EX-12.1 5 a2218525zex-12_1.htm EX-12.1

Exhibit 12.1

COMMONWEALTH REIT
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)

 
   Year Ended December 31,  
 
   2013   2012(1)   2011(1)   2010(1)   2009(1)  

Earnings:

                                

Income from continuing operations before income tax expense and equity in earnings of investees

   $ 52,745   $ 70,360   $ 42,214   $ 1,889   $ 39,359  

Gains on equity transactions of investees

     —     (7,246 )   (11,177 )   (34,808 )   —  

Fixed charges

     174,753     204,244     195,024     183,433     173,458  

Distributions from investees

     24,079     16,816     16,617     16,119     4,975  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Adjusted Earnings

   $ 251,577   $ 284,174   $ 242,678   $ 166,633   $ 217,792  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Fixed Charges:

                                

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

   $ 174,753   $ 204,244   $ 195,024   $ 183,433   $ 173,458  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Fixed Charges

   $ 174,753   $ 204,244   $ 195,024   $ 183,433   $ 173,458  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Ratio of Earnings to Fixed Charges

     1.4x     1.4x     1.2x     0.9x (2)   1.3x  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       
(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 is $16,800.