EXHIBIT 12.1
DUKE REALTY CORPORATION
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO
COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
(in thousands, except ratios)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Nine Months Ended September 30, 2013 | | | Year Ended December 31, 2012 | | | Year Ended December 31, 2011 | | | Year Ended December 31, 2010 | | | Year Ended December 31, 2009 | | | Year Ended December 31, 2008 | |
| Net income (loss) from continuing operations, less preferred dividends | | $ | (10,091 | ) | | | $ | (131,400 | ) | | | $ | (64,114 | ) | | | $ | (25,144 | ) | | | $ | (303,217 | ) | | | $ | 19,911 |
| |
| Preferred dividends | | 24,261 |
| | | 46,438 |
| | | 60,353 |
| | | 69,468 |
| | | 73,451 |
| | | 71,426 |
| |
| Interest expense | | 176,005 |
| | | 236,156 |
| | | 212,217 |
| | | 177,273 |
| | | 140,370 |
| | | 130,422 |
| |
| Earnings (loss) before fixed charges | | $ | 190,175 |
| | | $ | 151,194 |
| | | $ | 208,456 |
| | | $ | 221,597 |
| | | $ | (89,396 | ) | | | $ | 221,759 |
| |
| Interest expense | | $ | 176,005 |
| | | $ | 236,156 |
| | | $ | 212,217 |
| | | $ | 177,273 |
| | | $ | 140,370 |
| | | $ | 130,422 |
| |
| Interest costs capitalized | | 13,173 |
| | | 9,357 |
| | | 4,335 |
| | | 11,498 |
| | | 26,864 |
| | | 53,456 |
| |
| Total fixed charges | | 189,178 |
| | | 245,513 |
| | | 216,552 |
| | | 188,771 |
| | | 167,234 |
| | | 183,878 |
| |
| Preferred dividends | | 24,261 |
| | | 46,438 |
| | | 60,353 |
| | | 69,468 |
| | | 73,451 |
| | | 71,426 |
| |
| Total fixed charges and preferred dividends | | $ | 213,439 |
| | | $ | 291,951 |
| | | $ | 276,905 |
| | | $ | 258,239 |
| | | $ | 240,685 |
| | | $ | 255,304 |
| |
| Ratio of earnings to fixed charges | | 1.01 |
| | | N/A |
| (2) | | N/A |
| (4) | | 1.17 |
| | | N/A |
| (7) | | 1.21 |
| |
| Ratio of earnings to fixed charges and preferred dividends | | N/A |
| (1) | | N/A |
| (3) | | N/A |
| (5) | | N/A |
| (6) | | N/A |
| (8) | | N/A |
| (9) |
| |
| (1) | N/A - The ratio is less than 1.0; deficit of $23.3 million exists for the nine months ended September 30, 2013. The calculation of earnings includes $296.8 million of non-cash depreciation and amortization expense. |
| |
| (2) | N/A - The ratio is less than 1.0; deficit of $94.3 million exists for the year ended December 31, 2012. The calculation of earnings includes $358.3 million of non-cash depreciation and amortization expense. |
| |
| (3) | N/A - The ratio is less than 1.0; deficit of $140.8 million exists for the year ended December 31, 2012. The calculation of earnings includes $358.3 million of non-cash depreciation and amortization expense. |
| |
| (4) | N/A - The ratio is less than 1.0; deficit of $8.1 million exists for the year ended December 31, 2011. The calculation of earnings includes $311.4 million of non-cash depreciation and amortization expense. |
| |
| (5) | N/A - The ratio is less than 1.0; deficit of $68.4 million exists for the year ended December 31, 2011. The calculation of earnings includes $311.4 million of non-cash depreciation and amortization expense. |
| |
| (6) | N/A - The ratio is less than 1.0; deficit of $36.6 million exists for the year ended December 31, 2010. The calculation of earnings includes $258.8 million of non-cash depreciation and amortization expense. |
| |
| (7) | N/A - The ratio is less than 1.0; deficit of $256.6 million exists for the year ended December 31, 2009. The calculation of earnings includes $229.8 million of non-cash depreciation and amortization expense. |
| |
| (8) | N/A - The ratio is less than 1.0; deficit of $330.1 million exists for the year ended December 31, 2009. The calculation of earnings includes $229.8 million of non-cash depreciation and amortization expense. |
| |
| (9) | N/A - The ratio is less than 1.0; deficit of $33.5 million exists for the year ended December 31, 2008. The calculation of earnings includes $205.2 million of non-cash depreciation and amortization expense. |
