EX-12.1 2 a11-13939_1ex12d1.htm EX-12.1

Exhibit 12.1

 

COMMONWEALTH REIT

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(dollars in thousands)

 

 

 

Six Months Ended
June 30,

 

Year Ended December 31,

 

 

 

2011

 

2010

 

2010

 

2009

 

2008

 

2007

 

2006

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

33,320

 

$

28,433

 

$

79,751

 

$

78,931

 

$

61,731

 

$

68,141

 

$

199,475

 

Equity in earnings and gains on equity transactions of investees

 

(5,622

)

(21,062

)

(43,272

)

(6,546

)

—

 

—

 

(119,423

)

Fixed charges

 

95,614

 

92,763

 

183,433

 

173,458

 

180,193

 

171,459

 

165,903

 

Distributions from investees

 

8,259

 

7,960

 

16,119

 

4,975

 

—

 

—

 

5,387

 

Capitalized interest

 

—

 

—

 

—

 

—

 

—

 

(489

)

(335

)

Adjusted Earnings

 

$

131,571

 

$

108,094

 

$

236,031

 

$

250,818

 

$

241,924

 

$

239,111

 

$

251,007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

95,614

 

$

92,763

 

$

183,433

 

$

173,458

 

$

180,193

 

$

170,970

 

$

165,568

 

Capitalized interest

 

—

 

—

 

—

 

—

 

—

 

489

 

335

 

Total Fixed Charges

 

$

95,614

 

$

92,763

 

$

183,433

 

$

173,458

 

$

180,193

 

$

171,459

 

$

165,903

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

1.4x

 

1.2x

 

1.3x

 

1.4x

 

1.3x

 

1.4x

 

1.5x