COPT Defense Properties (CDP) 8-K Other events

Exhibit 12.1

CORPORATE OFFICE PROPERTIES TRUST

Ratio of earnings to combined fixed charges and preferred share dividends

(Dollars in thousands)

	Nine months ended September 30, 2003
	Historical		As Adjusted		As Further Adjusted
Income before minority interest, income taxes, discontinued operations, extraordinary item and cumulative effect of accounting change	26,000		25,704		26,792
Equity in loss (income) in unconsolidated entities	91		91		91
Distributed income of equity investees	—		—		—
Fixed charges (from below)	55,518		55,814		57,539
Capitalized interest (from below)	(2,019	)	(2,315	)	(2,315	)
Preferred share dividends included in fixed charges	(8,224	)	(8,224	)	(11,037	)
Preferred unit distributions included in fixed charges	(1,049	)	(1,049	)	(1,049	)
Repurchase of preferred units in excess of recorded book value	(11,224	)	(11,224	)	(11,224	)
Total earnings	59,093		58,797		58,797
Fixed charges and preferred dividends:
Interest expense on continuing operations	30,608		30,608		29,520
Interest expense on discontinued operations	100		100		100
Capitalized interest	2,019		2,315		2,315
Amortization of debt issuance costs-expensed	1,957		1,957		1,957
Amortization of debt issuance costs-capitalized	—		—		—
Preferred share dividends	8,224		8,224		11,037
Preferred unit distributions	1,049		1,049		1,049
Interest included in rental expense	337		337		337
Repurchase of preferred units in excess of recorded book value	11,224		11,224		11,224
Total fixed charges and preferred dividends	55,518		55,814		57,539
Ratio of earnings to combined fixed charges and preferred dividends	1.06		1.05		1.02