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, 2009			December 31, 2008			December 31, 2007		December 31, 2006		December 31, 2005
Net income (loss) from continuing operations, less preferred dividends	$	(350,516	)	$	20,102		$	106,143	$	102,764	$	96,529
Preferred dividends		73,451			71,426			58,292		56,419		46,479
Interest expense		220,239			198,449			174,981		170,348		105,882
Earnings (loss) before fixed charges	$	(56,826	)	$	289,977		$	339,416	$	329,531	$	248,890
Interest expense	$	220,239		$	198,449		$	174,981	$	170,348	$	105,882
Interest costs capitalized		26,864			53,456			59,167		36,260		9,510
Total fixed charges		247,103			251,905			234,148		206,608		115,392
Preferred dividends		73,451			71,426			58,292		56,419		46,479
Total fixed charges and preferred dividends	$	320,554		$	323,331		$	292,440	$	263,027	$	161,871
Ratio of earnings to fixed charges		N/A	(1)		1.15			1.45		1.59		2.16
Ratio of earnings to fixed charges and preferred dividends		N/A	(2)		N/A	(3)		1.16		1.25		1.54

(1) N/A – the ratio is less than 1.0; deficit of $303.9 million exists for the year ended December 31, 2009. The calculation of earnings includes $339.0 million of non-cash depreciation expense and $302.8 million of impairment.

(2) N/A – the ratio is less than 1.0; deficit of $377.4 million exists for the year ended December 31, 2009. The calculation of earnings includes $339.0 million of non-cash depreciation expense and $302.8 million of impairment.

(3) N/A – the ratio is less than 1.0; deficit of $33.4 million exists for the year ended December 31, 2008. The calculation of earnings includes $308.1 million of non-cash depreciation expense and $18.5 million of impairment.