EXHIBIT 12.1

CAMDEN PROPERTY TRUST

STATEMENT REGARDING COMPUTATION OF RATIOS

FOR THE FIVE YEARS ENDED DECEMBER 31

		September 30,		September 30,			September 30,			September 30,			September 30,
(in thousands, except for ratio amounts)	2011 (1)		2010 (2)			2009 (3)			2008 (4)			2007 (5)
EARNINGS BEFORE FIXED CHARGES:
Income (loss) from continuing operations before income taxes	$	35,348	$	17,749		$	(67,637	)	$	(8,445	)	$	50,261
Less: Equity in income (loss) of joint ventures		5,679		(839	)		695			(1,265	)		1,526
		29,669		18,588			(68,332	)`		(7,180	)		48,735
Add: Distributed income of joint ventures		5,329		6,524			5,664			5,392			5,406
Less: Interest capitalized		8,764		5,687			10,298			17,718			22,622
Less: Preferred distribution of subsidiaries		7,000		7,000			7,000			7,000			7,000
Total earnings before fixed charges		19,234		12,425			(79,966	)		(26,506	)		24,519
FIXED CHARGES:
Interest expense		112,414		125,893			128,296			132,399			115,753
Interest capitalized		8,764		5,687			10,298			17,718			22,622
Accretion of discount		650		514			628			571			590
Loan amortization		5,877		4,102			3,925			2,958			3,661
Interest portion of rental expense		167		174			940			928			912
Preferred distribution of subsidiaries		7,000		7,000			7,000			7,000			7,000
Total fixed charges		134,872		143,370			151,087			161,574			150,538
Total earnings and fixed charges	$	154,106	$	155,795		$	71,121		$	135,068		$	175,057
RATIO OF EARNINGS TO FIXED CHARGES		1.14		1.09			0.47			0.84			1.16

(1) Earnings include a $29,791 loss 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 $6,394 gain on sale of unconsolidated joint venture properties, 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 1.25.

(2) 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 1.09.

(3) We would have needed to generate an additional $79,966 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 these impacts, the ratio would be 1.05.

(4) We would have needed to generate an additional $26,506 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 these impacts, the ratio would be 1.05.

(5) Earnings include a $1,447 impact related to impairment associated with land development activities. Excluding this impact, the ratio would be 1.17.

		September 30,			September 30,			September 30,			September 30,			September 30,
INTEREST COVERAGE RATIO
Total revenues	$	677,263		$	629,787		$	628,091		$	583,392		$	593,062
Total expenses		(623,687	)		(610,435	)		(608,259	)		(555,744	)		(542,880	)
Income from discontinued operations		2,212			5,360			7,514			11,115			19,455
Add: Depreciation and amortization		185,744			174,464			172,770			168,963			155,248
Add: Depreciation of discontinued operations		2,298			5,198			5,837			8,571			12,665
Add: Interest expense		112,414			125,893			128,296			132,399			115,753
Add: Interest expense of discontinued operations		—			—			—			466			998
Total	$	356,244		$	330,267		$	334,249		$	349,162		$	354,301
Total interest expense	$	112,414		$	125,893		$	128,296		$	132,865		$	116,751
INTEREST COVERAGE RATIO		3.2			2.6			2.6			2.6			3.0