EXHIBIT 12.1

CAMDEN PROPERTY TRUST

STATEMENT REGARDING COMPUTATION OF RATIOS

FOR THE FIVE YEARS ENDED DECEMBER 31

(in thousands, except for ratio amounts)	2012(1)		2011(2)		2010(3)			2009(4)			2008(5)
EARNINGS BEFORE FIXED CHARGES:
Income (loss) from continuing operations before income taxes	$	170,545	$	25,845	$	9,107		$	(77,494	)	$	(19,471	)
Less: Equity in income (loss) of joint ventures	20,175		5,679		(839		)	695			(1,265		)
	150,370		20,166		9,946			(78,189		)	(18,206		)
Add: Distributed income of joint ventures	6,321		5,329		6,524			5,664			5,392
Less: Interest capitalized	12,457		8,764		5,687			10,298			17,718
Less: Preferred distribution of subsidiaries	776		7,000		7,000			7,000			7,000
Total earnings before fixed charges	143,458		9,731		3,783			(89,823		)	(37,532		)
FIXED CHARGES:
Interest expense	104,282		112,414		125,893			128,296			132,399
Interest capitalized	12,457		8,764		5,687			10,298			17,718
Accretion of discount	816		650		514			628			571
Loan amortization	3,608		5,877		4,102			3,925			2,958
Interest portion of rental expense	156		167		174			940			928
Preferred distribution of subsidiaries	776		7,000		7,000			7,000			7,000
Total fixed charges	122,095		134,872		143,370			151,087			161,574
Total earnings and fixed charges	$	265,553	$	144,603	$	147,153		$	61,264		$	124,042
RATIO OF EARNINGS TO FIXED CHARGES	2.17		1.07		1.03			0.41			0.77

(1) 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 1.70.

(2) 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 1.22.

(3) Earnings include a $1,000 impact related to an impairment provision on 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 1.03.

(4) We would have needed to generate an additional $89,823 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 0.99.

(5) We would have needed to generate an additional $37,532 to achieve a ratio of 1.00 in 2008. Earnings include a $51,323 impact related to impairment associated with land development activities, a $13,566 impact related to gain on early retirement of debt, and a $2,929 impact related to gain on sale of properties, including land. Excluding these impacts, the ratio would be 0.98.

(in thousands, except for ratio amounts)	2012			2011			2010			2009			2008
INTEREST COVERAGE RATIO
Total revenues	$	744,315		$	642,469		$	596,409		$	593,400		$	547,795
Total expenses	(651,363		)	(598,396		)	(585,699		)	(583,425		)	(531,173		)
Income from discontinued operations	9,495			11,715			14,002			17,371			22,141
Add: Depreciation and amortization	206,685			177,004			165,862			164,084			160,439
Add: Depreciation of discontinued operations	6,795			11,038			13,800			14,523			17,095
Add: Interest expense	104,282			112,414			125,893			128,296			132,399
Add: Interest expense of discontinued operations	—			—			—			—			466
Total	$	420,209		$	356,244		$	330,267		$	334,249		$	349,162
Total interest expense	$	104,282		$	112,414		$	125,893		$	128,296		$	132,399
INTEREST COVERAGE RATIO	4.0			3.2			2.6			2.6			2.6