EXHIBIT 12.2
Corporate Office Properties, L.P.
Ratio of Earnings to Fixed Charges
(Dollars in thousands)
 
 
Six Months Ended
June 30, 2018
Earnings:
 
 
Income before equity in income of unconsolidated entities and income taxes
 
$
39,264

Gain on sales of real estate
 
(27
)
Fixed charges (from below)
 
40,827

Amortization of capitalized interest
 
1,332

Distributed income of equity investees
 
749

Subtract:
 
 
Capitalized interest (from below)
 
(2,771
)
Preferred distributions of other consolidated entities
 
(7
)
Total earnings
 
$
79,367

 
 
 
Fixed charges:
 
 
Interest expense
 
$
37,729

Capitalized interest (internal and external)
 
2,771

Interest included in rental expense
 
320

Preferred distributions of other consolidated entities
 
7

Total fixed charges
 
$
40,827

 
 
 
Ratio of earnings to fixed charges
 
1.94

 
 
 

For purposes of calculating the above ratios, earnings were computed by adding fixed charges (excluding capitalized interest), gain on sales of real estate, 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.