EX-12.2 7 a2213090zex-12_2.htm EX-12.2
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Exhibit 12.2

COMMONWEALTH REIT
COMPUTATION OF RATIO OF EARNINGS TO COMBINED
FIXED CHARGES AND PREFERRED DISTRIBUTIONS
(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 before preferred distributions

     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 and Preferred Distributions:

                                

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

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

Preferred distributions

     51,552     46,985     47,733     50,668     50,668  
                       

Combined Fixed Charges and Preferred Distributions

   $ 255,796   $ 242,009   $ 231,166   $ 224,126   $ 231,221  
                       

Ratio of Earnings to Combined Fixed Charges and Preferred Distributions

     1.2x     1.1x     0.8x (1)   1.1x     1.0x (2)
                       
(1)
The deficiency for this period was $47,497 and reflects a loss on asset impairment of $29,949 and acquisition related costs of $21,553.

(2)
The deficiency for this period was $5,736.



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