EXHIBIT 12.2
Corporate Office Properties, L.P.
Ratio of Earnings to Fixed Charges
(Dollars in thousands)
 
 
Six Months Ended
 June 30, 2017
Earnings:
 
Income before equity in income of unconsolidated entities and income taxes
 
$
36,690

Gain on sales of real estate
 
4,250

Fixed charges (from below)
 
41,632

Amortization of capitalized interest
 
1,301

Distributed income of equity investees
 
750

Subtract:
 
 
Capitalized interest (from below)
 
(3,142
)
Preferred distributions of other consolidated entities
 
(8
)
Total earnings
 
$
81,473

 
 
 
Fixed charges:
 
 
Interest expense
 
$
38,157

Capitalized interest (internal and external)
 
3,142

Interest included in rental expense
 
325

Preferred distributions of other consolidated entities
 
8

Total fixed charges
 
$
41,632

 
 
 
Ratio of earnings to fixed charges
 
1.96

 
 
 
 
 



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.