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CORPORATE OFFICE PROPERTIES TRUST AND SUBSIDIARIES EXHIBIT 99.3
RATIO OF EARNINGS TO FIXED CHARGES
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For the Six
Months Ended For the Year Ended December 31,
June 30, -------------------------------------------------------
2001 2000 1999 1998 1997 1996
---------- -------- -------- -------- ------- -------
Net Income 8,807 15,134 15,083 4,696 (967) 293
Add:
Minority interest -- common units 3,426 6,348 3,457 1,171 65 --
Combined fixed charges & preferred
share dividends (per below) 22,456 41,767 29,767 16,446 3,639 1,259
Less:
Capitalized interest (per below) (1,933) (3,889) (1,510) (77) -- --
Preferred Share Dividends included in
fixed charges (2,494) (3,802) (2,854) (327) -- --
---------- -------- -------- -------- ------- -------
TOTAL EARNINGS 30,262 55,558 43,943 21,909 2,737 1,552
COMBINED FIXED CHARGES & PREFERRED
SHARE DIVIDENDS:
Interest 15,956 30,454 21,808 12,207 2,855 1,246
Capitalized interest 1,933 3,889 1,510 77 -- --
Amortization of deferred issuance cost 929 1,382 975 423 64 13
Preferred Share dividends 2,494 3,802 2,854 327 -- --
Series C & Initial Preferred Unit
distributions 1,144 2,240 2,620 3,412 720 --
---------- -------- -------- -------- ------- -------
22,456 41,767 29,767 16,446 3,639 1,259
Ratio of earnings to combined fixed
charges and Preferred Share dividends 1.35 1.33 1.48 1.33 0.75 1.23
Deficiency of earnings N/A N/A N/A N/A (902)(1) N/A
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(1) During the year ended December 31, 1997, the Company's net income
included a non-recurring expense of $1,353 associated with the termination of
an advisory agreement. As a result, earnings were inadequate to cover fixed
charges by approximately $902 in the year ended December 31, 1997.