Exhibit 99.5
Corporate Office Properties Trust
Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends
(Dollars in thousands)
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| Years Ended December 31, |
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| 2008 |
| 2007 |
| 2006 |
| 2005 |
| 2004 |
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Earnings: |
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Income from continuing operations before equity in loss of unconsolidated entities and income taxes |
| $ | 57,989 |
| $ | 32,076 |
| $ | 33,757 |
| $ | 38,151 |
| $ | 39,879 |
|
Gain (loss) on sales of real estate, excluding discontinued operations |
| 1,682 |
| 3,108 |
| 889 |
| 366 |
| (150 | ) | |||||
Combined fixed charges and preferred share dividends (from below) |
| 122,395 |
| 127,139 |
| 111,787 |
| 85,240 |
| 70,627 |
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Amortization of capitalized interest |
| 890 |
| 695 |
| 527 |
| 337 |
| 285 |
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Distributed income (loss) of equity investees |
| (203 | ) | (224 | ) | 26 |
| (164 | ) | (83 | ) | |||||
Subtract: |
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Capitalized interest (from below) |
| (18,312 | ) | (19,964 | ) | (14,766 | ) | (9,871 | ) | (5,112 | ) | |||||
Preferred share dividends included in fixed charges |
| (16,102 | ) | (16,068 | ) | (15,404 | ) | (14,615 | ) | (16,329 | ) | |||||
Preferred unit distributions included in fixed charges |
| (660 | ) | (660 | ) | (660 | ) | (660 | ) | (179 | ) | |||||
Issuance costs associated with redeemed preferred shares |
| — |
| — |
| (3,896 | ) | — |
| (1,813 | ) | |||||
Total earnings |
| $ | 147,679 |
| $ | 126,102 |
| $ | 112,260 |
| $ | 98,784 |
| $ | 87,125 |
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Combined fixed charges and preferred share dividends: |
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Interest expense on continuing operations |
| $ | 86,870 |
| $ | 88,638 |
| $ | 74,023 |
| $ | 55,979 |
| $ | 43,663 |
|
Interest expense on discontinued operations |
| 51 |
| 1,382 |
| 2,417 |
| 3,405 |
| 3,031 |
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Capitalized interest (internal and external) |
| 18,312 |
| 19,964 |
| 14,766 |
| 9,871 |
| 5,112 |
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Amortization of debt issuance costs-capitalized |
| 32 |
| 138 |
| 237 |
| 272 |
| 113 |
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Interest included in rental expense |
| 368 |
| 289 |
| 384 |
| 438 |
| 387 |
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Preferred share dividends |
| 16,102 |
| 16,068 |
| 15,404 |
| 14,615 |
| 16,329 |
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Preferred unit distributions |
| 660 |
| 660 |
| 660 |
| 660 |
| 179 |
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Issuance costs associated with redeemed preferred shares |
| — |
| — |
| 3,896 |
| — |
| 1,813 |
| |||||
Total combined fixed charges and preferred share dividends |
| $ | 122,395 |
| $ | 127,139 |
| $ | 111,787 |
| $ | 85,240 |
| $ | 70,627 |
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Ratio of earnings to combined fixed charges and preferred share dividends |
| 1.21 |
| .99 |
| 1.00 |
| 1.16 |
| 1.23 |
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