Attached files
| file | filename |
|---|---|
| EX-31.2 - EXHIBIT 31.2 - CAMDEN PROPERTY TRUST | cpt12312015ex312.htm |
| EX-32.1 - EXHIBIT 32.1 - CAMDEN PROPERTY TRUST | cpt12312015ex321.htm |
| EX-31.1 - EXHIBIT 31.1 - CAMDEN PROPERTY TRUST | cpt12312015ex311.htm |
| EX-23.1 - EXHIBIT 23.1 - CAMDEN PROPERTY TRUST | cpt12312015-ex231.htm |
| EX-24.1 - EXHIBIT 24.1 - CAMDEN PROPERTY TRUST | cpt12312015-ex241.htm |
| EX-21.1 - EXHIBIT 21.1 - CAMDEN PROPERTY TRUST | cpt12312015-ex211.htm |
| 10-K - 10-K - CAMDEN PROPERTY TRUST | cpt12312015-10k.htm |
EXHIBIT 12.1
CAMDEN PROPERTY TRUST
STATEMENT REGARDING COMPUTATION OF RATIOS
FOR THE FIVE YEARS ENDED DECEMBER 31
(in thousands, except for ratio amounts) | 2015 (1) | 2014 (2) | 2013 (3) | 2012 (4) | 2011 (5) | |||||||||||||||
EARNINGS BEFORE FIXED CHARGES: | ||||||||||||||||||||
Income from continuing operations before income taxes | $ | 260,134 | $ | 303,217 | $ | 157,442 | $ | 162,634 | $ | 19,729 | ||||||||||
Less: Equity in income of joint ventures | 6,168 | 7,023 | 24,865 | 20,175 | 5,679 | |||||||||||||||
253,966 | 296,194 | 132,577 | 142,459 | 14,050 | ||||||||||||||||
Add: Distributed income of joint ventures | 6,387 | 7,399 | 8,884 | 6,321 | 5,329 | |||||||||||||||
Less: Interest capitalized (6) | 19,271 | 22,185 | 15,698 | 12,649 | 8,950 | |||||||||||||||
Less: Preferred distribution of subsidiaries | — | — | — | 776 | 7,000 | |||||||||||||||
Total earnings before fixed charges | 241,082 | 281,408 | 125,763 | 135,355 | 3,429 | |||||||||||||||
FIXED CHARGES: | ||||||||||||||||||||
Interest expense (6) | 97,312 | 94,906 | 99,784 | 105,870 | 114,394 | |||||||||||||||
Interest capitalized (6) | 19,271 | 22,185 | 15,698 | 12,649 | 8,950 | |||||||||||||||
Accretion of discount | 1,080 | 1,035 | 1,051 | 816 | 650 | |||||||||||||||
Interest portion of rental expense | 202 | 179 | 167 | 156 | 167 | |||||||||||||||
Preferred distribution of subsidiaries | — | — | — | 776 | 7,000 | |||||||||||||||
Total fixed charges | 117,865 | 118,305 | 116,700 | 120,267 | 131,161 | |||||||||||||||
Total earnings and fixed charges | $ | 358,947 | $ | 399,713 | $ | 242,463 | $ | 255,622 | $ | 134,590 | ||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 3.05 | 3.38 | 2.08 | 2.13 | 1.03 | |||||||||||||||
(1) | Earnings include a $104,288 impact related to a gain on sale of operating properties, including land. Excluding this impact, the ratio would be 2.16. |
(2) | Earnings include a $159,289 impact related to a gain on sale of operating properties, including land, a $10,000 impact related to incentive compensation expense as a result of joint venture restructuring, and a $1,152 impact related to an impairment charge associated with land holdings. Excluding these impacts, the ratio would be 2.13. |
(3) | Earnings include a $1,000 impact related to non-recurring fee income and a $698 impact related to gain on sale of land. Excluding these impacts, the ratio would be 2.06. |
(4) | 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 1.65. |
(5) | 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. |
(6) | All periods presented have been changed to reflect our adoption of Accounting Standards Update 2015-03 (“ASU 2015-03”), “Simplifying the Presentation of Debt Issuance Costs” (as supplemented by Accounting Standards Update 2015-15 [“ASU 2015-15”], “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements”) at December 31, 2015, which required retrospective application. |
(in thousands, except for ratio amounts) | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
INTEREST COVERAGE RATIO | ||||||||||||||||||||
Total revenues | $ | 900,260 | $ | 858,589 | $ | 810,048 | $ | 714,725 | $ | 620,796 | ||||||||||
Total expenses | (750,582 | ) | (720,532 | ) | (678,169 | ) | (629,684 | ) | (582,839 | ) | ||||||||||
Income from discontinued operations | — | — | 8,515 | 17,406 | 17,831 | |||||||||||||||
Add: Depreciation and amortization | 257,082 | 237,346 | 216,288 | 196,657 | 169,383 | |||||||||||||||
Add: Depreciation of discontinued operations | — | — | 5,255 | 15,199 | 16,679 | |||||||||||||||
Add: Interest expense (1) | 97,312 | 94,906 | 99,784 | 105,870 | 114,394 | |||||||||||||||
Add: Interest expense of discontinued operations | — | — | — | 36 | — | |||||||||||||||
Total | $ | 504,072 | $ | 470,309 | $ | 461,721 | $ | 420,209 | $ | 356,244 | ||||||||||
Total interest expense (1) | $ | 97,312 | $ | 94,906 | $ | 99,784 | $ | 105,906 | $ | 114,394 | ||||||||||
INTEREST COVERAGE RATIO | 5.2 | 5.0 | 4.6 | 4.0 | 3.1 | |||||||||||||||
(1) | All periods presented have been changed to reflect our adoption of ASU 2015-03 (as supplemented by ASU 2015-15) at December 31, 2015, which required retrospective application. |