EX-12.1 2 copt12312013ex121.htm EXHIBIT 12.1 COPT 12.31.2013 EX 12.1


EXHIBIT 12.1
Corporate Office Properties Trust
Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends
(Dollars in thousands)
 
 
Years Ended December 31,
 
 
2013
 
2012
 
2011
 
2010
 
2009
Earnings:
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before equity in income (loss) of unconsolidated entities and income taxes
 
$
36,704

 
$
8,894

 
$
(85,580
)
 
$
24,693

 
$
47,924

Gain on sales of real estate, excluding discontinued operations
 
9,016

 
21

 
2,732

 
2,840

 
—

Combined fixed charges and preferred share dividends (from below)
 
120,307

 
133,345

 
139,159

 
135,836

 
115,014

Amortization of capitalized interest
 
1,977

 
1,798

 
1,610

 
1,363

 
1,105

Distributed income (loss) of equity investees
 
1,857

 
—

 
(31
)
 
—

 
—

Subtract:
 
 
 
 
 
 
 
 
 
 
Capitalized interest (from below)
 
(8,785
)
 
(13,903
)
 
(17,400
)
 
(16,524
)
 
(15,461
)
Preferred share dividends included in fixed charges
 
(19,971
)
 
(20,844
)
 
(16,102
)
 
(16,102
)
 
(16,102
)
Preferred unit distributions included in fixed charges
 
(660
)
 
(660
)
 
(660
)
 
(660
)
 
(660
)
Preferred distributions of other consolidated entities
 
(16
)
 
(16
)
 
—

 
—

 
—

Total earnings
 
$
140,429

 
$
108,635

 
$
23,728

 
$
131,446

 
$
131,820

 
 
 
 
 
 
 
 
 
 
 
Combined Fixed Charges and Preferred Share Dividends:
 
 
 
 
 
 
 
 
 
 
Combined fixed charges and preferred share dividends:
 
 
 
 
 
 
 
 
 
 
Interest expense on continuing operations
 
$
82,010

 
$
86,401

 
$
90,037

 
$
87,551

 
$
68,540

Interest expense on discontinued operations
 
8,221

 
10,397

 
14,264

 
14,577

 
13,880

Capitalized interest (internal and external)
 
8,785

 
13,903

 
17,400

 
16,524

 
15,461

Amortization of debt issuance costs-capitalized
 
144

 
649

 
183

 
19

 
30

Interest included in rental expense
 
500

 
475

 
513

 
403

 
341

Preferred share dividends
 
19,971

 
20,844

 
16,102

 
16,102

 
16,102

Preferred unit distributions
 
660

 
660

 
660

 
660

 
660

Preferred distributions of other consolidated entities
 
16

 
16

 
—

 
—

 
—

Total combined fixed charges and preferred share dividends
 
$
120,307

 
$
133,345

 
$
139,159

 
$
135,836

 
$
115,014

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred share dividends
 
1.17

 
0.81

 
0.17

 
0.97

 
1.15

Deficiency
 
 
 
$
24,710

 
$
115,431

 
$
4,390