EXHIBIT 12.1

 

Corporate Office Properties, L.P. and Subsidiaries

 

Ratio of Earnings to Fixed Charges

 

(Dollars in thousands)

 

 

 

 

 

Six Months Ended

 

Earnings:

 

 

June 30, 2013

 

Income from continuing operations before equity in income of

 

 

 

 

unconsolidated entities and income taxes

 

 

8,929

 

Gain on sales of real estate, excluding

 

 

 

 

discontinued operations

 

 

2,683

 

Fixed charges (from below)

 

 

50,600

 

Amortization of capitalized interest

 

 

1,032

 

Distributed income of equity investees

 

 

257

 

Subtract:

 

 

 

 

Capitalized interest (from below)

 

 

(4,528

)

Total earnings

 

 

$

58,973

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

Interest expense on continuing operations

 

 

$

45,609

 

Interest expense on discontinued operations

 

 

131

 

Capitalized interest (internal and external)

 

 

4,528

 

Amortization of debt issuance costs-capitalized

 

 

129

 

Interest included in rental expense

 

 

203

 

Total fixed charges

 

 

$

50,600

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

1.17