EXHIBIT 12.1

CAMDEN PROPERTY TRUST
STATEMENT REGARDING COMPUTATION OF RATIOS
FOR THE FIVE YEARS ENDED DECEMBER 31, 2003

(In thousands, except for ratio amounts)

	2003 (4)			2002			2001 (3)			2000 (2)			1999 (1)
EARNINGS BEFORE FIXED CHARGES:
Income from continuing operations	$	29,430		$	42,279		$	58,299		$	71,833		$	58,959
Add: income allocated to minority interests		14,984			14,679			15,999			15,306			10,292
Less: equity in income of joint ventures		(3,200	)		(366	)		(8,527	)		(765	)		(683	)
		41,214			56,592			65,771			86,374			68,568
Distributed income of joint ventures		1,107			1,632			15,076			2,122			2,505
Less: interest capitalized		(15,068	)		(10,923	)		(10,920	)		(15,303	)		(16,396	)
Less: preferred distribution of subsidiaries		(12,747	)		(12,872	)		(12,872	)		(12,845	)		(8,278	)
Total earnings before fixed charges		14,506			34,429			57,055			60,348			46,399
FIXED CHARGES:
Interest expense		75,414			71,499			69,841			69,036			57,856
Interest capitalized		15,068			10,923			10,920			15,303			16,396
Accretion of discount		684			529			421			403			320
Amortization of deferred financing charges		2,634			2,165			1,591			1,340			1,064
Interest portion of rental expense		610			576			569			478			517
Preferred distribution of subsidiaries		12,747			12,872			12,872			12,845			8,278
Total fixed charges		107,157			98,564			96,214			99,405			84,431
Total earnings and fixed charges	$	121,663		$	132,993		$	153,269		$	159,753		$	130,830

RATIO OF EARNINGS TO FIXED CHARGES 1.14x 1.35x 1.59x 1.61x 1.55x

RATIO OF EARNINGS TO COMBINED FIXED
CHARGES AND PREFERRED SHARE DIVIDENDS:
Total fixed charges	$	107,157	$	98,564	$	96,214	$	99,405	$	84,431
Preferred share dividends		--		--		2,545		9,371		9,371
Total combined fixed charges and preferred share dividends		107,157		98,564		98,759		108,776		93,802
Total earnings and combined fixed charges and
preferred share dividends	$	121,663	$	132,993	$	155,814	$	169,124	$	140,201

RATIO OF EARNINGS TO COMBINED FIXED
CHARGES AND PREFERRED SHARE DIVIDENDS	1.14x	1.35x	1.58x	1.55x	1.49x

(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 1.55x.
(4)	Earnings include a $2,590 impact related to gain on sales of properties. Excluding this impact, such ratios would be 1.11x.

INTEREST COVERAGE RATIO
Total revenues	$	416,540		$	410,983		$	411,527		$	395,107		$	363,374
Total expenses		(377,916	)		(354,750	)		(348,128	)		(327,056	)		(297,785	)
Income from discontinued operations		--			3,134			2,993			2,591			2,664
Add: Depreciation and amortization		108,076			103,342			99,563			94,950			87,587
Add: Depreciation of discontinued operations		--			1,785			2,097			2,016			1,929
Add: Interest expense		75,414			71,499			69,841			69,036			57,856
Total	$	222,114		$	235,993		$	237,893		$	236,644		$	215,625
Interest expense	$	75,414		$	71,499		$	69,841		$	69,036		$	57,856
INTEREST COVERAGE RATIO		2.9x			3.3x			3.4x			3.4x			3.7x