Attached files
| file | filename |
|---|---|
| EX-32.1 - EXHIBIT 32.1 - CAMDEN PROPERTY TRUST | cpt12312016ex321.htm |
| EX-31.2 - EXHIBIT 31.2 - CAMDEN PROPERTY TRUST | cpt12312016ex312.htm |
| EX-31.1 - EXHIBIT 31.1 - CAMDEN PROPERTY TRUST | cpt12312016ex311.htm |
| EX-24.1 - EXHIBIT 24.1 - CAMDEN PROPERTY TRUST | cpt12312016-ex241.htm |
| EX-23.1 - EXHIBIT 23.1 - CAMDEN PROPERTY TRUST | cpt12312016-ex231.htm |
| EX-21.1 - EXHIBIT 21.1 - CAMDEN PROPERTY TRUST | cpt12312016-ex211.htm |
| 10-K - 10-K - CAMDEN PROPERTY TRUST | cpt12312016-10k.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) | 2016 (1) | 2015 (2) | 2014 (3) | 2013 (4) | 2012 (5) | |||||||||||||||
EARNINGS BEFORE FIXED CHARGES: | ||||||||||||||||||||
Income from continuing operations before income taxes | $ | 457,001 | $ | 240,384 | $ | 285,020 | $ | 140,195 | $ | 148,654 | ||||||||||
Less: Equity in income of joint ventures | 7,125 | 6,168 | 7,023 | 24,865 | 20,175 | |||||||||||||||
449,876 | 234,216 | 277,997 | 115,330 | 128,479 | ||||||||||||||||
Add: Distributed income of joint ventures | 7,057 | 6,387 | 7,399 | 8,884 | 6,321 | |||||||||||||||
Less: Interest capitalized | 18,184 | 19,271 | 22,185 | 15,698 | 12,649 | |||||||||||||||
Less: Preferred distribution of subsidiaries | — | — | — | — | 776 | |||||||||||||||
Total earnings before fixed charges | 438,749 | 221,332 | 263,211 | 108,516 | 121,375 | |||||||||||||||
FIXED CHARGES: | ||||||||||||||||||||
Interest expense | 93,145 | 97,312 | 94,906 | 99,784 | 105,801 | |||||||||||||||
Interest capitalized | 18,184 | 19,271 | 22,185 | 15,698 | 12,649 | |||||||||||||||
Accretion of discount | 1,032 | 1,080 | 1,035 | 1,051 | 816 | |||||||||||||||
Interest portion of rental expense | 244 | 202 | 179 | 167 | 156 | |||||||||||||||
Preferred distribution of subsidiaries | — | — | — | — | 776 | |||||||||||||||
Total fixed charges | 112,605 | 117,865 | 118,305 | 116,700 | 120,198 | |||||||||||||||
Total earnings and fixed charges | $ | 551,354 | $ | 339,197 | $ | 381,516 | $ | 225,216 | $ | 241,573 | ||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 4.90 | 2.88 | 3.22 | 1.93 | 2.01 | |||||||||||||||
(1) | Earnings include a $295,397 impact related to a gain on sale of operating properties, including land. Excluding this impact, the ratio would be 2.27. |
(2) | Earnings include a $104,288 impact related to a gain on sale of operating properties, including land. Excluding this impact, the ratio would be 1.99. |
(3) | 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 1.97. |
(4) | 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 1.92. |
(5) | 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 1.53. |
(in thousands, except for ratio amounts) | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
INTEREST COVERAGE RATIO | ||||||||||||||||||||
Total revenues | $ | 891,024 | $ | 842,950 | $ | 804,874 | $ | 758,230 | $ | 664,448 | ||||||||||
Total expenses | (736,545 | ) | (713,022 | ) | (685,014 | ) | (643,598 | ) | (593,387 | ) | ||||||||||
Income from discontinued operations | 7,605 | 19,750 | 18,197 | 25,762 | 31,386 | |||||||||||||||
Add: Depreciation and amortization | 250,146 | 240,944 | 222,055 | 201,428 | 180,074 | |||||||||||||||
Add: Depreciation of discontinued operations | 4,327 | 16,138 | 15,291 | 20,115 | 31,782 | |||||||||||||||
Add: Interest expense | 93,145 | 97,312 | 94,906 | 99,784 | 105,801 | |||||||||||||||
Add: Interest expense of discontinued operations | — | — | — | — | 105 | |||||||||||||||
Total | $ | 509,702 | $ | 504,072 | $ | 470,309 | $ | 461,721 | $ | 420,209 | ||||||||||
Total interest expense | $ | 93,145 | $ | 97,312 | $ | 94,906 | $ | 99,784 | $ | 105,906 | ||||||||||
INTEREST COVERAGE RATIO | 5.5 | 5.2 | 5.0 | 4.6 | 4.0 | |||||||||||||||