Duke Realty (DRE) 10-K 2011 FY Annual 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)

	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 dividends	$	(64,390	)		$	(30,767	)		$	(313,686	)		$	17,595		$	111,470
Preferred dividends	60,353				69,468				73,451				71,426			58,292
Interest expense	223,053				189,094				151,605				137,055			112,252
Earnings (loss) before fixed charges	$	219,016			$	227,795			$	(88,630	)		$	226,076		$	282,014
Interest expense	$	223,053			$	189,094			$	151,605			$	137,055		$	112,252
Interest costs capitalized	4,335				11,498				26,864				53,456			59,167
Total fixed charges	227,388				200,592				178,469				190,511			171,419
Preferred dividends	60,353				69,468				73,451				71,426			58,292
Total fixed charges and preferred dividends	$	287,741			$	270,060			$	251,920			$	261,937		$	229,711
Ratio of earnings to fixed charges	N/A			(1)	1.14				N/A			(4)	1.19			1.65
Ratio of earnings to fixed charges and preferred dividends	N/A			(2)	N/A			(3)	N/A			(5)	N/A		(6)	1.23

(1) N/A - The ratio is less than 1.0; deficit of $8.4 million exists for the year ended December 31, 2011. The calculation of earnings includes $330.5 million of non-cash depreciation expense.

(2) N/A - The ratio is less than 1.0; deficit of $68.7 million exists for the year ended December 31, 2011. The calculation of earnings includes $330.5 million of non-cash depreciation expense.

(3) N/A - The ratio is less than 1.0; deficit of $42.3 million exists for the year ended December 31, 2010. The calculation of earnings includes $279.6 million of non-cash depreciation expense.

(4) N/A - The ratio is less than 1.0; deficit of $267.1 million exists for the year ended December 31, 2009. The calculation of earnings includes $245.5 million of non-cash depreciation expense.

(5) N/A - The ratio is less than 1.0; deficit of $340.6 million exists for the year ended December 31, 2009. The calculation of earnings includes $245.5 million of non-cash depreciation expense.

(6) N/A - The ratio is less than 1.0; deficit of $35.9 million exists for the year ended December 31, 2008. The calculation of earnings includes $213.7 million of non-cash depreciation expense.