Exhibit 99.5

 

Corporate Office Properties Trust

 

Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends

 

(Dollars in thousands)

 

 

 

Years Ended December 31,

 

 

 

2008

 

2007

 

2006

 

2005

 

2004

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

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

 

$

57,989

 

$

32,076

 

$

33,757

 

$

38,151

 

$

39,879

 

Gain (loss) on sales of real estate, excluding discontinued operations

 

1,682

 

3,108

 

889

 

366

 

(150

)

Combined fixed charges and preferred share dividends (from below)

 

122,395

 

127,139

 

111,787

 

85,240

 

70,627

 

Amortization of capitalized interest

 

890

 

695

 

527

 

337

 

285

 

Distributed income (loss) of equity investees

 

(203

)

(224

)

26

 

(164

)

(83

)

Subtract:

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest (from below)

 

(18,312

)

(19,964

)

(14,766

)

(9,871

)

(5,112

)

Preferred share dividends included in fixed charges

 

(16,102

)

(16,068

)

(15,404

)

(14,615

)

(16,329

)

Preferred unit distributions included in fixed charges

 

(660

)

(660

)

(660

)

(660

)

(179

)

Issuance costs associated with redeemed preferred shares

 

 

 

(3,896

)

 

(1,813

)

Total earnings

 

$

147,679

 

$

126,102

 

$

112,260

 

$

98,784

 

$

87,125

 

 

 

 

 

 

 

 

 

 

 

 

 

Combined fixed charges and preferred share dividends:

 

 

 

 

 

 

 

 

 

 

 

Interest expense on continuing operations

 

$

86,870

 

$

88,638

 

$

74,023

 

$

55,979

 

$

43,663

 

Interest expense on discontinued operations

 

51

 

1,382

 

2,417

 

3,405

 

3,031

 

Capitalized interest (internal and external)

 

18,312

 

19,964

 

14,766

 

9,871

 

5,112

 

Amortization of debt issuance costs-capitalized

 

32

 

138

 

237

 

272

 

113

 

Interest included in rental expense

 

368

 

289

 

384

 

438

 

387

 

Preferred share dividends

 

16,102

 

16,068

 

15,404

 

14,615

 

16,329

 

Preferred unit distributions

 

660

 

660

 

660

 

660

 

179

 

Issuance costs associated with redeemed preferred shares

 

 

 

3,896

 

 

1,813

 

Total combined fixed charges and preferred share dividends

 

$

122,395

 

$

127,139

 

$

111,787

 

$

85,240

 

$

70,627

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to combined fixed charges and preferred share dividends

 

1.21

 

.99

 

1.00

 

1.16

 

1.23