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
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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)
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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)
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Total earnings before fixed charges 49,063 49,764 37,553 4,584 7,009
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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
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Total fixed charges 84,467 61,650 33,116 22,433 20,027
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Total earnings and fixed charges $ 133,530 $ 111,414 $ 70,669 $ 27,017 $ 27,036
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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
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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
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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.