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EXHIBIT 99.1
CAMDEN PROPERTY TRUST
STATEMENT REGARDING COMPUTATION OF RATIOS
FOR THE FIVE YEARS ENDED DECEMBER 31, 1998
(In thousands, except for ratio amounts)
1998 1997 (1) 1996 (2) 1995 1994
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EARNINGS BEFORE FIXED CHARGES:
Net income before minority interests $ 58,655 $ 40,093 $ 8,713 $12,330 $ 9,522
Less: equity in income of joint ventures (1,312) (1,141) -- -- --
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57,343 38,952 8,713 12,330 9,522
Distributed income of joint ventures 2,350 1,939 -- -- --
Less: interest capitalized (9,929) (3,338) (4,129) (5,321) (2,167)
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Total earnings before fixed charges 49,764 37,553 4,584 7,009 7,355
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FIXED CHARGES:
Interest expense 50,467 28,537 17,336 13,843 8,807
Interest capitalized 9,929 3,338 4,129 5,321 2,167
Accretion of discount 169 142 -- -- --
Loan amortization 785 864 825 720 1,079
Interest portion of rental expense 300 235 143 143 126
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Total fixed charges 61,650 33,116 22,433 20,027 12,179
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Total earnings and fixed charges $ 111,414 $ 70,669 $27,017 $27,036 $ 19,534
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RATIO OF EARNINGS TO FIXED CHARGES 1.81x 2.13x 1.20x 1.35x 1.60x
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED SHARE DIVIDENDS:
Total fixed charges $ 61,650 $ 33,116 $22,433 $20,027 $ 12,179
Preferred share dividends 9,371 -- 4 39 20
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Total combined fixed charges and preferred share
dividends 71,021 33,116 22,437 20,066 12,199
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Total earnings and combined fixed charges and
preferred share dividends $ 120,785 $ 70,669 $27,021 $27,075 $ 19,554
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RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED SHARE DIVIDENDS 1.70x 2.13x 1.20x 1.35x 1.60x
(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 the impact, such ratios would be
1.44x.