EX-12.1 2 a201410kex121.htm EXHIBIT 12.1 2014 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,
2014
 
 
 
Year Ended
December 31,
2013
 
 
 
Year Ended
December 31,
2012
 
 
 
Year Ended
December 31,
2011
 
 
 
Year Ended
December 31,
2010
 
 
Net income (loss) from continuing operations, less preferred dividends
 
$
201,026

 
 
 
$
29,784

 
 
 
$
(132,057
)
 
 
 
$
(63,570
)
 
 
 
$
(25,195
)
 
 
Preferred dividends
 
24,943

 
 
 
31,616

 
 
 
46,438

 
  
 
60,353

 
  
 
69,468

 
 
Interest expense
 
219,613

 
 
 
228,324

 
 
 
229,417

 
  
 
206,244

 
  
 
172,143

 
 
Earnings before fixed charges
 
$
445,582

 
 
 
$
289,724

 
  
 
$
143,798

 
 
 
$
203,027

 
  
 
$
216,416

 
 
Interest expense
 
$
219,613

 
 
 
$
228,324

 
 
 
$
229,417

 
  
 
$
206,244

 
  
 
$
172,143

 
 
Interest costs capitalized
 
17,620

 
 
 
16,756

 
 
 
9,357

 
  
 
4,335

 
  
 
11,498

 
 
Total fixed charges
 
237,233

 
 
 
245,080

 
  
 
238,774

 
  
 
210,579

 
  
 
183,641

 
 
Preferred dividends
 
24,943

 
 
 
31,616

 
 
 
46,438

 
  
 
60,353

 
  
 
69,468

 
 
Total fixed charges and preferred dividends
 
$
262,176

 
 
 
$
276,696

 
  
 
$
285,212

 
  
 
$
270,932

 
  
 
$
253,109

 
 
Ratio of earnings to fixed charges
 
1.88

 
 
 
1.18

 

 
N/A

 
(1)
 
N/A

 
(3)
 
1.18

 

Ratio of earnings to fixed charges and preferred dividends
 
1.70

 
 
 
1.05

 

 
N/A

 
(2)
 
N/A

 
(4)
 
N/A

 
(5)
 
(1)
N/A - The ratio is less than 1.0; deficit of $95.0 million exists for the year ended December 31, 2012. The calculation of earnings includes $348.3 million of non-cash depreciation and amortization expense.
(2)
N/A - The ratio is less than 1.0; deficit of $141.4 million exists for the year ended December 31, 2012. The calculation of earnings includes $348.3 million of non-cash depreciation and amortization expense.
(3)
N/A - The ratio is less than 1.0; deficit of $7.6 million exists for the year ended December 31, 2011. The calculation of earnings includes $304.3 million of non-cash depreciation and amortization expense.
(4)
N/A - The ratio is less than 1.0; deficit of $67.9 million exists for the year ended December 31, 2011. The calculation of earnings includes $304.3 million of non-cash depreciation and amortization expense.
(5)
N/A - The ratio is less than 1.0; deficit of $36.7 million exists for the year ended December 31, 2010. The calculation of earnings includes $252.3 million of non-cash depreciation and amortization expense.