EX-12.2 3 exhibit122123111.htm EXHIBIT 12.2 Exhibit 12.2 12.31.11


Exhibit 12.2
KILROY REALTY, L.P.
Statement of Computation of Ratio of Earnings to Fixed Charges
(in thousands, except ratios)

 
 
Year Ended December 31,
 
 
2011
 
2010
 
2009
 
2008
 
2007
Earnings:
 
 
 
 
 
 
 
 
 
 
Income from continuing operations
 
$
5,059

 
$
10,302

 
$
28,032

 
$
40,972

 
$
39,496

Plus Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Interest expense (including amortization of loan costs)
 
89,409

 
59,941

 
46,119

 
45,346

 
40,762

Capitalized interest and loan costs
 
9,130

 
10,015

 
9,683

 
18,132

 
19,516

Estimate of interest within rental expense
 
1,481

 
997

 
871

 
871

 
871

Fixed Charges
 
100,020

 
70,953

 
56,673

 
64,349

 
61,149

Plus: Amortization of capitalized interest (1)
 
4,622

 
4,348

 
4,067

 
3,669

 
3,132

Less: Capitalized interest and loan costs
 
(9,130
)
 
(10,015
)
 
(9,683
)
 
(18,132
)
 
(19,516
)
Earnings
 
$
100,571

 
$
75,588

 
$
79,089

 
$
90,858

 
$
84,261

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
1.01
x
 
1.07
x
 
1.40
x
 
1.41
x
 
1.38
x
________________________
(1)
Amount represents an estimate of capitalized interest that has been amortized each year based on our established depreciation policy and an analysis of total interest costs and loan costs capitalized since 1997.

We have computed the ratio of earnings to fixed charges by dividing earnings by fixed charges. Earnings consist of income from continuing operations before the effect of noncontrolling interest plus fixed charges and amortization of capital interest and reduced by capitalized interest and loan costs. Fixed charges consist of interest costs, whether expensed or capitalized, amortization of loan costs and an estimate of the interest within rental expense.