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 nine months ended September 30, 2008 and the five years ended December 31, 2007 were as follows:

 

     Nine
Months
Ended
September 30,
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

    $ 222,158     $ 353,468     $ 294,616     $ 288,300     $ 289,259     $ 275,032  

Gains on sales of real estate and other assets

      31,394       929,785       719,826       182,542       9,822       70,244  

Amortization of interest capitalized

      1,705       2,394       3,387       3,298       2,845       2,640  

Distributions from unconsolidated joint ventures

      4,950       7,157       8,206       7,179       6,663       8,412  

Combined fixed charges and preferred distributions (see below)

      234,348       327,362       326,995       340,589       334,082       342,244  

Subtract:

             

Interest capitalized

      (30,486 )     (31,046 )     (5,921 )     (5,718 )     (10,849 )     (19,200 )

Preferred distributions

      (3,151 )     (10,429 )     (22,814 )     (26,780 )     (17,063 )     (23,608 )
                                                

Total earnings

    $ 460,918     $ 1,578,691     $ 1,324,295     $ 789,410     $ 614,759     $ 655,764  
                                                

Fixed charges:

             

Interest expensed

    $ 200,711     $ 285,887     $ 298,260     $ 308,091     $ 306,170     $ 299,436  

Interest capitalized

      30,486       31,046       5,921       5,718       10,849       19,200  
                                                

Total fixed charges

    $ 231,197     $ 316,933     $ 304,181     $ 313,809     $ 317,019     $ 318,636  
                                                

Preferred distributions

      3,151       10,429       22,814       26,780       17,063       23,608  
                                                

Total combined fixed charges and preferred distributions

    $ 234,348     $ 327,362     $ 326,995     $ 340,589     $ 334,082     $ 342,244  
                                                

Ratio of earnings to fixed charges

      1.99       4.98       4.35       2.52       1.94       2.06  
                                                

Ratio of earnings to combined fixed charges and preferred distributions

      1.97       4.82       4.05       2.32       1.84       1.92