Duke Realty (DRE) 10-Q 2004 Q2 Quarterly report

EXHIBIT 11.1

DUKE REALTY CORPORATION

EARNINGS TO FIXED CHARGES CALCULATION

(in thousands)

	Six months Ended June 30, 2004
Net income from continuing operations, less preferred dividends	$	66,570
Preferred dividends	16,001
Earnings from sale of land and ownership interests in unconsolidated companies, net of impairment adjustment	(5,733		)
Minority interest in earnings of common unitholders	7,074
Interest expense	65,169
Earnings before fixed charges	$	149,081
Interest expense	$	65,169
Interest costs capitalized	2,760
Total fixed charges	67,929
Preferred dividends	16,001
Total fixed charges and preferred dividends	$	83,930
Ratio of earnings to fixed charges	$	2.19
Ratio of earnings to combined fixed charges and preferred dividends	$	1.78