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Corporate Office Properties Trust
Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends
(Dollars in thousands)
| Years Ended December 31, | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||
Earnings: | |||||||||||||||||
Income from continuing operations before equity in loss of unconsolidated entities, income taxes and minority interests | $ | 35,570 | $ | 35,313 | $ | 38,324 | $ | 40,031 | $ | 31,487 | |||||||
Gain (loss) on sales of real estate, excluding discontinued operations | 3,108 | 889 | 366 | (150 | ) | 472 | |||||||||||
Combined fixed charges and preferred share dividends (from below) | 123,387 | 110,541 | 85,240 | 70,627 | 71,541 | ||||||||||||
Amortization of capitalized interest | 695 | 527 | 337 | 285 | 254 | ||||||||||||
Distributed income (loss) of equity investees | (224 | ) | 26 | (164 | ) | (83 | ) | (181 | ) | ||||||||
Subtract: | |||||||||||||||||
Capitalized interest (from below) | (19,274 | ) | (14,559 | ) | (9,871 | ) | (5,112 | ) | (2,846 | ) | |||||||
Preferred share dividends included in fixed charges | (16,068 | ) | (15,404 | ) | (14,615 | ) | (16,329 | ) | (12,003 | ) | |||||||
Preferred unit distributions included in fixed charges | (660 | ) | (660 | ) | (660 | ) | (179 | ) | (1,049 | ) | |||||||
Repurchase of preferred units in excess of recorded book value | — | — | — | — | (11,224 | ) | |||||||||||
Issuance costs associated with redeemed preferred shares | — | (3,896 | ) | — | (1,813 | ) | — | ||||||||||
Total earnings | $ | 126,534 | $ | 112,777 | $ | 98,957 | $ | 87,277 | $ | 76,451 | |||||||
Combined fixed charges and preferred share dividends: | |||||||||||||||||
Interest expense on continuing operations | $ | 82,032 | $ | 70,260 | $ | 53,906 | $ | 41,423 | $ | 37,905 | |||||||
Interest expense on discontinued operations | 1,250 | 2,160 | 3,238 | 2,840 | 3,274 | ||||||||||||
Capitalized interest (internal and external) | 19,274 | 14,559 | 9,871 | 5,112 | 2,846 | ||||||||||||
Amortization of debt issuance costs on continuing operations—expensed | 3,676 | 2,847 | 2,229 | 2,420 | 2,756 | ||||||||||||
Amortization of debt issuance costs on discontinued operations—expensed | — | 134 | 11 | 11 | 11 | ||||||||||||
Amortization of debt issuance costs-capitalized | 138 | 237 | 272 | 113 | — | ||||||||||||
Interest included in rental expense | 289 | 384 | 438 | 387 | 473 | ||||||||||||
Preferred share dividends | 16,068 | 15,404 | 14,615 | 16,329 | 12,003 | ||||||||||||
Preferred unit distributions | 660 | 660 | 660 | 179 | 1,049 | ||||||||||||
Repurchase of preferred units in excess of recorded book value | — | — | — | — | 11,224 | ||||||||||||
Issuance costs associated with redeemed preferred shares | — | 3,896 | — | 1,813 | — | ||||||||||||
Total combined fixed charges and preferred share dividends | $ | 123,387 | $ | 110,541 | $ | 85,240 | $ | 70,627 | $ | 71,541 | |||||||
Ratio of earnings to combined fixed charges and preferred share dividends | 1.03 | 1.02 | 1.16 | 1.24 | 1.07 | ||||||||||||
Corporate Office Properties Trust Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends (Dollars in thousands)