EX-12.1 2 a13-8500_1ex12d1.htm EX-12.1

Exhibit 12.1

 

COMMONWEALTH REIT

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(dollars in thousands)

 

 

 

Three Months
Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

Year Ended December 31,

 

 

 

2013 

 

2012 

 

2011 

 

2010 

 

2009 

 

2008

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income tax expense

 

$

  39,614

 

$

  104,292

 

$

  76,437

 

$

  27,389

 

$

  64,621

 

$

  44,932

 

Equity in earnings and gains on equity transactions of investees

 

(4,262

)

(18,666

)

(22,554

)

(43,272

)

(6,546

)

—

 

Fixed charges

 

52,344

 

204,244

 

195,024

 

183,433

 

173,458

 

180,553

 

Distributions from investees

 

4,279

 

16,816

 

16,617

 

16,119

 

4,975

 

—

 

Adjusted Earnings

 

$

  91,975

 

$

  306,686

 

$

  265,524

 

$

  183,669

 

$

  236,508

 

$

  225,485

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

  52,344

 

$

  204,244

 

$

  195,024

 

$

  183,433

 

$

  173,458

 

$

  180,553

 

Total Fixed Charges

 

$

  52,344

 

$

  204,244

 

$

  195,024

 

$

  183,433

 

$

  173,458

 

$

  180,553

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

1.8x

 

1.5x

 

1.4x

 

1.0x

 

1.4x

 

1.2x