EXHIBIT 11.1

DUKE REALTY CORPORATION

EARNINGS TO FIXED CHARGES CALCULATION

(in thousands)

	Three Months Ended March 31, 2004
Net income from continuing operations, less preferred dividends	$	32,955
Preferred dividends	7,600
Earnings from sale of land and ownership interests in unconsolidated companies, net of impairment adjustment	(4,629		)
Minority interest in earnings of common unitholders	2,977
Interest expense	33,222
Earnings before fixed charges	$	72,125
Interest expense	$	33,222
Preferred dividends	7,600
Interest costs capitalized	1,890
Total fixed charges	$	42,712
Ratio of earnings to combined fixed charges and preferred dividends	1.69
Ratio of earnings to fixed charges	2.05