Exhibit 12.1
COMMONWEALTH REIT
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
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Three Months |
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March 31, |
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Year Ended December 31, |
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2013 |
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2012 |
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2011 |
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2010 |
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2009 |
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2008 |
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Earnings: |
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Income from continuing operations before income tax expense |
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$ |
39,614 |
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$ |
104,292 |
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$ |
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 |
) |
— |
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Fixed charges |
|
52,344 |
|
204,244 |
|
195,024 |
|
183,433 |
|
173,458 |
|
180,553 |
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Distributions from investees |
|
4,279 |
|
16,816 |
|
16,617 |
|
16,119 |
|
4,975 |
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— |
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Adjusted Earnings |
|
$ |
91,975 |
|
$ |
306,686 |
|
$ |
265,524 |
|
$ |
183,669 |
|
$ |
236,508 |
|
$ |
225,485 |
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Fixed Charges: |
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Interest expense (including net amortization of debt discounts, premiums and deferred financing fees) |
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$ |
52,344 |
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$ |
204,244 |
|
$ |
195,024 |
|
$ |
183,433 |
|
$ |
173,458 |
|
$ |
180,553 |
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Total Fixed Charges |
|
$ |
52,344 |
|
$ |
204,244 |
|
$ |
195,024 |
|
$ |
183,433 |
|
$ |
173,458 |
|
$ |
180,553 |
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Ratio of Earnings to Fixed Charges |
|
1.8x |
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1.5x |
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1.4x |
|
1.0x |
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1.4x |
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1.2x |
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