EX-12.2 3 drlp-ex122.htm STATEMENT OF COMPUTATION OF RATIO OF EARNINGS - DUKE REALTY LIMITED PARTNERSHIP DRLP - EX 12.2


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)
 
 
 
Nine Months
Ended
September 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
 
$
(98,737
)
 
 
 
$
(63,536
)
 
 
 
$
(30,588
)
 
 
 
$
(306,948
)
 
  
 
$
18,071

 
 
 
$
112,434

Preferred distributions
 
35,356

 
 
 
60,353

 
  
 
69,468

 
  
 
73,451

 
  
 
71,426

 
 
 
58,292

Interest expense
 
183,623

 
  
 
221,420

 
  
 
187,342

 
  
 
149,721

 
  
 
134,921

 
 
 
109,999

Earnings (loss) before fixed charges
 
$
120,242

 
 
 
$
218,237

 
  
 
$
226,222

 
 
 
$
(83,776
)
 
  
 
$
224,418

 
 
 
$
280,725

Interest expense
 
$
183,623

 
 
 
$
221,420

 
  
 
$
187,342

 
  
 
$
149,721

 
  
 
$
134,921

 
 
 
$
109,999

Interest costs capitalized
 
6,199

 
 
 
4,335

 
  
 
11,498

 
  
 
26,864

 
  
 
53,456

 
 
 
59,167

Total fixed charges
 
189,822

 
 
 
225,755

 
  
 
198,840

 
  
 
176,585

 
  
 
188,377

 
 
 
169,166

Preferred distributions
 
35,356

 
 
 
60,353

 
  
 
69,468

 
  
 
73,451

 
  
 
71,426

 
 
 
58,292

Total fixed charges and preferred distributions
 
$
225,178

 
 
 
$
286,108

 
  
 
$
268,308

 
  
 
$
250,036

 
  
 
$
259,803

 
 
 
$
227,458

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 $69.6 million exists for the nine months ended September 30, 2012. The calculation of earnings includes $279.1 million of non-cash depreciation and amortization expense.
(2)
N/A - The ratio is less than 1.0; deficit of $104.9 million exists for the nine months ended September 30, 2012. The calculation of earnings includes $279.1 million of non-cash depreciation and amortization expense.
(3)
N/A - The ratio is less than 1.0; deficit of $7.5 million exists for the year ended December 31, 2011. The calculation of earnings includes $328.2 million of non-cash depreciation and amortization 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 $328.2 million of non-cash depreciation and amortization expense.
(5)
N/A - The ratio is less than 1.0; deficit of $42.1 million exists for the year ended December 31, 2010. The calculation of earnings includes $277.4 million of non-cash depreciation and amortization expense.
(6)
N/A - The ratio is less than 1.0; deficit of $260.4 million exists for the year ended December 31, 2009. The calculation of earnings includes $243.1 million of non-cash depreciation and amortization expense.
(7)
N/A - The ratio is less than 1.0; deficit of $333.8 million exists for the year ended December 31, 2009. The calculation of earnings includes $243.1 million of non-cash depreciation and amortization expense.
(8)
N/A - The ratio is less than 1.0; deficit of $35.4 million exists for the year ended December 31, 2008. The calculation of earnings includes $210.9 million of non-cash depreciation and amortization expense.