Exhibit 12.1

BOSTON PROPERTIES, INC.

CALCULATION OF RATIOS OF EARNINGS TO FIXED CHARGES

Boston Properties, Inc.’s ratios of earnings to fixed charges for the five years ended December 31, 2003 were as follows:

	Year Ended December 31,
	2003			2002			2001			2000			1999
	(dollars in thousands)
Earnings:
Add:
Income before minority interests in property partnerships, income from unconsolidated joint ventures, minority interest in Operating Partnership, gains (losses) on sales of real estate and other assets and land held for development, discontinued operations, cumulative effect of a change in accounting principle and preferred dividend	$	299,360		$	277,140		$	245,547		$	210,385		$	168,457
Gains (losses) on sales of real estate and land held for development		70,244			232,304			11,238			(313	)		8,735
Amortization of interest capitalized		2,640			2,526			950			415			153
Distributions from unconsolidated joint ventures		8,412			8,692			2,735			1,848			972
Fixed charges (see below)		342,244			316,835			306,709			275,607			242,199
Subtract:
Interest capitalized		(19,200	)		(22,510	)		(59,292	)		(37,713	)		(16,953	)
Preferred distributions		(23,608	)		(31,258	)		(36,026	)		(32,994	)		(32,111	)
Total earnings	$	680,092		$	783,729		$	471,861		$	417,235		$	371,452
Fixed charges:
Interest expensed	$	299,436		$	263,067		$	211,391		$	204,900		$	193,135
Interest capitalized		19,200			22,510			59,292			37,713			16,953
Preferred distributions		23,608			31,258			36,026			32,994			32,111
Total fixed charges	$	342,244		$	316,835		$	306,709		$	275,607		$	242,199
Ratio of earnings to fixed charges		1.99			2.47			1.54			1.51			1.53

The ratio of earnings to fixed charges was computed by dividing earnings by fixed charges. Earnings consist of income before minority interests in property partnerships, income from unconsolidated joint ventures, minority interest in Operating Partnership, discontinued operations, cumulative effect of a change in accounting principle and preferred dividend, plus amortization of interest capitalized, distributions from unconsolidated joint ventures, and fixed charges, minus interest capitalized and preferred distributions. Fixed charges consist of interest expensed, which includes credit enhancement fees and amortization of loan costs, interest capitalized, and preferred distributions.