EXHIBIT 12.1

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

	Three Months
	Ended March 31, 2007
Net income from continuing operations, less preferred dividends	$	19,075
Preferred dividends	15,226
Minority interest in earnings of common unitholders	1,391
Interest expense	45,704
Earnings before fixed charges	$	81,396
Interest expense	$	45,704
Interest costs capitalized	13,071
Total fixed charges	$	58,775
Preferred dividends	15,226
Total fixed charges and preferred dividends	$	74,001
Ratio of earnings to fixed charges	1.38
Ratio of earnings to combined fixed charges and preferred dividends	1.10