DCT Industrial Operating Partnership Inactive
Filed: 13 Mar 17, 12:00am
Exhibit 12.3
DCT INDUSTRIAL TRUST INC.
CALCULATION OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK
DISTRIBUTION RATIOS
| Year ended December 31, | ||||||||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||
| (dollar amounts in thousands) | ||||||||||||||||||||
Earnings | ||||||||||||||||||||
Income (loss) before income taxes (1) | $ | 94,509 | $ | 97,062 | $ | 41,056 | $ | (11,588 | ) | $ | (28,956 | ) | ||||||||
Adjustments added: | ||||||||||||||||||||
Amortization of capitalized interest | 2,367 | 1,938.00 | 1,522 | 1,232 | 1,023 | |||||||||||||||
Distributions from unconsolidated joint ventures | 6,056 | 5,590 | 4,655 | 8,801 | 4,808 | |||||||||||||||
Fixed charges (see below) | 74,987 | 70,495 | 72,891 | 72,197 | 74,106 | |||||||||||||||
Adjustments subtracted: | ||||||||||||||||||||
Interest capitalized | (9,902 | ) | (15,849 | ) | (9,098 | ) | (8,298 | ) | (4,267 | ) | ||||||||||
Preferred distributions | — | — | — | — | — | |||||||||||||||
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Total earnings | $ | 168,017 | $ | 159,236 | $ | 111,026 | $ | 62,344 | $ | 46,714 | ||||||||||
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Fixed charges: | ||||||||||||||||||||
Interest expense (2) | $ | 64,449 | $ | 54,055 | $ | 63,236 | $ | 63,394 | $ | 69,403 | ||||||||||
Interest capitalized | 9,902 | 15,849 | 9,098 | 8,298 | 4,267 | |||||||||||||||
Portion of rental expense representative of interest | 636 | 591 | 557 | 505 | 436 | |||||||||||||||
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Total fixed charges | $ | 74,987 | $ | 70,495 | $ | 72,891 | $ | 72,197 | $ | 74,106 | ||||||||||
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Preferred distributions | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Total fixed charges and preferred stock distributions | $ | 74,987 | $ | 70,495 | $ | 72,891 | $ | 72,197 | $ | 74,106 | ||||||||||
Earnings to fixed charges and preferred stock distributions (3) | 2.2 | 2.3 | 1.5 | N/M | N/M | |||||||||||||||
| (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, and excludes hedge ineffectiveness. |
| (3) | The ratio was less than 1:1 for the years ended December 31, 2013, December 31, 2012 as earnings were inadequate to cover fixed charges by deficiencies of approximately $9.9 million and $27.4 million, respectively. |