21
EXHIBIT 12.1
CAMDEN PROPERTY TRUST
STATEMENT REGARDING COMPUTATION OF RATIOS
FOR THE FIVE YEARS ENDED DECEMBER 31, 2000
(In thousands, except for ratio amounts)
2000 (4) 1999 (3) 1998 1997 (2) 1996 (1)
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EARNINGS BEFORE FIXED CHARGES:
Net income before minority interests $ 89,730 $ 71,915 $ 58,655 $ 40,093 $ 8,713
Less: equity in income of joint ventures (765) (683) (1,312) (1,141)
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88,965 71,232 57,343 38,952 8,713
Distributed income of joint ventures 2,122 2,505 2,350 1,939
Less: interest capitalized (15,303) (16,396) (9,929) (3,338) (4,129)
Less: preferred distribution of subsidiaries (12,845) (8,278)
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Total earnings before fixed charges 62,939 49,063 49,764 37,553 4,584
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FIXED CHARGES:
Interest expense 69,036 57,856 50,467 28,537 17,336
Interest capitalized 15,303 16,396 9,929 3,338 4,129
Accretion of discount 403 320 169 142
Loan amortization 1,340 1,100 785 864 825
Interest portion of rental expense 478 517 300 235 143
Preferred distribution of subsidiaries 12,845 8,278
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Total fixed charges 99,405 84,467 61,650 33,116 22,433
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Total earnings and fixed charges $ 162,344 $ 133,530 $ 111,414 $ 70,669 $ 27,017
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RATIO OF EARNINGS TO FIXED CHARGES 1.63x 1.58x 1.81x 2.13x 1.20x
RATIO OF EARNINGS TO COMBINED FIXED
CHARGES AND PREFERRED SHARE DIVIDENDS:
Total fixed charges $ 99,405 $ 84,467 $ 61,650 $ 33,116 $ 22,433
Preferred share dividends 9,371 9,371 9,371 4
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Total combined fixed charges and preferred 108,776 93,838 71,021 33,116 22,437
share dividends
Total earnings and combined fixed charges
and preferred share dividends $ 171,715 $ 142,901 $ 120,785 $ 70,669 $ 27,021
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RATIO OF EARNINGS TO COMBINED FIXED
CHARGES AND PREFERRED SHARE DIVIDENDS 1.58x 1.52x 1.70x 2.13x 1.20x
(1) Earnings include a $(5,351) impact from the extinguishment of hedges upon
debt refinancing. Excluding this impact, such ratios would be 1.44x.
(2) Earnings include a $10,170 impact related to gain on sales of properties.
Excluding this impact, such ratios would be 1.83x.
(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.
(4) Earnings include a $18,323 impact related to gain on sales of properties.
Excluding this impact, such ratios would be 1.45x and 1.41x.