.selectedindex
?
The Drop down is disabled. So how do you want to get the selected item?
If you want the dropdown's inner text, try this
Set drp = IE.Document.getElementById("ctl05_Dropdownlist1")
Debug.Print drp.innertext
Else if you want the innertext of a particular item say, item 1, then use this
drp.Item(1).innertext
FOLLOWUP FROM COMMENTS
If you want to retrieve what is displayed currently in the disabled dropdown then use this
Set drp = IE.Document.getElementById("ctl05_Dropdownlist1")
Range("J" & (ActiveCell.Row)) = drp.Item(drp.selectedIndex).innerText