Duke Realty (DRE) 10-K 2004 FY Annual report

EXHIBIT 11.1

DUKE REALTY CORPORATION

EARNINGS TO FIXED CHARGES CALCULATION

(in thousands)

	DECEMBER 31,
	2004
Net income from continuing operations, less preferred dividends	$	129,424
Preferred dividends	33,777
Earnings from sale of land and ownership interests in unconsolidated companies, net of impairment adjustment	(10,202		)
Minority interest in earnings of common unitholders	13,425
Interest expense	135,130
Earnings before fixed charges	$	301,554
Interest expense	$	135,130
Interest costs capitalized	5,961
Total fixed charges	141,091
Preferred dividends	33,777
Total fixed charges and preferred dividends	$	174,868
Ratio of earnings to fixed charges	2.14
Ratio of earnings to combined fixed charges and preferred dividends	1.72