EX-12.1 3 a11-25722_1ex12d1.htm EX-12.1

Exhibit 12.1

 

COMMONWEALTH REIT

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(dollars in thousands)

 

 

 

Nine Months Ended
September 30,

 

Year Ended December 31,

 

 

 

2011

 

2010(1)

 

2010(1)

 

2009(1)

 

2008(1)

 

2007(1)

 

2006(1)

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

60,008

 

$

57,572

 

$

39,374

 

$

72,429

 

$

58,865

 

$

64,733

 

$

195,695

 

Equity in earnings and gains on equity transactions of investees

 

(19,567

)

(41,451

)

(43,272

)

(6,546

)

—

 

—

 

(119,423

)

Fixed charges

 

145,037

 

137,506

 

183,433

 

173,458

 

180,553

 

171,571

 

165,894

 

Distributions from investees

 

12,438

 

12,039

 

16,119

 

4,975

 

—

 

—

 

5,387

 

Capitalized interest

 

—

 

—

 

—

 

—

 

—

 

(489

)

(335

)

Adjusted Earnings

 

$

197,916

 

$

165,666

 

$

195,654

 

$

244,316

 

$

239,418

 

$

235,815

 

$

247,218

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

145,037

 

$

137,506

 

$

183,433

 

$

173,458

 

$

180,553

 

$

171,571

 

$

165,894

 

Capitalized interest

 

—

 

—

 

—

 

—

 

—

 

489

 

335

 

Total Fixed Charges

 

$

145,037

 

$

137,506

 

$

183,433

 

$

173,458

 

$

180,553

 

$

172,060

 

$

166,229

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

1.4x

 

1.2x

 

1.1x

 

1.4x

 

1.3x

 

1.4x

 

1.5x

 

 

(1)       Reclassifications have been made to the prior year’s financial statements to conform to the current year’s presentation.