Exhibit 12.1

 

Corporate Office Properties, L.P.

 

Ratio of Earnings to Fixed Charges

 

(Dollars in thousands)

 

 

 

Three Months Ended

 

Years Ended December 31,

 

 

 

March 31, 2013

 

2012

 

2011

 

2010

 

2009

 

2008

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

9,112

 

$

7,570

 

$

(88,277

)

$

24,377

 

$

46,150

 

$

44,951

 

Gain on sales of real estate, excluding discontinued operations

 

2,354

 

21

 

2,732

 

2,840

 

 

1,682

 

Fixed charges (from below)

 

25,020

 

111,825

 

122,397

 

119,074

 

98,252

 

105,633

 

Amortization of capitalized interest

 

513

 

1,798

 

1,610

 

1,363

 

1,105

 

890

 

Distributed loss of equity investees

 

 

 

(31

)

 

 

(203

)

Subtract:

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest (from below)

 

(2,440

)

(13,903

)

(17,400

)

(16,524

)

(15,461

)

(18,312

)

Total earnings

 

$

34,559

 

$

107,311

 

$

21,031

 

$

131,130

 

$

130,046

 

$

134,641

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense on continuing operations

 

$

22,307

 

$

94,624

 

$

98,222

 

$

95,729

 

$

76,718

 

$

79,542

 

Interest expense on discontinued operations

 

64

 

2,174

 

6,079

 

6,399

 

5,702

 

7,379

 

Capitalized interest (internal and external)

 

2,440

 

13,903

 

17,400

 

16,524

 

15,461

 

18,312

 

Amortization of debt issuance costs-capitalized

 

101

 

649

 

183

 

19

 

30

 

32

 

Interest included in rental expense

 

108

 

475

 

513

 

403

 

341

 

368

 

Total fixed charges

 

$

25,020

 

$

111,825

 

$

122,397

 

$

119,074

 

$

98,252

 

$

105,633

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

1.38

 

0.96

 

0.17

 

1.10

 

1.32

 

1.27

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deficiency

 

 

 

$

4,514

 

$

101,366