EX-12.1 2 a201310kex121.htm EX-12.1 2013 10K 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)
 
 
 
Year Ended
December 31,
2013
 
 
 
Year Ended
December 31,
2012
 
 
 
Year Ended
December 31,
2011
 
 
 
Year Ended
December 31,
2010
 
 
 
Year Ended
December 31,
2009
 
 
Net income (loss) from continuing operations, less preferred dividends
 
$
29,930

 
 
 
$
(131,987
)
 
 
 
$
(63,449
)
 
 
 
$
(25,128
)
 
 
 
$
(296,102
)
 
 
Preferred dividends
 
31,616

 
 
 
46,438

 
 
 
60,353

 
  
 
69,468

 
  
 
73,451

 
 
Interest expense
 
228,895

 
 
 
229,992

 
 
 
206,770

 
  
 
172,738

 
  
 
135,976

 
 
Earnings (loss) before fixed charges
 
$
290,441

 
 
 
$
144,443

 
  
 
$
203,674

 
 
 
$
217,078

 
  
 
$
(86,675
)
 
 
Interest expense
 
$
228,895

 
 
 
$
229,992

 
 
 
$
206,770

 
  
 
$
172,738

 
  
 
$
135,976

 
 
Interest costs capitalized
 
16,756

 
 
 
9,357

 
 
 
4,335

 
  
 
11,498

 
  
 
26,864

 
 
Total fixed charges
 
245,651

 
 
 
239,349

 
  
 
211,105

 
  
 
184,236

 
  
 
162,840

 
 
Preferred dividends
 
31,616

 
 
 
46,438

 
 
 
60,353

 
  
 
69,468

 
  
 
73,451

 
 
Total fixed charges and preferred dividends
 
$
277,267

 
 
 
$
285,787

 
  
 
$
271,458

 
  
 
$
253,704

 
  
 
$
236,291

 
 
Ratio of earnings to fixed charges
 
1.18

 
 
 
N/A

 
(1)
 
N/A

 
(3)
 
1.18

 
 
 
N/A

 
(6)
Ratio of earnings to fixed charges and preferred dividends
 
1.05

 
 
 
N/A

 
(2)
 
N/A

 
(4)
 
N/A

 
(5)
 
N/A

 
(7)
 
(1)
N/A - The ratio is less than 1.0; deficit of $94.9 million exists for the year ended December 31, 2012. The calculation of earnings includes $349.0 million of non-cash depreciation and amortization expense.
(2)
N/A - The ratio is less than 1.0; deficit of $141.3 million exists for the year ended December 31, 2012. The calculation of earnings includes $349.0 million of non-cash depreciation and amortization expense.
(3)
N/A - The ratio is less than 1.0; deficit of $7.4 million exists for the year ended December 31, 2011. The calculation of earnings includes $305.1 million of non-cash depreciation and amortization expense.
(4)
N/A - The ratio is less than 1.0; deficit of $67.8 million exists for the year ended December 31, 2011. The calculation of earnings includes $305.1 million of non-cash depreciation and amortization expense.
(5)
N/A - The ratio is less than 1.0; deficit of $36.6 million exists for the year ended December 31, 2010. The calculation of earnings includes $253.0 million of non-cash depreciation and amortization expense.
(6)
N/A - The ratio is less than 1.0; deficit of $249.5 million exists for the year ended December 31, 2009. The calculation of earnings includes $224.3 million of non-cash depreciation and amortization expense.
(7)
N/A - The ratio is less than 1.0; deficit of $323.0 million exists for the year ended December 31, 2009. The calculation of earnings includes $224.3 million of non-cash depreciation and amortization expense.