EXHIBIT 12.1

DUKE REALTY CORPORATION

EARNINGS TO FIXED CHARGES CALCULATION

(in thousands, except ratios)

	Three Months Ended
	March 31, 2008
Income from continuing operations, less preferred dividends	$	3,168
Preferred dividends	15,306
Minority interest in earnings of common unitholders	214
Interest expense	47,534
Earnings before fixed charges	$	66,222
Interest expense	$	47,534
Interest costs capitalized	14,436
Total fixed charges	$	61,970
Preferred dividends	15,306
Total fixed charges and preferred dividends	$	77,276
Ratio of earnings to fixed charges	1.07
Ratio of earnings to combined fixed charges and preferred
dividends	N/A

N/A – Ratio is less than 1.0; deficit of $11,054 exists for the three months ended March 31, 2008.