Duke Realty Limited PARTNERSHIP 10-Q 2017 Q1 Quarterly report

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)

	Three Months Ended March 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012
Net income (loss) from continuing operations, less preferred dividends	$	70,781	$	313,271	$	189,205	$	190,647	$	27,886	$	(126,873	)
Preferred dividends	—		—		—		24,943		31,616		46,438
Interest expense	30,505		141,576		173,574		196,186		202,174		202,109
Earnings before fixed charges	$	101,286	$	454,847	$	362,779	$	411,776	$	261,676	$	121,674
Interest expense	$	30,505	$	141,576	$	173,574	$	196,186	$	202,174	$	202,109
Interest costs capitalized	4,177		16,099		16,764		17,620		16,756		9,357
Total fixed charges	34,682		157,675		190,338		213,806		218,930		211,466
Preferred dividends	—		—		—		24,943		31,616		46,438
Total fixed charges and preferred dividends	$	34,682	$	157,675	$	190,338	$	238,749	$	250,546	$	257,904
Ratio of earnings to fixed charges	2.92		2.88		1.91		1.93		1.20		N/A			(1)
Ratio of earnings to fixed charges and preferred dividends	2.92		2.88		1.91		1.72		1.04		N/A			(2)

(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.