EXHIBIT 12.1
DUKE REALTY CORPORATION
EARNINGS TO FIXED CHARGES CALCULATION
(in thousands, except ratios)
EARNINGS TO FIXED CHARGES CALCULATION
(in thousands, except ratios)
Nine Months | ||||
Ended September 30, 2008 | ||||
Income from continuing operations, less preferred dividends | $ | 21,894 | ||
Preferred dividends | 53,038 | |||
Minority interest in earnings of common unitholders | 1,640 | |||
Interest expense | 143,657 | |||
Earnings before fixed charges | $ | 220,229 | ||
Interest expense | $ | 143,657 | ||
Interest costs capitalized | 42,549 | |||
Total fixed charges | $ | 186,206 | ||
Preferred dividends | 53,038 | |||
Total fixed charges and preferred dividends | $ | 239,244 | ||
Ratio of earnings to fixed charges | 1.18 | |||
Ratio of earnings to combined fixed charges and preferred dividends | N/A | |||
N/A – The ratio is less than 1.0; deficit of $19,015 exists for the nine months ended September 30, 2008. The calculation of earnings includes $228.1 million of non-cash depreciation expense.