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Exhibit 12.1

DUKE REALTY LIMITED PARTNERSHIP

RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED UNIT DIVIDENDS

(Dollars in thousands)

		Three Months Ended March 31, 2003			2002
Earnings:
Net income from continuing operations		$	39,236		$	173,814
Preferred distributions			10,154			52,613
Earnings from land and depreciated property dispositions			(9,402	)		410
Interest expense			32,713			117,073
	Earnings before fixed charges	$	72,701		$	343,910
Fixed charges and preferred distributions:
Interest expense		$	32,713		$	117,073
Interest costs capitalized			1,866			13,529
	Total fixed charges	$	34,579		$	130,602
Preferred distributions		$	10,154		$	52,613
	Total fixed charges and preferred distributions	$	44,733		$	183,215
Ratio of earnings to fixed charges			2.10			2.63
Ratio of earnings to combined fixed charges and preferred unit distributions			1.63			1.88

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Exhibit 12.1