CAMDEN PROPERTY TRUST
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:Income (loss) from continuing operations before income taxes
    
    $
    (61,464
    )
    
    $
    (2,177
    )
    
    $
    56,158
    
    
    $
    141,923
    
    
    $
    155,850Less: Equity in income (loss) of joint ventures
    
    
    695
    
    
    
    (1,265
    )
    
    
    1,526
    
    
    
    5,156
    
    
    
    10,049(62,159
    )
    
    
    (912
    )
    
    
    54,632
    
    
    
    136,767
    
    
    
    145,801Add: Distributed income of joint ventures
    
    
    5,664
    
    
    
    5,392
    
    
    
    5,406
    
    
    
    
    
    
    
    Less: Interest capitalized
    
    
    10,298
    
    
    
    17,718
    
    
    
    22,622
    
    
    
    20,627
    
    
    
    17,513Less: Preferred distribution of subsidiaries
    
    
    7,000
    
    
    
    7,000
    
    
    
    7,000
    
    
    
    7,000
    
    
    
    7,028Total earnings before fixed charges
    
    
    (73,793
    )
    
    
    (20,238
    )
    
    
    30,416
    
    
    
    109,140
    
    
    
    121,260FIXED CHARGES:Interest expense
    
    
    128,296
    
    
    
    132,399
    
    
    
    115,753
    
    
    
    117,348
    
    
    
    110,672Interest capitalized
    
    
    10,298
    
    
    
    17,718
    
    
    
    22,622
    
    
    
    20,627
    
    
    
    17,513Accretion of discount
    
    
    628
    
    
    
    571
    
    
    
    590
    
    
    
    694
    
    
    
    687Loan amortization
    
    
    3,925
    
    
    
    2,958
    
    
    
    3,661
    
    
    
    3,782
    
    
    
    3,712Interest portion of rental expense
    
    
    940
    
    
    
    928
    
    
    
    912
    
    
    
    864
    
    
    
    823Preferred distribution of subsidiaries
    
    
    7,000
    
    
    
    7,000
    
    
    
    7,000
    
    
    
    7,000
    
    
    
    7,028Total fixed charges
    
    
    151,087
    
    
    
    161,574
    
    
    
    150,538
    
    
    
    150,315
    
    
    
    140,435Total earnings and fixed charges
    
    $
    77,294
    
    
    $
    141,336
    
    
    $
    180,954
    
    
    $
    259,455
    
    
    $
    261,695RATIO 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 RATIOTotal revenues
    
    $
    649,369
    
    
    $
    604,476
    
    
    $
    613,321
    
    
    $
    596,559
    
    
    $
    536,608Total expenses
    
    
    (623,364
    )
    
    
    (570,560
    )
    
    
    (557,242
    )
    
    
    (557,244
    )
    
    
    (523,382
    )Income from discontinued operations
    
    
    1,341
    
    
    
    4,847
    
    
    
    13,558
    
    
    
    16,642
    
    
    
    17,141Add: Depreciation and amortization
    
    
    178,607
    
    
    
    174,772
    
    
    
    160,958
    
    
    
    152,988
    
    
    
    159,325Add: Depreciation of discontinued operations
    
    
    
    
    
    
    2,762
    
    
    
    6,955
    
    
    
    10,685
    
    
    
    15,668Add: Interest expense
    
    
    128,296
    
    
    
    132,399
    
    
    
    115,753
    
    
    
    117,348
    
    
    
    110,672Add: Interest expense of discontinued operations
    
    
    
    
    
    
    466
    
    
    
    998
    
    
    
    996
    
    
    
    876Total
    
    $
    334,249
    
    
    $
    349,162
    
    
    $
    354,301
    
    
    $
    337,974
    
    
    $
    316,908Total interest expense
    
    $
    128,296
    
    
    $
    132,865
    
    
    $
    116,751
    
    
    $
    118,344
    
    
    $
    111,548INTEREST COVERAGE RATIO
    
    
    2.6
    
    
    
    2.6
    
    
    
    3.0
    
    
    
    2.9
    
    
    
    2.8