Duke Realty (DRE) 8-K Other events

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Exhibit 12.1

DUKE REALTY CORPORATION

RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS

(Dollars in thousands)

			Three Months Ended March 31, 2003		Year Ended December 31, 2002
NET INCOME FROM CONTINUING OPERATIONS, LESS PREFERRED DIVIDENDS			35,173		155,953
PREFERRED DIVIDENDS			8,752		45,053
EARNINGS FROM LAND AND DEPRECIATED PROPERTY DISPOSITIONS			(9,402	)	410
OPERATING PARTNERSHIP MINORITY INTEREST			3,873		17,955
INTEREST EXPENSE			32,713		117,073
	EARNINGS BEFORE FIXED CHARGES		71,109		336,444
INTEREST EXPENSE			32,713		117,073
PREFERRED DIVIDENDS			8,752		45,053
INTEREST COSTS CAPITALIZED			1,866		13,529
		TOTAL FIXED CHARGES	43,331		175,655
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends			1.64		1.92
Ratio of Earnings to Fixed Charges			2.06		2.58

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DUKE REALTY CORPORATION RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (Dollars in thousands)