EX-12.2 5 ex122201510k.htm EXHIBIT 12.2 Exhibit


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, 2015
 
 
Year Ended December 31, 2014
 
 
Year Ended December 31, 2013
 
 
Year Ended December 31, 2012
 
 
Year Ended December 31, 2011
 
Net income (loss) from continuing operations, less preferred distributions
 
$
189,205

 
 
$
190,647

 
 
$
27,886

 
 
$
(126,873
)
  
 
$
(61,143
)
 
Preferred distributions
 
—

  
 
24,943

  
 
31,616

  
 
46,438

  
 
60,353

 
Interest expense
 
173,574

  
 
196,186

  
 
202,174

  
 
202,109

  
 
181,734

 
Earnings before fixed charges
 
$
362,779

  
 
$
411,776

  
 
$
261,676

 
 
$
121,674

  
 
$
180,944

 
Interest expense
 
$
173,574

  
 
$
196,186

  
 
$
202,174

  
 
$
202,109

  
 
$
181,734

 
Interest costs capitalized
 
16,764

  
 
17,620

  
 
16,756

  
 
9,357

  
 
4,335

 
Total fixed charges
 
190,338

  
 
213,806

  
 
218,930

  
 
211,466

  
 
186,069

 
Preferred distributions
 
—

  
 
24,943

  
 
31,616

  
 
46,438

  
 
60,353

 
Total fixed charges and preferred distributions
 
$
190,338

  
 
$
238,749

  
 
$
250,546

  
 
$
257,904

  
 
$
246,422

 
Ratio of earnings to fixed charges
 
1.91

 
 
1.93

 
 
1.20


 
N/A

(1)
 
N/A

(3)
Ratio of earnings to fixed charges and preferred distributions
 
1.91

 
 
1.72

 
 
1.04


 
N/A

(2)
 
N/A

(4)
 
(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.