EX-12.1 6 dex121.htm EXHIBIT 12.1 Exhibit 12.1

Exhibit 12.1

 

Computation of Ratios

 

CarrAmerica Realty Operating Partnership, L.P.

 

Calculation of Earnings:

 

         2003
     2002
     2001
     2000
     1999
  
   

Income from continuing operations before income taxes, minority interest, and gain on sale of properties and impairment losses on real estate

    72,369     84,365     77,350     117,909     104,947  
   

Less: Equity in earnings

    (7,034 )   (7,188 )   (9,322 )   (7,596 )   (5,167 )
   

Add: Gain (loss) on sale of properties and impairment losses on real estate

    (3,095 )   13,156     2,964     55,047     55,453  
        
 
 
 
 
   

Income from continuing operations before income taxes, adjustment for minority interest and income from equity investees

    62,240     90,333     70,992     165,360     155,233  
   

Additions:

                               
   

Fixed Charges

                               
   

Interest expense

    104,492     99,018     83,676     98,835     89,057  
   

Capitalized interest

    1,696     3,274     6,221     12,367     26,485  
        
 
 
 
 
         106,188     102,292     89,897     111,202     115,542  
(1)  

Amortization of capitalized interest

    2,394     2,352     2,270     2,114     1,805  
(2)  

Distributed income of equity investees

    7,034     7,188     9,322     7,596     5,167  
   

Subtractions:

                               
   

Capitalized interest

    (1,696 )   (3,274 )   (6,221 )   (12,367 )   (26,485 )
        
 
 
 
 
   

Adjusted Earnings

    176,160     198,891     166,260     273,905     251,262  
        
 
 
 
 
   

Fixed Charges (from above)

    106,188     102,292     89,897     111,202     115,542  
   

Ratio of Earnings to Fixed Charges

    1.66     1.94     1.85     2.46     2.17  

 

(1) Represents an estimate of capitalized interest costs based on our 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 exceeded equity in earnings for each period.

 

1

CarrAmerica Realty Corporation

 

Calculation of Earnings:

 

     2003
     2002
     2001
     2000
     1999
  

Income from continuing operations before income taxes, minority interest, and gain on sale of properties and impairment losses on real estate

    72,369     84,365     77,350     117,909     104,947  

Less: Equity in earnings

    (7,034 )   (7,188 )   (9,322 )   (7,596 )   (5,167 )

Add: Gain (loss) on sale of properties and impairment losses on real estate

    (3,095 )   13,156     2,964     55,047     55,453  
    
 
 
 
 

Income from continuing operations before income taxes, adjustment for minority interest and income from equity investees

    62,240     90,333     70,992     165,360     155,233  

Additions:

                               

Fixed Charges

                               

Interest expense

    104,492     99,018     83,676     98,835     89,057  

Capitalized interest

    1,696     3,274     6,221     12,367     26,485  
    
 
 
 
 
     106,188     102,292     89,897     111,202     115,542  

(1)    Amortization of capitalized interest

    2,394     2,352     2,270     2,114     1,805  

(2)    Distributed income of equity investees

    7,034     7,188     9,322     7,596     5,167  

Subtractions:

                               

Capitalized interest

    (1,696 )   (3,274 )   (6,221 )   (12,367 )   (26,485 )
    
 
 
 
 

Adjusted Earnings

    176,160     198,891     166,260     273,905     251,262  
    
 
 
 
 

Fixed Charges (from above)

    106,188     102,292     89,897     111,202     115,542  

Ratio of Earnings to Fixed Charges

    1.66     1.94     1.85     2.46     2.17  

 

(1) Represents an estimate of capitalized interest costs based on our 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 exceeded equity in earnings for each period.

 

2

CarrAmerica Realty, L.P.

 

Calculation of Earnings:

 

         2003
     2002
     2001
     2000
     1999
  
   

Income from Continuing Operations before income taxes, minority interest and gain on sale of assets and other provisions, net (as filed)

    19,526     19,483     19,960     21,950     28,010  
   

Discontinued operations

                               
   

Less: Equity in earnings

    —       —       (8,624 )   (5,838 )   (3,318 )
   

Add: Gain on sale of assets and other provisions, pre-tax

    (2,264 )   (3,138 )   (3,653 )   (1,251 )   (8 )
   

Pre-tax income from continuing operations before adjustment for minority interest and income from equity investees

    (427 )   (1,009 )   (7,435 )   24,921     3,804  
        
 
 
 
 
         16,835     15,336     248     39,782     28,488  
   

Additions:

                               
   

Fixed Charges

                               
   

Interest Expense

    9,825     14,628     19,185     27,567     20,545  
   

Capitalized Interest

    —       196     761     2,341     5,177  
   

Amortized discounts or premium on debt

    —       —       —       —       —    
   

Deferred Financing Costs

    42     59     54     54     54  
        
 
 
 
 
         9,867     14,883     20,000     29,962     25,776  
(1)  

Amortization of capitalized interest

    407     407     413     394     335  
(2)  

Distributed income of equity investees

    2,264     3,138     3,653     1,251     8  
   

Subtractions:

                               
   

Capitalized Interest

    —       (196 )   (761 )   (2,341 )   (5,177 )
        
 
 
 
 
   

Adjusted Earnings

    29,373     33,568     23,553     69,048     49,430  
        
 
 
 
 
   

Fixed Charges (from above)

    9,867     14,883     20,000     29,962     25,776  
   

Preferred Stock Dividends

    —       —       —       —       —    
   

Ratio of Earnings to Fixed Charges

    2.98     2.26     1.18     2.30     1.92  
   

Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

    2.98     2.26     1.18     2.30     1.92  

 

(1) Represents an estimate of capitalized interest costs based on our 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