Exhibit 12.1

Duke Realty Corporation

Statement re: Calculation of Ratios of Earnings to Combined Fixed Charges

and Preferred Dividends

(in thousands, except ratios)

	Three Months		Year Ended		Year Ended		Year Ended		Year Ended		Year Ended
	Ended March 31,		December 31,		December 31,		December 31,		December 31,		December 31,
	2006		2005		2004		2003		2002		2001
Net income from continuing operations, less preferred dividends	$	14,032	$	93,511	$	110,945	$	114,620	$	120,725	$	178,529
Preferred dividends	12,712		46,479		33,777		37,321		45,053		52,442
Minority interest in earnings of common unitholders	1,253		9,400		11,608		12,426		12,958		24,844
Interest expense	38,655		119,640		109,297		100,047		86,844		82,570
Earnings before fixed charges	$	66,652	$	269,030	$	265,627	$	264,414	$	265,580	$	338,385
Interest expense	$	38,655	$	119,640	$	109,297	$	100,047	$	86,844	$	82,570
Interest costs capitalized	5,580		9,510		5,961		6,734		13,529		25,859
Total fixed charges	44,235		129,150		115,258		106,781		100,373		108,429
Preferred dividends	12,712		46,479		33,777		37,321		45,053		52,442
Total fixed charges and preferred dividends	$	56,947	$	175,629	$	149,035	$	144,102	$	145,426	$	160,871
Ratio of earnings to fixed charges	1.51		2.08		2.30		2.48		2.65		3.12
Ratio of earnings to combined fixed charges and preferred dividends	1.17		1.53		1.78		1.83		1.83		2.10