EX-12.1 4 exhibit121wksi2017.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1

CAMDEN PROPERTY TRUST
STATEMENT REGARDING COMPUTATION OF RATIOS

(in thousands, except for ratio amounts)
Three months ended March 31, 2017 (1)
Year ended December 31,
 
2016 (2)
2015 (3)
2014 (4)
2013 (5)
2012 (6)
EARNINGS BEFORE FIXED CHARGES:
 
 
 
 
 
 
Income from continuing operations before income taxes
$
36,460

$
457,001

$
240,384

$
285,020

$
140,195

$
148,654

Less: Equity in income of joint ventures
1,817

7,125

6,168

7,023

24,865

20,175

 
34,643

449,876

234,216

277,997

115,330

128,479

Add: Distributed income of joint ventures
1,720

7,057

6,387

7,399

8,884

6,321

Less: Interest capitalized
4,449

18,184

19,271

22,185

15,698

12,649

Less: Preferred distribution of subsidiaries
—

—

—

—

—

776

Total earnings before fixed charges
31,914

438,749

221,332

263,211

108,516

121,375

 
 
 
 
 
 
 
FIXED CHARGES
 
 
 
 
 
 
Interest expense
22,956

93,145

97,312

94,906

99,784

105,801

Interest capitalized
4,449

18,184

19,271

22,185

15,698

12,649

Accretion of discount
265

1,032

1,080

1,035

1,051

816

Interest portion of rental expense
61

244

202

179

167

156

Preferred distribution of subsidiaries
—

—

—

—

—

776

Total fixed charges
27,731

112,605

117,865

118,305

116,700

120,198

Total earnings and fixed charges
$
59,645

$
551,354

$
339,197

$
381,516

$
225,216

$
241,573

RATIO OF EARNINGS TO FIXED CHARGES
2.15

4.90

2.88

3.22

1.93

2.01


(1)    Earnings include a $323 impact related to a loss on early retirement of debt. Excluding this impact, the ratio would be 2.16.
(2)    Earnings include a $295,397 impact related to a gain on sale of operating properties, including land. Excluding this impact, the ratio would be 2.27.
(3)    Earnings include a $104,288 impact related to a gain on sale of operating properties, including land. Excluding this impact, the ratio would be 1.99.
(4)    Earnings include a $159,289 impact related to a gain on sale of operating properties, including land, a $10,000 impact related to incentive compensation expense as a result of joint venture restructuring, and a $1,152 impact related to an impairment charge associated with land holdings. Excluding these impacts, the ratio would be 1.97.
(5)    Earnings include a $1,000 impact related to non-recurring fee income and a $698 impact related to gain on sale of land. Excluding these impacts, the ratio would be 1.92.
(6)    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 1.53.