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)
| Six Months Ended June 30, 2011 | Year Ended December 31, 2010 | Year Ended December 31, 2009 | Year Ended December 31, 2008 | Year Ended December 31, 2007 | Year Ended December 31, 2006 | |||||||||||||||||||
Net income (loss) from continuing operations, less preferred dividends | $ | 4,560 | $ | (40,629 | ) | $ | (328,413 | ) | $ | 14,080 | $ | 102,076 | $ | 100,542 | ||||||||||
Preferred dividends | 31,948 | 69,468 | 73,451 | 71,426 | 58,292 | 56,419 | ||||||||||||||||||
Interest expense | 132,950 | 239,007 | 205,789 | 182,860 | 159,038 | 155,998 | ||||||||||||||||||
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Earnings (loss) before fixed charges | $ | 169,458 | $ | 267,846 | $ | (49,173 | ) | $ | 268,366 | $ | 319,406 | $ | 312,959 | |||||||||||
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Interest expense | $ | 132,950 | $ | 239,007 | $ | 205,789 | $ | 182,860 | $ | 159,038 | $ | 155,998 | ||||||||||||
Interest costs capitalized | 2,906 | 11,498 | 26,864 | 53,456 | 59,167 | 36,260 | ||||||||||||||||||
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Total fixed charges | 135,856 | 250,505 | 232,653 | 236,316 | 218,205 | 192,258 | ||||||||||||||||||
Preferred dividends | 31,948 | 69,468 | 73,451 | 71,426 | 58,292 | 56,419 | ||||||||||||||||||
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Total fixed charges and preferred dividends | $ | 167,804 | $ | 319,973 | $ | 306,104 | $ | 307,742 | $ | 276,497 | $ | 248,677 | ||||||||||||
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Ratio of earnings to fixed charges | 1.25 | 1.07 | N/A | (2) | 1.14 | 1.46 | 1.63 | |||||||||||||||||
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Ratio of earnings to fixed charges and preferred dividends | 1.01 | N/A | (1) | N/A | (3) | N/A | (4) | 1.16 | 1.26 | |||||||||||||||
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| (1) | N/A - The ratio is less than 1.0; deficit of $52.1 million exists for the year ended December 31, 2010. The calculation of earnings includes $348.3 million of non-cash depreciation expense. |
| (2) | N/A - The ratio is less than 1.0; deficit of $281.8 million exists for the year ended December 31, 2009. The calculation of earnings includes $322.7 million of non-cash depreciation expense. |
| (3) | N/A - The ratio is less than 1.0; deficit of $355.3 million exists for the year ended December 31, 2009. The calculation of earnings includes $322.7 million of non-cash depreciation expense. |
| (4) | N/A - The ratio is less than 1.0; deficit of $39.4 million exists for the year ended December 31, 2008. The calculation of earnings includes $291.9 million of non-cash depreciation expense. |