Attached files
| file | filename |
|---|---|
| 10-K - FORM 10-K - CAMDEN PROPERTY TRUST | c96600e10vk.htm |
| EX-24.1 - EXHIBIT 24.1 - CAMDEN PROPERTY TRUST | c96600exv24w1.htm |
| EX-32.1 - EXHIBIT 32.1 - CAMDEN PROPERTY TRUST | c96600exv32w1.htm |
| EX-31.1 - EXHIBIT 31.1 - CAMDEN PROPERTY TRUST | c96600exv31w1.htm |
| EX-21.1 - EXHIBIT 21.1 - CAMDEN PROPERTY TRUST | c96600exv21w1.htm |
| EX-23.1 - EXHIBIT 23.1 - CAMDEN PROPERTY TRUST | c96600exv23w1.htm |
| EX-31.2 - EXHIBIT 31.2 - CAMDEN PROPERTY TRUST | c96600exv31w2.htm |
EXHIBIT 12.1
CAMDEN PROPERTY TRUST
STATEMENT REGARDING COMPUTATION OF RATIOS
FOR THE FIVE YEARS ENDED DECEMBER 31
STATEMENT REGARDING COMPUTATION OF RATIOS
FOR THE FIVE YEARS ENDED DECEMBER 31
| (in thousands, except for ratio amounts) | 2009(1) | 2008(2) | 2007(3) | 2006(4) | 2005(5) | |||||||||||||||
EARNINGS BEFORE FIXED CHARGES: |
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Income (loss) from continuing operations before income taxes |
$ | (61,464 | ) | $ | (2,177 | ) | $ | 56,158 | $ | 141,923 | $ | 155,850 | ||||||||
Less: Equity in income (loss) of joint ventures |
695 | (1,265 | ) | 1,526 | 5,156 | 10,049 | ||||||||||||||
| (62,159 | ) | (912 | ) | 54,632 | 136,767 | 145,801 | ||||||||||||||
Add: Distributed income of joint ventures |
5,664 | 5,392 | 5,406 | — | — | |||||||||||||||
Less: Interest capitalized |
10,298 | 17,718 | 22,622 | 20,627 | 17,513 | |||||||||||||||
Less: Preferred distribution of subsidiaries |
7,000 | 7,000 | 7,000 | 7,000 | 7,028 | |||||||||||||||
Total earnings before fixed charges |
(73,793 | ) | (20,238 | ) | 30,416 | 109,140 | 121,260 | |||||||||||||
FIXED CHARGES: |
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Interest expense |
128,296 | 132,399 | 115,753 | 117,348 | 110,672 | |||||||||||||||
Interest capitalized |
10,298 | 17,718 | 22,622 | 20,627 | 17,513 | |||||||||||||||
Accretion of discount |
628 | 571 | 590 | 694 | 687 | |||||||||||||||
Loan amortization |
3,925 | 2,958 | 3,661 | 3,782 | 3,712 | |||||||||||||||
Interest portion of rental expense |
940 | 928 | 912 | 864 | 823 | |||||||||||||||
Preferred distribution of subsidiaries |
7,000 | 7,000 | 7,000 | 7,000 | 7,028 | |||||||||||||||
Total fixed charges |
151,087 | 161,574 | 150,538 | 150,315 | 140,435 | |||||||||||||||
Total earnings and fixed charges |
$ | 77,294 | $ | 141,336 | $ | 180,954 | $ | 259,455 | $ | 261,695 | ||||||||||
RATIO OF EARNINGS TO FIXED CHARGES |
0.51 | 0.87 | 1.20 | 1.73 | 1.86 | |||||||||||||||
| (1) | We would have needed to generate $73,793 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 this impact, the ratio would be 1.10. |
|
| (2) | We would have needed to generate $20,238 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 this impact, the ratio would be 1.09. |
|
| (3) | Earnings include a $1,447 impact related to impairment associated with land development activities. Excluding this impact, the ratio would be 1.21. |
|
| (4) | Earnings include a $97,452 impact related to gain on sale of properties, including land. Excluding this impact, the ratio would be 1.08. |
|
| (5) | Earnings include a $132,914 impact related to gain on sale of properties, including land. Excluding this impact, the ratio would be 0.92. |
INTEREST COVERAGE RATIO |
||||||||||||||||||||
Total revenues |
$ | 649,369 | $ | 604,476 | $ | 613,321 | $ | 596,559 | $ | 536,608 | ||||||||||
Total expenses |
(623,364 | ) | (570,560 | ) | (557,242 | ) | (557,244 | ) | (523,382 | ) | ||||||||||
Income from discontinued operations |
1,341 | 4,847 | 13,558 | 16,642 | 17,141 | |||||||||||||||
Add: Depreciation and amortization |
178,607 | 174,772 | 160,958 | 152,988 | 159,325 | |||||||||||||||
Add: Depreciation of discontinued operations |
— | 2,762 | 6,955 | 10,685 | 15,668 | |||||||||||||||
Add: Interest expense |
128,296 | 132,399 | 115,753 | 117,348 | 110,672 | |||||||||||||||
Add: Interest expense of discontinued operations |
— | 466 | 998 | 996 | 876 | |||||||||||||||
Total |
$ | 334,249 | $ | 349,162 | $ | 354,301 | $ | 337,974 | $ | 316,908 | ||||||||||
Total interest expense |
$ | 128,296 | $ | 132,865 | $ | 116,751 | $ | 118,344 | $ | 111,548 | ||||||||||
INTEREST COVERAGE RATIO |
2.6 | 2.6 | 3.0 | 2.9 | 2.8 | |||||||||||||||