EX-12.1 2 dex121.htm CALCULATION OF RATIOS OF EARNINGS TO FIXED CHARGES Calculation of Ratios of Earnings to Fixed Charges

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, 2009 and the five years ended December 31, 2008 were as follows:

 

    Three
Months
Ended
March 31,
2009		     Year Ended December 31,  
      2008     2007     2006     2005     2004  
    (dollars in thousands)  

Earnings:

            

Add:

            

Income before income (loss) from unconsolidated joint ventures, gains on sales of real estate and other assets, discontinued operations, cumulative effect of a change in accounting principle and income attributable to noncontrolling interests

   $ 46,138     $ 279,401     $ 336,375     $ 290,655     $ 288,300     $ 289,259  

Gains on sales of real estate and other assets

     2,795       33,340       929,785       719,826       182,542       9,822  

Amortization of interest capitalized

     614       2,315       2,394       3,387       3,298       2,845  

Distributions from unconsolidated joint ventures

     1,850       5,988       7,157       8,206       7,179       6,663  

Combined fixed charges and preferred distributions (see below)

     92,030       345,834       346,731       331,140       340,589       334,082  

Subtract:

            

Interest capitalized

     (12,110 )     (46,286 )     (33,322 )     (6,105 )     (5,718 )     (10,849 )

Preferred distributions

     (990 )     (4,226 )     (10,429 )     (22,814 )     (26,780 )     (17,063 )
                                               

Total earnings

   $ 130,327     $ 616,366     $ 1,578,691     $ 1,324,295     $ 789,410     $ 614,759  
                                               

Fixed charges:

            

Interest expensed

   $ 78,930     $ 295,322     $ 302,980     $ 302,221     $ 308,091     $ 306,170  

Interest capitalized

     12,110       46,286       33,322       6,105       5,718       10,849  
                                               

Total fixed charges

   $ 91,040     $ 341,608     $ 336,302     $ 308,326     $ 313,809     $ 317,019  
                                               

Preferred distributions

     990       4,226       10,429       22,814       26,780       17,063  
                                               

Total combined fixed charges and preferred distributions

   $ 92,030     $ 345,834     $ 346,731     $ 331,140     $ 340,589     $ 334,082  
                                               

Ratio of earnings to fixed charges

     1.43       1.80       4.69       4.30       2.52       1.94  
                                               

Ratio of earnings to combined fixed charges and preferred distributions

     1.42       1.78       4.55       4.00       2.32       1.84