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)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months Ended June 30, 2014 | | | Year Ended December 31, 2013 | | | Year Ended December 31, 2012 | | | Year Ended December 31, 2011 | | | Year Ended December 31, 2010 | | | Year Ended December 31, 2009 | |
| Net income (loss) from continuing operations, less preferred dividends | | $ | 128,194 |
| | | $ | 29,784 |
| | | $ | (132,057 | ) | | | $ | (63,570 | ) | | | $ | (25,195 | ) | | | $ | (296,238 | ) | |
| Preferred dividends | | 14,083 |
| | | 31,616 |
| | | 46,438 |
| | | 60,353 |
| | | 69,468 |
| | | 73,451 |
| |
| Interest expense | | 110,129 |
| | | 228,324 |
| | | 229,417 |
| | | 206,244 |
| | | 172,143 |
| | | 135,414 |
| |
| Earnings (loss) before fixed charges | | $ | 252,406 |
| | | $ | 289,724 |
| | | $ | 143,798 |
| | | $ | 203,027 |
| | | $ | 216,416 |
| | | $ | (87,373 | ) | |
| Interest expense | | $ | 110,129 |
| | | $ | 228,324 |
| | | $ | 229,417 |
| | | $ | 206,244 |
| | | $ | 172,143 |
| | | $ | 135,414 |
| |
| Interest costs capitalized | | 8,472 |
| | | 16,756 |
| | | 9,357 |
| | | 4,335 |
| | | 11,498 |
| | | 26,864 |
| |
| Total fixed charges | | 118,601 |
| | | 245,080 |
| | | 238,774 |
| | | 210,579 |
| | | 183,641 |
| | | 162,278 |
| |
| Preferred dividends | | 14,083 |
| | | 31,616 |
| | | 46,438 |
| | | 60,353 |
| | | 69,468 |
| | | 73,451 |
| |
| Total fixed charges and preferred dividends | | $ | 132,684 |
| | | $ | 276,696 |
| | | $ | 285,212 |
| | | $ | 270,932 |
| | | $ | 253,109 |
| | | $ | 235,729 |
| |
| Ratio of earnings to fixed charges | | 2.13 |
| | | 1.18 |
| | | N/A |
| (1) | | N/A |
| (3) | | 1.18 |
| | | N/A |
| (6) |
| Ratio of earnings to fixed charges and preferred dividends | | 1.90 |
| | | 1.05 |
| | | N/A |
| (2) | | N/A |
| (4) | | N/A |
| (5) | | N/A |
| (7) |
| |
| (1) | N/A - The ratio is less than 1.0; deficit of $95.0 million exists for the year ended December 31, 2012. The calculation of earnings includes $348.3 million of non-cash depreciation and amortization expense. |
| |
| (2) | N/A - The ratio is less than 1.0; deficit of $141.4 million exists for the year ended December 31, 2012. The calculation of earnings includes $348.3 million of non-cash depreciation and amortization expense. |
| |
| (3) | N/A - The ratio is less than 1.0; deficit of $7.6 million exists for the year ended December 31, 2011. The calculation of earnings includes $304.3 million of non-cash depreciation and amortization expense. |
| |
| (4) | N/A - The ratio is less than 1.0; deficit of $67.9 million exists for the year ended December 31, 2011. The calculation of earnings includes $304.3 million of non-cash depreciation and amortization expense. |
| |
| (5) | N/A - The ratio is less than 1.0; deficit of $36.7 million exists for the year ended December 31, 2010. The calculation of earnings includes $252.3 million of non-cash depreciation and amortization expense. |
| |
| (6) | N/A - The ratio is less than 1.0; deficit of $249.7 million exists for the year ended December 31, 2009. The calculation of earnings includes $223.7 million of non-cash depreciation and amortization expense. |
| |
| (7) | N/A - The ratio is less than 1.0; deficit of $323.1 million exists for the year ended December 31, 2009. The calculation of earnings includes $223.7 million of non-cash depreciation and amortization expense. |
