Duke Realty (DRE) 10-Q 2009 Q3 Quarterly report

EXHIBIT 12.1

DUKE REALTY CORPORATION

CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS

(in thousands, except ratios)

	Nine Months Ended September 30, 2009
Loss from continuing operations, less preferred dividends	$	(346,183	)
Preferred dividends		55,089
Interest expense		161,746
Earnings before fixed charges	$	(129,348	)
Interest expense	$	161,746
Interest costs capitalized		21,023
Total fixed charges	$	182,769
Preferred dividends		55,089
Total fixed charges and preferred dividends	$	237,858
Ratio of earnings to fixed charges (1)		N/A
Ratio of earnings to combined fixed charges and preferred dividends (2)		N/A

(1) N/A – The ratio is less than 1.0; deficit of $312.1 million exists for the nine months ended September 30, 2009. The calculation of earnings includes $254.3 million of non-cash depreciation expense and $302.6 million of impairment.

(2) N/A – The ratio is less than 1.0; deficit of $367.2 million exists for the nine months ended September 30, 2009. The calculation of earnings includes $254.3 million of non-cash depreciation expense and $302.6 million of impairment.