DCT Industrial Operating Partnership Inactive
Filed: 10 Sep 15, 12:00am
Exhibit 12.3
DCT INDUSTRIAL OPERATING PARTNERSHIP LP
CALCULATION OF EARNINGS TO FIXED CHARGES
DISTRIBUTIONS RATIOS
| Six Months Ended June 30, | Year ended December 31, | |||||||||||||||||||||||
| 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||
| (dollar amounts in thousands) | ||||||||||||||||||||||||
Earnings | ||||||||||||||||||||||||
Income (loss) before income taxes(1) | $ | 51,296 | $ | 41,086 | $ | (11,588 | ) | $ | (28,956 | ) | $ | (39,815 | ) | $ | (40,967 | ) | ||||||||
Adjustments added: | ||||||||||||||||||||||||
Amortization of capitalized interest | 902 | 1,522 | 1,232 | 1,023 | 907 | 826 | ||||||||||||||||||
Distributions from unconsolidated joint ventures | 2,827 | 4,655 | 8,801 | 4,808 | 3,267 | 3,470 | ||||||||||||||||||
Fixed charges (see below) | 35,653 | 72,891 | 72,197 | 74,106 | 67,322 | 59,552 | ||||||||||||||||||
Adjustments subtracted: | ||||||||||||||||||||||||
Interest capitalized | (7,834 | ) | (9,098 | ) | (8,298 | ) | (4,267 | ) | (2,670 | ) | (2,162 | ) | ||||||||||||
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Total earnings | $ | 82,844 | $ | 111,056 | $ | 62,344 | $ | 46,714 | $ | 29,011 | $ | 20,719 | ||||||||||||
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Fixed charges: | ||||||||||||||||||||||||
Interest expense(2) | $ | 27,513 | $ | 63,236 | $ | 63,394 | $ | 69,403 | $ | 64,254 | $ | 56,998 | ||||||||||||
Interest capitalized | 7,834 | 9,098 | 8,298 | 4,267 | 2,670 | 2,162 | ||||||||||||||||||
Portion of rental expense representative of interest | 306 | 557 | 505 | 436 | 398 | 392 | ||||||||||||||||||
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Total fixed charges | $ | 35,653 | $ | 72,891 | $ | 72,197 | $ | 74,106 | $ | 67,322 | $ | 59,552 | ||||||||||||
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Earnings to fixed charges(3) | 2.3 | 1.5 | — | — | — | — | ||||||||||||||||||
| (1) | Pre-tax income (loss) from continuing operations before equity in income (losses) of unconsolidated joint ventures and including gain on dispositions of real estate interests not meeting the definition of a discontinued operations. |
| (2) | Includes interest expense of consolidated subsidiaries, amortization of deferred loan costs, realized losses related to hedging activities, and amortization of premiums and discounts related to indebtedness. |
| (3) | The ratio was less than 1:1 for the years ended December 31, 2013, December 31, 2012, December 31, 2011, and December 31, 2010 as earnings were inadequate to cover fixed charges by deficiencies of approximately $9.9 million, $27.4 million, $38.3 million, and $38.8 million, respectively. |