EXHIBIT 12.1

DUKE REALTY CORPORATION
EARNINGS TO FIXED CHARGES CALCULATION
(in thousands, except ratios)

	December 31, 2006
Net income from continuing operations, less preferred dividends	$	97,166
Preferred dividends	56,419
Minority interest in earnings of common unitholders	9,760
Interest expense	179,007
Earnings before fixed charges	$	342,352
Interest expense	$	179,007
Interest costs capitalized	36,260
Total fixed charges	215,267
Preferred dividends	56,419
Total fixed charges and preferred dividends	$	271,686
Ratio of earnings to fixed charges	1.59
Ratio of earnings to combined fixed charges and preferred
dividends	1.26