Exhibit 12.1
 
Corporate Office Properties Trust
 
Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends
 
(Dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
Years Ended December 31,
 
2012
 
2011
 
2010
 
2009
 
2008
Earnings:
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before equity in (loss) income of unconsolidated entities and income taxes
$
7,570

 
$
(88,283
)
 
$
24,353

 
$
46,126

 
$
44,919

Gain on sales of real estate, excluding discontinued operations
21

 
2,732

 
2,840

 
—

 
1,682

Combined fixed charges and preferred share dividends (from below)
133,345

 
139,159

 
135,836

 
115,014

 
122,395

Amortization of capitalized interest
1,798

 
1,610

 
1,363

 
1,105

 
890

Distributed loss of equity investees
—

 
(31
)
 
—

 
—

 
(203
)
Subtract:
 
 
 
 
 
 
 
 
 
Capitalized interest (from below)
(13,903
)
 
(17,400
)
 
(16,524
)
 
(15,461
)
 
(18,312
)
Preferred share dividends included in fixed charges
(20,844
)
 
(16,102
)
 
(16,102
)
 
(16,102
)
 
(16,102
)
Preferred unit distributions included in fixed charges
(676
)
 
(660
)
 
(660
)
 
(660
)
 
(660
)
Total earnings
$
107,311

 
$
21,025

 
$
131,106

 
$
130,022

 
$
134,609

 
 
 
 
 
 
 
 
 
 
Combined Fixed Charges and Preferred Share Dividends:
 
 
 
 
 
 
 
 
 
Combined fixed charges and preferred share dividends:
 
 
 
 
 
 
 
 
 
Interest expense on continuing operations
$
94,624

 
$
98,222

 
$
95,729

 
$
76,718

 
$
79,542

Interest expense on discontinued operations
2,174

 
6,079

 
6,399

 
5,702

 
7,379

Capitalized interest (internal and external)
13,903

 
17,400

 
16,524

 
15,461

 
18,312

Amortization of debt issuance costs-capitalized
649

 
183

 
19

 
30

 
32

Interest included in rental expense
475

 
513

 
403

 
341

 
368

Preferred share dividends
20,844

 
16,102

 
16,102

 
16,102

 
16,102

Preferred unit distributions
676

 
660

 
660

 
660

 
660

Total combined fixed charges and preferred share dividends
$
133,345

 
$
139,159

 
$
135,836


$
115,014


$
122,395

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred share dividends
0.80

 
0.15

 
0.97

 
1.13

 
1.10

 
 
 
 
 
 
 
 
 
 
Deficiency
$
26,034

 
$
118,134

 
$
4,730