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, 2015 | | | Year Ended December 31, 2014 | | | Year Ended December 31, 2013 | | | Year Ended December 31, 2012 | | | Year Ended December 31, 2011 | | | Year Ended December 31, 2010 | |
| Net income (loss) from continuing operations, less preferred dividends | | $ | 95,430 |
| | | $ | 190,743 |
| | | $ | 27,886 |
| | | $ | (126,873 | ) | | | $ | (61,143 | ) | | | $ | (20,215 | ) | |
| Preferred dividends | | — |
| | | 24,943 |
| | | 31,616 |
| | | 46,438 |
| | | 60,353 |
| | | 69,468 |
| |
| Interest expense | | 92,567 |
| | | 196,090 |
| | | 202,174 |
| | | 202,109 |
| | | 181,734 |
| | | 146,987 |
| |
| Earnings before fixed charges | | $ | 187,997 |
| | | $ | 411,776 |
| | | $ | 261,676 |
| | | $ | 121,674 |
| | | $ | 180,944 |
| | | $ | 196,240 |
| |
| Interest expense | | $ | 92,567 |
| | | $ | 196,090 |
| | | $ | 202,174 |
| | | $ | 202,109 |
| | | $ | 181,734 |
| | | $ | 146,987 |
| |
| Interest costs capitalized | | 6,930 |
| | | 17,619 |
| | | 16,756 |
| | | 9,357 |
| | | 4,335 |
| | | 11,498 |
| |
| Total fixed charges | | 99,497 |
| | | 213,709 |
| | | 218,930 |
| | | 211,466 |
| | | 186,069 |
| | | 158,485 |
| |
| Preferred dividends | | — |
| | | 24,943 |
| | | 31,616 |
| | | 46,438 |
| | | 60,353 |
| | | 69,468 |
| |
| Total fixed charges and preferred dividends | | $ | 99,497 |
| | | $ | 238,652 |
| | | $ | 250,546 |
| | | $ | 257,904 |
| | | $ | 246,422 |
| | | $ | 227,953 |
| |
| Ratio of earnings to fixed charges | | 1.89 |
| | | 1.93 |
| | | 1.20 |
|
| | N/A |
| (1) | | N/A |
| (3) | | 1.24 |
|
|
| Ratio of earnings to fixed charges and preferred dividends | | 1.89 |
| | | 1.73 |
| | | 1.04 |
|
| | N/A |
| (2) | | N/A |
| (4) | | N/A |
| (5) |
| |
| (1) | N/A - The ratio is less than 1.0; deficit of $89.8 million exists for the year ended December 31, 2012. The calculation of earnings includes $305.6 million of non-cash depreciation and amortization expense. |
| |
| (2) | N/A - The ratio is less than 1.0; deficit of $136.2 million exists for the year ended December 31, 2012. The calculation of earnings includes $305.6 million of non-cash depreciation and amortization expense. |
| |
| (3) | N/A - The ratio is less than 1.0; deficit of $5.1 million exists for the year ended December 31, 2011. The calculation of earnings includes $263.4 million of non-cash depreciation and amortization expense. |
| |
| (4) | N/A - The ratio is less than 1.0; deficit of $65.5 million exists for the year ended December 31, 2011. The calculation of earnings includes $263.4 million of non-cash depreciation and amortization expense. |
| |
| (5) | N/A - The ratio is less than 1.0; deficit of $31.7 million exists for the year ended December 31, 2010. The calculation of earnings includes $216.2 million of non-cash depreciation and amortization expense. |
