EX-12.2 3 drlp-ex1222q2012.htm STATEMENT OF COMPUTATION OF RATIO OF EARNINGS - DUKE REALTY LIMITED PARTNERSHIP DRLP - EX 12.2.2Q.2012


EXHIBIT 12.2
DUKE REALTY LIMITED PARTNERSHIP
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO
COMBINED FIXED CHARGES AND PREFERRED DISTRIBUTIONS
(in thousands, except ratios)
 
 
 
Six Months Ended
June 30,
2012

 
 
 
Year Ended
December 31,
2011

 
 
 
Year Ended
December 31,
2010

 
 
 
Year Ended
December 31,
2009

 
 
 
Year Ended
December 31,
2008

 
 
 
Year Ended
December 31,
2007

Net income (loss) from continuing operations, less preferred distributions
 
$
(68,605
)
 
 
 
$
(63,589
)
 
 
 
$
(30,448
)
 
 
 
$
(306,823
)
 
  
 
$
18,193

 
 
 
$
112,198

Preferred distributions
 
24,275

 
 
 
60,353

 
  
 
69,468

 
  
 
73,451

 
  
 
71,426

 
 
 
58,292

Interest expense
 
122,138

 
  
 
221,543

 
  
 
187,488

 
  
 
149,878

 
  
 
135,080

 
 
 
110,165

Earnings (loss) before fixed charges
 
$
77,808

 
 
 
$
218,307

 
  
 
$
226,508

 
 
 
$
(83,494
)
 
  
 
$
224,699

 
 
 
$
280,655

Interest expense
 
$
122,138

 
 
 
$
221,543

 
  
 
$
187,488

 
  
 
$
149,878

 
  
 
$
135,080

 
 
 
$
110,165

Interest costs capitalized
 
3,282

 
 
 
4,335

 
  
 
11,498

 
  
 
26,864

 
  
 
53,456

 
 
 
59,167

Total fixed charges
 
125,420

 
 
 
225,878

 
  
 
198,986

 
  
 
176,742

 
  
 
188,536

 
 
 
169,332

Preferred distributions
 
24,275

 
 
 
60,353

 
  
 
69,468

 
  
 
73,451

 
  
 
71,426

 
 
 
58,292

Total fixed charges and preferred distributions
 
$
149,695

 
 
 
$
286,231

 
  
 
$
268,454

 
  
 
$
250,193

 
  
 
$
259,962

 
 
 
$
227,624

Ratio of earnings to fixed charges
 
N/A

 
(1)
 
N/A

 
(3)
 
1.14

 
 
 
N/A

 
(6)
 
1.19

 
 
 
1.66

Ratio of earnings to fixed charges and preferred distributions
 
N/A

 
(2)
 
N/A

 
(4)
 
N/A

 
(5)
 
N/A

 
(7)
 
N/A

 
(8)
 
1.23

 
(1)
N/A - The ratio is less than 1.0; deficit of $47.6 million exists for the six months ended June 30, 2012. The calculation of earnings includes $184.1 million of non-cash depreciation expense.
(2)
N/A - The ratio is less than 1.0; deficit of $71.9 million exists for the six months ended June 30, 2012. The calculation of earnings includes $184.1 million of non-cash depreciation expense.
(3)
N/A - The ratio is less than 1.0; deficit of $7.6 million exists for the year ended December 31, 2011. The calculation of earnings includes $328.3 million of non-cash depreciation expense.
(4)
N/A - The ratio is less than 1.0; deficit of $67.9 million exists for the year ended December 31, 2011. The calculation of earnings includes $328.3 million of non-cash depreciation expense.
(5)
N/A - The ratio is less than 1.0; deficit of $41.9 million exists for the year ended December 31, 2010. The calculation of earnings includes $277.6 million of non-cash depreciation expense.
(6)
N/A - The ratio is less than 1.0; deficit of $260.2 million exists for the year ended December 31, 2009. The calculation of earnings includes $243.2 million of non-cash depreciation expense.
(7)
N/A - The ratio is less than 1.0; deficit of $333.7 million exists for the year ended December 31, 2009. The calculation of earnings includes $243.2 million of non-cash depreciation expense.
(8)
N/A - The ratio is less than 1.0; deficit of $35.3 million exists for the year ended December 31, 2008. The calculation of earnings includes $211.1 million of non-cash depreciation expense.