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 six months ended June 30, 2012 and the five years ended December 31, 2011 were as follows:

	Six Months Ended  June 30, 2012			Year Ended December 31,
				2011			2010			2009			2008			2007
	(dollars in thousands)
Earnings:
Add:
Income from continuing operations before income (loss) from unconsolidated joint ventures	$	120,276		$	227,930		$	150,819		$	250,681		$	279,401		$	336,375
Gains on sales of real estate		—			—			2,734			11,760			33,340			929,785
Amortization of interest capitalized		2,593			4,188			2,660			2,498			2,315			2,394
Distributions from unconsolidated joint ventures		8,791			22,451			10,733			6,676			5,988			7,157
Fixed charges (see below)		225,982			445,648			422,403			375,243			345,834			346,731
Subtract:
Interest capitalized		(21,278	)		(48,178	)		(40,981	)		(48,816	)		(46,286	)		(33,322	)
Preferred distributions of consolidated subsidiaries		(1,566	)		(3,339	)		(3,343	)		(3,594	)		(4,226	)		(10,429	)
Total earnings	$	334,798		$	648,700		$	545,025		$	594,448		$	616,366		$	1,578,691
Fixed charges:
Interest expensed	$	203,138		$	394,131		$	378,079		$	322,833		$	295,322		$	302,980
Interest capitalized		21,278			48,178			40,981			48,816			46,286			33,322
Preferred distributions of consolidated subsidiaries		1,566			3,339			3,343			3,594			4,226			10,429
Total fixed charges	$	225,982		$	445,648		$	422,403		$	375,243		$	345,834		$	346,731
Preferred dividends		—			—			—			—			—			—
Total combined fixed charges and preferred dividends	$	225,982		$	445,648		$	422,403		$	375,243		$	345,834		$	346,731
Ratio of earnings to fixed charges		1.48			1.46			1.29			1.58			1.78			4.55
Ratio of earnings to combined fixed charges and preferred dividends		1.48			1.46			1.29			1.58			1.78			4.55