EX-12.1 2 dex121.htm CALCULATION OF RATIO OF EARNINGS Calculation of Ratio 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, 2008 and the five years ended December 31, 2007 were as follows:

 

    Three
Months
Ended
March 31,
2008		     Year Ended December 31,  
    2007     2006     2005     2004     2003  
  (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 and cumulative effect of a change in accounting principle

   $ 81,043     $ 353,468     $ 294,616     $ 288,300     $ 289,259     $ 275,032  

Gains on sales of real estate and other assets

     23,438       929,785       719,826       182,542       9,822       70,244  

Amortization of interest capitalized

     560       2,394       3,387       3,298       2,845       2,640  

Distributions from unconsolidated joint ventures

     1,939       7,157       8,206       7,179       6,663       8,412  

Combined fixed charges and preferred distributions (see below)

     78,351       327,362       326,995       340,589       334,082       342,244  

Subtract:

            

Interest capitalized

     (9,485 )     (31,046 )     (5,921 )     (5,718 )     (10,849 )     (19,200 )

Preferred distributions

     (1,027 )     (10,429 )     (22,814 )     (26,780 )     (17,063 )     (23,608 )
                                               

Total earnings

   $ 174,819     $ 1,578,691     $ 1,324,295     $ 789,410     $ 614,759     $ 655,764  
                                               

Fixed charges:

            

Interest expensed

   $ 67,839     $ 285,887     $ 298,260     $ 308,091     $ 306,170     $ 299,436  

Interest capitalized

     9,485       31,046       5,921       5,718       10,849       19,200  
                                               

Total fixed charges

   $ 77,324     $ 316,933     $ 304,181     $ 313,809     $ 317,019     $ 318,636  
                                               

Preferred distributions

     1,027       10,429       22,814       26,780       17,063       23,608  
                                               

Total combined fixed charges and preferred distributions

   $ 78,351     $ 327,362     $ 326,995     $ 340,589     $ 334,082     $ 342,244  
                                               

Ratio of earnings to fixed charges

     2.26       4.98       4.35       2.52       1.94       2.06  
                                               

Ratio of earnings to combined fixed charges and preferred distributions

     2.23       4.82       4.05       2.32       1.84       1.92