EX-12.1 2 a06-2520_1ex12d1.htm STATEMENTS REGARDING COMPUTATION OF RATIOS

EXHIBIT 12.1

 

CAMDEN PROPERTY TRUST

STATEMENT REGARDING COMPUTATION OF RATIOS

FOR THE FIVE YEARS ENDED DECEMBER 31, 2005

 

(in thousands, except for ratio amounts)

 

 

 

2005 (4)

 

2004 (3)

 

2003 (2)

 

2002

 

2001 (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS BEFORE FIXED CHARGES:

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

156,207

 

$

26,906

 

$

22,274

 

$

35,771

 

$

50,524

 

Add: income allocated to minority interests

 

10,053

 

13,926

 

14,783

 

14,470

 

15,723

 

Less: equity in income of joint ventures

 

(10,049

)

(356

)

(3,200

)

(366

)

(8,527

)

 

 

156,211

 

40,476

 

33,857

 

49,875

 

57,720

 

Distributed income of joint ventures

 

—

 

1,390

 

1,107

 

1,632

 

15,076

 

Less: interest capitalized

 

(17,513

)

(9,332

)

(15,068

)

(10,923

)

(10,920

)

Less: preferred distribution of subsidiaries

 

(7,028

)

(10,461

)

(12,747

)

(12,872

)

(12,872

)

Total earnings before fixed charges

 

131,670

 

22,073

 

7,149

 

27,712

 

49,004

 

 

 

 

 

 

 

 

 

 

 

 

 

FIXED CHARGES:

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

111,548

 

79,214

 

75,414

 

71,499

 

69,712

 

Interest capitalized

 

17,513

 

9,332

 

15,068

 

10,923

 

10,920

 

Accretion of discount

 

687

 

609

 

684

 

529

 

421

 

Amortization of deferred financing charges

 

3,739

 

2,697

 

2,634

 

2,165

 

1,591

 

Interest portion of rental expense

 

823

 

668

 

610

 

576

 

569

 

Preferred distribution of subsidiaries

 

7,028

 

10,461

 

12,747

 

12,872

 

12,872

 

Total fixed charges

 

141,338

 

102,981

 

107,157

 

98,564

 

96,085

 

Total earnings and fixed charges

 

$

273,008

 

$

125,054

 

$

114,306

 

$

126,276

 

$

145,089

 

RATIO OF EARNINGS TO FIXED CHARGES

 

1.93

 

1.21

 

1.07

 

1.28

 

1.51

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SHARE DIVIDENDS:

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

$

141,338

 

$

102,981

 

$

107,157

 

$

98,564

 

$

96,085

 

Preferred share dividends

 

—

 

—

 

—

 

—

 

2,545

 

Total combined fixed charges and preferred share dividends

 

141,338

 

102,981

 

107,157

 

98,564

 

98,630

 

Total earnings and combined fixed charges and preferred share dividends

 

$

299,127

 

$

125,054

 

$

114,306

 

$

126,276

 

$

147,634

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SHARE DIVIDENDS

 

1.93

 

1.21

 

1.07

 

1.28

 

1.50

 

 

(1)       Earnings include a $2,346 impact related to gain on sales of properties. Excluding this impact, such ratios would be 1.49 and 1.47.

(2)       Earnings include a $2,590 impact related to gain on sales of properties. Excluding this impact, such ratios would be 1.04.

(3)       Earnings include a $1,642 impact related to gain on sales of properties. Excluding this impact, such ratios would be 1.20.

(4)       Earnings include a $132,914 impact related to gain on sales of properties. Excluding this impact, such ratios would be 0.99.

 

INTEREST COVERAGE RATIO

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

568,581

 

$

412,657

 

$

387,906

 

$

383,523

 

$

385,477

 

Total expenses

 

(544,962

)

(373,823

)

(356,639

)

(334,007

)

(330,103

)

Income from discontinued operations

 

6,748

 

7,767

 

7,357

 

9,851

 

11,018

 

Add: Depreciation and amortization

 

167,871

 

100,666

 

99,281

 

94,260

 

92,568

 

Add: Depreciation of discontinued operations

 

7,122

 

8,214

 

8,794

 

10,867

 

9,092

 

Add: Interest expense

 

111,548

 

79,214

 

75,414

 

71,499

 

69,712

 

Total

 

$

316,908

 

$

234,695

 

$

222,113

 

$

235,993

 

$

237,764

 

Interest expense

 

$

111,548

 

$

79,214

 

$

75,414

 

$

71,499

 

$

69,712

 

INTEREST COVERAGE RATIO

 

2.8

 

3.0

 

2.9

 

3.3

 

3.4