EX-12.1 2 dex121.htm CALCULATIONS OF RATIOS OF EARNINGS CALCULATIONS OF RATIOS OF EARNINGS

EXHIBIT 12.1

BOSTON PROPERTIES, INC.

CALCULATION OF RATIOS OF EARNINGS TO FIXED CHARGES

CALCULATION OF RATIOS OF EARNINGS TO COMBINED

FIXED CHARGES AND PREFERRED DISTRIBUTIONS

Boston Properties, Inc.’s ratios of earnings to fixed charges and ratios of earnings to combined fixed charges and preferred distributions for the three months ended March 31, 2007 and the five years ended December 31, 2006 were as follows:

 

    

Three
Months
Ended
March 31,

2007

     Year Ended December 31,  
       2006     2005     2004     2003     2002  
     (dollars in thousands)  

Earnings:

             

Add:

             

Income before minority interests in property partnerships, income from unconsolidated joint ventures, minority interest in Operating Partnership, gains on sales of real estate and other assets, discontinued operations, cumulative effect of a change in accounting principle and preferred dividend

    $ 82,172     $ 313,697     $ 304,324     $ 304,864     $ 288,475     $ 263,625  

Gains on sales of real estate and other assets

      731,584       719,826       182,542       9,822       70,244       232,304  

Amortization of interest capitalized

      854       3,387       3,298       2,845       2,640       2,526  

Distributions from unconsolidated joint ventures

      2,438       8,206       7,179       6,663       8,412       8,692  

Combined fixed charges and preferred distributions (see below)

      76,465       326,995       340,589       334,082       342,244       316,835  

Subtract:

             

Interest capitalized

      (4,308 )     (5,921 )     (5,718 )     (10,849 )     (19,200 )     (22,510 )

Preferred distributions

      1,769       (22,814 )     (26,780 )     (17,063 )     (23,608 )     (31,258 )
                                                

Total earnings

    $ 890,974     $ 1,343,376     $ 805,434     $ 630,364     $ 669,207     $ 770,214  
                                                

Fixed charges:

             

Interest expensed

    $ 73,926     $ 298,260     $ 308,091     $ 306,170     $ 299,436     $ 263,067  

Interest capitalized

      4,308       5,921       5,718       10,849       19,200       22,510  
                                                

Total fixed charges

    $ 78,234     $ 304,181     $ 313,809     $ 317,019     $ 318,636     $ 285,577  
                                                

Preferred distributions

      (1,769 )     22,814       26,780       17,063       23,608       31,258  
                                                

Total combined fixed charges and preferred distributions

    $ 76,465     $ 326,995     $ 340,589     $ 334,082     $ 342,244     $ 316,835  
                                                

Ratio of earnings to fixed charges

      11.39       4.42       2.57       1.99       2.10       2.70  
                                                

Ratio of earnings to combined fixed charges and preferred distributions

      11.65       4.11       2.36       1.89       1.96       2.43