EXHIBIT 12.1
CAMDEN PROPERTY TRUST
STATEMENT REGARDING COMPUTATION OF RATIOS
FOR THE FIVE YEARS ENDED DECEMBER 31, 2001
(In thousands, except for ratio amounts)
2001 (4) 2000 (3) 1999 (2) 1998 1997 (1)
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EARNINGS BEFORE FIXED CHARGES:
Income before extraordinary charge $ 61,680 $ 74,424 $ 61,623 $ 57,333 $ 38,835
Add: income allocated to minority interests 15,999 15,306 10,290 1,322 1,655
Less: equity in income of joint ventures (8,527) (765) (683) (1,312) (1,141)
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69,152 88,965 71,232 57,343 38,952
Distributed income of joint ventures 15,076 2,122 2,505 2,350 1,939
Less: interest capitalized (10,920) (15,303) (16,396) (9,929) (3,338)
Less: preferred distribution of subsidiaries (12,872) (12,845) (8,278)
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Total earnings before fixed charges 60,436 62,939 49,063 49,764 37,553
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FIXED CHARGES:
Interest expense 69,841 69,036 57,856 50,467 28,537
Interest capitalized 10,920 15,303 16,396 9,929 3,338
Accretion of discount 421 403 320 169 142
Loan amortization 1,591 1,340 1,100 785 864
Interest portion of rental expense 569 478 517 300 235
Preferred distribution of subsidiaries 12,872 12,845 8,278
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Total fixed charges 96,214 99,405 84,467 61,650 33,116
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Total earnings and fixed charges $ 156,650 $ 162,344 $ 133,530 $ 111,414 $ 70,669
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RATIO OF EARNINGS TO FIXED CHARGES 1.63x 1.63x 1.58x 1.81x 2.13x
RATIO OF EARNINGS TO COMBINED FIXED
CHARGES AND PREFERRED SHARE DIVIDENDS:
Total fixed charges $ 96,214 $ 99,405 $ 84,467 $ 61,650 $ 33,116
Preferred share dividends 2,545 9,371 9,371 9,371
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Total combined fixed charges and preferred
share dividends 98,759 108,776 93,838 71,021 33,116
Total earnings and combined fixed charges and
preferred share dividends $ 159,195 $ 171,715 $ 142,901 $ 120,785 $ 70,669
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RATIO OF EARNINGS TO COMBINED FIXED
CHARGES AND PREFERRED SHARE DIVIDENDS 1.61x 1.58x 1.52x 1.70x 2.13x
(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 $2,979 impact related to gain on sales of properties.
Excluding this impact, such ratios would be 1.55x and 1.49x.
(3) 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.
(4) Earnings include a $2,372 impact related to gain on sales of properties.
Excluding this impact, such ratios would be 1.60x and 1.59x.
INTEREST COVERAGE RATIO
Total revenues $ 428,215 $ 403,539 $ 371,296 $ 323,839 $ 199,789
Total expenses (352,908) (332,132) (302,360) (265,184) (169,469)
Add: Depreciation and amortization 101,660 96,966 89,516 78,113 44,836
Add: Interest expense 69,841 69,036 57,856 50,467 28,537
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$ 246,808 $ 237,409 $ 216,308 $ 187,235 $ 103,693
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Interest expense $ 69,841 $ 69,036 $ 57,856 $ 50,467 $ 28,537
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INTEREST COVERAGE RATIO 3.5x 3.4x 3.7x 3.7x 3.6x
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