EXHIBIT 12.1

DUKE REALTY CORPORATION

EARNINGS TO FIXED CHARGES CALCULATION

(in thousands, except ratios)

	Six Months Ended June 30, 2008
Income from continuing operations, less preferred dividends	$	9,551
Preferred dividends		34,172
Minority interest in earnings of common unitholders		795
Interest expense		94,375
Earnings before fixed charges	$	138,893
Interest expense	$	94,375
Interest costs capitalized		28,634
Total fixed charges	$	123,009
Preferred dividends		34,172
Total fixed charges and preferred dividends	$	157,181
Ratio of earnings to fixed charges		1.13
Ratio of earnings to combined fixed charges and preferred dividends		N/A

N/A – The ratio is less than 1.0; deficit of $18,288 exists for the six months ended June 30, 2008.