EX-12.2 3 copt12312013ex122.htm EXHIBIT 12.2 COPT 12.31.2013 EX 12.2


EXHIBIT 12.2
Corporate Office Properties, L.P.
Ratio of Earnings to Fixed Charges
(Dollars in thousands)


 
 
Years Ended December 31,
Earnings:
 
2013
 
2012
 
2011
 
2010
 
2009
Income (loss) from continuing operations before equity in income (loss) of unconsolidated entities and income taxes
 
$
36,704

 
$
8,894

 
$
(85,574
)
 
$
24,717

 
$
47,948

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

 
21

 
2,732

 
2,840

 
—

Fixed charges (from below)
 
99,676

 
111,825

 
122,397

 
119,074

 
98,252

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 distributions of other consolidated entities
 
(16
)
 
—

 
—

 
—

 
—

Total earnings
 
$
140,429

 
$
108,635

 
$
23,734

 
$
131,470

 
$
131,844

 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
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 distributions of other consolidated entities
 
16

 
—

 
—

 
—

 
—

Total fixed charges
 
$
99,676

 
$
111,825

 
$
122,397

 
$
119,074

 
$
98,252

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
1.41

 
0.97

 
0.19

 
1.10

 
1.34

Deficiency
 


 
$
3,190

 
$
98,663