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EX-31.2 - EXHIBIT 31.2 - DUKE REALTY CORPa3rdq2015ex312.htm
10-Q - 10-Q - DUKE REALTY CORPa3rdqd0c2015.htm
EX-31.1 - EXHIBIT 31.1 - DUKE REALTY CORPa3rdq2015ex311.htm
EX-31.4 - EXHIBIT 31.4 - DUKE REALTY CORPa3rdq2015ex314.htm
EX-10.1 - EXHIBIT 10.1 - DUKE REALTY CORPa3rdq2015ex101.htm
EX-32.3 - EXHIBIT 32.3 - DUKE REALTY CORPa3rdq2015ex323.htm
EX-31.3 - EXHIBIT 31.3 - DUKE REALTY CORPa3rdq2015ex313.htm
EX-12.2 - EXHIBIT 12.2 - DUKE REALTY CORPa3rdq2015ex122.htm
EX-32.4 - EXHIBIT 32.4 - DUKE REALTY CORPa3rdq2015ex324.htm
EX-32.2 - EXHIBIT 32.2 - DUKE REALTY CORPa3rdq2015ex322.htm
EX-32.1 - EXHIBIT 32.1 - DUKE REALTY CORPa3rdq2015ex321.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)
 
 
Nine Months Ended September 30, 2015
 
 
Year Ended December 31, 2014
 
 
Year Ended December 31, 2013
 
 
Year Ended December 31, 2012
 
 
Year Ended December 31, 2011
 
 
Year Ended December 31, 2010
 
Net income (loss) from continuing operations, less preferred dividends
 
$
172,176

 
 
$
190,743

 
 
$
27,886

 
 
$
(126,873
)
  
 
$
(61,143
)
 
 
$
(20,215
)
 
Preferred dividends
 

  
 
24,943

  
 
31,616

  
 
46,438

  
 
60,353

 
 
69,468

 
Interest expense
 
134,576

  
 
196,090

  
 
202,174

  
 
202,109

  
 
181,734

 
 
146,987

 
Earnings before fixed charges
 
$
306,752

  
 
$
411,776

  
 
$
261,676

 
 
$
121,674

  
 
$
180,944

 
 
$
196,240

 
Interest expense
 
$
134,576

  
 
$
196,090

  
 
$
202,174

  
 
$
202,109

  
 
$
181,734

 
 
$
146,987

 
Interest costs capitalized
 
11,369

  
 
17,619

  
 
16,756

  
 
9,357

  
 
4,335

 
 
11,498

 
Total fixed charges
 
145,945

  
 
213,709

  
 
218,930

  
 
211,466

  
 
186,069

 
 
158,485

 
Preferred dividends
 

  
 
24,943

  
 
31,616

  
 
46,438

  
 
60,353

 
 
69,468

 
Total fixed charges and preferred dividends
 
$
145,945

  
 
$
238,652

  
 
$
250,546

  
 
$
257,904

  
 
$
246,422

 
 
$
227,953

 
Ratio of earnings to fixed charges
 
2.10

 
 
1.93

 
 
1.20


 
N/A

(1)
 
N/A

(3)
 
1.24


Ratio of earnings to fixed charges and preferred dividends
 
2.10

 
 
1.73

 
 
1.04


 
N/A

(2)
 
N/A

(4)
 
N/A

(5)
 
(1)
N/A - The ratio is less than 1.0; deficit of $89.8 million exists for the year ended December 31, 2012. The calculation of earnings includes $305.6 million of non-cash depreciation and amortization expense.
(2)
N/A - The ratio is less than 1.0; deficit of $136.2 million exists for the year ended December 31, 2012. The calculation of earnings includes $305.6 million of non-cash depreciation and amortization expense.
(3)
N/A - The ratio is less than 1.0; deficit of $5.1 million exists for the year ended December 31, 2011. The calculation of earnings includes $263.4 million of non-cash depreciation and amortization expense.
(4)
N/A - The ratio is less than 1.0; deficit of $65.5 million exists for the year ended December 31, 2011. The calculation of earnings includes $263.4 million of non-cash depreciation and amortization expense.
(5)
N/A - The ratio is less than 1.0; deficit of $31.7 million exists for the year ended December 31, 2010. The calculation of earnings includes $216.2 million of non-cash depreciation and amortization expense.