EXHIBIT 12.2
Corporate Office Properties, L.P.
Ratio of Earnings to Fixed Charges
(Dollars in thousands)


 
 
Years Ended December 31,
Earnings:
 
2013
 
2012
 
2011
 
2010
 
2009
Income (loss) from continuing operations before equity in income (loss) of unconsolidated entities and income taxes
 
$
36,704

 
$
8,894

 
$
(85,574
)
 
$
24,717

 
$
47,948

Gain on sales of real estate, excluding discontinued operations
 
9,016

 
21

 
2,732

 
2,840

 

Fixed charges (from below)
 
99,676

 
111,825

 
122,397

 
119,074

 
98,252

Amortization of capitalized interest
 
1,977

 
1,798

 
1,610

 
1,363

 
1,105

Distributed income (loss) of equity investees
 
1,857

 

 
(31
)
 

 

Subtract:
 
 
 
 
 
 
 
 
 
 
Capitalized interest (from below)
 
(8,785
)
 
(13,903
)
 
(17,400
)
 
(16,524
)
 
(15,461
)
Preferred distributions of other consolidated entities
 
(16
)
 

 

 

 

Total earnings
 
$
140,429

 
$
108,635

 
$
23,734

 
$
131,470

 
$
131,844

 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest expense on continuing operations
 
$
82,010

 
$
86,401

 
$
90,037

 
$
87,551

 
$
68,540

Interest expense on discontinued operations
 
8,221

 
10,397

 
14,264

 
14,577

 
13,880

Capitalized interest (internal and external)
 
8,785

 
13,903

 
17,400

 
16,524

 
15,461

Amortization of debt issuance costs-capitalized
 
144

 
649

 
183

 
19

 
30

Interest included in rental expense
 
500

 
475

 
513

 
403

 
341

Preferred distributions of other consolidated entities
 
16

 

 

 

 

Total fixed charges
 
$
99,676

 
$
111,825

 
$
122,397

 
$
119,074

 
$
98,252

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
1.41

 
0.97

 
0.19

 
1.10

 
1.34

Deficiency
 


 
$
3,190

 
$
98,663