EX-12.1 2 d234922dex121.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 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, 2011 and the five years ended December 31, 2010 were as follows:

 

    Nine Months
Ended September 30,
2011		     Year Ended December 31,  
      2010     2009     2008     2007     2006  
    (dollars in thousands)  

Earnings:

            

Add:

            

Income from continuing operations before income (loss) from unconsolidated joint ventures

   $ 170,199      $ 150,819      $ 250,681      $ 279,401      $ 336,375      $ 290,655   

Gains on sales of real estate

     —          2,734        11,760        33,340        929,785        719,826   

Amortization of interest capitalized

     2,954        2,660        2,498        2,315        2,394        3,387   

Distributions from unconsolidated joint ventures

     14,621        10,733        6,676        5,988        7,157        8,206   

Fixed charges (see below)

     328,862        422,403        375,243        345,834        346,731        331,140   

Subtract:

            

Interest capitalized

     (36,201 )      (40,981 )      (48,816 )      (46,286 )      (33,322 )      (6,105 ) 

Preferred distributions of consolidated subsidiaries

     (2,497 )      (3,343 )      (3,594 )      (4,226 )      (10,429 )      (22,814 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total earnings

   $ 477,938      $ 545,025      $ 594,448      $ 616,366      $ 1,578,691      $ 1,324,295   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges:

            

Interest expensed

   $ 290,164      $ 378,079      $ 322,833      $ 295,322      $ 302,980      $ 302,221   

Interest capitalized

     36,201        40,981        48,816        46,286        33,322        6,105   

Preferred distributions of consolidated subsidiaries

     2,497        3,343        3,594        4,226        10,429        22,814   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

   $ 328,862      $ 422,403      $ 375,243      $ 345,834      $ 346,731      $ 331,140   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Preferred dividends

     —          —          —          —          —          —     
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total combined fixed charges and preferred dividends

   $ 328,862      $ 422,403      $ 375,243      $ 345,834      $ 346,731      $ 331,140   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges

     1.45        1.29        1.58        1.78        4.55        4.00   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to combined fixed charges and preferred dividends

     1.45        1.29        1.58        1.78        4.55        4.00