EX-12.1 17 a201210kex121.htm STATEMENT OF COMPUTATION OF RATIO OF EARNINGS - DUKE REALTY CORPORATION 2012 10K 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)
 
 
 
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
 
$
(134,224
)
 
 
 
$
(63,160
)
 
 
 
$
(30,177
)
 
 
 
$
(306,876
)
 
  
 
$
18,103

 
 
Preferred dividends
 
46,438

 
 
 
60,353

 
  
 
69,468

 
  
 
73,451

 
  
 
71,426

 
 
Interest expense
 
245,170

 
 
 
220,455

 
  
 
186,407

 
  
 
149,107

 
  
 
134,298

 
 
Earnings (loss) before fixed charges
 
$
157,384

 
 
 
$
217,648

 
  
 
$
225,698

 
 
 
$
(84,318
)
 
  
 
$
223,827

 
 
Interest expense
 
$
245,170

 
 
 
$
220,455

 
  
 
$
186,407

 
  
 
$
149,107

 
  
 
$
134,298

 
 
Interest costs capitalized
 
9,357

 
 
 
4,335

 
  
 
11,498

 
  
 
26,864

 
  
 
53,456

 
 
Total fixed charges
 
254,527

 
 
 
224,790

 
  
 
197,905

 
  
 
175,971

 
  
 
187,754

 
 
Preferred dividends
 
46,438

 
 
 
60,353

 
  
 
69,468

 
  
 
73,451

 
  
 
71,426

 
 
Total fixed charges and preferred dividends
 
$
300,965

 
 
 
$
285,143

 
  
 
$
267,373

 
  
 
$
249,422

 
  
 
$
259,180

 
 
Ratio of earnings to fixed charges
 
N/A

 
(1)
 
N/A

 
(3)
 
1.14

 
 
 
N/A

 
(6)
 
1.19

 
 
Ratio of earnings to fixed charges and preferred dividends
 
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 $97.1 million exists for the year ended December 31, 2012. The calculation of earnings includes $376.0 million of non-cash depreciation and amortization expense.
(2)
N/A - The ratio is less than 1.0; deficit of $143.6 million exists for the year ended December 31, 2012. The calculation of earnings includes $376.0 million of non-cash depreciation and amortization expense.
(3)
N/A - The ratio is less than 1.0; deficit of $7.1 million exists for the year ended December 31, 2011. The calculation of earnings includes $326.2 million of non-cash depreciation and amortization expense.
(4)
N/A - The ratio is less than 1.0; deficit of $67.5 million exists for the year ended December 31, 2011. The calculation of earnings includes $326.2 million of non-cash depreciation and amortization expense.
(5)
N/A - The ratio is less than 1.0; deficit of $41.7 million exists for the year ended December 31, 2010. The calculation of earnings includes $276.0 million of non-cash depreciation and amortization expense.
(6)
N/A - The ratio is less than 1.0; deficit of $260.3 million exists for the year ended December 31, 2009. The calculation of earnings includes $242.2 million of non-cash depreciation and amortization expense.
(7)
N/A - The ratio is less than 1.0; deficit of $333.7 million exists for the year ended December 31, 2009. The calculation of earnings includes $242.2 million of non-cash depreciation and amortization expense.
(8)
N/A - The ratio is less than 1.0; deficit of $35.4 million exists for the year ended December 31, 2008. The calculation of earnings includes $210.2 million of non-cash depreciation and amortization expense.