EXHIBIT 12.1

DUKE REALTY CORPORATION

EARNINGS TO FIXED CHARGES CALCULATION

(in thousands, except ratios)

	Nine Months Ended September 30, 2007
Net income from continuing operations, less preferred dividends	$	50,046
Preferred dividends	45,679
Minority interest in earnings of common unitholders	3,634
Interest expense	124,924
Earnings before fixed charges	$	224,283
Interest expense	$	124,924
Interest costs capitalized	43,880
Total fixed charges	$	168,804
Preferred dividends	45,679
Total fixed charges and preferred dividends	$	214,483
Ratio of earnings to fixed charges	1.33
Ratio of earnings to combined fixed charges and preferred dividends	1.05