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)

	Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2008			Year Ended December 31, 2007		Year Ended December 31, 2006
Net income (loss) from continuing operations, less preferred dividends	$	(39,992	)	$	(327,676	)	$	14,741		$	102,636	$	101,496
Preferred dividends		69,468			73,451			71,426			58,292		56,419
Interest expense		239,383			205,952			184,000			160,223		156,830
Earnings (loss) before fixed charges	$	268,859		$	(48,273	)	$	270,167		$	321,151	$	314,745
Interest expense	$	239,383		$	205,952		$	184,000		$	160,223	$	156,830
Interest costs capitalized		11,498			26,864			53,456			59,167		36,260
Total fixed charges		250,881			232,816			237,456			219,390		193,090
Preferred dividends		69,468			73,451			71,426			58,292		56,419
Total fixed charges and preferred dividends	$	320,349		$	306,267		$	308,882		$	277,682	$	249,509
Ratio of earnings to fixed charges		1.07			N/A	(2)		1.14			1.46		1.63
Ratio of earnings to fixed charges and preferred dividends		N/A	(1)		N/A	(3)		N/A	(4)		1.16		1.26

(1) N/A – the ratio is less than 1.0; deficit of $51.5 million exists for the year ended December 31, 2010. The calculation of earnings includes $349.1 million of non-cash depreciation expense.

(2) N/A – the ratio is less than 1.0; deficit of $281.1 million exists for the year ended December 31, 2009. The calculation of earnings includes $323.4 million of non-cash depreciation expense.

(3) N/A – the ratio is less than 1.0; deficit of $354.5 million exists for the year ended December 31, 2009. The calculation of earnings includes $323.4 million of non-cash depreciation expense.

(4) N/A – the ratio is less than 1.0; deficit of $38.7 million exists for the year ended December 31, 2008. The calculation of earnings includes $293.0 million of non-cash depreciation expense.