EXHIBIT 12.2
DUKE REALTY LIMITED PARTNERSHIP
EARNINGS TO FIXED CHARGES CALCULATION
(in thousands, except ratios)
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| 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 |
| $ | 15,285 |
| $ | 102,912 |
| $ | 122,556 |
| $ | 127,176 |
| $ | 133,589 |
| $ | 203,372 |
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Preferred dividends |
| 12,712 |
| 46,479 |
| 33,777 |
| 39,225 |
| 52,613 |
| 60,850 |
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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 |
| $ | 269,031 |
| $ | 265,630 |
| $ | 266,448 |
| $ | 273,046 |
| $ | 346,792 |
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Interest expense |
| $ | 38,655 |
| $ | 119,640 |
| $ | 109,297 |
| $ | 100,047 |
| $ | 86,844 |
| $ | 82,570 |
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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 |
| 39,225 |
| 52,613 |
| 60,850 |
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Total fixed charges and preferred dividends |
| $ | 56,947 |
| $ | 175,629 |
| $ | 149,035 |
| $ | 146,006 |
| $ | 152,986 |
| $ | 169,279 |
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Ratio of earnings to fixed charges |
| 1.51 |
| 2.08 |
| 2.30 |
| 2.50 |
| 2.72 |
| 3.20 |
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Ratio of earnings to combined fixed charges and preferred dividends |
| 1.17 |
| 1.53 |
| 1.78 |
| 1.82 |
| 1.78 |
| 2.05 |
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