EX-12.1 6 d03095exv12w1.txt STATEMENT REGARDING COMPUTATION OF RATIOS EXHIBIT 12.1 CAMDEN PROPERTY TRUST STATEMENT REGARDING COMPUTATION OF RATIOS (IN THOUSANDS, EXCEPT FOR RATIO AMOUNTS)
NINE MONTHS ENDED YEAR ENDED DECEMBER 31, SEPTEMBER ---------------------------------------------------------------- 30, 2001 (4) 2000 (3) 1999 (2) 1998 1997 (1) 2002 --------- --------- --------- --------- -------- ----------- EARNINGS BEFORE FIXED CHARGES: Income before extraordinary charge $ 61,680 $ 74,424 $ 61,623 $ 57,333 $ 38,835 $ 36,568 Add: income allocated to minority interests 15,999 15,306 10,290 1,322 1,655 10,861 Less: equity in income of joint ventures (8,527) (765) (683) (1,312) (1,141) (388) --------- --------- --------- --------- -------- --------- 69,152 88,965 71,232 57,343 38,952 47,041 Distributed income of joint ventures 15,076 2,122 2,505 2,350 1,939 1,297 Less: interest capitalized (10,920) (15,303) (16,396) (9,929) (3,338) (7,882) Less: preferred distribution of subsidiaries (12,872) (12,845) (8,278) (9,654) --------- --------- --------- --------- -------- --------- Total earnings before fixed charges 60,436 62,939 49,063 49,764 37,553 30,802 --------- --------- --------- --------- -------- --------- FIXED CHARGES: Interest expense 69,841 69,036 57,856 50,467 28,537 52,662 Interest capitalized 10,920 15,303 16,396 9,929 3,338 7,882 Accretion of discount 421 403 320 169 142 375 Loan amortization 1,591 1,340 1,100 785 864 1,530 Interest portion of rental expense 569 478 517 300 235 425 Preferred distribution of subsidiaries 12,872 12,845 8,278 9,654 --------- --------- --------- --------- -------- --------- Total fixed charges 96,214 99,405 84,467 61,650 33,116 72,528 --------- --------- --------- --------- -------- --------- Total earnings and fixed charges $ 156,650 $ 162,344 $ 133,530 $ 111,414 $ 70,669 $ 103,330 ========= ========= ========= ========= ======== ========= RATIO OF EARNINGS TO FIXED CHARGES 1.63x 1.63x 1.58x 1.81x 2.13x 1.42x RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SHARE DIVIDENDS: Total fixed charges $ 96,214 $ 99,405 $ 84,467 $ 61,650 $ 33,116 $ 72,528 Preferred share dividends 2,545 9,371 9,371 9,371 -- -- --------- --------- --------- --------- -------- --------- Total combined fixed charges and preferred share dividends 98,759 108,776 93,838 71,021 33,116 72,528 Total earnings and combined fixed charges and preferred share dividends $ 159,195 $ 171,715 $ 142,901 $ 120,785 $ 70,669 $ 103,330 ========= ========= ========= ========= ======== ========= RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SHARE DIVIDENDS 1.61x 1.58x 1.52x 1.70x 2.13x 1.42x
(1) Earnings include a $10,170 impact related to gain on sales of properties. Excluding this impact, such ratios would be 1.83x. (2) Earnings include a $2,979 impact related to gain on sales of properties. Excluding this impact, such ratios would be 1.55x and 1.49x. (3) Earnings include a $18,323 impact related to gain on sales of properties. Excluding this impact, such ratios would be 1.45x and 1.41x. (4) Earnings include a $2,372 impact related to gain on sales of properties. Excluding this impact, such ratios would be 1.60x and 1.59x.
NINE MONTHS ENDED YEAR ENDED DECEMBER 31, SEPTEMBER ----------------------------------------------------------------- 30, 2001 2000 1999 1998 1997 2002 --------- --------- --------- --------- --------- ----------- INTEREST COVERAGE RATIO Total revenues $ 428,215 $ 403,539 $ 371,296 $ 323,839 $ 199,789 $ 313,628 Total expenses (352,908) (332,132) (302,360) (265,184) (169,469) (266,874) Add: Depreciation and amortization 101,660 96,966 89,516 78,113 44,836 78,376 Add: Interest expense 69,841 69,036 57,856 50,467 28,537 52,662 --------- --------- --------- --------- --------- --------- $ 246,808 $ 237,409 $ 216,308 $ 187,235 $ 103,693 $ 177,792 --------- --------- --------- --------- --------- --------- Interest expense $ 69,841 $ 69,036 $ 57,856 $ 50,467 $ 28,537 $ 52,662 --------- --------- --------- --------- --------- --------- INTEREST COVERAGE RATIO 3.5x 3.4x 3.7x 3.7x 3.6x 3.4x ========= ========= ========= ========= ========= =========