EX-12.1 8 dex121.txt EXHIBIT 12.1 Exhibit 12.1 Computation of Ratios CarrAmerica Realty Corporation
Calculation of Earnings: ------------------------ Nine Months Year Ended December 31, Ended ---------------------------------------- 09/30/02 2001 2000 1999 1998 1997 -------- ---- ---- ---- ---- ---- Income from Continuing Operations before income taxes, minority interest, and gain on sale of assets and other provisions, net (as filed) 64,769 86,866 130,330 114,639 97,891 81,593 Discontinued operations - Commons @ Los Colinas - (7,208) (5,629) (3,832) (1,037) - Less: Equity in earnings (5,889) (9,322) (7,596) (5,167) 5,282 (655) Add: Gain on sale of assets and other provisions, pre-tax 9,057 2,964 55,047 55,453 47,701 5,420 ------------------------------------------------------- Pre-tax income from continuing ops. Before adjustment for minority interest and income from equity investees 67,937 73,300 172,152 161,093 149,837 86,358 Additions: Fixed Charges Interest Expense 73,139 82,547 98,348 89,057 71,419 51,528 Capitalized Interest 2,486 6,221 12,367 26,485 30,482 12,571 Deferred Financing Costs 434 1,069 1,841 1,915 1,911 2,138 ------------------------------------------------------- 76,059 89,837 112,556 117,457 103,812 66,237 Amortization of Cap'd Int (1) 1,749 2,270 2,114 1,805 1,143 381 Distributed income of equity investees (2) 5,889 9,322 7,596 5,167 (5,282) 655 Subtractions: Capitalized Interest (2,486) (6,221) (12,367) (26,485) (30,482) (12,571) ------------------------------------------------------- Adjusted Earnings 149,148 168,508 282,051 259,037 219,028 141,060 ------------------------------------------------------- Fixed Charges (from above) 76,059 89,837 112,556 117,457 103,812 66,237 Preferred Stock Dividends 24,483 34,705 35,206 35,448 35,571 10,991 Ratio of Earnings to Fixed Charges 1.96 1.88 2.51 2.21 2.11 2.13 Ratio of Earnings to Fixed Charges 1.48 1.35 1.91 1.69 1.57 1.83 and Preferred Stock Dividends
CarrAmerica Realty, L.P.
Calculation of Earnings: ------------------------ Nine Months Year Ended December 31, Ended -------------------------------------- 9/30/2002 2001 2000 1999 1998 1997 --------- ---- ---- ---- ---- ---- Income from Continuing Operations before income taxes, minority interest and gain on sale of assets and other provisions, net (as filed) 14,033 19,960 21,950 28,010 24,679 11,626 Discontinued operations - (8,026) (6,498) (4,727) (1,893) (467) Less: Equity in earnings (2,654) (3,653) (1,251) (8) - - Add: Gain on sale of assets and other provisions, pre-tax (1,009) (7,435) 24,921 3,804 8,190 5,067 ----------------------------------------------------- Pre-tax income from continuing ops. Before adj. For MI and income from equity investees 10,370 846 39,122 27,079 30,976 16,226 Additions: Fixed Charges Interest Expense 11,533 19,185 27,567 20,545 16,508 6,792 Capitalized Interest 196 761 2,341 5,177 4,894 2,909 Amortized discounts or premium on debt - - - - - - Deferred Financing Costs 41 54 54 54 14 - ----------------------------------------------------- 11,770 20,000 29,962 25,776 21,416 9,701 Amortization of Cap'd Int (3) 313 413 394 335 206 84 Distributed income of equity investees (4) 2,654 3,653 1,251 8 - - Subtractions: Capitalized Interest (196) (761) (2,341) (5,177) (4,894) (2,909) ----------------------------------------------------- Adjusted Earnings 24,911 24,151 68,388 48,021 47,704 23,102 ----------------------------------------------------- Fixed Charges (from above) 11,770 20,000 29,962 25,776 21,416 9,701 Preferred Stock Dividends - - - - - - Ratio of Earnings to Fixed Charges 2.12 1.21 2.28 1.86 2.23 2.38 Ratio of Earnings to Fixed Charges 2.12 1.21 2.28 1.86 2.23 2.38 and Preferred Stock Dividends
(1) Represents an estimate of capitalized interest costs based on the Company's established depreciation policy and an analysis of interest costs capitalized since 1996 (the year in which CarrAmerica began significant development activity). (2) Represents an estimate of distributed income. Amount is based upon equity in earnings for each period due to the fact that distributions per the cash flow exceeded equity in earnings for each period. (3) Represents an estimate of capitalized interest costs based on the Partnership's established depreciation policy and an analysis of interest costs capitalized since 1996 (the year in which the Company began significant development activity). (4) Represents an estimate of distributed income. Amount is based upon equity in earnings for each period due to the fact that distributions per the cash flow exceeded equity in earnings for each period.