Exhibit 12.2
Brookfield Property Partners L.P.
Consolidated Earnings to Fixed Charges
| Three months ended Mar. 31, | Years ended Dec. 31, | |||||||||||
(US$ Millions) | 2018 | 2017 | 2016 | |||||||||
Net income | $ | 1,023 | $ | 2,468 | $ | 2,717 | ||||||
Less: | ||||||||||||
Fair value gains, net | (617 | ) | (1,254 | ) | (692 | ) | ||||||
Share of net earnings from equity accounted investments | (228 | ) | (961 | ) | (1,019 | ) | ||||||
Income taxes | (60 | ) | 192 | (575 | ) | |||||||
Capitalized interest | (13 | ) | (86 | ) | (117 | ) | ||||||
Plus: | ||||||||||||
Distributions from equity accounted investments | 114 | 369 | 524 | |||||||||
Combined total fixed charges and preferred share dividends | 606 | 2,335 | 2,089 | |||||||||
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Earnings | 825 | 3,063 | 2,927 | |||||||||
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Interest expense | 520 | 1,967 | 1,681 | |||||||||
Capitalized interest | 13 | 86 | 117 | |||||||||
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Total fixed charges | 533 | 2,053 | 1,798 | |||||||||
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Preferred share dividends | 73 | 282 | 291 | |||||||||
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Combined total fixed charges and preferred share dividends | 606 | 2,335 | 2,089 | |||||||||
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Excess of earnings over combined total fixed charges and preferred share dividends | 219 | 728 | 838 | |||||||||
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Ratio of consolidated earnings to total fixed charges | 1.55 | 1.49 | 1.63 | |||||||||
Ratio of consolidated earnings to combined total fixed charges and preferred share dividends | 1.36 | 1.31 | 1.40 | |||||||||
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