EX-12.1 5 d636175dex121.htm EX-12.1 EX-12.1

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, 2013 were as follows:

 

     Year Ended December 31,  
     2013     2012     2011     2010     2009  
     (Dollars in thousands)  

Earnings:

           

Add:

           

Income from continuing operations before income from unconsolidated joint ventures and gains on consolidation of joint ventures

    $ 242,583      $ 236,378      $ 217,054      $ 140,698      $ 246,723   

Gains on sales of real estate

      —          —          —          2,734        11,760   

Amortization of interest capitalized

      5,522        5,278        4,188        2,660        2,498   

Distributions from unconsolidated joint ventures

      17,600        20,565        22,451        10,733        6,676   

Fixed charges (see below)

      528,116        469,083        449,972        423,224        376,059   

Subtract:

           

Interest capitalized

      (68,152 )      (44,278 )      (48,178 )      (40,981 )      (48,816 ) 

Preferred distributions of consolidated subsidiaries

      (6,046 )      (3,497 )      (3,339 )      (3,343 )      (3,594 ) 

Noncontrolling interest in income of a subsidiary that has not incurred fixed charges

      (5,818 )      —          —          —          —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total earnings

    $ 713,805      $ 683,529      $ 642,148      $ 535,725      $ 591,306   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges:

           

Interest expensed

    $ 447,240      $ 413,564      $ 394,131      $ 378,079      $ 322,833   

Interest capitalized

      68,152        44,278        48,178        40,981        48,816   

Portion of rental expense representative of the interest factor

      6,678        7,744        4,324        821        816   

Preferred distributions of consolidated subsidiaries

      6,046        3,497        3,339        3,343        3,594   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

    $ 528,116      $ 469,083      $ 449,972      $ 423,224      $ 376,059   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Preferred dividends

      8,057        —          —          —          —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total combined fixed charges and preferred dividends

    $ 536,173      $ 469,083      $ 449,972      $ 423,224      $ 376,059   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges

      1.35        1.46        1.43        1.27        1.57   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to combined fixed charges and preferred dividends

      1.33        1.46        1.43        1.27        1.57