Duke Realty (DRE) 10-Q 2011 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, 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	$	(26,660	)			$	(40,895	)			$	(330,576	)			$	13,506			$	101,302	$	99,536
Preferred dividends	46,347					69,468					73,451					71,426				58,292		56,419
Interest expense	199,269					237,848					204,573					181,637				157,811		154,850
Earnings (loss) before fixed charges	$	218,956				$	266,421				$	(52,552	)			$	266,569			$	317,405	$	310,805
Interest expense	$	199,269				$	237,848				$	204,573				$	181,637			$	157,811	$	154,850
Interest costs capitalized	3,852					11,498					26,864					53,456				59,167		36,260
Total fixed charges	203,121					249,346					231,437					235,093				216,978		191,110
Preferred dividends	46,347					69,468					73,451					71,426				58,292		56,419
Total fixed charges and preferred dividends	$	249,468				$	318,814				$	304,888				$	306,519			$	275,270	$	247,529
Ratio of earnings to fixed charges	1.08					1.07					N/A			(3	)	1.13				1.46		1.63
Ratio of earnings to fixed charges and preferred dividends	N/A			(1	)	N/A			(2	)	N/A			(4	)	N/A		(5	)	1.15		1.26

(1) N/A - The ratio is less than 1.0; deficit of $30.5 million exists for the nine months ended September 30, 2011. The calculation of earnings includes $290.8 million of non-cash depreciation expense.

(2) N/A - The ratio is less than 1.0; deficit of $52.4 million exists for the year ended December 31, 2010. The calculation of earnings includes $346.8 million of non-cash depreciation expense.

(3) N/A - The ratio is less than 1.0; deficit of $284.0 million exists for the year ended December 31, 2009. The calculation of earnings includes $321.0 million of non-cash depreciation expense.

(4) N/A - The ratio is less than 1.0; deficit of $357.4 million exists for the year ended December 31, 2009. The calculation of earnings includes $321.0 million of non-cash depreciation expense.

(5) N/A - The ratio is less than 1.0; deficit of $40.0 million exists for the year ended December 31, 2008. The calculation of earnings includes $289.7 million of non-cash depreciation expense.