EXHIBIT 12.1
DUKE REALTY LIMITED PARTNERSHIP
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO
COMBINED FIXED CHARGES AND PREFERRED DISTRIBUTIONS
(in thousands, except ratios)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended March 31, 2012 | | | | Year Ended December 31, 2011 | | | | Year Ended December 31, 2010 | | | | Year Ended December 31, 2009 | | | | Year Ended December 31, 2008 | | | | Year Ended December 31, 2007 |
| Net income (loss) from continuing operations, less preferred distributions | | $ | (37,030 | ) | | | | $ | (64,154 | ) | | | | $ | (30,476 | ) | | | | $ | (313,445 | ) | | | | $ | 18,305 |
| | | | $ | 112,175 |
|
| Preferred distributions | | 13,193 |
| | | | 60,353 |
| | | | 69,468 |
| | | | 73,451 |
| | | | 71,426 |
| | | | 58,292 |
|
| Interest expense | | 61,086 |
| | | | 222,203 |
| | | | 188,136 |
| | | | 150,586 |
| | | | 135,865 |
| | | | 110,979 |
|
| Earnings (loss) before fixed charges | | $ | 37,249 |
| | | | $ | 218,402 |
| | | | $ | 227,128 |
| | | | $ | (89,408 | ) | | | | $ | 225,596 |
| | | | $ | 281,446 |
|
| Interest expense | | $ | 61,086 |
| | | | $ | 222,203 |
| | | | $ | 188,136 |
| | | | $ | 150,586 |
| | | | $ | 135,865 |
| | | | $ | 110,979 |
|
| Interest costs capitalized | | 1,309 |
| | | | 4,335 |
| | | | 11,498 |
| | | | 26,864 |
| | | | 53,456 |
| | | | 59,167 |
|
| Total fixed charges | | 62,395 |
| | | | 226,538 |
| | | | 199,634 |
| | | | 177,450 |
| | | | 189,321 |
| | | | 170,146 |
|
| Preferred distributions | | 13,193 |
| | | | 60,353 |
| | | | 69,468 |
| | | | 73,451 |
| | | | 71,426 |
| | | | 58,292 |
|
| Total fixed charges and preferred distributions | | $ | 75,588 |
| | | | $ | 286,891 |
| | | | $ | 269,102 |
| | | | $ | 250,901 |
| | | | $ | 260,747 |
| | | | $ | 228,438 |
|
| Ratio of earnings to fixed charges | | N/A |
| | (1) | | N/A |
| | (3) | | 1.14 |
| | | | N/A |
| | (6) | | 1.19 |
| | | | 1.65 |
|
| Ratio of earnings to fixed charges and preferred distributions | | N/A |
| | (2) | | N/A |
| | (4) | | N/A |
| | (5) | | N/A |
| | (7) | | N/A |
| | (8) | | 1.23 |
|
| |
| (1) | N/A - The ratio is less than 1.0; deficit of $25.1 million exists for the three months ended March 31, 2012. The calculation of earnings includes $91.6 million of non-cash depreciation expense. |
| |
| (2) | N/A - The ratio is less than 1.0; deficit of $38.3 million exists for the three months ended March 31, 2012. The calculation of earnings includes $91.6 million of non-cash depreciation expense. |
| |
| (3) | 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 $329.2 million of non-cash depreciation expense. |
| |
| (4) | N/A - The ratio is less than 1.0; deficit of $68.5 million exists for the year ended December 31, 2011. The calculation of earnings includes $329.2 million of non-cash depreciation expense. |
| |
| (5) | N/A - The ratio is less than 1.0; deficit of $42.0 million exists for the year ended December 31, 2010. The calculation of earnings includes $278.3 million of non-cash depreciation expense. |
| |
| (6) | N/A - The ratio is less than 1.0; deficit of $266.9 million exists for the year ended December 31, 2009. The calculation of earnings includes $244.1 million of non-cash depreciation expense. |
| |
| (7) | N/A - The ratio is less than 1.0; deficit of $340.3 million exists for the year ended December 31, 2009. The calculation of earnings includes $244.1 million of non-cash depreciation expense. |
| |
| (8) | N/A - The ratio is less than 1.0; deficit of $35.2 million exists for the year ended December 31, 2008. The calculation of earnings includes $211.9 million of non-cash depreciation expense. |
