EX-12.2 3 a10-12680_1ex12d2.htm EX-12.2

 

Exhibit 12.2

 

COMMONWEALTH REIT

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

(dollars in thousands)

 

 

 

Six Months Ended
June 30,

 

Year Ended December 31,

 

 

 

2010

 

2009

 

2009

 

2008

 

2007

 

2006

 

2005

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

47,254

 

$

66,877

 

$

76,666

 

$

83,559

 

$

94,626

 

$

222,215

 

$

127,528

 

Equity in earnings and gains (losses) on equity transactions of equity investments

 

(21,062

)

(861

)

(6,546

)

—

 

—

 

(119,423

)

(26,115

)

Fixed charges before preferred distributions

 

92,763

 

88,126

 

173,458

 

180,193

 

171,459

 

165,903

 

143,663

 

Distributions from equity investments

 

7,960

 

—

 

4,975

 

—

 

—

 

5,387

 

22,646

 

Capitalized interest

 

—

 

—

 

—

 

—

 

(489

)

(335

)

—

 

Adjusted Earnings

 

$

126,915

 

$

154,142

 

$

248,553

 

$

263,752

 

$

265,596

 

$

273,747

 

$

267,722

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges and Preferred Distributions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

92,763

 

$

88,126

 

$

173,458

 

$

180,193

 

$

170,970

 

$

165,568

 

$

143,663

 

Capitalized interest

 

—

 

—

 

—

 

—

 

489

 

335

 

—

 

Preferred distributions

 

25,334

 

25,334

 

50,668

 

50,668

 

60,572

 

44,692

 

46,000

 

Combined Fixed Charges and Preferred Distributions

 

$

118,097

 

$

113,460

 

$

224,126

 

$

230,861

 

$

232,031

 

$

210,595

 

$

189,663

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Combined Fixed Charges and Preferred Distributions

 

1.1

x

1.4

x

1.1

x

1.1

x

1.1

x

1.3

x

1.4

x