EX-12.1 3 dre-ex1211.htm STATEMENT OF COMPUTATION OF RATIO OF EARNINGS - DUKE REALTY CORPORATION DRE - EX 12.1 (1)


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)
 
 
 
Three Months
Ended
March 31,
2013
 
 
Year Ended
December 31,
2012
 
 
Year Ended
December 31,
2011
 
 
Year Ended
December 31,
2010
 
 
Year Ended
December 31,
2009
 
 
Year Ended
December 31,
2008
 
Net income (loss) from continuing operations, less preferred dividends
 
$
26,318

 
 
$
(131,651
)
 
 
$
(61,125
)
 
 
$
(26,230
)
  
 
$
(305,063
)
 
 
$
17,583

 
Preferred dividends
 
9,550

  
 
46,438

  
 
60,353

  
 
69,468

  
 
73,451

 
 
71,426

 
Interest expense
 
60,075

  
 
240,528

  
 
216,202

  
 
181,744

  
 
144,655

 
 
133,703

 
Earnings (loss) before fixed charges
 
$
95,943

  
 
$
155,315

  
 
$
215,430

 
 
$
224,982

  
 
$
(86,957
)
 
 
$
222,712

 
Interest expense
 
$
60,075

  
 
$
240,528

  
 
$
216,202

  
 
$
181,744

  
 
$
144,655

 
 
$
133,703

 
Interest costs capitalized
 
4,660

  
 
9,357

  
 
4,335

  
 
11,498

  
 
26,864

 
 
53,456

 
Total fixed charges
 
64,735

  
 
249,885

  
 
220,537

  
 
193,242

  
 
171,519

 
 
187,159

 
Preferred dividends
 
9,550

  
 
46,438

  
 
60,353

  
 
69,468

  
 
73,451

 
 
71,426

 
Total fixed charges and preferred dividends
 
$
74,285

  
 
$
296,323

  
 
$
280,890

  
 
$
262,710

  
 
$
244,970

 
 
$
258,585

 
Ratio of earnings to fixed charges
 
1.48

 
 
N/A

(1)
 
N/A

(3)
 
1.16

 
 
N/A

(6)
 
1.19

 
Ratio of earnings to fixed charges and preferred dividends
 
1.29

 
 
N/A

(2)
 
N/A

(4)
 
N/A

(5)
 
N/A

(7)
 
N/A

(8)
 
(1)
N/A - The ratio is less than 1.0; deficit of $94.6 million exists for the year ended December 31, 2012. The calculation of earnings includes $364.9 million of non-cash depreciation and amortization expense.
(2)
N/A - The ratio is less than 1.0; deficit of $141.0 million exists for the year ended December 31, 2012. The calculation of earnings includes $364.9 million of non-cash depreciation and amortization expense.
(3)
N/A - The ratio is less than 1.0; deficit of $5.1 million exists for the year ended December 31, 2011. The calculation of earnings includes $315.5 million of non-cash depreciation and amortization expense.
(4)
N/A - The ratio is less than 1.0; deficit of $65.5 million exists for the year ended December 31, 2011. The calculation of earnings includes $315.5 million of non-cash depreciation and amortization expense.
(5)
N/A - The ratio is less than 1.0; deficit of $37.7 million exists for the year ended December 31, 2010. The calculation of earnings includes $266.0 million of non-cash depreciation and amortization expense.
(6)
N/A - The ratio is less than 1.0; deficit of $258.5 million exists for the year ended December 31, 2009. The calculation of earnings includes $235.1 million of non-cash depreciation and amortization expense.
(7)
N/A - The ratio is less than 1.0; deficit of $331.9 million exists for the year ended December 31, 2009. The calculation of earnings includes $235.1 million of non-cash depreciation and amortization expense.
(8)
N/A - The ratio is less than 1.0; deficit of $35.9 million exists for the year ended December 31, 2008. The calculation of earnings includes $209.6 million of non-cash depreciation and amortization expense.