KILROY REALTY CORP - FORM 10-K - EX-12.1 - STATEMENT OF COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS

Attached files

file	filename
10-K - FORM 10-K - KILROY REALTY CORP	d10k.htm
EX-3.(I).1 - ARTICLES OF RESTATEMENT - KILROY REALTY CORP	dex3i1.htm
EX-10.91 - DEED OF TRUST AND SECURITY AGREEMENT - KILROY REALTY CORP	dex1091.htm
EX-10.90 - SEPARATION AGREEMENT - KILROY REALTY CORP	dex1090.htm
EX-10.89 - FORM OF INDEMNIFICATION AGREEMENT - KILROY REALTY CORP	dex1089.htm
EX-23.1 - CONSENT OF DELOITTE & TOUCHE LLP - KILROY REALTY CORP	dex231.htm
EX-21.1 - LIST OF SUBSIDIARIES OF THE REGISTRANT - KILROY REALTY CORP	dex211.htm
EX-31.2 - SECTION 302 CERTIFICATION OF CHIEF FINANCIAL OFFICER - KILROY REALTY CORP	dex312.htm
EX-32.2 - SECTION 906 CERTIFICATION OF CHIEF FINANCIAL OFFICER - KILROY REALTY CORP	dex322.htm
EX-32.1 - SECTION 906 CERTIFICATION OF CHIEF EXECUTIVE OFFICER - KILROY REALTY CORP	dex321.htm
EX-31.1 - SECTION 302 CERTIFICATION OF CHIEF EXECUTIVE OFFICER - KILROY REALTY CORP	dex311.htm

Exhibit 12.1

KILROY REALTY CORPORATION

Statement of Computation of Consolidated Ratio of Earnings to Combined Fixed Charges

and Preferred Dividends

(in thousands, except ratios)


	2009			2008			2007			2006			2005
Earnings:
Income from continuing operations	$	35,754		$	45,849		$	44,560		$	47,741		$	4,557
Plus Fixed Charges:
Interest expense (including amortization of loan costs)		46,119			45,346			40,762			43,541			38,956
Capitalized interest and loan costs		9,683			18,132			19,516			11,309			8,880
Estimate of interest within rental expense		871			871			871			871			871
Distributions on Cumulative Redeemable Preferred units		5,588			5,588			5,588			5,588			5,588

Fixed Charges		62,261			69,937			66,737			61,309			54,295
Plus: Amortization of capitalized interest⁽¹⁾		4,067			3,669			3,132			2,691			2,403
Less: Capitalized interest and loan costs		(9,683	)		(18,132	)		(19,516	)		(11,309	)		(8,880	)
Less: Distributions on Cumulative Redeemable Preferred units		(5,588	)		(5,588	)		(5,588	)		(5,588	)		(5,588	)

Earnings	$	86,811		$	95,735		$	89,325		$	94,844		$	46,787

Combined Fixed Charges and Preferred Dividends:
Fixed Charges (from above)		62,261			69,937			66,737			61,309			54,295
Preferred Dividends		9,608			9,608			9,608			9,608			9,608

Combined Fixed Charges and Preferred Dividends	$	71,869		$	79,545		$	76,345		$	70,917		$	63,903

Consolidated ratio of earnings to combined fixed charges and preferred dividends		1.21x			1.20x			1.17x			1.34x			0.73x

Deficiency													$	17,116

(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 consolidated ratio of earnings to combined fixed charges and preferred dividends by dividing earnings by combined fixed charges and preferred dividends. Earnings consist of income from continuing operations before the effect of noncontrolling interest plus fixed charges and amortization of capitalized interest, reduced by capitalized interest and loan costs and distributions on cumulative redeemable preferred units. Fixed charges consist of interest costs, whether expensed or capitalized, amortization of loan costs, an estimate of the interest within rental expense, and distributions on cumulative redeemable preferred units. For the year ended December 31, 2009, our earnings were adequate to cover combined fixed charges and preferred dividends.

Attached files

KILROY REALTY CORP Reports

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