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)

	December 31, 2008
Net income from continuing operations, less preferred dividends	$	24,872
Preferred dividends		71,426
Minority interest in earnings of common unitholders		2,667
Interest expense		195,148
Earnings before fixed charges	$	294,113
Interest expense	$	195,148
Interest costs capitalized		53,456
Total fixed charges		248,604
Preferred dividends		71,426
Total fixed charges and preferred dividends	$	320,030
Ratio of earnings to fixed charges		1.18
Ratio of earnings to combined fixed charges and preferred dividends		N/A

N/A – the ratio is less than 1.0; deficit of $25.9 million exists for the year ended December 31, 2008. The calculation of earnings includes $311.3 million of non-cash depreciation expense.