EX-12.1 2 dex121.htm STATEMENT OF COMPUTATION OF RATION OF EARNINGS Statement of Computation of Ration 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)

 

     Six Months
Ended
June 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 distributions

    $ 4,560       $ (40,629 )    $ (328,413 )    $ 14,080      $ 102,075       $ 100,540   

Preferred distributions

      31,948         69,468        73,451        71,426        58,292         56,419   

Interest expense

      132,950         239,007        205,789        182,860        159,038         155,998   
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Earnings (loss) before fixed charges

    $ 169,458       $ 267,846      $ (49,173 )    $ 268,366      $ 319,405       $ 312,957   
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Interest expense

    $ 132,950       $ 239,007      $ 205,789      $ 182,860      $ 159,038       $ 155,998   

Interest costs capitalized

      2,906         11,498        26,864        53,456        59,167         36,260   
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Total fixed charges

      135,856         250,505        232,653        236,316        218,205         192,258   

Preferred distributions

      31,948         69,468        73,451        71,426        58,292         56,419   
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Total fixed charges and preferred distributions

    $ 167,804       $ 319,973      $ 306,104      $ 307,742      $ 276,497       $ 248,677   
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Ratio of earnings to fixed charges

      1.25         1.07        N/A (2)      1.14        1.46         1.63   
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Ratio of earnings to fixed charges and preferred distributions

      1.01         N/A (1)      N/A (3)      N/A (4)      1.16         1.26   
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

 

(1) N/A - The ratio is less than 1.0; deficit of $52.1 million exists for the year ended December 31, 2010. The calculation of earnings includes $348.3 million of non-cash depreciation expense.

 

(2) N/A - The ratio is less than 1.0; deficit of $281.8 million exists for the year ended December 31, 2009. The calculation of earnings includes $322.7 million of non-cash depreciation expense.

 

(3) N/A - The ratio is less than 1.0; deficit of $355.3 million exists for the year ended December 31, 2009. The calculation of earnings includes $322.7 million of non-cash depreciation expense.

 

(4) N/A - The ratio is less than 1.0; deficit of $39.4 million exists for the year ended December 31, 2008. The calculation of earnings includes $291.9 million of non-cash depreciation expense.