EX-12.2 7 copt12312016ex122.htm EXHIBIT 12.2 Exhibit


EXHIBIT 12.2
Corporate Office Properties, L.P.
Ratio of Earnings to Fixed Charges
(Dollars in thousands)
 
 
Years Ended December 31,
Earnings:
 
2016
 
2015
 
2014
 
2013
 
2012
(Loss) income from continuing operations before equity in income (loss) of unconsolidated entities and income taxes
 
$
(26,419
)
 
$
120,812

 
$
34,590

 
$
36,704

 
$
8,894

Gain on sales of real estate, excluding discontinued operations
 
40,986

 
68,047

 
10,671

 
9,016

 
21

Fixed charges (from below)
 
89,584

 
96,867

 
99,243

 
99,676

 
111,825

Amortization of capitalized interest
 
2,715

 
2,591

 
2,374

 
1,977

 
1,798

Distributed income of equity investees
 
732

 
361

 
225

 
1,857

 

Subtract:
 
 
 
 
 
 
 
 
 
 
Capitalized interest (from below)
 
(5,723
)
 
(7,151
)
 
(6,065
)
 
(8,785
)
 
(13,903
)
Preferred distributions of other consolidated entities
 
(16
)
 
(16
)
 
(16
)
 
(16
)
 

Total earnings
 
$
101,859

 
$
281,511

 
$
141,022

 
$
140,429

 
$
108,635

 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest expense on continuing operations
 
$
83,163

 
$
89,074

 
$
92,393

 
$
82,010

 
$
86,401

Interest expense on discontinued operations
 

 

 

 
8,221

 
10,397

Capitalized interest (internal and external)
 
5,723

 
7,151

 
6,065

 
8,785

 
13,903

Amortization of debt issuance costs-capitalized
 

 
8

 
186

 
144

 
649

Interest included in rental expense
 
682

 
618

 
583

 
500

 
475

Preferred distributions of other consolidated entities
 
16

 
16

 
16

 
16

 

Total fixed charges
 
$
89,584

 
$
96,867

 
$
99,243

 
$
99,676

 
$
111,825

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
1.14

 
2.91

 
1.42

 
1.41

 
0.97

 
 
 
 
 
 
 
 
 
 
 
Deficiency
 


 


 


 


 
$
3,190


For purposes of calculating the above ratios, earnings were computed by adding fixed charges (excluding capitalized interest), gain on sales of real estate (excluding discontinued operations) amortization of capitalized interest and distributed income of equity investees to income from continuing operations before noncontrolling interests, equity in income of unconsolidated entities and income taxes. Fixed charges consist of interest costs and capitalized amortization of debt issuance costs.