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, |
|
|||||||||||||
Earnings: |
|
2006 |
|
2005 |
|
2004 |
|
2003 |
|
2002 |
|
|||||
Income from continuing operations before equity in loss of unconsolidated entities, income taxes and minority interests |
|
$ |
39,681 |
|
$ |
40,083 |
|
$ |
42,074 |
|
$ |
33,317 |
|
$ |
24,798 |
|
Gain (loss) on sales of real estate, excluding discontinued operations |
|
889 |
|
366 |
|
(150 |
) |
472 |
|
2,564 |
|
|||||
Combined fixed charges and preferred share dividends (from below) |
|
110,541 |
|
85,240 |
|
70,627 |
|
71,541 |
|
57,894 |
|
|||||
Amortization of capitalized interest |
|
527 |
|
337 |
|
285 |
|
254 |
|
195 |
|
|||||
Distributed income (loss) of equity investees |
|
26 |
|
(164 |
) |
(83 |
) |
(181 |
) |
295 |
|
|||||
Subtract: |
|
|
|
|
|
|
|
|
|
|
|
|||||
Capitalized interest (from below) |
|
(14,559 |
) |
(9,871 |
) |
(5,112 |
) |
(2,846 |
) |
(3,091 |
) |
|||||
Preferred share dividends included in fixed charges |
|
(15,404 |
) |
(14,615 |
) |
(16,329 |
) |
(12,003 |
) |
(10,134 |
) |
|||||
Preferred unit distributions included in fixed charges |
|
(660 |
) |
(660 |
) |
(179 |
) |
(1,049 |
) |
(2,287 |
) |
|||||
Repurchase of preferred units in excess of recorded book value |
|
|
|
|
|
|
|
(11,224 |
) |
|
|
|||||
Issuance costs associated with redeemed preferred shares |
|
(3,896 |
) |
|
|
(1,813 |
) |
|
|
|
|
|||||
Total earnings |
|
$ |
117,145 |
|
$ |
100,716 |
|
$ |
89,320 |
|
$ |
78,281 |
|
$ |
70,234 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Combined fixed charges and preferred share dividends: |
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest expense on continuing operations |
|
$ |
71,378 |
|
$ |
54,872 |
|
$ |
42,148 |
|
$ |
38,730 |
|
$ |
36,501 |
|
Interest expense on discontinued operations |
|
1,042 |
|
2,272 |
|
2,115 |
|
2,449 |
|
2,855 |
|
|||||
Capitalized interest (internal and external) |
|
14,559 |
|
9,871 |
|
5,112 |
|
2,846 |
|
3,091 |
|
|||||
Amortization of debt issuance costs on continuing operations-expensed |
|
2,847 |
|
2,229 |
|
2,420 |
|
2,756 |
|
2,490 |
|
|||||
Amortization of debt issuance costs on discontinued operations-expensed |
|
134 |
|
11 |
|
11 |
|
11 |
|
11 |
|
|||||
Amortization of debt issuance costs-capitalized |
|
237 |
|
272 |
|
113 |
|
|
|
59 |
|
|||||
Interest included in rental expense |
|
384 |
|
438 |
|
387 |
|
473 |
|
466 |
|
|||||
Preferred share dividends |
|
15,404 |
|
14,615 |
|
16,329 |
|
12,003 |
|
10,134 |
|
|||||
Preferred unit distributions |
|
660 |
|
660 |
|
179 |
|
1,049 |
|
2,287 |
|
|||||
Repurchase of preferred units in excess of recorded book value |
|
|
|
|
|
|
|
11,224 |
|
|
|
|||||
Issuance costs associated with redeemed preferred shares |
|
3,896 |
|
|
|
1,813 |
|
|
|
|
|
|||||
Total combined fixed charges and preferred share dividends |
|
$ |
110,541 |
|
$ |
85,240 |
|
$ |
70,627 |
|
$ |
71,541 |
|
$ |
57,894 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Ratio of earnings to combined fixed charges and preferred share dividends |
|
1.06 |
|
1.18 |
|
1.26 |
|
1.09 |
|
1.21 |
|