EX-12.2 4 j0587_ex12d2.htm EX-12.2

 

Exhibit 12.2

 

HRPT PROPERTIES TRUST

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DISTRIBUTIONS

(dollars in thousands)

 

 

 

 

Three Months Ended
March 31,

 

Year Ended December 31,

 

 

 

2003

 

2002 (1)

 

2002 (1)

 

2001 (1)

 

2000 (1)

 

1999 (1)

 

1998 (1)

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before equity in earnings (loss) of equity investments

 

$

23,004

 

$

17,870

 

$

88,923

 

$

87,510

 

$

108,992

 

$

116,638

 

$

134,616

 

Fixed charges before preferred distributions

 

25,079

 

22,022

 

89,417

 

91,305

 

104,337

 

91,420

 

66,612

 

Distributions from equity investments

 

6,851

 

6,683

 

27,195

 

26,651

 

30,294

 

18,606

 

10,320

 

Capitalized interest

 

—

 

(160

)

(3,057

)

(787

)

(1,680

)

(1,488

)

(447

)

Adjusted Earnings

 

$

54,934

 

$

46,415

 

$

202,478

 

$

204,679

 

$

241,943

 

$

225,176

 

$

211,101

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense (including amortization of note discounts and deferred financing fees)

 

$

25,079

 

$

21,862

 

$

86,360

 

$

90,518

 

$

102,657

 

$

89,932

 

$

66,165

 

Capitalized interest

 

—

 

160

 

3,057

 

787

 

1,680

 

1,488

 

447

 

Preferred distributions

 

11,500

 

4,938

 

27,625

 

16,842

 

—

 

—

 

—

 

Total Fixed Charges

 

$

36,579

 

$

26,960

 

$

117,042

 

$

108,147

 

$

104,337

 

$

91,420

 

$

66,612

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Combined Fixed Charges and Preferred Distributions

 

1.5

x 

1.7

x 

1.7

x 

1.9

x 

2.3

x 

2.5

x 

3.2

x

 

(1)   Reclassifications have been made to the prior years’ financial statements to conform to the current year’s presentation.