Exhibit 12.1

 

Corporate Office Properties Trust

 

Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends

 

(Dollars in thousands)

 

 

 

Years Ended December 31,

 

 

 

2011

 

2010

 

2009

 

2008

 

2007

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

(Loss) income from continuing operations before equity in (loss) income of unconsolidated entities and income taxes

 

$

(123,044

)

$

35,352

 

$

55,703

 

$

54,299

 

$

28,218

 

Gain on sales of real estate, excluding discontinued operations

 

2,721

 

2,840

 

 

1,682

 

3,108

 

Combined fixed charges and preferred share dividends (from below)

 

139,159

 

135,836

 

115,014

 

122,395

 

127,139

 

Amortization of capitalized interest

 

1,610

 

1,363

 

1,105

 

890

 

695

 

Distributed loss of equity investees

 

(31

)

 

 

(203

)

(224

)

Subtract:

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest (from below)

 

(17,400

)

(16,524

)

(15,461

)

(18,312

)

(19,964

)

Preferred share dividends included in fixed charges

 

(16,102

)

(16,102

)

(16,102

)

(16,102

)

(16,068

)

Preferred unit distributions included in fixed charges

 

(660

)

(660

)

(660

)

(660

)

(660

)

Total (loss) earnings

 

$

(13,747

)

$

142,105

 

$

139,599

 

$

143,989

 

$

122,244

 

 

 

 

 

 

 

 

 

 

 

 

 

Combined fixed charges and preferred share dividends:

 

 

 

 

 

 

 

 

 

 

 

Interest expense on continuing operations

 

$

101,281

 

$

98,748

 

$

79,789

 

$

82,401

 

$

85,076

 

Interest expense on discontinued operations

 

3,020

 

3,380

 

2,631

 

4,520

 

4,944

 

Capitalized interest (internal and external)

 

17,400

 

16,524

 

15,461

 

18,312

 

19,964

 

Amortization of debt issuance costs-capitalized

 

183

 

19

 

30

 

32

 

138

 

Interest included in rental expense

 

513

 

403

 

341

 

368

 

289

 

Preferred share dividends

 

16,102

 

16,102

 

16,102

 

16,102

 

16,068

 

Preferred unit distributions

 

660

 

660

 

660

 

660

 

660

 

Total combined fixed charges and preferred share dividends

 

$

139,159

 

$

135,836

 

$

115,014

 

$

122,395

 

$

127,139

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of (loss) earnings to combined fixed charges and preferred share dividends

 

(0.10

)

1.05

 

1.21

 

1.18

 

0.96

 

 

 

 

 

 

 

 

 

 

 

 

 

Deficiency

 

$

152,906

 

 

 

 

 

 

 

$

4,895