Corporate Office Properties Trust
Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends
(Dollars in thousands)
| |
Years Ended December 31, | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings: |
2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||
Income from continuing operations before equity in income (loss) of unconsolidated entities and income taxes |
$ | 39,016 | $ | 60,907 | $ | 56,728 | $ | 30,840 | $ | 32,532 | ||||||||
Gain on sales of real estate, excluding discontinued operations |
2,840 | — | 1,682 | 3,108 | 889 | |||||||||||||
Combined fixed charges and preferred share dividends (from below) |
135,836 | 115,014 | 122,395 | 127,139 | 111,787 | |||||||||||||
Amortization of capitalized interest |
1,363 | 1,105 | 890 | 695 | 527 | |||||||||||||
Distributed income (loss) of equity investees |
— | — | (203 | ) | (224 | ) | 26 | |||||||||||
Subtract: |
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Capitalized interest (from below) |
(16,524 | ) | (15,461 | ) | (18,312 | ) | (19,964 | ) | (14,766 | ) | ||||||||
Preferred share dividends included in fixed charges |
(16,102 | ) | (16,102 | ) | (16,102 | ) | (16,068 | ) | (15,404 | ) | ||||||||
Preferred unit distributions included in fixed charges |
(660 | ) | (660 | ) | (660 | ) | (660 | ) | (660 | ) | ||||||||
Issuance costs associated with redeemed preferred shares |
— | — | — | — | (3,896 | ) | ||||||||||||
Total earnings |
$ | 145,769 | $ | 144,803 | $ | 146,418 | $ | 124,866 | $ | 111,035 | ||||||||
Combined fixed charges and preferred share dividends: |
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Interest expense on continuing operations |
$ | 101,865 | $ | 82,187 | $ | 86,368 | $ | 88,070 | $ | 73,395 | ||||||||
Interest expense on discontinued operations |
263 | 233 | 553 | 1,950 | 3,045 | |||||||||||||
Capitalized interest (internal and external) |
16,524 | 15,461 | 18,312 | 19,964 | 14,766 | |||||||||||||
Amortization of debt issuance costs-capitalized |
19 | 30 | 32 | 138 | 237 | |||||||||||||
Interest included in rental expense |
403 | 341 | 368 | 289 | 384 | |||||||||||||
Preferred share dividends |
16,102 | 16,102 | 16,102 | 16,068 | 15,404 | |||||||||||||
Preferred unit distributions |
660 | 660 | 660 | 660 | 660 | |||||||||||||
Issuance costs associated with redeemed preferred shares |
— | — | — | — | 3,896 | |||||||||||||
Total combined fixed charges and preferred share dividends |
$ | 135,836 | $ | 115,014 | $ | 122,395 | $ | 127,139 | $ | 111,787 | ||||||||
Ratio of earnings to combined fixed charges and preferred share dividends |
1.07 | 1.26 | 1.20 | 0.98 | 0.99 | |||||||||||||
Deficiency |
$ | 2,273 | $ | 752 | ||||||||||||||