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 DIVIDENDS
Boston Properties, Inc.'s ratios of earnings to fixed charges and ratios of earnings to combined fixed charges and preferred dividends for the nine months ended September 30, 2010 and each of the five years ended December 31, 2009 were as follows:
| Nine Months Ended September 30, 2010 |
Year Ended December 31, | |||||||||||||||||||||||
| 2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||||||
| Earnings: |
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| Add: |
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| 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 net income attributable to noncontrolling interests |
$ | 173,409 | $ | 250,681 | $ | 279,401 | $ | 336,375 | $ | 290,655 | $ | 288,300 | ||||||||||||
| Gains on sales of real estate and other assets |
2,734 | 11,760 | 33,340 | 929,785 | 719,826 | 182,542 | ||||||||||||||||||
| Amortization of interest capitalized |
1,977 | 2,498 | 2,315 | 2,394 | 3,387 | 3,298 | ||||||||||||||||||
| Distributions from unconsolidated joint ventures |
6,189 | 6,676 | 5,988 | 7,157 | 8,206 | 7,179 | ||||||||||||||||||
| Fixed charges (see below) |
314,847 | 375,243 | 345,834 | 346,731 | 331,140 | 340,589 | ||||||||||||||||||
| Subtract: |
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| Interest capitalized |
(26,412 | ) | (48,816 | ) | (46,286 | ) | (33,322 | ) | (6,105 | ) | (5,718 | ) | ||||||||||||
| Preferred distributions of consolidated subsidiaries |
(2,548 | ) | (3,594 | ) | (4,226 | ) | (10,429 | ) | (22,814 | ) | (26,780 | ) | ||||||||||||
| Total earnings |
$ | 470,196 | $ | 594,448 | $ | 616,366 | $ | 1,578,691 | $ | 1,324,295 | $ | 789,410 | ||||||||||||
| Fixed charges: |
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| Interest expensed |
$ | 285,887 | $ | 322,833 | $ | 295,322 | $ | 302,980 | $ | 302,221 | $ | 308,091 | ||||||||||||
| Interest capitalized |
26,412 | 48,816 | 46,286 | 33,322 | 6,105 | 5,718 | ||||||||||||||||||
| Preferred distributions of consolidated subsidiaries |
2,548 | 3,594 | 4,226 | 10,429 | 22,814 | 26,780 | ||||||||||||||||||
| Total fixed charges |
$ | 314,847 | $ | 375,243 | $ | 345,834 | $ | 346,731 | $ | 331,140 | $ | 340,589 | ||||||||||||
| Preferred dividends |
— | — | — | — | — | — | ||||||||||||||||||
| Total combined fixed charges and preferred dividends |
$ | 314,847 | $ | 375,243 | $ | 345,834 | $ | 346,731 | $ | 331,140 | $ | 340,589 | ||||||||||||
| Ratio of earnings to fixed charges |
1.49 | 1.58 | 1.78 | 4.55 | 4.00 | 2.32 | ||||||||||||||||||
| Ratio of earnings to combined fixed charges and preferred dividends |
1.49 | 1.58 | 1.78 | 4.55 | 4.00 | 2.32 | ||||||||||||||||||