COMMONWEALTH REIT

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(dollars in thousands)

	Year Ended December 31,

	2012			2011			2010			2009			2008
Earnings:
Income from continuing operations before income tax expense	$	104,292		$	76,437		$	27,389		$	64,621		$	44,932
Equity in earnings and gains on equity transactions of investees		(18,666	)		(22,554	)		(43,272	)		(6,546	)		—
Fixed charges		204,244			195,024			183,433			173,458			180,553
Distributions from investees		16,816			16,617			16,119			4,975			—

Adjusted Earnings	$	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)	$	204,244		$	195,024		$	183,433		$	173,458		$	180,553

Total Fixed Charges	$	204,244		$	195,024		$	183,433		$	173,458		$	180,553

Ratio of Earnings to Fixed Charges		1.5x			1.4x			1.0x			1.4x			1.2x