Exhibit 12.2
Corporate Office Properties Trust and Subsidiaries
Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends
(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 |
|
$ |
(88,283 |
) |
$ |
24,353 |
|
$ |
46,126 |
|
$ |
44,919 |
|
|
Gain on sales of real estate, excluding discontinued operations |
|
2,354 |
|
21 |
|
2,732 |
|
2,840 |
|
— |
|
1,682 |
| ||||||
|
Combined fixed charges and preferred share dividends (from below) |
|
31,291 |
|
133,345 |
|
139,159 |
|
135,836 |
|
115,014 |
|
122,395 |
| ||||||
|
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 |
) | ||||||
|
Preferred share dividends included in fixed charges |
|
(6,106 |
) |
(20,844 |
) |
(16,102 |
) |
(16,102 |
) |
(16,102 |
) |
(16,102 |
) | ||||||
|
Preferred unit distributions included in fixed charges |
|
(165 |
) |
(676 |
) |
(660 |
) |
(660 |
) |
(660 |
) |
(660 |
) | ||||||
|
Total earnings |
|
$ |
34,559 |
|
$ |
107,311 |
|
$ |
21,025 |
|
$ |
131,106 |
|
$ |
130,022 |
|
$ |
134,609 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Combined fixed charges and preferred share dividends: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
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 |
| ||||||
|
Preferred share dividends |
|
6,106 |
|
20,844 |
|
16,102 |
|
16,102 |
|
16,102 |
|
16,102 |
| ||||||
|
Preferred unit distributions |
|
165 |
|
676 |
|
660 |
|
660 |
|
660 |
|
660 |
| ||||||
|
Total combined fixed charges and preferred share dividends |
|
$ |
31,291 |
|
$ |
133,345 |
|
$ |
139,159 |
|
$ |
135,836 |
|
$ |
115,014 |
|
$ |
122,395 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Ratio of earnings to combined fixed charges and preferred share dividends |
|
1.10 |
|
0.80 |
|
0.15 |
|
0.97 |
|
1.13 |
|
1.10 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Deficiency |
|
|
|
$ |
26,034 |
|
$ |
118,134 |
|
$ |
4,730 |
|
|
|
|
| |||