EXHIBIT 12.1

CAMDEN PROPERTY TRUST
STATEMENT REGARDING COMPUTATION OF RATIOS
FOR THE FIVE YEARS ENDED DECEMBER 31, 2002

(In thousands, except for ratio amounts)

	2002 (4)			2001 (3)			2000 (2)			1999 (1)			1998
EARNINGS BEFORE FIXED CHARGES:
Income from continuing operations	$	42,513		$	58,687		$	71,833		$	58,959		$	54,747
Add: income allocated to minority interests		14,679			15,999			15,306			10,292			1,322
Less: equity in income of joint ventures		(366	)		(8,527	)		(765	)		(683	)		(1,312	)
		56,826			66,159			86,374			68,568			54,757
Distributed income of joint ventures		1,632			15,076			2,122			2,505			2,350
Less: interest capitalized		(10,923	)		(10,920	)		(15,303	)		(16,396	)		(9,929	)
Less: preferred distribution of subsidiaries		(12,872	)		(12,872	)		(12,845	)		(8,278	)
Total earnings before fixed charges		34,663			57,443			60,348			46,399			47,178
FIXED CHARGES:
Interest expense		71,499			69,841			69,036			57,856			50,467
Interest capitalized		10,923			10,920			15,303			16,396			9,929
Accretion of discount		529			421			403			320			169
Loan amortization		2,165			1,591			1,340			1,100			785
Interest portion of rental expense		576			569			478			517			300
Preferred distribution of subsidiaries		12,872			12,872			12,845			8,278
Total fixed charges		98,564			96,214			99,405			84,467			61,650
Total earnings and fixed charges	$	133,227		$	153,657		$	159,753		$	130,866		$	108,828
RATIO OF EARNINGS TO FIXED CHARGES		1.35x			1.60x			1.61x			1.55x			1.77x
RATIO OF EARNINGS TO COMBINED FIXED
CHARGES AND PREFERRED SHARE DIVIDENDS:
Total fixed charges	$	98,564		$	96,214		$	99,405		$	84,467		$	61,650
Preferred share dividends					2,545			9,371			9,371			9,371
Total combined fixed charges and preferred share
dividends		98,564			98,759			108,776			93,838			71,021
Total earnings and combined fixed charges and
preferred share dividends	$	133,227		$	156,202		$	169,124		$	140,237		$	118,199
RATIO OF EARNINGS TO COMBINED FIXED
CHARGES AND PREFERRED SHARE DIVIDENDS		1.35x			1.58x			1.55x			1.49x			1.66x

(1)	Earnings include a $2,979 impact related to gain on sales of properties. Excluding this impact, such ratios would be 1.51x and 1.46x.
(2)	Earnings include a $18,323 impact related to gain on sales of properties. Excluding this impact, such ratios would be 1.42x and 1.39x.
(3)	Earnings include a $2,372 impact related to gain on sales of properties. Excluding this impact, such ratios would be 1.57x and 1.56x.
(4)	Earnings include a $359 impact related to gain on sales of properties. Excluding this impact, such ratios would be 1.35x.

INTEREST COVERAGE RATIO
Total revenues	$	410,983		$	411,527		$	395,107		$	363,374		$	315,203
Total expenses		(354,516	)		(347,740	)		(327,056	)		(297,785	)		(260,446	)
Income from discontinued operations		3,134			2,993			2,591			2,664			2,586
Add: Depreciation and amortization		103,342			99,563			94,950			87,587			76,229
Add: Depreciation of discontinued operations		1,785			2,097			2,016			1,929			1,884
Add: Interest expense		71,499			69,841			69,036			57,856			50,467
	$	236,227		$	238,281		$	236,644		$	215,625		$	185,923
Interest expense	$	71,499		$	69,841		$	69,036		$	57,856		$	50,467
INTEREST COVERAGE RATIO		3.3x			3.4x			3.4x			3.7x			3.7x