EX-12.2 4 exhibit122-earningstofixed.htm EXHIBIT 12.2 Exhibit
Exhibit 12.2


Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Unit Distributions
Physicians Realty L.P.
(amounts in thousands)
 
Years Ended December 31,
 
2016
 
2015
 
2014
 
2013
 
Predecessor
2012
Net income (loss)
$
31,522

 
$
12,741

 
$
(4,418
)
 
$
(2,636
)
 
$
(2,855
)
Adjustment for equity investees
(115
)
 
(104
)
 
(95
)
 

 

Net income (loss) before adjustment for equity investees
31,407

 
12,637

 
(4,513
)
 
(2,636
)
 
(2,855
)
 
 
 
 
 
 
 
 
 
 
Plus fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
21,540

 
$
9,263

 
$
5,988

 
$
3,785

 
$
4,270

Amortization and write-off of debt issuance costs
2,324

 
1,373

 
919

 
510

 
268

Estimated interest portion of rental expense
634

 
430

 
361

 
6

 
6

Preferred distributions
1,857

 
1,189

 

 

 

Fixed charges and preferred unit distributions
26,355

 
12,255

 
7,268

 
4,301

 
4,544

 
 
 
 
 
 
 
 
 
 
Earnings
$
57,762

 
$
24,892

 
$
2,755

 
$
1,665

 
$
1,689

Ratio of Earnings to Fixed Charges and Preferred Unit Distributions (1)
2.19
x
 
2.03
x
 

 

 

(1)
The computation of ratio of earnings to fixed charges and preferred unit distributions indicates that earnings were inadequate to cover fixed charges on the basis of our historical financial statements by approximately $4.5 million, $2.6 million and $2.9 million for the years ended December 31, 2014, 2013 and 2012 (Predecessor), respectively.