EX-12.2 3 exhibit122.htm EXHIBIT Exhibit 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)
 
 
Year Ended
December 31,
2013
 
 
Year Ended
December 31,
2012
 
 
Year Ended
December 31,
2011
 
 
Year Ended
December 31,
2010
 
 
Year Ended
December 31,
2009
 
Net income (loss) from continuing operations, less preferred distributions
 
$
29,784

 
 
$
(132,057
)
 
 
$
(63,570
)
  
 
$
(25,195
)
 
 
$
(296,238
)
 
Preferred distributions
 
31,616

  
 
46,438

  
 
60,353

  
 
69,468

 
 
73,451

 
Interest expense
 
228,324

  
 
229,417

  
 
206,244

  
 
172,143

 
 
135,414

 
Earnings (loss) before fixed charges
 
$
289,724

  
 
$
143,798

 
 
$
203,027

  
 
$
216,416

 
 
$
(87,373
)
 
Interest expense
 
$
228,324

  
 
$
229,417

  
 
$
206,244

  
 
$
172,143

 
 
$
135,414

 
Interest costs capitalized
 
16,756

  
 
9,357

  
 
4,335

  
 
11,498

 
 
26,864

 
Total fixed charges
 
245,080

  
 
238,774

  
 
210,579

  
 
183,641

 
 
162,278

 
Preferred distributions
 
31,616

  
 
46,438

  
 
60,353

  
 
69,468

 
 
73,451

 
Total fixed charges and preferred distributions
 
$
276,696

  
 
$
285,212

  
 
$
270,932

  
 
$
253,109

 
 
$
235,729

 
Ratio of earnings to fixed charges
 
1.18

 
 
N/A

(1)
 
N/A

(3)
 
1.18

 
 
N/A

(6)
Ratio of earnings to fixed charges and preferred distributions
 
1.05

 
 
N/A

(2)
 
N/A

(4)
 
N/A

(5)
 
N/A

(7)
 
(1)
N/A - The ratio is less than 1.0; deficit of $95.0 million exists for the year ended December 31, 2012. The calculation of earnings includes $348.3 million of non-cash depreciation and amortization expense.
(2)
N/A - The ratio is less than 1.0; deficit of $141.4 million exists for the year ended December 31, 2012. The calculation of earnings includes $348.3 million of non-cash depreciation and amortization 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 $304.3 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 $304.3 million of non-cash depreciation and amortization expense.
(5)
N/A - The ratio is less than 1.0; deficit of $36.7 million exists for the year ended December 31, 2010. The calculation of earnings includes $252.3 million of non-cash depreciation and amortization expense.
(6)
N/A - The ratio is less than 1.0; deficit of $249.7 million exists for the year ended December 31, 2009. The calculation of earnings includes $223.7 million of non-cash depreciation and amortization expense.
(7)
N/A - The ratio is less than 1.0; deficit of $323.1 million exists for the year ended December 31, 2009. The calculation of earnings includes $223.7 million of non-cash depreciation and amortization expense.