,298 | ||||||||||||||||||
Accretion of discount | 488 | 1,051 | 816 | 650 | 514 | 628 | ||||||||||||||||||
Loan amortization | 1,657 | 3,548 | 3,608 | 5,877 | 4,102 | 3,925 | ||||||||||||||||||
Interest portion of rental expense | 87 | 167 | 156 | 167 | 174 | 940 | ||||||||||||||||||
Preferred distribution of subsidiaries | - | - | 776 | 7,000 | 7,000 | 7,000 | ||||||||||||||||||
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Total fixed charges | 58,435 | 118,334 | 122,059 | 134,872 | 143,370 | 151,087 | ||||||||||||||||||
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Total earnings and fixed charges | $ | 126,478 | $ | 244,356 | $ | 257,606 | $ | 138,487 | $ | 141,800 | $ | 55,241 | ||||||||||||
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RATIO OF EARNINGS TO FIXED CHARGES | 2.16 | 2.06 | 2.11 | 1.03 | 0.99 | 0.37 | ||||||||||||||||||
| (1) | Earnings include a $1,801 impact related to gain on sale of land, and a $1,152 impact related to an impairment associated with land holdings. Excluding those impacts, the ratio would be 2.15. |
| (2) | Earnings include a $1,000 impact related to non-recurring fee income, and a $698 impact related to gain on sale of land. Excluding those impacts, the ratio would be 2.05. |
| (3) | Earnings include a $57,418 impact related to a gain on acquisition of controlling interest in joint ventures. Excluding this impact, the ratio would be 1.64. |
| (4) | Earnings include a $29,791 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 $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 1.18. |
| (5) | We would have needed to generate an additional $1,570 to achieve a coverage of 1.0 in 2010. Earnings include a $1,000 impact related to an impairment provision on a 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 0.99. |
| (6) | We would have needed to generate an additional $95,846 to achieve a coverage of 1.0 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 0.95. |
| (in thousands, except for ratio amounts) | Six months | Year ended December 31, | ||||||||||||||||||||||
| ended June 30, | ||||||||||||||||||||||||
| 2014 (1) | 2013 (2) | 2012 (3) | 2011 (4) | 2010 (5) | 2009 (6) | |||||||||||||||||||
INTEREST COVERAGE RATIO | ||||||||||||||||||||||||
Total revenues | $ | 422,622 | $ | 810,048 | $ | 714,725 | $ | 620,796 | $ | 576,093 | $ | 572,490 | ||||||||||||
Total expenses | (350,065) | (678,169) | (629,684) | (582,839) | (570,736) | (568,538) | ||||||||||||||||||
Income from discontinued operations | - | 8,515 | 17,406 | 17,831 | 19,355 | 23,394 | ||||||||||||||||||
Add: Depreciation and amortization | 117,006 | 217,943 | 198,281 | 171,363 | 160,368 | 158,643 | ||||||||||||||||||
Add: Depreciation and amortization of discontinued operations | - | 5,255 | 15,199 | 16,679 | 19,294 | 19,964 | ||||||||||||||||||
Add: Interest expense | 45,879 | 98,129 | 104,246 | 112,414 | 125,893 | 128,296 | ||||||||||||||||||
Add: Interest expense of discontinued operations | - | - | 36 | - | - | - | ||||||||||||||||||
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Total | $ | 235,442 | $ | 461,721 | $ | 420,209 | $ | 356,244 | $ | 330,267 | $ | 334,249 | ||||||||||||
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Total interest expense | $ | 45,879 | $ | 98,129 | $ | 104,282 | $ | 112,414 | $ | 125,893 | $ | 128,296 | ||||||||||||
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INTEREST COVERAGE RATIO | 5.1 | 4.7 | 4.0 | 3.2 | 2.6 | 2.6 | ||||||||||||||||||
