EXHIBIT 12.1

DUKE REALTY CORPORATION
EARNINGS TO FIXED CHARGES CALCULATION
(in thousands, except ratios)

	Six Months
	Ended June 30, 2006
Net income from continuing operations, less preferred dividends	$	28,792
Preferred dividends	25,967
Minority interest in earnings of common unitholders	2,918
Interest expense	83,757
Earnings before fixed charges	$	141,434
Interest expense	$	83,757
Interest costs capitalized	15,129
Total fixed charges	$	98,886
Preferred dividends	25,967
Total fixed charges and preferred dividends	$	124,853
Ratio of earnings to fixed charges	1.43
Ratio of earnings to combined fixed charges and preferred dividends	1.13