EXHIBIT 12.1

CAMDEN PROPERTY TRUST
STATEMENT REGARDING COMPUTATION OF RATIOS
FOR THE FIVE YEARS ENDED DECEMBER 31, 2006

(in thousands, except for ratio amounts)

	2006 (4)			2005 (3)			2004 (2)			2003 (1)			2002
EARNINGS BEFORE FIXED CHARGES:
Income from continuing operations	$	128,968		$	155,126		$	26,303		$	22,061		$	35,210
Add: income allocated to minority interests		23,163			9,616			13,939			14,943			14,634
Less: equity in income of joint ventures		(5,156	)		(10,049	)		(356	)		(3,200	)		(366	)
		146,975			154,693			39,886			33,804			49,478
Distributed income of joint ventures		—			—			1,390			1,107			1,632
Less: interest capitalized		(20,627	)		(17,513	)		(9,332	)		(15,068	)		(10,923	)
Less: preferred distribution of subsidiaries		(7,000	)		(7,028	)		(10,461	)		(12,747	)		(12,872	)
Total earnings before fixed charges		119,348			130,152			21,483			7,096			27,315
FIXED CHARGES:
Interest expense		118,344			111,548			78,260			74,036			70,093
Interest capitalized		20,627			17,513			9,332			15,068			10,923
Accretion of discount		694			687			609			684			529
Amortization of deferred financing charges		3,813			3,739			2,697			2,633			2,165
Interest portion of rental expense		864			823			668			610			576
Preferred distribution of subsidiaries		7,000			7,028			10,461			12,747			12,872
Total fixed charges		151,342			141,338			102,027			105,778			97,158
Total earnings and fixed charges	$	270,690		$	271,490		$	123,510		$	112,874		$	124,473
RATIO OF EARNINGS TO FIXED CHARGES		1.79			1.92			1.21			1.07			1.28

(1)	Earnings include a $2,590 impact related to gain on sales of properties. Excluding this impact, the ratio would be 1.04.
(2)	Earnings include a $1,642 impact related to gain on sales of properties. Excluding this impact, the ratio would be 1.19.
(3)	Earnings include a $132,914 impact related to gain on sales of properties. Excluding this impact, the ratio would be 0.98.
(4)	Earnings include a $97,452 impact related to gain on sales of properties. Excluding this impact, the ratio would be 1.14.

INTEREST COVERAGE RATIO
Total revenues	$	634,960		$	572,993		$	410,900		$	377,957		$	373,051
Total expenses		(585,437	)		(550,875	)		(372,656	)		(346,743	)		(323,932	)
Income from discontinued operations		6,434			8,249			8,357			7,410			10,248
Add: Depreciation and amortization		162,323			168,444			97,427			95,581			90,607
Add: Depreciation of discontinued operations		1,350			6,549			11,453			12,494			14,520
Add: Interest expense		118,344			111,548			78,260			74,036			70,093
Add: Interest expense of discontinued operations		—			—			954			1,378			1,406
Total	$	337,974		$	316,908		$	234,695		$	222,113		$	235,993
Total interest expense	$	118,344		$	111,548		$	79,214		$	75,414		$	71,499
INTEREST COVERAGE RATIO		2.9			2.8			3.0			2.9			3.3