EX-12.1 5 a13-19675_1ex12d1.htm EX-12.1

Exhibit 12.1

 

COMMONWEALTH REIT

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(dollars in thousands)

 

 

 

Nine Months
Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

Year Ended December 31,

 

 

 

2013

 

2012 (1)

 

2011 (1)

 

2010 (1)

 

2009 (1)

 

2008 (1)

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income tax expense

 

$

67,131

 

$

85,209

 

$

57,754

 

$

14,449

 

$

50,960

 

$

21,874

 

Equity in earnings and gains on equity transactions of investees

 

(14,913

)

(18,666

)

(22,554

)

(43,272

)

(6,546

)

—

 

Fixed charges

 

135,778

 

204,244

 

195,024

 

183,433

 

173,458

 

180,553

 

Distributions from investees

 

13,959

 

16,816

 

16,617

 

16,119

 

4,975

 

—

 

Adjusted Earnings

 

$

201,955

 

$

287,603

 

$

246,841

 

$

170,729

 

$

222,847

 

$

202,427

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

135,778

 

$

204,244

 

$

195,024

 

$

183,433

 

$

173,458

 

$

180,553

 

Total Fixed Charges

 

$

135,778

 

$

204,244

 

$

195,024

 

$

183,433

 

$

173,458

 

$

180,553

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

1.5x

 

1.4x

 

1.3x

 

0.9x

(2)

1.3x

 

1.1x

 

 

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

(2) The deficiency for this period was $12,704.