105 EXHIBIT 12.1 CAMDEN PROPERTY TRUST STATEMENT REGARDING COMPUTATION OF RATIOS FOR THE FIVE YEARS ENDED DECEMBER 31, 1999 (In thousands, except for ratio amounts) 1999 (3) 1998 1997 (1) 1996 (2) 1995 ----------- ------------ ----------- ----------- ----------- EARNINGS BEFORE FIXED CHARGES: Net income before minority interests $ 71,915 $ 58,655 $ 40,093 $ 8,713 $ 12,330 Less: equity in income of joint ventures (683) (1,312) (1,141) ----------- ------------ ----------- ----------- ----------- 71,232 57,343 38,952 8,713 12,330 Distributed income of joint ventures 2,505 2,350 1,939 Less: interest capitalized (16,396) (9,929) (3,338) (4,129) (5,321) Less: preferred distribution of subsidiaries (8,278) ----------- ------------ ----------- ----------- ----------- Total earnings before fixed charges 49,063 49,764 37,553 4,584 7,009 ----------- ------------ ----------- ----------- ----------- FIXED CHARGES: Interest expense 57,856 50,467 28,537 17,336 13,843 Interest capitalized 16,396 9,929 3,338 4,129 5,321 Accretion of discount 320 169 142 Loan amortization 1,100 785 864 825 720 Interest portion of rental expense 517 300 235 143 143 Preferred distribution of subsidiaries 8,278 ----------- ------------ ----------- ----------- ----------- Total fixed charges 84,467 61,650 33,116 22,433 20,027 ----------- ------------ ----------- ----------- ----------- Total earnings and fixed charges $ 133,530 $ 111,414 $ 70,669 $ 27,017 $ 27,036 =========== ============ =========== =========== =========== RATIO OF EARNINGS TO FIXED CHARGES 1.58x 1.81x 2.13x 1.20x 1.35x RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SHARE DIVIDENDS: Total fixed charges $ 84,467 $ 61,650 $ 33,116 $ 22,433 $ 20,027 Preferred share dividends 9,371 9,371 4 39 ----------- ------------ ----------- ----------- ----------- Total combined fixed charges and preferred share dividends 93,838 71,021 33,116 22,437 20,066 Total earnings and combined fixed charges and preferred share dividends $ 142,901 $ 120,785 $ 70,669 $ 27,021 $ 27,075 =========== ============ =========== =========== =========== RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SHARE DIVIDENDS 1.52 x 1.70x 2.13x 1.20x 1.35x (1) Earnings include a $10,170 impact related to gain on sales of properties. Excluding this impact, such ratios would be 1.83x. (2) Earnings include a $(5,351) impact from the extinguishment of hedges upon debt refinancing. Excluding this impact, such ratios would be 1.44x. (3) Earnings include a $2,979 impact related to gain on sales of properties. Excluding this impact, such ratios would be 1.55x and 1.49x.