Exhibit 12.1
Duke Realty Corporation
Statement re: Calculation of Ratios of Earnings to Combined Fixed Charges
and Preferred Dividends
(in thousands, except ratios)
|
| Three Months |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
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|
| Ended March 31, |
| December 31, |
| December 31, |
| December 31, |
| December 31, |
| December 31, |
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|
| 2006 |
| 2005 |
| 2004 |
| 2003 |
| 2002 |
| 2001 |
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Net income from continuing operations, less preferred dividends |
| $ | 14,032 |
| $ | 93,511 |
| $ | 110,945 |
| $ | 114,620 |
| $ | 120,725 |
| $ | 178,529 |
|
Preferred dividends |
| 12,712 |
| 46,479 |
| 33,777 |
| 37,321 |
| 45,053 |
| 52,442 |
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Minority interest in earnings of common unitholders |
| 1,253 |
| 9,400 |
| 11,608 |
| 12,426 |
| 12,958 |
| 24,844 |
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Interest expense |
| 38,655 |
| 119,640 |
| 109,297 |
| 100,047 |
| 86,844 |
| 82,570 |
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Earnings before fixed charges |
| $ | 66,652 |
| $ | 269,030 |
| $ | 265,627 |
| $ | 264,414 |
| $ | 265,580 |
| $ | 338,385 |
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Interest expense |
| $ | 38,655 |
| $ | 119,640 |
| $ | 109,297 |
| $ | 100,047 |
| $ | 86,844 |
| $ | 82,570 |
|
Interest costs capitalized |
| 5,580 |
| 9,510 |
| 5,961 |
| 6,734 |
| 13,529 |
| 25,859 |
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Total fixed charges |
| 44,235 |
| 129,150 |
| 115,258 |
| 106,781 |
| 100,373 |
| 108,429 |
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Preferred dividends |
| 12,712 |
| 46,479 |
| 33,777 |
| 37,321 |
| 45,053 |
| 52,442 |
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Total fixed charges and preferred dividends |
| $ | 56,947 |
| $ | 175,629 |
| $ | 149,035 |
| $ | 144,102 |
| $ | 145,426 |
| $ | 160,871 |
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Ratio of earnings to fixed charges |
| 1.51 |
| 2.08 |
| 2.30 |
| 2.48 |
| 2.65 |
| 3.12 |
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Ratio of earnings to combined fixed charges and preferred dividends |
| 1.17 |
| 1.53 |
| 1.78 |
| 1.83 |
| 1.83 |
| 2.10 |
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