EXHIBIT 11.1

DUKE REALTY CORPORATION

EARNINGS TO FIXED CHARGES CALCULATION

(in thousands)

	Nine Months Ended September 30, 2004
Net income from continuing operations, less preferred dividends	$	94,411
Preferred dividends	24,321
Earnings from sale of land and ownership interests in unconsolidated companies, net of impairment adjustment	(8,940		)
Minority interest in earnings of common unitholders	9,970
Interest expense	99,755
Earnings before fixed charges	$	219,517
Interest expense	$	99,755
Interest costs capitalized	4,381
Total fixed charges	104,136
Preferred dividends	24,321
Total fixed charges and preferred dividends	$	128,457
Ratio of earnings to fixed charges	$	2.11
Ratio of earnings to combined fixed charges and preferred dividends	$	1.71