EXHIBIT 12.1
CALCULATION OF RATIOS OF EARNINGS TO FIXED CHARGES
DUKE REALTY INVESTMENTS, INC.
Year Ended December 31,
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1997 1996 1995 1994 1993
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Consolidated Net Income (Loss)
Applicable to Common
Shareholders $65,999,000 $50,872,000 $35,019,000 $26,216,000 $5,013,000
Allocation to Preferred Shares 12,485,000 2,559,000 0 0 0
(Gain) Loss on
Property Sales (1,775,000) (4,532,000) (283,000) (2,198,000) (517,000)
DRLP Minority Interest 7,574,000 7,184,000 6,530,000 6,751,000 1,657,000
Amortization of Deferred
Financing Costs 1,368,000 1,208,000 1,218,000 1,251,000 294,000
Interest Expense 38,928,000 31,344,000 21,424,000 18,920,000 10,334,000
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Earnings Before
Fixed Charges 124,579,000 88,635,000 63,908,000 50,940,000 16,781,000
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Interest Expense 38,928,000 31,344,000 $21,424,000 $18,920,000 $10,334,000
Allocation to Preferred Shares 12,485,000 2,559,000 0 0 0
Amortization of Deferred
Financing Costs 1,368,000 1,208,000 1,218,000 1,251,000 294,000
Interest Costs Capitalized 6,003,000 5,525,000 4,198,000 1,681,000 0
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Total Fixed Charges $58,784,000 $40,636,000 $26,840,000 $21,852,000 $10,628,000
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Fixed Charges Ratio 2.12 2.18 2.38 2.33 1.58
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EXHIBIT 12.1
CALCULATION OF RATIOS OF EARNINGS TO FIXED CHARGES
DUKE REALTY LIMITED PARTNERSHIP
Year Ended December 31, Period Ended
------------------------------------------------- December 31,
1997 1996 1995 1994 1993
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Consolidated Net Income
(Loss) Available to
Common Units $72,780,000 $58,713,000 $41,600,000 $32,968,000 $7,660,000
Allocation to
Preferred Units 12,485,000 2,559,000 0 0 0
(Gain) Loss on
Property Sales (1,775,000) (4,532,000) (283,000) (2,198,000) (517,000)
Amortization of Deferred
Financing Costs 1,368,000 1,208,000 1,218,000 1,251,000 136,000
Interest Expense 38,928,000 31,344,000 21,462,000 18,920,000 4,605,000
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Earnings Before
Fixed Charges 123,786,000 89,292,000 63,997,000 50,941,000 11,884,000
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Interest Expense 38,928,000 31,344,000 $21,462,000 $18,920,000 $4,605,000
Allocation to
Preferred Units 12,485,000 2,559,000 0 0 0
Amortization of Deferred
Financing Costs 1,368,000 1,208,000 1,218,000 1,251,000 136,000
Interest Costs
Capitalized 6,003,000 5,525,000 4,198,000 1,681,000 0
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Total Fixed Charges 58,784,000 $40,636,000 $26,878,000 $21,852,000 $4,741,000
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Fixed Charges Ratio 2.11 2.20 2.38 2.33 2.51
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