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DUKE REALTY CORPORATION
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Dollars in thousands)
| Six Months Ended June 30, 2002 | 2001 | 2000 | 1999 | 1998 | 1997 | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Earnings: | ||||||||||||||
Net income from continuing operations | 89,809 | 229,967 | 212,958 | 139,636 | 90,871 | 65,999 | ||||||||
Preferred dividends | 24,215 | 52,442 | 48,981 | 42,604 | 19,833 | 12,485 | ||||||||
Earnings from land and depreciated property dispositions | (4,087 | ) | (45,708 | ) | (60,692 | ) | (10,012 | ) | (1,351 | ) | (1,775 | ) | ||
Operating Partnership minority interest | 10,753 | 32,463 | 32,071 | 19,811 | 12,241 | 7,574 | ||||||||
Interest expense | 55,327 | 113,830 | 133,948 | 86,757 | 60,217 | 40,296 | ||||||||
Earnings before fixed charges | 176,017 | 382,994 | 367,266 | 278,796 | 181,811 | 124,579 | ||||||||
Fixed charges and preferred stock dividends: | ||||||||||||||
Interest expense | 55,327 | 113,830 | 133,948 | 86,757 | 60,217 | 40,296 | ||||||||
Interest costs capitalized | 8,438 | 25,859 | 32,980 | 26,017 | 8,546 | 6,003 | ||||||||
Total fixed charges | 63,765 | 139,689 | 166,928 | 112,774 | 68,763 | 46,299 | ||||||||
Preferred dividends | 24,215 | 52,442 | 48,981 | 42,604 | 19,833 | 12,485 | ||||||||
Total fixed charges and preferred dividends | 87,980 | 192,131 | 215,909 | 155,378 | 88,596 | 58,784 | ||||||||
Ratio of earnings to fixed charges | 2.76 | 2.74 | 2.20 | 2.47 | 2.64 | 2.69 | ||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends | 2.00 | 1.99 | 1.70 | 1.79 | 2.05 | 2.12 | ||||||||