Corporate Office Properties Trust 10-K 2013 FY Annual report

EXHIBIT 12.2

Corporate Office Properties, L.P.

Ratio of Earnings to Fixed Charges

(Dollars in thousands)

	Years Ended December 31,
Earnings:	2013			2012			2011			2010			2009
Income (loss) from continuing operations before equity in income (loss) of unconsolidated entities and income taxes	$	36,704		$	8,894		$	(85,574	)	$	24,717		$	47,948
Gain on sales of real estate, excluding discontinued operations	9,016			21			2,732			2,840			—
Fixed charges (from below)	99,676			111,825			122,397			119,074			98,252
Amortization of capitalized interest	1,977			1,798			1,610			1,363			1,105
Distributed income (loss) of equity investees	1,857			—			(31		)	—			—
Subtract:
Capitalized interest (from below)	(8,785		)	(13,903		)	(17,400		)	(16,524		)	(15,461		)
Preferred distributions of other consolidated entities	(16		)	—			—			—			—
Total earnings	$	140,429		$	108,635		$	23,734		$	131,470		$	131,844
Fixed charges:
Interest expense on continuing operations	$	82,010		$	86,401		$	90,037		$	87,551		$	68,540
Interest expense on discontinued operations	8,221			10,397			14,264			14,577			13,880
Capitalized interest (internal and external)	8,785			13,903			17,400			16,524			15,461
Amortization of debt issuance costs-capitalized	144			649			183			19			30
Interest included in rental expense	500			475			513			403			341
Preferred distributions of other consolidated entities	16			—			—			—			—
Total fixed charges	$	99,676		$	111,825		$	122,397		$	119,074		$	98,252
Ratio of earnings to fixed charges	1.41			0.97			0.19			1.10			1.34
Deficiency				$	3,190		$	98,663