EXHIBIT 12.1

DUKE REALTY CORPORATION

CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO

COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS

(in thousands, except ratios)

	Six Months Ended June 30, 2010			Year Ended December 31, 2009			Year Ended December 31, 2008			Year Ended December 31, 2007		Year Ended December 31, 2006		Year Ended December 31, 2005
Net income (loss) from continuing operations, less preferred dividends	$	(68,431	)	$	(351,415	)	$	15,780		$	102,090	$	98,482	$	91,489
Preferred dividends		36,726			73,451			71,426			58,292		56,419		46,479
Interest expense		119,447			216,058			194,204			170,660		166,222		102,606
Earnings (loss) before fixed charges	$	87,742		$	(61,906	)	$	281,410		$	331,042	$	321,123	$	240,574
Interest expense	$	119,447		$	216,058		$	194,204		$	170,660	$	166,222	$	102,606
Interest costs capitalized		7,198			26,864			53,456			59,167		36,260		9,510
Total fixed charges		126,645			242,922			247,660			229,827		202,482		112,116
Preferred dividends		36,726			73,451			71,426			58,292		56,419		46,479
Total fixed charges and preferred dividends	$	163,371		$	316,373		$	319,086		$	288,119	$	258,901	$	158,595
Ratio of earnings to fixed charges		N/A	(1)		N/A	(3)		1.14			1.44		1.59		2.15
Ratio of earnings to fixed charges and preferred dividends		N/A	(2)		N/A	(4)		N/A	(5)		1.15		1.24		1.52

(1) N/A – The ratio is less than 1.0; deficit of $38.9 million exists for the six months ended June 30, 2010. The calculation of earnings includes $164.8 million of non-cash depreciation expense.

(2) N/A – The ratio is less than 1.0; deficit of $75.6 million exists for the six months ended June 30, 2010. The calculation of earnings includes $164.8 million of non-cash depreciation expense.

(3) N/A – The ratio is less than 1.0; deficit of $304.8 million exists for the year ended December 31, 2009. The calculation of earnings includes $333.7 million of non-cash depreciation expense.

(4) N/A – The ratio is less than 1.0; deficit of $378.3 million exists for the year ended December 31, 2009. The calculation of earnings includes $333.7 million of non-cash depreciation expense.

(5) N/A – The ratio is less than 1.0; deficit of $37.7 million exists for the year ended December 31, 2008. The calculation of earnings includes $303.6 million of non-cash depreciation expense.