EX-12.2 3 copt12312014ex122.htm EXHIBIT 12.2 COPT 12.31.2014 EX 12.2


EXHIBIT 12.2
Corporate Office Properties, L.P.
Ratio of Earnings to Fixed Charges
(Dollars in thousands)


 
 
Years Ended December 31, 2014
Earnings:
 
2014
 
2013
 
2012
 
2011
 
2010
Income (loss) from continuing operations before equity in income (loss) of unconsolidated entities and income taxes
 
$
34,590

 
$
36,704

 
$
8,894

 
$
(85,574
)
 
$
24,717

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

 
9,016

 
21

 
2,732

 
2,840

Fixed charges (from below)
 
99,243

 
99,676

 
111,825

 
122,397

 
119,074

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

 
—

 
—

Total earnings
 
$
141,022

 
$
140,429

 
$
108,635

 
$
23,734

 
$
131,470

 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
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 distributions of other consolidated entities
 
16

 
16

 
—

 
—

 
—

Total fixed charges
 
$
99,243

 
$
99,676

 
$
111,825

 
$
122,397

 
$
119,074

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
1.42

 
1.41

 
0.97

 
0.19

 
1.10

Deficiency
 


 


 
$
3,190

 
$
98,663