EX-12.1 2 dex121.htm STATEMENT OF COMPUTATION OF RATIO OF EARNINGS Statement of Computation of Ratio of Earnings

EXHIBIT 12.1

DUKE REALTY LIMITED PARTNERSHIP

CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DISTRIBUTIONS

(in thousands, except ratios)

 

     Three Months
Ended
March 31,
2010		     Year Ended
December 31,
2009		     Year Ended
December 31,
2008		     Year Ended
December 31,
2007		    Year Ended
December 31,
2006		    Year Ended
December 31,
2005

Net income (loss) from continuing operations, less preferred distributions

    $ (25,605 )    $ (348,927 )    $ 16,755      $ 103,021    $ 99,454    $ 92,639

Preferred distributions

      18,363        73,451        71,426        58,292      56,419      46,479

Interest expense

      59,021        216,908        195,066        171,555      167,061      103,277
                                            

Earnings (loss) before fixed charges

    $ 51,779      $ (58,568 )    $ 283,247      $ 332,868    $ 322,934    $ 242,395
                                            

Interest expense

    $ 59,021      $ 216,908      $ 195,066      $ 171,555    $ 167,061    $ 103,277

Interest costs capitalized

      3,841        26,864        53,456        59,167      36,260      9,510
                                            

Total fixed charges

      62,862        243,772        248,522        230,722      203,321      112,787

Preferred distributions

      18,363        73,451        71,426        58,292      56,419      46,479
                                            

Total fixed charges and preferred distributions

    $ 81,225      $ 317,223      $ 319,948      $ 289,014    $ 259,740    $ 159,266
                                            

Ratio of earnings to fixed charges

      N/A (1)      N/A (3)      1.14        1.44      1.59      2.15
                                            

Ratio of earnings to fixed charges and preferred distributions

      N/A (2)      N/A (4)      N/A (5)      1.15      1.24      1.52
                                            

 

(1) N/A – The ratio is less than 1.0; deficit of $11.1 million exists for the three months ended March 31, 2010. The calculation of earnings includes $83.5 million of non-cash depreciation expense.
(2) N/A – The ratio is less than 1.0; deficit of $29.4 million exists for the three months ended March 31, 2010. The calculation of earnings includes $83.5 million of non-cash depreciation expense.
(3) N/A – The ratio is less than 1.0; deficit of $302.3 million exists for the year ended December 31, 2009. The calculation of earnings includes $335.2 million of non-cash depreciation expense.
(4) N/A – The ratio is less than 1.0; deficit of $375.8 million exists for the year ended December 31, 2009. The calculation of earnings includes $335.2 million of non-cash depreciation expense.
(5) N/A – The ratio is less than 1.0; deficit of $36.7 million exists for the year ended December 31, 2008. The calculation of earnings includes $304.8 million of non-cash depreciation expense.