EX-12.1 3 q3dre-ex121.htm EXHIBIT 12.1 Q3 DRE - EX 12.1


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)
 
 
Nine Months
Ended
September 30,
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
 
$
(10,091
)
 
 
$
(131,400
)
 
 
$
(64,114
)
 
 
$
(25,144
)
  
 
$
(303,217
)
 
 
$
19,911

 
Preferred dividends
 
24,261

  
 
46,438

  
 
60,353

  
 
69,468

  
 
73,451

 
 
71,426

 
Interest expense
 
176,005

  
 
236,156

  
 
212,217

  
 
177,273

  
 
140,370

 
 
130,422

 
Earnings (loss) before fixed charges
 
$
190,175

  
 
$
151,194

  
 
$
208,456

 
 
$
221,597

  
 
$
(89,396
)
 
 
$
221,759

 
Interest expense
 
$
176,005

  
 
$
236,156

  
 
$
212,217

  
 
$
177,273

  
 
$
140,370

 
 
$
130,422

 
Interest costs capitalized
 
13,173

  
 
9,357

  
 
4,335

  
 
11,498

  
 
26,864

 
 
53,456

 
Total fixed charges
 
189,178

  
 
245,513

  
 
216,552

  
 
188,771

  
 
167,234

 
 
183,878

 
Preferred dividends
 
24,261

  
 
46,438

  
 
60,353

  
 
69,468

  
 
73,451

 
 
71,426

 
Total fixed charges and preferred dividends
 
$
213,439

  
 
$
291,951

  
 
$
276,905

  
 
$
258,239

  
 
$
240,685

 
 
$
255,304

 
Ratio of earnings to fixed charges
 
1.01

 
 
N/A

(2)
 
N/A

(4)
 
1.17

 
 
N/A

(7)
 
1.21

 
Ratio of earnings to fixed charges and preferred dividends
 
N/A

(1)
 
N/A

(3)
 
N/A

(5)
 
N/A

(6)
 
N/A

(8)
 
N/A

(9)
 
(1)
N/A - The ratio is less than 1.0; deficit of $23.3 million exists for the nine months ended September 30, 2013. The calculation of earnings includes $296.8 million of non-cash depreciation and amortization expense.
(2)
N/A - The ratio is less than 1.0; deficit of $94.3 million exists for the year ended December 31, 2012. The calculation of earnings includes $358.3 million of non-cash depreciation and amortization expense.
(3)
N/A - The ratio is less than 1.0; deficit of $140.8 million exists for the year ended December 31, 2012. The calculation of earnings includes $358.3 million of non-cash depreciation and amortization expense.
(4)
N/A - The ratio is less than 1.0; deficit of $8.1 million exists for the year ended December 31, 2011. The calculation of earnings includes $311.4 million of non-cash depreciation and amortization expense.
(5)
N/A - The ratio is less than 1.0; deficit of $68.4 million exists for the year ended December 31, 2011. The calculation of earnings includes $311.4 million of non-cash depreciation and amortization expense.
(6)
N/A - The ratio is less than 1.0; deficit of $36.6 million exists for the year ended December 31, 2010. The calculation of earnings includes $258.8 million of non-cash depreciation and amortization expense.
(7)
N/A - The ratio is less than 1.0; deficit of $256.6 million exists for the year ended December 31, 2009. The calculation of earnings includes $229.8 million of non-cash depreciation and amortization expense.
(8)
N/A - The ratio is less than 1.0; deficit of $330.1 million exists for the year ended December 31, 2009. The calculation of earnings includes $229.8 million of non-cash depreciation and amortization expense.
(9)
N/A - The ratio is less than 1.0; deficit of $33.5 million exists for the year ended December 31, 2008. The calculation of earnings includes $205.2 million of non-cash depreciation and amortization expense.