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, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013
Net income from continuing operations, less preferred dividends	$	290,592	$	298,421	$	188,248	$	196,219	$	45,338
Preferred dividends	—		—		—		24,943		31,616
Interest expense from continuing operations	87,003		112,757		138,258		162,108		168,327
Earnings before fixed charges, continuing operations	$	377,595	$	411,178	$	326,506	$	383,270	$	245,281
Interest expense from discontinued operations	14,736		28,819		40,911		58,426		71,496
Earnings before fixed charges	$	392,331	$	439,997	$	367,417	$	441,696	$	316,777
Interest expense from continuing operations	$	87,003	$	112,757	$	138,258	$	162,108	$	168,327
Interest costs capitalized	18,885		16,099		16,764		17,620		16,756
Total fixed charges, continuing operations	105,888		128,856		155,022		179,728		185,083
Interest expense from discontinued operations	14,736		28,819		40,911		58,426		71,496
Total fixed charges	120,624		157,675		195,933		238,154		256,579
Preferred dividends	—		—		—		24,943		31,616
Total fixed charges and preferred dividends, continuing operations	$	105,888	$	128,856	$	155,022	$	204,671	$	216,699
Total fixed charges and preferred dividends	$	120,624	$	157,675	$	195,933	$	263,097	$	288,195
Ratio of earnings to fixed charges, continuing operations	3.57		3.19		2.11		2.13		1.33
Ratio of earnings to fixed charges and preferred dividends, continuing operations	3.57		3.19		2.11		1.87		1.13
Ratio of earnings to fixed charges	3.25		2.79		1.88		1.85		1.23
Ratio of earnings to fixed charges and preferred dividends	3.25		2.79		1.88		1.68		1.10