Exhibit 12.1

CAMDEN PROPERTY TRUST

STATEMENT REGARDING COMPUTATION OF RATIOS

(in thousands, except for ratio amounts)	Six months		Year ended December 31,
	ended June 30,
	2014 (1)		2013 (2)		2012 (3)		2011 (4)		2010 (5)		2009 (6)
EARNINGS BEFORE FIXED CHARGES:
Income from continuing operations before income taxes	$	78,232	$	157,442	$	162,634	$	19,729	$	3,754	$	(83,517)
Less: Equity in income (loss) of joint ventures		5,026		24,865		20,175		5,679		(839)		695
		73,206		132,577		142,459		14,050		4,593		(84,212)
Add: Distributed income of joint ventures		5,161		8,884		6,321		5,329		6,524		5,664
Less: Interest capitalized		10,324		15,439		12,457		8,764		5,687		10,298
Less: Preferred distribution of subsidiaries		-		-		776		7,000		7,000		7,000
Total earnings before fixed charges		68,043		126,022		135,547		3,615		(1,570)		(95,846)
FIXED CHARGES
Interest expense		45,879		98,129		104,246		112,414		125,893		128,296
Interest capitalized		10,324		15,439		12,457		8,764		5,687		10,298
Accretion of discount		488		1,051		816		650		514		628
Loan amortization		1,657		3,548		3,608		5,877		4,102		3,925
Interest portion of rental expense		87		167		156		167		174		940
Preferred distribution of subsidiaries		-		-		776		7,000		7,000		7,000
Total fixed charges		58,435		118,334		122,059		134,872		143,370		151,087
Total earnings and fixed charges	$	126,478	$	244,356	$	257,606	$	138,487	$	141,800	$	55,241
RATIO OF EARNINGS TO FIXED CHARGES		2.16		2.06		2.11		1.03		0.99		0.37

(1) Earnings include a $1,801 impact related to gain on sale of land, and a $1,152 impact related to an impairment associated with land holdings. Excluding those impacts, the ratio would be 2.15.

(2) Earnings include a $1,000 impact related to non-recurring fee income, and a $698 impact related to gain on sale of land. Excluding those impacts, the ratio would be 2.05.

(3) 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 1.64.

(4) 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 1.18.

(5) We would have needed to generate an additional $1,570 to achieve a coverage of 1.0 in 2010. Earnings include a $1,000 impact related to an impairment provision on a 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 0.99.

(6) We would have needed to generate an additional $95,846 to achieve a coverage of 1.0 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 0.95.

(in thousands, except for ratio amounts)	Six months		Year ended December 31,
	ended June 30,
	2014 (1)		2013 (2)		2012 (3)		2011 (4)		2010 (5)		2009 (6)
INTEREST COVERAGE RATIO
Total revenues	$	422,622	$	810,048	$	714,725	$	620,796	$	576,093	$	572,490
Total expenses		(350,065)		(678,169)		(629,684)		(582,839)		(570,736)		(568,538)
Income from discontinued operations		-		8,515		17,406		17,831		19,355		23,394
Add:   Depreciation and amortization		117,006		217,943		198,281		171,363		160,368		158,643
Add:   Depreciation and amortization of            discontinued operations		-		5,255		15,199		16,679		19,294		19,964
Add:   Interest expense		45,879		98,129		104,246		112,414		125,893		128,296
Add:   Interest expense of discontinued            operations		-		-		36		-		-		-
Total	$	235,442	$	461,721	$	420,209	$	356,244	$	330,267	$	334,249
Total interest expense	$	45,879	$	98,129	$	104,282	$	112,414	$	125,893	$	128,296
INTEREST COVERAGE RATIO		5.1		4.7		4.0		3.2		2.6		2.6