EXHIBIT 12.1

BOSTON PROPERTIES, INC.

CALCULATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DISTRIBUTIONS

Boston Properties, Inc.’s ratios of earnings to combined fixed charges and preferred distributions for the three months ended March 31, 2004 and the five years ended December 31, 2003 were as follows:

		Three months ended March 31, 2004			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	$	71,304		$	294,933		$	272,631		$	241,236		$	206,128		$	164,978
	Gains (losses) on sales of real estate and land held for development		8,164			70,244			232,304			11,238			(313	)		8,735
	Amortization of interest capitalized		660			2,640			2,526			950			415			153
	Distributions from unconsolidated joint ventures		1,437			8,412			8,692			2,735			1,848			972
	Combined fixed charges and preferred distributions (see below)		84,111			342,244			316,835			306,709			275,607			242,199
Subtract:
	Interest capitalized		(4,831	)		(19,200	)		(22,510	)		(59,292	)		(37,713	)		(16,953	)
	Preferred distributions		(4,975	)		(23,608	)		(31,258	)		(36,026	)		(32,994	)		(32,111	)
Total earnings		$	155,870		$	675,665		$	779,220		$	467,550		$	412,978		$	367,973
Combined fixed charges and preferred distributions:
	Interest expensed	$	74,305		$	299,436		$	263,067		$	211,391		$	204,900		$	193,135
	Interest capitalized		4,831			19,200			22,510			59,292			37,713			16,953
	Preferred distributions		4,975			23,608			31,258			36,026			32,994			32,111
	Total combined fixed charges and preferred distributions	$	84,111		$	342,244		$	316,835		$	306,709		$	275,607		$	242,199
Ratio of earnings to combined fixed charges and preferred distributions			1.85			1.97			2.46			1.52			1.50			1.52

The ratio of earnings to combined fixed charges and preferred distributions was computed by dividing earnings by combined fixed charges and preferred distributions. Earnings consist of 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, plus gains (losses) on sales of real estate and other assets and land held for development, amortization of interest capitalized, distributions from unconsolidated joint ventures, and combined fixed charges and preferred distributions, minus interest capitalized and preferred distributions. Combined fixed charges and preferred distributions consist of interest expensed, which includes credit enhancement fees and amortization of loan costs, interest capitalized, and preferred distributions.