EXHIBIT 12.2
Corporate Office Properties, L.P.
Ratio of Earnings to Fixed Charges
(Dollars in thousands)
 
 
Three Months Ended
 March 31, 2017
Earnings:
 
Income before equity in income of unconsolidated entities and income taxes
 
$
18,165

Gain on sales of real estate
 
4,238

Fixed charges (from below)
 
20,697

Amortization of capitalized interest
 
645

Distributed income of equity investees
 
379

Subtract:
 
 
Capitalized interest (from below)
 
(1,531
)
Preferred distributions of other consolidated entities
 
(4
)
Total earnings
 
$
42,589

 
 
 
Fixed charges:
 
 
Interest expense
 
$
18,994

Capitalized interest (internal and external)
 
1,531

Interest included in rental expense
 
168

Preferred distributions of other consolidated entities
 
4

Total fixed charges
 
$
20,697

 
 
 
Ratio of earnings to fixed charges
 
2.06

 
 
 
 
 



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 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.