EX-12.1 2 copt12312014ex121.htm EXHIBIT 12.1 COPT 12.31.2014 EX 12.1


EXHIBIT 12.1
Corporate Office Properties Trust
Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends
(Dollars in thousands)
 
 
Years Ended December 31, 2014
 
 
2014
 
2013
 
2012
 
2011
 
2010
Earnings:
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before equity in income (loss) of unconsolidated entities and income taxes
 
$
34,590

 
$
36,704

 
$
8,894

 
$
(85,580
)
 
$
24,693

Gain on sales of real estate, excluding discontinued operations
 
10,671

 
9,016

 
21

 
2,732

 
2,840

Combined fixed charges and preferred share dividends (from below)
 
115,842

 
120,307

 
133,345

 
139,159

 
135,836

Amortization of capitalized interest
 
2,374

 
1,977

 
1,798

 
1,610

 
1,363

Distributed income (loss) of equity investees
 
225

 
1,857

 
—

 
(31
)
 
—

Subtract:
 
 
 
 
 
 
 
 
 
 
Capitalized interest (from below)
 
(6,065
)
 
(8,785
)
 
(13,903
)
 
(17,400
)
 
(16,524
)
Preferred share dividends included in fixed charges
 
(15,939
)
 
(19,971
)
 
(20,844
)

(16,102
)

(16,102
)
Preferred unit distributions included in fixed charges
 
(660
)
 
(660
)
 
(660
)

(660
)

(660
)
Preferred distributions of other consolidated entities
 
(16
)
 
(16
)
 
(16
)
 
—

 
—

Total earnings
 
$
141,022

 
$
140,429

 
$
108,635

 
$
23,728

 
$
131,446

 
 
 
 
 
 
 
 
 
 
 
Combined Fixed Charges and Preferred Share Dividends:
 
 
 
 
 
 
 
 
 
 
Combined fixed charges and preferred share dividends:
 
 
 
 
 
 
 
 
 
 
Interest expense on continuing operations
 
$
92,393

 
$
82,010

 
$
86,401

 
$
90,037

 
$
87,551

Interest expense on discontinued operations
 
—

 
8,221

 
10,397

 
14,264

 
14,577

Capitalized interest (internal and external)
 
6,065

 
8,785

 
13,903

 
17,400

 
16,524

Amortization of debt issuance costs-capitalized
 
186

 
144

 
649

 
183

 
19

Interest included in rental expense
 
583

 
500

 
475

 
513

 
403

Preferred share dividends
 
15,939

 
19,971

 
20,844

 
16,102

 
16,102

Preferred unit distributions
 
660

 
660

 
660

 
660

 
660

Preferred distributions of other consolidated entities
 
16

 
16

 
16

 
—

 
—

Total combined fixed charges and preferred share dividends
 
$
115,842

 
$
120,307

 
$
133,345

 
$
139,159

 
$
135,836

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred share dividends
 
1.22

 
1.17

 
0.81

 
0.17

 
0.97

Deficiency
 
 
 


 
$
24,710

 
$
115,431

 
$
4,390