EX-12.1 2 dex121.htm STATEMENT OF COMPUTATION OF RATIO OF EARNINGS Statement of Computation of Ratio of Earnings

 

EXHIBIT 12.1

DUKE REALTY LIMITED PARTNERSHIP

CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO

COMBINED FIXED CHARGES AND PREFERRED DISTRIBUTIONS

(in thousands, except ratios)

 

     Nine Months
Ended
September 30,
2010		     Year Ended
December 31,
2009		     Year Ended
December 31,
2008		     Year Ended
December 31,
2007		      Year Ended
December 31,
2006		      Year Ended
December 31,
2005		  

Net income (loss) from continuing operations, less preferred distributions

    $ (38,070 )    $ (342,081 )    $ 16,436      $ 102,645       $ 99,102       $ 91,696   

Preferred distributions

      53,452        73,451        71,426        58,292         56,419         46,479   

Interest expense

      182,771        214,998        193,125        169,509         165,136         101,732   
                                                  

Earnings (loss) before fixed charges

    $ 198,153      $ (53,632 )    $ 280,987      $ 330,446       $ 320,657       $ 239,907   
                                                  

Interest expense

    $ 182,771      $ 214,998      $ 193,125      $ 169,509       $ 165,136       $ 101,732   

Interest costs capitalized

      10,166        26,864        53,456        59,167         36,260         9,510   
                                                  

Total fixed charges

      192,937        241,862        246,581        228,676         201,396         111,242   

Preferred distributions

      53,452        73,451        71,426        58,292         56,419         46,479   
                                                  

Total fixed charges and preferred distributions

    $ 246,389      $ 315,313      $ 318,007      $ 286,968       $ 257,815       $ 157,721   
                                                  

Ratio of earnings to fixed charges

      1.03        N/A (2)      1.14        1.45         1.59         2.16   
                                                  

Ratio of earnings to fixed charges and preferred distributions

      N/A (1)      N/A (3)      N/A (4)      1.15         1.24         1.52   
                                                  

 

(1) N/A – The ratio is less than 1.0; deficit of $48.2 million exists for the nine months ended September 30, 2010. The calculation of earnings includes $261.7 million of non-cash depreciation expense.
(2) N/A – The ratio is less than 1.0; deficit of $295.5 million exists for the year ended December 31, 2009. The calculation of earnings includes $332.6 million of non-cash depreciation expense.
(3) N/A – The ratio is less than 1.0; deficit of $368.9 million exists for the year ended December 31, 2009. The calculation of earnings includes $332.6 million of non-cash depreciation expense.
(4) N/A – The ratio is less than 1.0; deficit of $37.0 million exists for the year ended December 31, 2008. The calculation of earnings includes $302.4 million of non-cash depreciation expense.