EX-12.1 2 dex121.htm CALCULATION OF RATIOS OF EARNINGS CALCULATION 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 six months ended June 30, 2007 and the five years ended December 31, 2006 were as follows:

 

   

Six

Months
Ended
June 30,

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

   $ 172,604     $ 300,764     $ 294,238     $ 295,643     $ 280,891     $ 252,880  

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

     1,708       3,387       3,298       2,845       2,640       2,526  

Distributions from unconsolidated joint ventures

     3,733       8,206       7,179       6,663       8,412       8,692  

Combined fixed charges and preferred distributions (see below)

     159,376       326,995       340,589       334,082       342,244       316,835  

Subtract:

            

Interest capitalized

     (12,252 )     (5,921 )     (5,718 )     (10,849 )     (19,200 )     (22,510 )

Preferred distributions

     545       (22,814 )     (26,780 )     (17,063 )     (23,608 )     (31,258 )
                                               

Total earnings

   $ 1,057,298     $ 1,330,443     $ 795,348     $ 621,143     $ 661,623     $ 759,469  
                                               

Fixed charges:

            

Interest expensed

   $ 147,669     $ 298,260     $ 308,091     $ 306,170     $ 299,436     $ 263,067  

Interest capitalized

     12,252       5,921       5,718       10,849       19,200       22,510  
                                               

Total fixed charges

   $ 159,921     $ 304,181     $ 313,809     $ 317,019     $ 318,636     $ 285,577  
                                               

Preferred distributions

     (545 )     22,814       26,780       17,063       23,608       31,258  

Total combined fixed charges and preferred distributions

   $ 159,376     $ 326,995     $ 340,589     $ 334,082     $ 342,244     $ 316,835  
                                               

Ratio of earnings to fixed charges

     6.61       4.37       2.53       1.96       2.08       2.66  
                                               

Ratio of earnings to combined fixed charges and preferred distributions

     6.63       4.07       2.34       1.86       1.93       2.40