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, |
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|
|
|
2011 |
|
2010 |
|
2009 |
|
2008 |
|
2007 |
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|
Earnings: |
|
|
|
|
|
|
|
|
|
|
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|
(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 |
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|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Deficiency |
|
$ |
152,906 |
|
|
|
|
|
|
|
$ |
4,895 |
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