EX-12.1 2 ex1211q2012.htm STATEMENT OF COMPUTATION OF RATIO OF EARNINGS EX 12.1.1Q.2012


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)
 
 
 
Three Months
Ended
March 31,
2012
 
 
 
Year Ended
December 31,
2011
 
 
 
Year Ended
December 31,
2010
 
 
 
Year Ended
December 31,
2009
 
 
 
Year Ended
December 31,
2008
 
 
 
Year Ended
December 31,
2007
Net income (loss) from continuing operations, less preferred dividends
 
$
(37,030
)
 
 
 
$
(64,154
)
 
 
 
$
(30,476
)
 
 
 
$
(313,445
)
 
  
 
$
18,305

 
 
 
$
112,176

Preferred dividends
 
13,193

 
  
 
60,353

 
  
 
69,468

 
  
 
73,451

 
  
 
71,426

 
 
 
58,292

Interest expense
 
61,086

 
  
 
222,203

 
  
 
188,136

 
  
 
150,586

 
  
 
135,865

 
 
 
110,979

Earnings (loss) before fixed charges
 
$
37,249

 
  
 
$
218,402

 
  
 
$
227,128

 
 
 
$
(89,408
)
 
  
 
$
225,596

 
 
 
$
281,447

Interest expense
 
$
61,086

 
  
 
$
222,203

 
  
 
$
188,136

 
  
 
$
150,586

 
  
 
$
135,865

 
 
 
$
110,979

Interest costs capitalized
 
1,309

 
  
 
4,335

 
  
 
11,498

 
  
 
26,864

 
  
 
53,456

 
 
 
59,167

Total fixed charges
 
62,395

 
  
 
226,538

 
  
 
199,634

 
  
 
177,450

 
  
 
189,321

 
 
 
170,146

Preferred dividends
 
13,193

 
  
 
60,353

 
  
 
69,468

 
  
 
73,451

 
  
 
71,426

 
 
 
58,292

Total fixed charges and preferred dividends
 
$
75,588

 
  
 
$
286,891

 
  
 
$
269,102

 
  
 
$
250,901

 
  
 
$
260,747

 
 
 
$
228,438

Ratio of earnings to fixed charges
 
N/A

 
(1)
 
N/A

 
(3)
 
1.14

 
 
 
N/A

 
(6)
 
1.19

 
 
 
1.65

Ratio of earnings to fixed charges and preferred dividends
 
N/A

 
(2)
 
N/A

 
(4)
 
N/A

 
(5)
 
N/A

 
(7)
 
N/A

 
(8)
 
1.23

 
(1)
N/A - The ratio is less than 1.0; deficit of $25.1 million exists for the three months ended March 31, 2012. The calculation of earnings includes $91.6 million of non-cash depreciation expense.
(2)
N/A - The ratio is less than 1.0; deficit of $38.3 million exists for the three months ended March 31, 2012. The calculation of earnings includes $91.6 million of non-cash depreciation expense.
(3)
N/A - The ratio is less than 1.0; deficit of $8.1 million exists for the year ended December 31, 2011. The calculation of earnings includes $329.2 million of non-cash depreciation expense.
(4)
N/A - The ratio is less than 1.0; deficit of $68.5 million exists for the year ended December 31, 2011. The calculation of earnings includes $329.2 million of non-cash depreciation expense.
(5)
N/A - The ratio is less than 1.0; deficit of $42.0 million exists for the year ended December 31, 2010. The calculation of earnings includes $278.3 million of non-cash depreciation expense.
(6)
N/A - The ratio is less than 1.0; deficit of $266.9 million exists for the year ended December 31, 2009. The calculation of earnings includes $244.1 million of non-cash depreciation expense.
(7)
N/A - The ratio is less than 1.0; deficit of $340.3 million exists for the year ended December 31, 2009. The calculation of earnings includes $244.1 million of non-cash depreciation expense.
(8)
N/A - The ratio is less than 1.0; deficit of $35.2 million exists for the year ended December 31, 2008. The calculation of earnings includes $211.9 million of non-cash depreciation expense.