EX-12.2 4 a2207400zex-12_2.htm EX-12.2
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Exhibit 12.2

COMMONWEALTH REIT
COMPUTATION OF RATIO OF EARNINGS TO COMBINED
FIXED CHARGES AND PREFERRED DISTRIBUTIONS
(dollars in thousands)

 
   Year Ended December 31,  
 
   2011   2010   2009   2008   2007  

Earnings:

                                

Income (loss) from continuing operations

   $ 61,809   $ (61,146 ) $ 67,350   $ 60,575   $ 71,861  

Equity in earnings and gains on equity transactions of investees

     (22,554 )   (43,272 )   (6,546 )   —     —  

Fixed charges before preferred distributions

     195,024     183,433     173,458     180,553     172,060  

Distributions from investees

     16,617     16,119     4,975     —     —  

Capitalized interest

     —     —     —     —     (489 )
                       

Adjusted Earnings

   $ 250,896   $ 95,134   $ 239,237   $ 241,128   $ 243,432  
                       

Fixed Charges and Preferred Distributions:

                                

Interest expense (including net amortization of debt discounts, premiums and deferred financing fees)

   $ 195,024   $ 183,433   $ 173,458   $ 180,553   $ 171,571  

Capitalized interest

     —     —     —     —     489  

Preferred distributions

     46,985     47,733     50,668     50,668     60,572  
                       

Combined Fixed Charges and Preferred Distributions

   $ 242,009   $ 231,166   $ 224,126   $ 231,221   $ 232,632  
                       

Ratio of Earnings to Combined Fixed Charges and Preferred Distributions

     1.0x     0.4x (1)   1.1x     1.0x     1.0x  
                       
(1)
The deficiency for this period was $136,032 and reflects a loss on asset impairment of $127,740.



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