EXHIBIT 12.1
Corporate Office Properties Trust
Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends
(Dollars in thousands)
 
 
Nine Months Ended,
 
 
September 30, 2016
Earnings:
 
 
Loss from continuing operations before equity in income of unconsolidated entities and income taxes
 
$
(45,691
)
Gain on sales of real estate, excluding discontinued operations
 
34,101

Combined fixed charges and preferred share dividends (from below)
 
80,479

Amortization of capitalized interest
 
2,069

Distributed income of equity investees
 
552

Subtract:
 
 
Capitalized interest (from below)
 
(4,304
)
Preferred share dividends included in fixed charges
 
(10,657
)
Preferred unit distributions included in fixed charges
 
(495
)
Preferred distributions of other consolidated entities
 
(12
)
Total earnings
 
$
56,042

 
 
 
Combined Fixed Charges and Preferred Share Dividends:
 
 
Combined fixed charges and preferred share dividends:
 
 
Interest expense on continuing operations
 
$
64,499

Capitalized interest (internal and external)
 
4,304

Interest included in rental expense
 
512

Preferred share dividends
 
10,657

Preferred unit distributions
 
495

Preferred distributions of other consolidated entities
 
12

Total combined fixed charges and preferred share dividends
 
$
80,479

 
 
 
Ratio of earnings to combined fixed charges and preferred share dividends
 
0.70

 
 
 
Deficiency
 
$
24,437


For purposes of calculating the above ratios, earnings were computed by adding fixed charges (excluding capitalized interest), gain on sales of real estate (excluding discontinued operations) amortization of capitalized interest and distributed income of equity investees to income from continuing operations before noncontrolling interests, equity in income of unconsolidated entities and income taxes. Fixed charges consist of interest costs and capitalized amortization of debt issuance costs.