EX-12.2 3 v57730exv12w2.htm EX-12.2 exv12w2
Exhibit 12.2
KILROY REALTY, L.P.
Statement of Computation of Ratio of Earnings to Fixed Charges
(in thousands, except ratios)
                                         
    Year Ended December 31,  
    2010     2009     2008     2007     2006  
Earnings:
                                        
Income from continuing operations
     18,937     $ 35,754     $ 45,849     $ 44,560     $ 47,741  
Plus Fixed Charges:
                                        
Interest expense (including amortization of loan costs)
     59,941       46,119       45,346       40,762       43,541  
Capitalized interest and loan costs
     10,015       9,683       18,132       19,516       11,309  
Estimate of interest within rental expense
     997       871       871       871       871  
 
                              
 
Fixed Charges
     70,953       56,673       64,349       61,149       55,721  
Plus: Amortization of capitalized interest(1)
     4,348       4,067       3,669       3,132       2,691  
Less: Capitalized interest and loan costs
     (10,015 )     (9,683 )     (18,132 )     (19,516 )     (11,309 )
 
                              
 
Earnings
   $ 84,223     $ 86,811     $ 95,735     $ 89,325     $ 94,844  
 
                              
 
Ratio of earnings to fixed charges
     1.19x       1.53x       1.49x       1.46x       1.70x  
 
                              
 
(1)   Amount represents an estimate of capitalized interest that has been amortized each year based on our established depreciation policy and an analysis of total interest costs and loan costs capitalized since 1997.
We have computed the ratio of earnings to fixed charges by dividing earnings by fixed charges. Earnings consist of income from continuing operations before the effect of noncontrolling interest plus fixed charges and amortization of capital interest and reduced by capitalized interest and loan costs. Fixed charges consist of interest costs, whether expensed or capitalized, amortization of loan costs and an estimate of the interest within rental expense.