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 five years ended December 31, 2012 were as follows:

	Year Ended December 31,
	2012			2011			2010			2009			2008
	(Dollars in thousands)
Earnings:
Add:
Income from continuing operations before income (loss) from unconsolidated joint ventures	$	245,144		$	226,049		$	149,377		$	249,376		$	279,884
Gains on sales of real estate		—			—			2,734			11,760			33,340
Amortization of interest capitalized		5,278			4,188			2,660			2,498			2,315
Distributions from unconsolidated joint ventures		20,565			22,451			10,733			6,676			5,988
Fixed charges (see below)		461,339			445,648			422,403			375,243			344,638
Subtract:
Interest capitalized		(44,278	)		(48,178	)		(40,981	)		(48,816	)		(46,286	)
Preferred distributions of consolidated subsidiaries		(3,497	)		(3,339	)		(3,343	)		(3,594	)		(4,226	)
Total earnings	$	684,551		$	646,819		$	543,583		$	593,143		$	615,653
Fixed charges:
Interest expensed	$	413,564		$	394,131		$	378,079		$	322,833		$	294,126
Interest capitalized		44,278			48,178			40,981			48,816			46,286
Preferred distributions of consolidated subsidiaries		3,497			3,339			3,343			3,594			4,226
Total fixed charges	$	461,339		$	445,648		$	422,403		$	375,243		$	344,638
Preferred dividends		—			—			—			—			—
Total combined fixed charges and preferred dividends	$	461,339		$	445,648		$	422,403		$	375,243		$	344,638
Ratio of earnings to fixed charges		1.48			1.45			1.29			1.58			1.79
Ratio of earnings to combined fixed charges and preferred dividends		1.48			1.45			1.29			1.58			1.79