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)
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Nine Months Ended September 30, 2011 | | Year Ended December 31, 2010 | | Year Ended December 31, 2009 | | Year Ended December 31, 2008 | | Year Ended December 31, 2007 | | Year Ended December 31, 2006 |
| Net income (loss) from continuing operations, less preferred distributions | | $ | (26,660 | ) | | $ | (40,895 | ) | | $ | (330,576 | ) | | $ | 13,506 |
| | $ | 101,301 |
| | $ | 99,534 |
|
| Preferred distributions | | 46,347 |
| | 69,468 |
| | 73,451 |
| | 71,426 |
| | 58,292 |
| | 56,419 |
|
| Interest expense | | 199,269 |
| | 237,848 |
| | 204,573 |
| | 181,637 |
| | 157,811 |
| | 154,850 |
|
| Earnings (loss) before fixed charges | | $ | 218,956 |
| | $ | 266,421 |
| | $ | (52,552 | ) | | $ | 266,569 |
| | $ | 317,404 |
| | $ | 310,803 |
|
| Interest expense | | $ | 199,269 |
| | $ | 237,848 |
| | $ | 204,573 |
| | $ | 181,637 |
| | $ | 157,811 |
| | $ | 154,850 |
|
| Interest costs capitalized | | 3,852 |
| | 11,498 |
| | 26,864 |
| | 53,456 |
| | 59,167 |
| | 36,260 |
|
| Total fixed charges | | 203,121 |
| | 249,346 |
| | 231,437 |
| | 235,093 |
| | 216,978 |
| | 191,110 |
|
| Preferred distributions | | 46,347 |
| | 69,468 |
| | 73,451 |
| | 71,426 |
| | 58,292 |
| | 56,419 |
|
| Total fixed charges and preferred distributions | | $ | 249,468 |
| | $ | 318,814 |
| | $ | 304,888 |
| | $ | 306,519 |
| | $ | 275,270 |
| | $ | 247,529 |
|
| Ratio of earnings to fixed charges | | 1.08 |
| | 1.07 |
| | N/A |
| (3) | 1.13 |
| | 1.46 |
| | 1.63 |
|
| Ratio of earnings to fixed charges and preferred distributions | | N/A |
| (1) | N/A |
| (2) | N/A |
| (4) | N/A |
| (5) | 1.15 |
| | 1.26 |
|
| |
| (1) | N/A - The ratio is less than 1.0; deficit of $30.5 million exists for the nine months ended September 30, 2011. The calculation of earnings includes $290.8 million of non-cash depreciation expense. |
| |
| (2) | N/A - The ratio is less than 1.0; deficit of $52.4 million exists for the year ended December 31, 2010. The calculation of earnings includes $346.8 million of non-cash depreciation expense. |
| |
| (3) | N/A - The ratio is less than 1.0; deficit of $284.0 million exists for the year ended December 31, 2009. The calculation of earnings includes $321.0 million of non-cash depreciation expense. |
| |
| (4) | N/A - The ratio is less than 1.0; deficit of $357.4 million exists for the year ended December 31, 2009. The calculation of earnings includes $321.0 million of non-cash depreciation expense. |
| |
| (5) | N/A - The ratio is less than 1.0; deficit of $40.0 million exists for the year ended December 31, 2008. The calculation of earnings includes $289.7 million of non-cash depreciation expense. |
