EXHIBIT 12.1

CAMDEN PROPERTY TRUST
STATEMENT REGARDING COMPUTATION OF RATIOS
FOR THE FIVE YEARS ENDED DECEMBER 31, 2007

(in thousands, except for ratio amounts)	2007			2006 (4)			2005 (3)			2004 (2)			2003 (1)
EARNINGS BEFORE FIXED CHARGES:
Income from continuing operations	$	47,078		$	125,016		$	151,526		$	22,767		$	18.329
Add: Income allocated to minority interests		11,729			22,685			9,124			13,519			14,544
Less: Equity in income of joint ventures		(1,526	)		(5,156	)		(10,049	)		(356	)		(3,200	)
		57,281			142,545			150,601			35,930			29,673
Distributed income of joint ventures		5,406			—			—			1,390			1,107
Less: Interest capitalized		(22,622	)		(20,627	)		(17,513	)		(9,332	)		(15,068	)
Less: Preferred distribution of subsidiaries		(7,000	)		(7,000	)		(7,028	)		(10,461	)		(12,747	)
Total earnings before fixed charges		33,065			114,918			126,060			17,527			2,965
FIXED CHARGES:
Interest expense		116,281			117,862			111,052			77,755			73,524
Interest capitalized		22,622			20,627			17,513			9,332			15,068
Accretion of discount		590			694			687			609			684
Amortization of deferred financing charges		3,689			3,807			3,739			2,697			2,633
Interest portion of rental expense		912			864			823			668			610
Preferred distribution of subsidiaries		7,000			7,000			7,028			10,461			12,747
Total fixed charges		151,094			150,854			140,842			101,522			105,266
Total earnings and fixed charges	$	184,159		$	265,772		$	266,902		$	119,049		$	108,231
RATIO OF EARNINGS TO FIXED CHARGES		1.22			1.76			1.90			1.17			1.03

(1)	Earnings include a $2,590 impact related to gain on sales of properties. Excluding this impact, the ratio would be 1.00.
(2)	Earnings include a $1,642 impact related to gain on sales of properties. Excluding this impact, the ratio would be 1.16.
(3)	Earnings include a $132,914 impact related to gain on sales of properties. Excluding this impact, the ratio would be 0.95.
(4)	Earnings include a $97,452 impact related to gain on sales of properties. Excluding this impact, the ratio would be 1.12.

INTEREST COVERAGE RATIO
Total revenues	$	634,082		$	616,106		$	554,973		$	393,145		$	360,275
Total expenses		(572,302	)		(571,013	)		(536,947	)		(358,857	)		(333,192	)
Income from discontinued operations		7,857			10,864			12,341			12,313			11,541
Add: Depreciation and amortization		165,878			157,416			163,580			92,405			90,548
Add: Depreciation of discontinued operations		2,033			6,257			11,413			16,475			17,527
Add: Interest expense		116,281			117,862			111,052			77,755			73,524
Add: Interest expense of discontinued operations		472			482			496			1,459			1,890
Total	$	354,301		$	337,974		$	316,908		$	234,695		$	222,113
Total interest expense	$	116,753		$	118,344		$	111,548		$	79,214		$	75,414
INTEREST COVERAGE RATIO		3.0			2.9			2.8			3.0			2.9