DUKE REALTY CORP - FORM 10-Q - EX-12.1 - STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - May 6, 2011

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10-Q - FORM 10-Q - DUKE REALTY CORPd10q.htm
EX-31.1 - SECTION 302 CEO CERTIFICATION - DUKE REALTY CORPdex311.htm
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EX-10.2 - DUKE REALTY CORPORATION 2011 NON-EMPLOYEE DIRECTORS COMPENSATION PLAN - DUKE REALTY CORPdex102.htm

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)

 

     Three Months
Ended
March 31,
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

    $ 37,369       $ (39,852 )    $ (327,330 )    $ 14,453      $ 102,561       $ 101,147   

Preferred dividends

      15,974         69,468        73,451        71,426        58,292         56,419   

Interest expense

      66,082         238,887        205,433        183,448        159,702         156,609   
                                                  

Earnings (loss) before fixed charges

    $ 119,425       $ 268,503      $ (48,446 )    $ 269,327      $ 320,555       $ 314,175   
                                                  

Interest expense

    $ 66,082       $ 238,887      $ 205,433      $ 183,448      $ 159,702       $ 156,609   

Interest costs capitalized

      1,500         11,498        26,864        53,456        59,167         36,260   
                                                  

Total fixed charges

      67,582         250,385        232,297        236,904        218,869         192,869   

Preferred dividends

      15,974         69,468        73,451        71,426        58,292         56,419   
                                                  

Total fixed charges and preferred dividends

    $ 83,556       $ 319,853      $ 305,748      $ 308,330      $ 277,161       $ 249,288   
                                                  

Ratio of earnings to fixed charges

      1.77         1.07        N/A (2)      1.14        1.46         1.63   
                                                  

Ratio of earnings to fixed charges and preferred dividends

      1.43         N/A (1)      N/A (3)      N/A (4)      1.16         1.26   
                                                  

 

(1) N/A – The ratio is less than 1.0; deficit of $51.4 million exists for the year ended December 31, 2010. The calculation of earnings includes $348.6 million of non-cash depreciation expense.

 

(2) N/A – The ratio is less than 1.0; deficit of $280.7 million exists for the year ended December 31, 2009. The calculation of earnings includes $322.9 million of non-cash depreciation expense.

 

(3) N/A – The ratio is less than 1.0; deficit of $354.2 million exists for the year ended December 31, 2009. The calculation of earnings includes $322.9 million of non-cash depreciation expense.

 

(4) N/A – The ratio is less than 1.0; deficit of $39.0 million exists for the year ended December 31, 2008. The calculation of earnings includes $292.2 million of non-cash depreciation expense.

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