Exhibit 12.1

CAMDEN PROPERTY TRUST
STATEMENT REGARDING COMPUTATION OF RATIOS

	Nine months			Year ended December 31,
	ended
	September 30,
(in thousands, except for ratio amounts)	2011 (1)			2010 (2)			2009 (3)			2008 (4)			2007 (5)		2006 (6)
EARNINGS BEFORE FIXED CHARGES:
Income (loss) from continuing operations before income taxes	$	11,786		$	19,628		$	(65,224	)	$	(5,771	)	$	52,922	$	141,052
Less: Equity in income (loss) of joint ventures		(166	)		(839	)		695			(1,265	)		1,526		5,156
		11,952			20,467			(65,919	)		(4,506	)		51,396		135,896
Add: Distributed income of joint ventures		3,673			6,524			5,664			5,392			5,406		—
Less: Interest capitalized		6,100			5,687			10,298			17,718			22,622		20,627
Less: Preferred distribution of subsidiaries		5,250			7,000			7,000			7,000			7,000		7,000
Total earnings before fixed charges		4,275			14,304			(77,553	)		(23,832	)		27,180		108,269
FIXED CHARGES
Interest expense		85,472			125,893			128,296			132,399			115,753		117,348
Interest capitalized		6,100			5,687			10,298			17,718			22,622		20,627
Accretion of discount		455			514			628			571			590		694
Loan amortization		4,761			4,102			3,925			2,958			3,661		3,782
Interest portion of rental expense		126			174			940			928			912		864
Preferred distribution of subsidiaries		5,250			7,000			7,000			7,000			7,000		7,000
Total fixed charges		102,164			143,370			151,087			161,574			150,538		150,315
Total earnings and fixed charges	$	106,439		$	157,674		$	73,534		$	137,742		$	177,718	$	258,584
RATIO OF EARNINGS TO FIXED CHARGES		1.04			1.10			0.49			0.85			1.18		1.72

(1)	Earnings include a $29,791 impact related to a loss on the discontinuation of a hedging relationship, a $3,316 impact related to a net gain on the sale of an available-for-sale investment, and a $5,884 impact related to gains on the sale of properties, including land and joint venture interests. Excluding these impacts, the ratio would be 1.24.
(2)	Earnings include a $1,000 impact related to an impairment provision on a technology investment. Excluding this impact, the ratio would be 1.10.
(3)	We would have needed to generate an additional $77,553 to achieve a coverage of one to one 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 this impact, the ratio would be 1.07.
(4)	We would have needed to generate an additional $23,832 to achieve a coverage of one to one 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 this impact, the ratio would be 1.07.
(5)	Earnings include a $1,447 impact related to impairment associated with land development activities. Excluding this impact, the ratio would be 1.19.
(6)	Earnings include a $97,452 impact related to gain on sale of properties, including land. Excluding this impact, the ratio would be 1.07.

INTEREST COVERAGE RATIO
Total revenues	$	508,124		$	638,741		$	637,453		$	592,868		$	602,431		$	588,767
Total expenses		(472,265	)		(617,510	)		(615,208	)		(562,546	)		(549,588	)		(550,323	)
Income from discontinued operations		—			3,481			5,101			8,441			16,794			17,513
Add: Depreciation and amortization		141,872			176,951			175,247			171,446			157,629			149,548
Add: Depreciation of discontinued operations		—			2,711			3,360			6,088			10,284			14,125
Add: Interest expense		85,472			125,893			128,296			132,399			115,753			117,348
Add: Interest expense of discontinued operations		—			—			—			466			998			996
Total	$	263,203		$	330,267		$	334,249		$	349,162		$	354,301		$	337,974
Total interest expense	$	85,472		$	125,893		$	128,296		$	132,865		$	116,751		$	118,344
INTEREST COVERAGE RATIO		3.1			2.6			2.6			2.6			3.0			2.9