Exhibit 12.1
Duke Realty Corporation
Statement re: Calculation of Ratios of Earnings to
Combined Fixed Charges and Preferred Stock Dividends
(Dollars in thousands)
Three Months Ended March 31, 2009 | Year Ended December 31, 2008 | Year Ended December 31, 2007 | Year Ended December 31, 2006 | Year Ended December 31, 2005 | Year Ended December 31, 2004 | |||||||||||||
Income from continuing operations less preferred dividends | $ | 18,892 | $ | 18,756 | $ | 106,322 | $ | 103,061 | $ | 96,694 | $ | 106,589 | ||||||
Preferred dividends | 18,363 | 71,426 | 58,292 | 56,419 | 46,479 | 33,777 | ||||||||||||
Interest expense | 52,068 | 199,241 | 175,429 | 170,766 | 106,203 | 98,086 | ||||||||||||
Earnings before fixed charges | $ | 89,323 | $ | 289,423 | $ | 340,043 | $ | 330,246 | $ | 249,376 | $ | 238,452 | ||||||
Interest expense | $ | 52,068 | $ | 199,241 | $ | 175,429 | $ | 170,766 | $ | 106,203 | $ | 98,086 | ||||||
Interest costs capitalized | 7,499 | 53,456 | 59,167 | 36,260 | 9,510 | 5,961 | ||||||||||||
Total fixed charges | $ | 59,567 | $ | 252,697 | $ | 234,596 | $ | 207,026 | $ | 115,713 | $ | 104,047 | ||||||
Preferred dividends | $ | 18,363 | $ | 71,426 | $ | 58,292 | $ | 56,419 | $ | 46,479 | $ | 33,777 | ||||||
Total fixed charges and preferred dividends | $ | 77,930 | $ | 324,123 | $ | 292,888 | $ | 263,445 | $ | 162,192 | $ | 137,824 | ||||||
Ratio of Earnings to Fixed Charges | 1.50 | 1.15 | 1.45 | 1.60 | 2.16 | 2.29 | ||||||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends | 1.15 | N/A | 1.16 | 1.25 | 1.54 | 1.73 | ||||||||||||
N/A – the ratio is less than 1.0; deficit of $34.7 million exists for the year ended December 31, 2008. The calculation of earnings includes $308.8 million of non-cash depreciation expense.