EX-12.1 2 cpt-12312013xex121.htm EXHIBIT 12.1 CPT-12.31.2013-Ex 12.1


EXHIBIT 12.1
CAMDEN PROPERTY TRUST
STATEMENT REGARDING COMPUTATION OF RATIOS
FOR THE FIVE YEARS ENDED DECEMBER 31
 
(in thousands, except for ratio amounts)
 
2013 (1)
 
2012 (2)
 
2011 (3)
 
2010 (4)
 
2009 (5)
EARNINGS BEFORE FIXED CHARGES:
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before income taxes
 
$
157,442

 
$
162,634

 
$
19,729

 
$
3,754

 
$
(83,517
)
Less: Equity in income (loss) of joint ventures
 
24,865

 
20,175

 
5,679

 
(839
)
 
695

 
 
132,577

 
142,459

 
14,050

 
4,593

 
(84,212
)
Add: Distributed income of joint ventures
 
8,884

 
6,321

 
5,329

 
6,524

 
5,664

Less: Interest capitalized
 
15,439

 
12,457

 
8,764

 
5,687

 
10,298

Less: Preferred distribution of subsidiaries
 
—

 
776

 
7,000

 
7,000

 
7,000

Total earnings (loss) before fixed charges
 
126,022

 
135,547

 
3,615

 
(1,570
)
 
(95,846
)
FIXED CHARGES:
 
 
 
 
 
 
 
 
 
 
Interest expense
 
98,129

 
104,246

 
112,414

 
125,893

 
128,296

Interest capitalized
 
15,439

 
12,457

 
8,764

 
5,687

 
10,298

Accretion of discount
 
1,051

 
816

 
650

 
514

 
628

Loan amortization
 
3,548

 
3,608

 
5,877

 
4,102

 
3,925

Interest portion of rental expense
 
167

 
156

 
167

 
174

 
940

Preferred distribution of subsidiaries
 
—

 
776

 
7,000

 
7,000

 
7,000

Total fixed charges
 
118,334

 
122,059

 
134,872

 
143,370

 
151,087

Total earnings and fixed charges
 
$
244,356

 
$
257,606

 
$
138,487

 
$
141,800

 
$
55,241

RATIO OF EARNINGS TO FIXED CHARGES
 
2.06

 
2.11

 
1.03

 
0.99

 
0.37

 
(1)
Earnings include a $1,000 impact related to non-recurring fee income and a $698 impact related to gain on sale of land. Excluding those impacts, the ratio would be 2.05.
(2)
Earnings include a $57,418 impact related to a gain on acquisition of controlling interest in joint ventures. Excluding this impact, the ratio would be 1.64.
(3)
Earnings include a $29,791 impact related to a loss on discontinuation of a hedging relationship, a $1,136 impact related to gain on sale of joint venture interests, a $3,316 impact related to a net gain on the sale of an available-for-sale investment, and a $4,748 impact related to gains on the sale of properties, including land. Excluding these impacts, the ratio would be 1.18.
(4)
We would have needed to generate an additional $1,570 to achieve a ratio of 1.00 in 2010. Earnings include a $1,000 impact related to an impairment provision on a technology investment and a $236 impact related to a gain on the sale of land. These transactions did not have an impact on the ratio of 0.99.
(5)
We would have needed to generate an additional $95,846 to achieve a ratio of 1.00 in 2009. Earnings include an $85,614 impact related to impairment associated with land development activities and a $2,550 impact related to loss on early retirement of debt. Excluding these impacts, the ratio would be 0.95.
 
 
 
 
 
 
 
 
 
 
 
(in thousands, except for ratio amounts)
 
2013
 
2012
 
2011
 
2010
 
2009
INTEREST COVERAGE RATIO
 
 
 
 
 
 
 
 
 
 
Total revenues
 
$
810,048

 
$
714,725

 
$
620,796

 
$
576,093

 
$
572,490

Total expenses
 
(678,169
)
 
(629,684
)
 
(582,839
)
 
(570,736
)
 
(568,538
)
Income from discontinued operations
 
8,515

 
17,406

 
17,831

 
19,355

 
23,394

Add: Depreciation and amortization
 
217,943

 
198,281

 
171,363

 
160,368

 
158,643

Add: Depreciation of discontinued operations
 
5,255

 
15,199

 
16,679

 
19,294

 
19,964

Add: Interest expense
 
98,129

 
104,246

 
112,414

 
125,893

 
128,296

Add: Interest expense of discontinued operations
 
—

 
36

 
—

 
—

 
—

Total
 
$
461,721

 
$
420,209

 
$
356,244

 
$
330,267

 
$
334,249

Total interest expense
 
$
98,129

 
$
104,282

 
$
112,414

 
$
125,893

 
$
128,296

INTEREST COVERAGE RATIO
 
4.7

 
4.0

 
3.2

 
2.6

 
2.6