EX-12.1 3 a2ndq2015ex122.htm EXHIBIT 12.1 2nd Q 2015 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)
 
 
Six Months Ended June 30, 2015
 
 
Year Ended December 31, 2014
 
 
Year Ended December 31, 2013
 
 
Year Ended December 31, 2012
 
 
Year Ended December 31, 2011
 
 
Year Ended December 31, 2010
 
Net income (loss) from continuing operations, less preferred distributions
 
$
95,430

 
 
$
190,743

 
 
$
27,886

 
 
$
(126,873
)
  
 
$
(61,143
)
 
 
$
(20,215
)
 
Preferred distributions
 

  
 
24,943

  
 
31,616

  
 
46,438

  
 
60,353

 
 
69,468

 
Interest expense
 
92,567

  
 
196,090

  
 
202,174

  
 
202,109

  
 
181,734

 
 
146,987

 
Earnings before fixed charges
 
$
187,997

  
 
$
411,776

  
 
$
261,676

 
 
$
121,674

  
 
$
180,944

 
 
$
196,240

 
Interest expense
 
$
92,567

  
 
$
196,090

  
 
$
202,174

  
 
$
202,109

  
 
$
181,734

 
 
$
146,987

 
Interest costs capitalized
 
6,930

  
 
17,619

  
 
16,756

  
 
9,357

  
 
4,335

 
 
11,498

 
Total fixed charges
 
99,497

  
 
213,709

  
 
218,930

  
 
211,466

  
 
186,069

 
 
158,485

 
Preferred distributions
 

  
 
24,943

  
 
31,616

  
 
46,438

  
 
60,353

 
 
69,468

 
Total fixed charges and preferred distributions
 
$
99,497

  
 
$
238,652

  
 
$
250,546

  
 
$
257,904

  
 
$
246,422

 
 
$
227,953

 
Ratio of earnings to fixed charges
 
1.89

 
 
1.93

 
 
1.20


 
N/A

(1)
 
N/A

(3)
 
1.24


Ratio of earnings to fixed charges and preferred distributions
 
1.89

 
 
1.73

 
 
1.04


 
N/A

(2)
 
N/A

(4)
 
N/A

(5)
 
(1)
N/A - The ratio is less than 1.0; deficit of $89.8 million exists for the year ended December 31, 2012. The calculation of earnings includes $305.6 million of non-cash depreciation and amortization expense.
(2)
N/A - The ratio is less than 1.0; deficit of $136.2 million exists for the year ended December 31, 2012. The calculation of earnings includes $305.6 million of non-cash depreciation and amortization expense.
(3)
N/A - The ratio is less than 1.0; deficit of $5.1 million exists for the year ended December 31, 2011. The calculation of earnings includes $263.4 million of non-cash depreciation and amortization expense.
(4)
N/A - The ratio is less than 1.0; deficit of $65.5 million exists for the year ended December 31, 2011. The calculation of earnings includes $263.4 million of non-cash depreciation and amortization expense.
(5)
N/A - The ratio is less than 1.0; deficit of $31.7 million exists for the year ended December 31, 2010. The calculation of earnings includes $216.2 million of non-cash depreciation and amortization expense.