Exhibit 12.2
Corporate Office Properties Trust and Subsidiaries
Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends
(Dollars in thousands)
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| Three Months Ended |
| Years Ended December 31, |
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|
| March 31, 2013 |
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
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Earnings: |
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Income (loss) from continuing operations before equity in (loss) income of unconsolidated entities and income taxes |
| $ | 9,112 |
| $ | 7,570 |
| $ | (88,283 | ) | $ | 24,353 |
| $ | 46,126 |
| $ | 44,919 |
|
Gain on sales of real estate, excluding discontinued operations |
| 2,354 |
| 21 |
| 2,732 |
| 2,840 |
| — |
| 1,682 |
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Combined fixed charges and preferred share dividends (from below) |
| 31,291 |
| 133,345 |
| 139,159 |
| 135,836 |
| 115,014 |
| 122,395 |
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Amortization of capitalized interest |
| 513 |
| 1,798 |
| 1,610 |
| 1,363 |
| 1,105 |
| 890 |
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Distributed loss of equity investees |
| — |
| — |
| (31 | ) | — |
| — |
| (203 | ) | ||||||
Subtract: |
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Capitalized interest (from below) |
| (2,440 | ) | (13,903 | ) | (17,400 | ) | (16,524 | ) | (15,461 | ) | (18,312 | ) | ||||||
Preferred share dividends included in fixed charges |
| (6,106 | ) | (20,844 | ) | (16,102 | ) | (16,102 | ) | (16,102 | ) | (16,102 | ) | ||||||
Preferred unit distributions included in fixed charges |
| (165 | ) | (676 | ) | (660 | ) | (660 | ) | (660 | ) | (660 | ) | ||||||
Total earnings |
| $ | 34,559 |
| $ | 107,311 |
| $ | 21,025 |
| $ | 131,106 |
| $ | 130,022 |
| $ | 134,609 |
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Combined fixed charges and preferred share dividends: |
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Interest expense on continuing operations |
| $ | 22,307 |
| $ | 94,624 |
| $ | 98,222 |
| $ | 95,729 |
| $ | 76,718 |
| $ | 79,542 |
|
Interest expense on discontinued operations |
| 64 |
| 2,174 |
| 6,079 |
| 6,399 |
| 5,702 |
| 7,379 |
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Capitalized interest (internal and external) |
| 2,440 |
| 13,903 |
| 17,400 |
| 16,524 |
| 15,461 |
| 18,312 |
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Amortization of debt issuance costs-capitalized |
| 101 |
| 649 |
| 183 |
| 19 |
| 30 |
| 32 |
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Interest included in rental expense |
| 108 |
| 475 |
| 513 |
| 403 |
| 341 |
| 368 |
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Preferred share dividends |
| 6,106 |
| 20,844 |
| 16,102 |
| 16,102 |
| 16,102 |
| 16,102 |
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Preferred unit distributions |
| 165 |
| 676 |
| 660 |
| 660 |
| 660 |
| 660 |
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Total combined fixed charges and preferred share dividends |
| $ | 31,291 |
| $ | 133,345 |
| $ | 139,159 |
| $ | 135,836 |
| $ | 115,014 |
| $ | 122,395 |
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Ratio of earnings to combined fixed charges and preferred share dividends |
| 1.10 |
| 0.80 |
| 0.15 |
| 0.97 |
| 1.13 |
| 1.10 |
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Deficiency |
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| $ | 26,034 |
| $ | 118,134 |
| $ | 4,730 |
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