EXHIBIT 12.1

CAMDEN PROPERTY TRUST
STATEMENT REGARDING COMPUTATION OF RATIOS
FOR THE FIVE YEARS ENDED DECEMBER 31, 2004

     (In thousands, except for ratio amounts)

	2004 (4)			2003 (3)			2002			2001 (2)			2000 (1)
EARNINGS BEFORE FIXED CHARGES:
Income from continuing operations	$	30,556		$	26,841		$	41,004		$	55,833		$	70,402
Add: income allocated to minority interests		13,971			14,843			14,528			15,798			15,109
Less: equity in income of joint ventures		(356	)		(3,200	)		(366	)		(8,527	)		(765	)
		44,171			38,484			55,166			63,104			84,746
Distributed income of joint ventures		1,390			1,107			1,632			15,076			2,122
Less: interest capitalized		(9,332	)		(15,068	)		(10,923	)		(10,920	)		(15,303	)
Less: preferred distribution of subsidiaries		(10,461	)		(12,747	)		(12,872	)		(12,872	)		(12,845	)
Total earnings before fixed charges		25,768			11,776			33,003			54,388			58,720
FIXED CHARGES:
Interest expense		79,214			75,414			71,499			69,712			68,000
Interest capitalized		9,332			15,068			10,923			10,920			15,303
Accretion of discount		609			684			529			421			403
Amortization of deferred financing charges		2,697			2,634			2,165			1,591			1,340
Interest portion of rental expense		668			610			576			569			478
Preferred distribution of subsidiaries		10,461			12,747			12,872			12,872			12,845
Total fixed charges		102,981			107,157			98,564			96,085			98,369
Total earnings and fixed charges	$	128,749		$	118,933		$	131,567		$	150,473		$	157,089
RATIO OF EARNINGS TO FIXED CHARGES		1.25x			1.11x			1.33x			1.57x			1.60x
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SHARE DIVIDENDS:
Total fixed charges	$	102,981		$	107,157		$	98,564		$	96,085		$	98,369
Preferred share dividends		—			—			—			2,545			9,371
Total combined fixed charges and preferred share dividends		102,981			107,157			98,564			98,630			107,740
Total earnings and combined fixed charges and preferred share dividends	$	128,749		$	118,933		$	131,567		$	153,018		$	166,460
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SHARE DIVIDENDS		1.25x			1.11x			1.33x			1.55x			1.55x

(1)	Earnings include a $18,323 impact related to gain on sales of properties. Excluding this impact, such ratios would be 1.41x and 1.37x.
(2)	Earnings include a $2,372 impact related to gain on sales of properties. Excluding this impact, such ratios would be 1.54x and 1.53x.
(3)	Earnings include a $2,590 impact related to gain on sales of properties. Excluding this impact, such ratios would be 1.09x.
(4)	Earnings include a $2,625 impact related to gain on sales of properties, and a $1,143 impact related to an impairment loss on land held for sale. Excluding these impacts, such ratios would be 1.24x.

INTEREST COVERAGE RATIO
Total revenues	$	431,231		$	406,617		$	402,114		$	404,009		$	387,913
Total expenses		(388,542	)		(370,723	)		(347,307	)		(343,277	)		(321,490	)
Income from discontinued operations		3,912			2,730			4,560			5,660			4,219
Add: Depreciation and amortization		106,225			104,674			99,470			97,588			93,101
Add: Depreciation of discontinued operations		2,655			3,402			5,657			4,072			3,865
Add: Interest expense		79,214			75,414			71,499			69,712			68,000
Total	$	234,695		$	222,114		$	235,993		$	237,764		$	235,608
Interest expense	$	79,214		$	75,414		$	71,499		$	69,712		$	68,000
INTEREST COVERAGE RATIO		3.0x			2.9x			3.3x			3.4x			3.5x