EXHIBIT 12.1

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

(in thousands, except for ratio amounts)

	2008(1)			2007(2)			2006(3)			2005(4)			2004(5)
EARNINGS BEFORE FIXED CHARGES:
Income (loss) from continuing operations before income taxes	$	(12,862	)	$	44,773		$	119,953		$	147,022		$	18,815
Less: Income allocated to minority interests		(11,052	)		(11,729	)		(22,685	)		(9,124	)		(13,519	)
Less: Equity in income (loss) of joint ventures		(1,265	)		1,526			5,156			10,049			356
		(545	)		54,976			137,482			146,097			31,978
Add: Distributed income of joint ventures		5,392			5,406			—			—			1,390
Less: Interest capitalized		17,718			22,622			20,627			17,513			9,332
Less: Preferred distribution of subsidiaries		7,000			7,000			7,000			7,028			10,461
Total earnings before fixed charges		(19,871	)		30,760			109,855			121,556			13,575
FIXED CHARGES:
Interest expense		132,399			115,753			117,348			110,672			76,801
Interest capitalized		17,718			22,622			20,627			17,513			9,332
Accretion of discount		571			590			694			687			609
Loan amortization		2,958			3,661			3,782			3,712			2,681
Interest portion of rental expense		928			912			864			823			668
Preferred distribution of subsidiaries		7,000			7,000			7,000			7,028			10,461
Total fixed charges		161,574			150,538			150,315			140,435			100,552
Total earnings and fixed charges	$	141,703		$	181,298		$	260,170		$	261,991		$	114,127
RATIO OF EARNINGS TO FIXED CHARGES		0.88			1.20			1.73			1.87			1.14

(1)	Earnings include a $51,323 impact related to impairment loss on land, 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 1.09.
(2)	Earnings include a $1,447 impact related to impairment loss on land. Excluding this impact, the ratio would be 1.21.
(3)	Earnings include a $97,452 impact related to gain on sale of properties, including land. Excluding this impact, the ratio would be 1.08.
(4)	Earnings include a $132,914 impact related to gain on sale of properties, including land. Excluding this impact, the ratio would be 0.92.
(5)	Earnings include a $1,642 impact related to gain on sale of properties, including land. Excluding this impact, the ratio would be 1.12.

INTEREST COVERAGE RATIO
Total revenues	$	604,476		$	613,321		$	596,559		$	536,608		$	375,058
Total expenses		(570,193	)		(556,898	)		(556,529	)		(523,086	)		(344,722	)
Income from discontinued operations		4,480			13,214			15,927			16,845			16,265
Add: Depreciation and amortization		174,772			160,958			152,988			159,325			88,145
Add: Depreciation of discontinued operations		2,762			6,953			10,685			15,668			20,735
Add: Interest expense		132,399			115,753			117,348			110,672			76,801
Add: Interest expense of discontinued operations		466			1,000			996			876			2,413
Total	$	349,162		$	354,301		$	337,974		$	316,908		$	234,695
Total interest expense	$	132,865		$	116,753		$	118,344		$	111,548		$	79,214
INTEREST COVERAGE RATIO		2.6			3.0			2.9			2.8			3.0