EX-12.1 24 dex121.htm EXHIBIT 12.1 Exhibit 12.1

Exhibit 12.1

 

CarrAmerica Realty Corporation

Computation of Ratios

 

Calculation of Earnings:

 

     2005
     2004
     2003
  

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

    32,283     41,449     48,727  

Less: Equity in earnings

    (3,554 )   (6,760 )   (7,034 )

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

    92,824     27,600     (50 )
    
 
 

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

    121,553     62,289     41,643  

Additions:

                   

Fixed Charges

                   

Interest expense

    117,743     114,978     104,492  

Capitalized interest

    76     457     1,696  
    
 
 
     117,819     115,435     106,188  

(1)    Amortization of capitalized interest

    2,407     2,405     2,394  

(2)    Distributed income of equity investees

    3,554     6,760     7,034  

Subtractions:

                   

Capitalized interest

    (76 )   (457 )   (1,696 )
    
 
 

Adjusted Earnings

    245,257     186,432     155,563  
    
 
 

Fixed Charges (from above)

    117,819     115,435     106,188  

Preferred Stock Dividends

    15,094     15,094     18,021  

Ratio of Earnings to Fixed Charges

    2.08     1.62     1.46  

Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

    1.85     1.43     1.25  

 

(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 exceeded equity in earnings for each period.