EXHIBIT 12.2
Corporate Office Properties, L.P.
Ratio of Earnings to Fixed Charges
(Dollars in thousands)
 
 
Years Ended December 31,
Earnings:
 
2017
 
2016
 
2015
 
2014
 
2013
Income (loss) before equity in income of unconsolidated entities and income taxes
 
$
64,659

 
$
(26,419
)
 
$
120,812

 
$
34,590

 
$
36,704

Gain on sales of real estate
 
9,890

 
40,986

 
68,047

 
10,671

 
9,016

Fixed charges (from below)
 
82,858

 
89,584

 
96,867

 
99,243

 
99,676

Amortization of capitalized interest
 
2,631

 
2,715

 
2,591

 
2,374

 
1,977

Distributed income of equity investees
 
1,496

 
732

 
361

 
225

 
1,857

Subtract:
 
 
 
 
 
 
 
 
 
 
Capitalized interest (from below)
 
(5,229
)
 
(5,723
)
 
(7,151
)
 
(6,065
)
 
(8,785
)
Preferred distributions of other consolidated entities
 
(16
)
 
(16
)
 
(16
)
 
(16
)
 
(16
)
Total earnings
 
$
156,289

 
$
101,859

 
$
281,511

 
$
141,022

 
$
140,429

 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest expense on continuing operations
 
$
76,983

 
$
83,163

 
$
89,074

 
$
92,393

 
$
82,010

Interest expense on discontinued operations
 

 

 

 

 
8,221

Capitalized interest (internal and external)
 
5,229

 
5,723

 
7,151

 
6,065

 
8,785

Amortization of debt issuance costs-capitalized
 

 

 
8

 
186

 
144

Interest included in rental expense
 
630

 
682

 
618

 
583

 
500

Preferred distributions of other consolidated entities
 
16

 
16

 
16

 
16

 
16

Total fixed charges
 
$
82,858

 
$
89,584

 
$
96,867

 
$
99,243

 
$
99,676

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
1.89

 
1.14

 
2.91

 
1.42

 
1.41

 
 
 
 
 
 
 
 
 
 
 

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.