EX-12.2 3 q2drlp-ex122.htm STATEMENT OF COMPUTATION OF RATIO OF EARNINGS - DUKE REALTY LIMITED PARTNERSHIP Q2 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)
 
 
Six Months
Ended
June 30,
2013
 
 
Year Ended
December 31,
2012
 
 
Year Ended
December 31,
2011
 
 
Year Ended
December 31,
2010
 
 
Year Ended
December 31,
2009
 
 
Year Ended
December 31,
2008
 
Net income (loss) from continuing operations, less preferred distributions
 
$
5,139

 
 
$
(131,684
)
 
 
$
(63,321
)
 
 
$
(25,039
)
  
 
$
(302,839
)
 
 
$
20,027

 
Preferred distributions
 
16,905

 
 
46,438

  
 
60,353

  
 
69,468

  
 
73,451

 
 
71,426

 
Interest expense
 
118,945

 
 
238,614

  
 
214,495

  
 
179,863

  
 
142,791

 
 
132,259

 
Earnings (loss) before fixed charges
 
$
140,989

 
 
$
153,368

  
 
$
211,527

 
 
$
224,292

  
 
$
(86,597
)
 
 
$
223,712

 
Interest expense
 
$
118,945

 
 
$
238,614

  
 
$
214,495

  
 
$
179,863

  
 
$
142,791

 
 
$
132,259

 
Interest costs capitalized
 
9,624

 
 
9,357

  
 
4,335

  
 
11,498

  
 
26,864

 
 
53,456

 
Total fixed charges
 
128,569

 
 
247,971

  
 
218,830

  
 
191,361

  
 
169,655

 
 
185,715

 
Preferred distributions
 
16,905

 
 
46,438

  
 
60,353

  
 
69,468

  
 
73,451

 
 
71,426

 
Total fixed charges and preferred distributions
 
$
145,474

 
 
$
294,409

  
 
$
279,183

  
 
$
260,829

  
 
$
243,106

 
 
$
257,141

 
Ratio of earnings to fixed charges
 
1.10

 
 
N/A

(2)
 
N/A

(4)
 
1.17

 
 
N/A

(7)
 
1.20

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

(1)
 
N/A

(3)
 
N/A

(5)
 
N/A

(6)
 
N/A

(8)
 
N/A

(9)
 
(1)
N/A - The ratio is less than 1.0; deficit of $4.5 million exists for the six months ended June 30, 2013. The calculation of earnings includes $194.8 million of non-cash depreciation and amortization expense.
(2)
N/A - The ratio is less than 1.0; deficit of $94.6 million exists for the year ended December 31, 2012. The calculation of earnings includes $361.6 million of non-cash depreciation and amortization expense.
(3)
N/A - The ratio is less than 1.0; deficit of $141.0 million exists for the year ended December 31, 2012. The calculation of earnings includes $361.6 million of non-cash depreciation and amortization expense.
(4)
N/A - The ratio is less than 1.0; deficit of $7.3 million exists for the year ended December 31, 2011. The calculation of earnings includes $315.3 million of non-cash depreciation and amortization expense.
(5)
N/A - The ratio is less than 1.0; deficit of $67.7 million exists for the year ended December 31, 2011. The calculation of earnings includes $315.3 million of non-cash depreciation and amortization expense.
(6)
N/A - The ratio is less than 1.0; deficit of $36.5 million exists for the year ended December 31, 2010. The calculation of earnings includes $262.4 million of non-cash depreciation and amortization expense.
(7)
N/A - The ratio is less than 1.0; deficit of $256.3 million exists for the year ended December 31, 2009. The calculation of earnings includes $232.5 million of non-cash depreciation and amortization expense.
(8)
N/A - The ratio is less than 1.0; deficit of $329.7 million exists for the year ended December 31, 2009. The calculation of earnings includes $232.5 million of non-cash depreciation and amortization expense.
(9)
N/A - The ratio is less than 1.0; deficit of $33.4 million exists for the year ended December 31, 2008. The calculation of earnings includes $207.4 million of non-cash depreciation and amortization expense.