EX-12.1 2 ex121.htm STATEMENT OF COMPUTATION OF RATIO OF EARNINGS EX 12.1


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)
 
 
 
Nine Months
Ended
September 30,
2011
 
Year Ended
December 31,
2010
 
 
 
Year Ended
December 31,
2009
 
 
 
Year Ended
December 31,
2008
 
 
 
Year Ended
December 31,
2007
 
Year Ended
December 31,
2006
Net income (loss) from continuing operations, less preferred dividends
 
$
(26,660
)
 
$
(40,895
)
 
 
 
$
(330,576
)
 
 
 
$
13,506

 
  
 
$
101,302

 
$
99,536

Preferred dividends
 
46,347

  

69,468

 
  
 
73,451

 
  
 
71,426

 
  
 
58,292

 
56,419

Interest expense
 
199,269

  

237,848

 
  
 
204,573

 
  
 
181,637

 
  
 
157,811

 
154,850

Earnings (loss) before fixed charges
 
$
218,956

  

$
266,421

 
  
 
$
(52,552
)
 
 
 
$
266,569

 
  
 
$
317,405

 
$
310,805

Interest expense
 
$
199,269

  

$
237,848

 
  
 
$
204,573

 
  
 
$
181,637

 
  
 
$
157,811

 
$
154,850

Interest costs capitalized
 
3,852

  

11,498

 
  
 
26,864

 
  
 
53,456

 
  
 
59,167

 
36,260

Total fixed charges
 
203,121

  

249,346

 
  
 
231,437

 
  
 
235,093

 
  
 
216,978

 
191,110

Preferred dividends
 
46,347

  

69,468

 
  
 
73,451

 
  
 
71,426

 
  
 
58,292

 
56,419

Total fixed charges and preferred dividends
 
$
249,468

  

$
318,814

 
  
 
$
304,888

 
  
 
$
306,519

 
  
 
$
275,270

 
$
247,529

Ratio of earnings to fixed charges
 
1.08

  

1.07

 
  
 
N/A

 
(3
)
 
1.13

 
  
 
1.46

 
1.63

Ratio of earnings to fixed charges and preferred dividends
 
N/A

(1
)
N/A

 
(2
)
 
N/A

 
(4
)
 
N/A

 
(5
)
 
1.15

 
1.26

 
(1)
N/A - The ratio is less than 1.0; deficit of $30.5 million exists for the nine months ended September 30, 2011. The calculation of earnings includes $290.8 million of non-cash depreciation expense.
(2)
N/A - The ratio is less than 1.0; deficit of $52.4 million exists for the year ended December 31, 2010. The calculation of earnings includes $346.8 million of non-cash depreciation expense.
(3)
N/A - The ratio is less than 1.0; deficit of $284.0 million exists for the year ended December 31, 2009. The calculation of earnings includes $321.0 million of non-cash depreciation expense.
(4)
N/A - The ratio is less than 1.0; deficit of $357.4 million exists for the year ended December 31, 2009. The calculation of earnings includes $321.0 million of non-cash depreciation expense.
(5)
N/A - The ratio is less than 1.0; deficit of $40.0 million exists for the year ended December 31, 2008. The calculation of earnings includes $289.7 million of non-cash depreciation expense.